The Abbeyfield Basildon Soclety Limftad Flnancial Statem•nts Year Ended 31 March 2024 Homes and Communities Agency registration number.. H0552 Company registration number 1005700 Charty registration numbèr.. 262505
The Abbeyfiold Baslldon 8ocièty Llmtted Financlal Statements Year Ended 31 March 2024 Contonts Page Registered Social Housing Provider Information Board Report Independent Auditor's Report Statement of Comprehensive Inccme Balance Sheet 8-10 12 stalem6nt of Changes in Resarves Note$ to the Financial Statements 13 14-22 The following page doès not fomi part of the statutory Financial stalemenls.. Detsiled Housing Propety Revenue Account 23 121
The Abbeyfleld Baslldon Soclety Limlted Registered Social Houslng Provlder Infomiation Year Ended 31 March 2024 Company r•gistratlon number 10057rxi Charlty registration number 262505 Homes and Communities Agency reglstration number HOS52 Memb6rn of the l)oard Mr M Starrton-Dunne Mr R Thomson Mrs P Griffilhs Mr A Nutbhai Mr S M Stsnton4)unne Reglstered office 1 Sopwilh Crèseent Wickford Businé$$ Park Wickford Essex SS11 8YU Places of buslness Abbeyfiekl House 200 Timberlog Lane Basildon Essex SS14 1PG The Octagon 41 Bridge Street Basildon Essex SS15 4AY Auditor Sygma Chartered Accountants Wickford Business Park 1 Sopwith Crescent Wickford Essex SS118YU Bankers Uoyds Bank pl 89 High Street BIlrICaY Essex CM12 9AT 13]
The Abbeyneld Baslldon Soclety Limlted Board Report Year Ended 31 March 2024 The board of The Abbeyfield Basildon So¢Ety Limited presénts their repcrt. and the audf(ed financial sts1$mts of the Regi8tered Social Housing Provider for the year ended 31 March 2024. Mèmbern of the board The member8 ofthe board who have seNgd during the year were as follows: Mr M Slanton-Dunne Mr R Thomson Mr$ P Griffiths MrA Nurbhai Mr S M StantonQ)unne In accordancewith the Registered Rules of the Registered Social Housing Provider, Mr M Stanton-Dunne and MrA Nurbhai retire by rotation and. b&ing eligible, offer themselves for r&eleclion. Having l)een new elected during th& year. Mr S M Stanlonijunne abo retires and Offe himself for re4lection. Revlew of the business The principal activty of the Registered Social Housing Provider is to provide accommodation. care and companionship for senior cltizgns in accordance with the aims and principles of The AbbeyrId Society Limitgd. The financrdl resulis for the year a as sel out in th8 Statement of ComprehensNe Income on page 11 and the position al the erKI of the year is shown in the Balance Sheet on page 12. The movements in reserves are shown on the Statement of Changes in Reserves on page 13. The board consider that the state of affairs of the Regl$tered Social HousiThJ Provider is Satisfactory. Oblecttves and strat8gios for achievlng those otloctivgs The Regi$lered Social Housing Providerf$ obJ"ectNes are to earry on for the ben8frt of the community the promsion and management of housing, accommodation and assistanee for the relief and care of elderty persons suffering from the disabilities of old age or otherwisg being in need and in particular Ibul withoLrt limltationl by providing and maintaining lor assisting in providing and maintaining} houses and homes for such elderty person$ and providing lor assisting in providing) enitIes or $eN'ces for the benefit of such eldgdy persons. Prfnclpal rtsks and un¢ertalntles The trustees actively rev the major risks which the ¢haiity faces on a regular basi$ and believe that maintaining reserves al current levels, combined with an annual review of the controls over key financial systems, will provide SLrfficient resouTces in the event Df adver86 conditions. The board have also axamined othgr operational and business risks faced by th8 charity and confimi that they have eslablish9d systems to mitigate the signrfiGant risks. Analy$ls using flnancial and non.flnanclal kgy pgrfom)anc6 Indie•tors The Registeréd Social Housing Providevs Inc¢Jme from housing properties reduced by 19h in CpariSOn lo the previous year. The trustees attribute this to the continuing precautions imposad by the pandemic. 141
The Abboyfield Baslldon Soclety Llmitéd Board Report Year Ended 31 March 2024 Value for money The Society is affiliated to The Abbeyfield Society and Operates within its guidelines arKI principl8s. The value for money slalement can be viewed at www. be field.com. The Society strives to deliv¥ value for money throughout all of its aclivftie8. The Value for Money Metrics ore.. 2024 2023 Metri¢ 1: Rglnvgstment 1% Pletrfe 2a: New Supply (Soclal Housing Unlts) During the year the S¢xiety did not develop nor acquire any socral housing units (leasehold or othgrl. 0% Metrlc 2b: New Supply {Non-soclal Hotsslng Units During the year the slety did not develop nor acquire any non-social housing units Ilea$ehold C other). ov Metri¢ 3: Ggaring -55Q/o -56% Metrlc 4: Eamings B&fore Interest, Tax. Depre¢latlon, Amortlsatlon. Maj¢r Repalrs Included (EBITDA MRI) Interest Cover During the yearthe Society did not capitalise nor pay any interest or other financing costs. NIA Metric 5: Headllne Social Houslng Cost (per unit) £14,657 £14,016 Metric 6a: Opgratlng Margln {soclal hou$lng lettlngsl -35% M•tric 6b: Operatlng Maryin {oYerall) -3Yo -32¢ Metric 7: return on Gaphl Employed 40 Th• Govemanee and Financlal Vlability Standard The Society ¢orrplies with the Govemancg and FinancMI Wiability Standard issued by the Home$ and Communities Agency. Code of govemanc The R8gistered Sockgl Housing Providgr is a company limited by guarantee registered under the Companie8 Act 2006 {number 10057001. having no share capital, and is registered as a charity Inumber 262505), and is registered with The Homes and Communf(ies Agency as a registered social Lqndlord (number H05521. The Rggislered Social Housing Provider's governing document 1$ a mrandum and Arbcles of Asso¢ialion. The members of the Registered Social Housing Provider's board are responsible for the general control and management of the Registered Social Housing Prowder. The members gwe their lirne freely and receive no remuneratlon or other financial benefits. Isi
The Abbeyfield Basildon Soclety Limited Board Report Year Ended 31 March 2024 Code of governance {contlnuedl Thé members meet regularfy and are responsible for all decisions taken in relation to the runniNJ of the housing properties and the services provided by the Registered Social Housing Provider. Tho Registered Social Housing Providgr conylies with the Govemance and Financial Viabllty Standard. Recrultmen( appolntment, inductlon and training of members of the Board The existing members of the board are responsible for the recTUitmenl of new members. Potential memberyJ are invited lo attend board meetings as obsetvers are given more details ofthe Registered Social Housing Providerfs aims and actiwties and, rf all agree. they are then proposed as new members al the subsequent board meèting. This process allows due consideration of th8 persons eligibilty, pèrsonal wmpetence, spe¢i81ist knowledgg and skills. Following appointment, new members arg made aware of their responsibilities underthe charits Act by the 8xisling Membe of the board. They are assk8ted in their role by other m8mbers until the tyjard consideTS them lo be competent in their r8sponsibililies. Pubff¢ benefit statement In setting and reviewing our aims the board has given careful ccfflsKleration to the Charty Ccthmis8ion8 guidance on public benefit. Board's responslbllttles The b¢)ard arè responsible for preparing the annual Report and the financial statements in ac¢ordance with applicable law and UK G&nerally Accepted Aecounling Practice {UK GAAP). Company law requires the board lo prepare financial statements kn each fin8nci21 yearwhich give a true and fair viéw of the slate cf affairs of the company and of the surplus OT deficit of the company for Ihe period. In preparing these financial statem8nls the board are required to.. $elect suitable accounting policies and then apply them conshslently.. make Judgements and eslimales that are reasonable and prudent- prepare the financial statements on the going eon¢am basis unless it is in8pproprieto presume that the company will continue in busie$$. The board are responsible for kaeping adequate accounting records whh di5dose wf(h reasonable a¢¢uracy at any tim& the financial position of the company and to enable thém to ensure that the financial slal8ments comply with the Companies Act 2006. They are also responsible for safeguarding the 88sets of thé company and hence for tsking reasonable steps for the prevention and detection of fraud and other irreguLarities. Dlsclosure of Infomiation to the audltors We. the directors of the MpanY who held offi¢e at the date of approval of these Flnancial Stat8ments as Set out above lfirm, so far as wè are aware. that.. there is no relevant audit information of which the company's audttors are unaware., and we have taken all the steps that we ought to have tsken as directors in order to make ourselves aware of any relevant audit infomialion and to establish that the company's auditors aro aware of that information. 16]
The Abbeyfleld Basildon Soclety Llmlted Board Report Year Ended 31 March 2024 Small company rules Thls réport has been prepared in accordance with the special pravisions relating to companies subject to the small companies regime within Part 1 S of the Companies A¢t 2006. On behaw of th8 board Mr M Slgnlon-Dvnne, Chairman Date:
The Abbeyfield Basildon Soclety Limtted Independent Audltofs Report Year Ended 31 March 2024 Independent Auditorfs Report to the Members of The Abb8yfi8ld Baslldon Socloty Llmh Oplnion We have audited the financial stalemenl$ of The Abbeyfield Basildon Society Lim((ed Ilhe 'society'l for the year ended 3111 March 2023 which comprise the Statement of Comprehensive Income, tha Balanc¢ Sheet. the Statement of Changes in Reserves and th& related not&s. The finan¢ial reporting framework that has been applied in their preparation is applicable law and United Krngdom Acc(NJnting Standard$, including FRS 102 'The Financial Repothrtg Standard applKable in the UK and Republic ollreland, (United Kingdom Gen&ralty A¢¢epled Accounting Practice>. In our opinion the financial statements.. gNe a true and fair Mew of the 8tate of the soclety's affairs as a131st Marth 2024 and of its incoming resources. including its income and expenditure for the year then ended,. have been propedy prepared in accordance with United Kingdom Geralty Accepted A¢counting Practice: and have been prepared in acwrdance with the requireménts of the Companies Act 2006, the Housing and Regeneration Act 2008 and TheAecounting Direction for private regIsted providers of so¢ial housir¥J in England 2022. Basis for opinion We conducted ow audit in accordance wf(h International Standards on Auditing IUKI {ISAs {UKI) and applicable law. Ourr8sponsibilitie$ underthose stsndards arefurtherdescribed in theAuditoWs re8ponsibiliiies forth8 audit of the financkql statements section of our report. We are independent of the society in accordance wth the ethical requirements that are relevant to our audit of the financial statements in the UK, inctuding the FRC'S Ethical Standard, and we have fulfilled our other ethical respon$ibililies in accordance with these requirements. We believe that the 8udit evidence we ha obtained 18 SLrfficAent and appropriate to provide basis for our opinion. Concluslons rèlating to going concern In audrting the financial statements. we have Goncluded that the board's use of the going concem basis of accounting in the preparation of the financial statements 1$ appropriate. Based on thg work we have perfomied, we have not identified any material uncertaintiets relating lo events or conditions that. individually or collectNe. may cast signifKanl doubt on the society's ability to Continue as going concern for a period of al least tsvelve months from whan the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of the board respect to going concern are described in the relevant sections of this rep Other Infomiatlon The other infomialKJn comprises the infomi*ion included in the annual report, other than the financial Statements and OUT audilorfs report thereon. The directors are responsible forthe other information contained within the annual report. Our opinion on the financial statements dces not cover the other information and. except lo the extent otherwise 8xplicitty slated in our report, we do not express any fom of assurarKe conclusion Ih8r8on. Our iesponsibrfity is to read the other infomialion and. in doing so, consider whether the other infomiation is Material inconsistent with the financial statements or our knOwdge obtained in thg course of the audit, orolherwiseappears lo ba materially misststed. Ifwe identifysuch malarial inconsistencies or apparènt material misstatements. we are required to detamiine whether this gives rise to a material misstatement in the financial statemènts themselve5. Ef, based on tha work we have pèrfornied, we conclude that th¥e is a materfal misstatoment of this other infomation, we are required to report that fact. We have nothing to report in thK8 regard. 181
The Abb¢yfi•ld Basildon Soclety Llmfted Independent Audltof s Rèport Year Ended 31 March 2024 Opinions on other matters prescrlbed by the Companies Act 200S In our ¢Jpinion, based on the work undertaken in the r$8 of tha audit: the infomiation given in th8 board report for the financial year for which the financial ststements aro prePad is ¢on$i$lent with the financial statements,. and the board port has been prepared in accordance wtth appliGable18gal requirements. Matter8 on whi¢h we are requir¢d to report by exceptlon In the light of our knowledge and understsnding of the society and its environment obtained in the coursg of the audit, we have not identffjed material misslalements in th8 board r8POrt. W8 have nothing to rep in respect of the following matters where tha C¢)mpani¢$ A¢1 2006 requires us to report to you if. in our opinion= adat8 accounting reccds have Mtbeen kept or returns adequatetor ouraudit have Th)t been received from branches nol visited by us- or the financial statements are not in agreement with the accounting records and relums; or certain diSure$ of board mgmbers. remuneration specified by law are not made. or we havo not receiv9d all the infonTTration and explanations we require for OLEr audit., or the board was not entitled lo prepare the financial ststernents in cordanCe with the small compan regime and tske advantage of the small companios exemption in preparing the directors, report and tsk advarrtage of the srnall compankgs exomption from the requirement to prepare a strategi¢ reporL In add((ion, we have nothing to report in respect of the following matter where the Housing and Regeneration Act 2008 qUireS us to report to Y rf, in our opinion: a satisfadory system of contrd overtransaclion$ has not been maintained. Responslbllltles of th6 board As explained more fulty in the board's responsibilities statement set out on pagè 6, the board members {who are also the directors of the socEty for the purpose8 of company lawl are responsible for the preparation of the financial statements and for being satisfied that they give a true and fairwew, and for such intemal control as th8 board deleTmin8 is necessary lo enable the preparation of financial statements that ar9 free from material misstatement. whether due to fraud or error. In preparing the finan¢kl $tstements, the bo¥d is resPc81bI8 for assesslng the soclety'8 abllty to continue as a going concem, disclosing, as applicable, mattgrs related to going concern and using the going concern basis of aOUnting unless the board either intends to liquidale the association or to ceas8 operation& or has no realist altern*ive but to do so. Audltorfs r•gpon8lbllltles for tha audit of the finan¢ial statements Ourobj¢clives are to tjbtain reasonable assurance about whetherlhe financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an audilorfs report that irtcludos our opinion. Reasonable assurance is a highlevel of assurance, but is not a guarantee that an audit conducted in accordan with ISAS {Ulq will aayS datacl 8 material mis8tatemenl when it exists. Misslatemenls can arise from fraud or error and are considered material rf, individually or in the aggregate, they could reasonabty be expected to influence the economic decisions of users taken on the basis of th8se financial $18tement8. Irregularits. including fraud. are instances of nonmPliance wf(h laws and r8gulalions. We design procgdures in line with our respon5ibilthes. outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent lo which our proeedure$ are capable of delocting irregularities, includiny fraud is detaId belt3W= W& obtained an understsnding of the legal regulatory requirements applicable to the society consid6red that the most significant are the Companies Act 2006. tha Housing al Regeneration Act 2008 and Th6 Accounting Diredion for private registered prov¢ders of social housing in England 2019. We obtained an understsnding of how the Society complies with these reqLMrements by discussions with management and those charged wf(h govomance. 19]
The Abbeyfleld Baslldon Society Limited Indopondent AudIt0S Report Year Ended 31 Mareh 2024 We assessed thé rok of material misstatement of the financial statemènts. including the risk of material mi$stslem&nt due lo fraud and how it might occur, by holding discussions with managemént and those chargad with governance. We Inquir of management and those charged bwth govemance as to any known instances of non compliance or suspected nonrycompliance with law3 and regulatwjns. Based on this understanding, we desbJned specrfic appropr£ate audit pftxedures lo identify instances of non-compliance w((h laws and regulations. Th1$ included making enquiries of management and those charged Vth goveman¢e and obtaining additional corrcborative evidence as required. Because of the inherent limitations of an audit, therg is a risk that wg will not detect all irreguLgrities. including those leading to a material misstatement in the financial statomenls or non<(*npliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions roflecled in thefinancial statements, as we will be188s likely to become aware of instsn¢es of non-Gompliance. The risk is also greatgr regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery. collush)n, omission OT mi$repre$entalion. A further description of our responsibil95 for the audit of the financial statements is located on the Financial ReF)Orting Council's website al: www.frc.org.ukJauditorsresponsibilities. This descripts'on forns part of our auditorfs report. Use of our report This report is made solety lo the society's members, as a body, in accordance wth Chapter 3 of Part 16 ofthe Companies Act 2006 and section 137 of the Housing and Regeneration Act 2008. Our audit work has been undertaken so that we might slate to the society's members those mattgrs we are required to slate lo them in an auditor's report and for no other Puwise. To the fullest extent permittod by law, we do not accept or assume responsibility to anyone other than the society and th8 society's members as a body, for our audit work, for this report, orfor the opinions we have formed. Alan 8r8ding FCA (Senior Statutory Auditor) for and on behalf of Sygma Chartered Accountants and Stabjtory Auditor 1 Sopwith CScent kford Busin8ss Pa Wckford E$sex SS118YU 1101
The Abbgyfield Basildon Society Limlted Statement of C¢)mprehensivo Income (Including Income and Expendlture A¢¢ount) Year Ended 31 March 2024 2024 2023 Note Turnov•r 350,281 262,452 Social h¢)using activity expenditure 331,198 318.173 Gross surplus 19.063 155.721) Administrative expenditure 29,405 27,014 Op8rating surplus 110,3421 182,73S) Interest recewable and similar income Inter88t payable and similar expenses 29,923 6.980 10,288 12228 Surplus on ordinary actlvltl•s for th• year 12.601 184,675) Revaluation of fixed asset investments 48.808 2.285 Total compr•h8nsive income for the yoar 61,405 182.3901 These result$ relate whony to continuing actiwties. Signed on behalf of the b)ard Mr Stsnton-Dunne Chairffran Mr R Thomson tofv- The notes on pages 14 to 22 fom part ofthe5e ac(unts.
The Abbeyfield Basildon So¢lety Llmlted Balance Sheet Year Ended 31 March 2024 2024 2023 Note Fixed assets Tangible fixed assets- housing properties Tangible fixed assets- other Inv2stmenls 836.638 2.139 884,551 836.520 2,516 800 385 10 1.703,328 1,639,421 Current a886ts Debtors Cash at bank and in hand 11 462,284 470.707 462.284 470,707 Credltors: amourrts falllng due wlthln one year 12 39,112 39,117 Net current assots 423,172 431,590 Total assats less curront liabilities 2.128.500 2.071.011 Credltors: amounts falling due aft8T more thaTr one year 13 338,797 344,717 Total net assets 1,787,703 1.726,294 Reserves Income and expenditure account 14 1,787.703 1.726,294 Totsl rnstrrv•s 1,787.703 1,726,294 These financial statements have been prepared in a¢¢ordance with the swial prowsions re18ting to companies subject lo the small c(Jmpanips regime within Part 15 of the Companies Act 2006. The financial statements tre appr¢)ved and authori¥ed for issue by the board on Signed on behalf of the board F(_La Mr M Stanton-Dunne Chaimian Mr R Thornson K.0. Company registration number.. 1005700 Th8 notes on pages 14 to 22 forrn part of these accDurts. 1121
The Abbeyfield Baslldon Soclety Limtted Statement of Changes In ReseTves Year Ended 31 March 2024 Income and expenditure reservg At 1 Aprll 2022 1,808,684 1.808,684 Surplus for th6 yèar Revaluation of fixed asset irsveslments 184,6751 2,285 184,6751 2,285 Total comprehensive income 82,390 82,3 At 31 March 2023 and 1 April 2023 1.726,294 1.726,294 Surplus for tho yoar Revaluation of fixed asset investments 12,601 48,808 12,601 48,808 Total comprehenslvo Income 61,409 61,409 At 31 March 2024 1,787,703 1,787,703 The notes on pages 14 to 22 loryn part ofthese ount¥. 1131
The Abbeyfield Baslldon Soclety Limiled Notes to the Financial Statements Yoar Ended 31 March 2024 Summary of slgnlficant accountlng pollcl8s (a) G•neral Inforniatlon and basls of prgparatlon The Abbeyfield Basildon SocEty Limited is a company limited by guarantee, a registered charity and a private registered provider of social housing in the United K'ngdom. The address ofthe registered office is given in the Registered Social Housing Prowder infomiation on pagè 3 of these financial statements. Tha nature of the Registered Social Housing Providerfs operations and principal adivities is given in the Board Report on page8 410 7 of these financSal statements. The Registerad Social Housing Provider constitute8 a public benefrt entity as defined by FRS 102. The financial statements have been prepared in accordance wf(h applicable accounting standards including Financial Reporting Standard 102 The Financial Rtrpolbng StandaftlApplicable in the UK and Republic of Ir8land IFRS 102). the Statement of Recommended practi for Social Housing Providers 2018, and wth the Accounting Dirèction for prNale registered providers of swial Using in England 2022. The ffnancial statements are also prepared under the requirements of the Housing Regeneration Act 2008 and the Companies Act 2006. The financial statements have bèen prepared on a going concern basis underthg historical costconvgnlion, modrfi8d lo include rtain items atfair value. The financ1 statements are prepared in sterling which is the functional currency of the Registered Sc¢wl Housing ProvKler. The signific1 accounting policies applied in the preparation of these finanGial statements are sgt out below. These poltU8s have been Consistent applied to all years presented unlgss Qtherwise sthd. Ibl Tanglble flxed assgts Tangible fLxed a$$ets (irtluding Social housing properties) are slated at cost 1&35 accumulated depreciation and accumulated impairniont losses. Cost irbcludes costs directly attributable to making the asset capable of operating as intended such as the cost of acquiring land and buildings, developments costs, interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will only be capitalised when it reSuS in increment fvtura benefits such as increasing rental income, reducing maintenance costs or resulting in a $ignrficanl extension of the useful economic lrfe of the property. Depreciation is provided on an tangible fixed assets. at r*es ealculaled to write off the cosl, less estimated residual value, of each asset on a systematic basis over its expected useful life as follows= Housing properties. land and hou$es Depreciation is charged the ¢ost of housing land and properties al 1% per annum on the straight lin& basis. Housing land not depreciatgd Fixiures and fitting8 Depreciation is ¢harged at 15% per annum on th8 reducing balance basis. Propety plant and equipment Dépreciatlon is charged at 150h per annum on th6 TedLFcing balancè basis. 1141
The Abbeyfield Basildon Society Limited Notes to the Flnanclal Statements Year Ended 31 March 2024 Summary of significant accountlng pollcles {contlnuedl Houslng properties under construcllon are not depreciated unlll they are In u8& Major ¢omponenl$ of housing properties have been accounted for and depreciated $eparalety from the conngcted housing prop9rty, over their oxpectgd useful 9conomic lives and are includgd in property plant and equipment. The useful eGonomiG Iiv9s of all tsngible fffed assets are reviewed annualty. (cTr Debtors and credltOY8 rocelvable or payable wlthln one year Debtors and creditors with no slated interest rate and recefvable or payable wh1n one year we recorded al transaction price. Any k)s8es arising from impairment are recogni8ed in the statement of cumprehensive income in other administrative expenses. Rights of social landlords to have improvement works c8riied out to properties by 8 third party {such as local authority) are recognised as prepayments where payment has occurred in advance of the works being carried out and receipts in advanca from the same third paty re¢tsJnised a$10bilities. Assets and liabilities or income and expenditure are not offset. Idl Investments {includlng concesslonary loans, such as HomeBuy loan8} Inveslmgnts are r8cognised initially al fair value which is nomially the transaclK)n price excluding transaction costs. Subsequent. they are measured at fair value through the statement of cornprehenstve income if the shares are publidy traded or thelr fair value can othetwlse be measured reliabw. Other investments are measured at $t less impaimient. Concessnary loans {such as HomeBuy loans} Include those reCeable or payable to third parties which are interest free or below market interest rates. HomeBLry loans are wnsidered to bg conces5w)nary Icans. All loans where the loan 18 repayable on demand within one year are measured at eost, lass impaiment. Where thè loan is repayable after MO than one year, the loan is inf(iatty measured at fair value and subsequentty measured al amortlsgd cost using the effodive interest rate method, less impaimienl. {e) Loans and borrowlngs Loans and borrowings arè initially rètognised al the transadion price including transaction costs. Subsequenlty, they are measured at amortised cost using tho effective interest rale method, less irnpaimienL If an arrangement constitute8 a financing transaction it is measured al present value. HomeBuy grants which are received from the govemmont in order to fund all or part of a HomeBuy kjan. will only be realised when the HomeBuy loan is redeemed and the grant is recycled for use to devèlop our own assets. Until this is redeemed this is therefore &¢ounted for as deferred income as govemment grant. (fj Derivativés DertvatNe financial instrurnenls are initialty measured al fair value at the date on whKh a d8rivalNe contract is entered into and aré subsequéntly mèasur*J at fair valu6 through thé statement crf mprehensive in¢ome. 115]
Tho Abbeyfiekl Baslldon Soclety Llmlted Notes to the Flnanclal Statements Year Ended 31 March 2024 Summary of slgnlflcant accounling pollcles (contlnued) Igl Impaimwnt Assets not measured at fair value are reviewed for any indication that the 85s8t may bg impaired at each balance sheet date. For the purposes of assessing impaimienl, each of the Registered Social Housing ProvKlels propthes {each con818ting of multiple cash generating unts) are reviewed. If indication of impaimienl exists, the recoverable amount of each affected property is estimated and compared lo the ¢arying amount of that propety. whe the ¢arrying amount exceeds ils recoverable amounL an impaim19nt loss is reccgnised in gxpenditure through the statement of comprehensive in¢ome. The recoverable 8mount is determined by reference to the open markal value of properties of simi18r condition 8vze and in the same location or by reference lo professional valualDns rf considered appropriate. (h> Prov181ons Provlslons are recognised when the Registered Soc4al Housing Provider has an obligation at the balan¢e shael dale as a result of a past event, it is probable that an oufflLAv of econom beneffts will be requirgd in settlement and the amount can be reliabty estimated. Provi$ions for cyclical maintenance or majorworks to existing stock aft not mae L5nless they repsent commitments orobligalions atth8 Balance Shgfjt date where there is no discretion to aVd tsr delay tho expenditure. Recycled Capit81 Gr8nls Fund Capital grants can be recycled under certain condition, if a propety is sold. or rf another relevant event lakes place. Recycled grants can be used for projects approved by the Hcffles and Communities Agency (HCA) and they are credited to the Recycled Capital Grant Fund wthin liabilities. In certain circumslancgs, such as the sa19 of housing Fffopertios, c¥prtal grarts be repayable, and, in that event, is SubolnaIed to the repayment of other bans by agreement with the Homes and Communities Agency IHCA). 111$ accounted for as soon as the liabilty arises within creditors.. amounts falling due w(fhin one year. When any grant to bè recycle(l or repaid is less than the grant relating lothe disposal, the drfference is treated as abated grant. Abated Capital grants are treated 88 a component of the surplus or deTlt on disposal. DisposalProc88ds Fund Nel disposal pro¢eed$ induding grant r&lea$ed on sale of a property under the right to acqulre s¢h¢me and Voluntary Purchase Grant nel disposal proceed5 are creditsd to thi8 fund which appear$ as a creditor until reinvested in appropriate new social housing. (i) Tax The activtties of the Registered Socral Housing Provider are exempt from Corporation Tax and VAT. 1161
The Abbeyfield Basildon Society Llmlted Notes to the Financial Statements Year Ended 31 Mah 2024 Summary of significant accountlng PDllcle8 (contlnuedl 11) Tumover and other In¢omo Tumover is measured at the fairvaluo of the consideration received or e1vable. The pokies adopted for the recognition of turnover are as folbws.. Tumover presents rentsl and SerVe charges income reCeNab in the year net of rent and service tharge losses from voi¢Js, revenue grants from the gevernment (local aullK>ritiesl and the Homes and Communities Agency. The disposal pr¢xeeds from the flrst tranche of shared ¢)wnership properties are included in lurnover at thè point of legal completion. Tha second and subsequent tranches are accounted for in administrativa 8xpendf(ure l operating income in the peritxl in whKh the disposal occurs being the drfference between the net sale PToceeds and the net carrying value. Donat8d land Donated land which is unconnected with any intended development is measured at current value and recognisod in tumover with other donations, where the donation is from a non-public body and as a uv)vemmenl grant where it is from a public bedy. ere land is donated or transferred al a price less than its open markql valuo. or where it has been Jnated a8 part of a development schem8, 11 i8 included 8t its current vaue on the date it is received. The difference between the crn1 value and the transfer price of land transferred from central or local vernmenl or other public authoTltie8 Is treated as a government grant. Whore land is donated or transferred by a non*ublic body the dtfference is recognised in lUmov. Intest and dHiidends r8C8ivablg Interest income is recconised using the effectlve intèrest mdhod and dividend income is recognised as the RegiSted Sc¢ial Housing Providerfs rvJht to receive payment is established. (kl Government grants Government grants {8uch as from a local authorty) are received in respect of housing propertias. These grants are recognlsed at the fair valuè of the asset recèived or tte1¥able. Where the assets are accounted for using the accruals model then the govemment grant is aOUnted for using the accrual8 model. The drfFerence b6twegn the fair value of the asset and the consideration is recognised a$ a Ik4bility and amortised over the useful econom life of the asset. This amortisation is recognised within turnover. Vvhere disposal of govemment donated assets are required to be r¢cyclèd, a liabilty is included to recognise this obligation. Where disposal of government donated assgls are required to be recycled, a Ilablllty is Inctudèd I recognise this obligation. Government grants re¢eNed as a ¢ontribution to revenue expendrture are recognised in the statement of comprehensrwe incom6 on a syst8malic basis over tha period in which the landlord recognises the related C¢Ydts forwhich the grant 1$ intended to compensate. The relaed expenditure is included under administrative expenses. Grants are recognised in the same period as the related expènditu provided the conditions for receipt have be6n satisfied and there is reasonable assurance that the gront will be received. 1171
The Abbeyfield Baslldon Society Llmlted Notes to the Flnancial SLitements Year Ended 31 March 2024 Summary of signlficant accounting policies {contlnued) (l) Employ80 beneflts hen empbyees have T8nd8red servtce to the Registered Social Housing Provider, short4emi 8mployee beneffts to which the employees are 8ntr(led are recogni58d at the undiscounled amount expected to be paid li exchange forthat service. The Registered Social Housing Provider operates a defined contrbution plan for the benefit of its employees. Contributions are exponsgd as they beGome payable. Soclal hou$ing turnover and costs 2024 2023 Rents receivable excluding service ¢harges Service charges receivable Amortised govemment grants 63.950 280.391 5,920 32,269 224,263 S,920 Social housing actwity expenditure- se& costs Social housing artwity expenditure- Rep8irs 8nd maintenance Social housing a¢tiwty expendf(ure- Depreciation 280,391 224,263 41,980 8.827 85,101 8,809 Operating surplusl{defi¢itl from 8och81 housing activities 19,063 {55,721) Sockgl housing a¢tivity expenditure- Administrative expendfcure 29,405 27,014 Net deficit from $c¢ial housing acte5 (10.3421 {82,735) Losses from vacancies 81.371 147,196 Accommodatlon owned and In management Number of units at 1 April 2023 Numberof unil$ at 31 MarGh 2024 Completed units.. Housing for older people 23 23 There are thr88 units under development 23 23 Properties managed by agents Th& Registered Social Housing Provider owns no property managed by other bc#Jies. The Registered Soclal HousiThJ Provider managès no properties on bahalf of others. 1181
The Abbeyfield Baslldon Soclety Llmited Notes to the Financial Statements Year Ended 31 March 2024 Intsr&st and oth6r flnancg income and charges al Interest receivable and simitar in¢iJrne 2024 2023 Donations received other miscellaneous income Gains from the sale of investments Inlere$t recervable and lumS from investments 150 3.440 3,230 26,543 6,848 29,923 10,288 bl Interest payable aTrJ similar expenses 2LY23 2023 Investment charges and commissions Losses from the sale of investmants 6.980 10,892 1,336 6,980 12,228 Surplus on ordlnary activities Surplus on ordinary activi(ies is stated after char9ingllcredrf(ingl'. 2024 2023 Auditols remuneration (including expenses and beneffils in kindl for audit Audrfcor's remuneration (including expenses and beneffts in kindl for non-audit 3,840 3,840 2,000 2,000 Depreciation of tangible fixed assets 8,827 8,809 Board and key management personnel remuneratlon Key management personnel neither reGeived nor waivgj any MuneratIon during the year (2023.. Nil). Staff costs The average number of employees, including members of the executwe team, calculated on a full lime equivalent basis was 9 employee$12023'. 8 employees). There are no employees who rocéived mora than £60,000 as their employee package. 1191
The Abbeyfield Baslldon Soclety Llmlted Notes to the Flnan¢lal Statsments Yoar Ended 31 March 2024 Tangble fixed assets- completed houslng propgrtles Housing properties for letting Total Al 1 April 2023 Additions- improvements to properties 1,076,110 1.076.110 8,$68 At 31 March 2024 1084 678 1084,678 Depreciation.. Al 1 April 2023 Charye for year 239.590 8,450 239,590 At 31 March 2024 248,040 248,040 Nel bcok value., Al 31 March 2024 836.638 836,638 At 31 March 2023 836,520 836,520 The ngt b1k value of land and buildings comprised.. 2023 2023 Land and bulldings: Freéhold 1,084,678 1,076,110 1,084,678 1,076.110 Freeho land and buildings were subject to independent profassicinal valuation on 27 November 2015. The valuation was undertaken by Porter Glenny {Chartered Surveyors and RICS Registered Valuers) on a mat1(et value basis in accordance with the 8th Edition of the RICS Appraisal and Valuations Stsndards (The Red Book) together with Practice Statements and Definitions of Value contained in UKPS3 and UK Appendix 3. The assumption of vacant possession was used to ascertain the fair value of £1,550,000. 1201
The Abboyfield Baslldon Soclety Llmitsd Notes to the Financlal Statements Year Ended 31 March 2024 Tanglble flxed assets- other Fiytures. ftttings and equipment Total Cost: At 1 April 2023 Additions 120,988 120,988 At 31 March 2024 120,988 120,988 Depreciation.. At 1 April 2tr23 Charge for year 118,472 377 118,472 377 At 31 March 2024 118.849 Nel book value.. At 31 March 2024 2,139 2.139 At 31 March 2023 2,516 10 Fixed asset Investments Listed investsnen18 Total Valuation. Al 1 April 2023 Additions Disposals Revaluation 404,364 162.753 {147,3951 48.808 800,385 162,753 {147,3951 At 31 March 2024 864.551 864.551 Impairnient.. Al 1 April 2023 At 31 March 2024 Carrying amount.. At 31 March 2024 864,551 At 31 March 2023 800,385 800,385 The fairvalue of listed investments is detemiined by reference to the quoteLI price for id8ntical assets in an actwe mar*èl at the balance sheet dale. 121]
The Abbeyfield Baslldon Society Limited Notes to the Flnanclal Statements Year Ended 31 March 2024 11 Debtors 2024 2023 Trade debtors (gross soBial housing rent arrears) Payments on account Prepayments and aG¢rued income 12 Crodltors; amounts falling duo wlthln one year 2024 2023 Trade cred((ors Other lax and social security Government grants Accruals and deferred income 10,817 2,107 5,920 20,268 12,215 1,926 5,920 19,056 39,117 13 Cradltors: amounts faNing due after more than one year 2024 2023 GDvemmenl grants Other Foans 338,795 344,716 338,797 344,717 Oth8r loans r8pr•sént housing mortgage loans from Th& Housing Corporation and are secured by a charge on the Registered Social Housing Providerfs freehold land and buildings. The full amount of the k)ans fall due aftgrfive years and are payable otherwise than by instslments. No interest is charged on the loans Ythtch are only repaysble when the releirant propert$ are ¥old. 14 Reserves al Income and expendrture reserve The income and expenditure reserve represenls cumulatNe surpluses and deficits net of other adjustments 1S Penslons and other post48tlremènt beneflts a) Defined contribution pension plans The Registered Social Housir¥J PTovideT operates a defined contribution pension plan for its 8mployees. The amount recognised as an expense in the period was £3,191 I2023- £3,657). 1221
The Abbeyflald Basild¢)n Society Llmlt8d Detalled Houslng Proporty Rgvonua Account Year Ended 31 March 2024 2024 2023 Income Rasident5' rental and other irtcome Amortisation of government grants Losses arising frcmn vacancres Tumover- net property Incom• 405,712 5.920 61,371 403,728 5,920 147 196 350,261 262,452 Expendltur• Administrative expendltur• Insurance TdÈphone Membership faa- Thè AbbeyfBld Society Audi(offs remuneration Bookkeeping Trav811ing axwnses Advèrbsing Training and COnfeNCes Other axpanditurè Legal and professional fees Careline 3.476 3.213 5,418 2,737 6,772 2.000 329 5.503 115 2,657 2.OOCI 262 6,145 1,373 1,997 690 1.198 2,854 Total admlnlstratlvg gxpenditure 29.405 27,014 Rèpalrs and malntènance Ajam costs and maintenancre Day-to4lay repairs Cydical repairs Ernpty roorn repairs MaintenaJKeltesling certification 1.986 18,904 64.211 10,796 16,525 3.360 41,980 85.101 Servlcè ¢ost8 Care and catering- Employee o)sts Food costs Cleaning materials Window cleaning Garden maintenance Council ta¥Jrates Water 18tes Heating Lights"rrtJ Waste disposal Pest control Unifomis and PPE Sundry expen9es 179,747 26,566 3,225 154,996 22,627 955 2,448 6,203 3.971 18,899 10.487 630 690 212 2,145 4,581 6,441 4,810 23,016 27,537 400 725 162 2,221 280,391 224.263 Depreclatlon Housin9 prop8rh.ès FIreS, fittings aThY equipment 8,450 377 8,365 8.827 8,809 Tolal ¥oclal housing actlvtty •xp•ndltur• Op•ratlng Surplus 331.198 318,173 130,3421 182,735 1231