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
BIl￿rICaY
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$m￿ts of the Regi8tered Social Housing Provider for the year ended 31 March 2024.
Mèmbern of the board
The member8 ofthe board who have seNgd during the year were as follows:
Mr M Slanton-Dunne
Mr R Thomson
Mr$ 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 Abbeyr￿Id 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 C￿pariSOn 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 s￿lety 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 m￿￿randum 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 charit￿s 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 in8ppropri*eto presume that the
company will continue in bus*ie$$.
The board are responsible for kaeping adequate accounting records wh￿h 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$, including FRS 102
'The Financial Repothrtg Standard applKable in the UK and Republic ollreland, (United Kingdom Gen&ralty
A¢¢epled Accounting Practice>.
In our opinion the financial statements..
gNe a true and fair Mew of the 8tate of the soclety's affairs as a131st Marth 2024
and of its incoming resources. including its income and expenditure for the year then ended,.
have been propedy prepared in accordance with United Kingdom Ge￿ralty Accepted A¢counting
Practice: and
have been prepared in acwrdance with the requireménts of the Companies Act 2006, the Housing and
Regeneration Act 2008 and TheAecounting Direction for private regIst￿ed providers of so¢ial housir¥J in
England 2022.
Basis for opinion
We conducted ow audit in accordance wf(h International Standards on Auditing IUKI {ISAs {UKI) and
applicable law. Ourr8sponsibilitie$ 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 knOw￿dge 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$8 of tha audit:
the infomiation given in th8 board report for the financial year for which the financial ststements aro
prePa￿d is ¢on$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=
ad￿￿at8 accounting recc*ds 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 di￿￿Sure$ 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¢k*l $tstements, the bo¥d is resPc￿81bI8 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 a￿OUnting 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 a￿ayS 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 $18tement8.
Irregularit￿s. including fraud. are instances of non￿￿mPliance wf(h laws and r8gulalions. We design
procgdures in line with our respon5ibilthes. outlined above, to detect material misstatements in respect of
irregularities, including fraud. The extent lo which our proeedure$ are capable of delocting irregularities,
includiny fraud is detaI￿d 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 AudIt0￿S 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 V￿th 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 responsibil￿95 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 C￿Scent
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 financ￿1 statements are prepared in sterling which is the functional currency of the Registered
Sc¢wl Housing ProvKler.
The signific￿1 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 reSu￿S 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 w￿h1n 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.
Concess￿nary loans {such as HomeBuy loans} Include those reCe￿able 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$ions for cyclical maintenance or majorworks to existing stock aft not mae L5nless they rep￿sent
commitments orobligalions atth8 Balance Shgfjt date where there is no discretion to aV￿d tsr delay tho
expenditure.
Recycled Capit81 Gr8nls Fund
Capital grants can be recycled under certain condition, if a propety is sold. or rf another relevant event
lakes place. Recycled grants can be used for projects approved by the Hcffles and Communities
Agency (HCA) and they are credited to the Recycled Capital Grant Fund wthin liabilities.
In certain circumslancgs, such as the sa19 of housing Fffopertios, c¥prtal grarts be repayable, and,
in that event, is Subo￿lnaIed to the repayment of other bans by agreement with the Homes and
Communities Agency IHCA). 111$ 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 deT￿lt 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 Ma￿h 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 SerV￿e 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 c￿r￿n1 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￿.
Inte￿st and dHiidends r8C8ivablg
Interest income is recconised using the effectlve intèrest mdhod and dividend income is recognised as
the RegiSte￿d 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 a￿OUnted 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 $c¢ial housing act￿￿e5
(10.3421
{82,735)
Losses from vacancies
81.371
147,196
Accommodatlon owned and In management
Number
of units at
1 April
2023
Numberof
unil$ 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 b1￿k 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 COnfe￿NCes
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
FI￿reS, 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