The Abbeyfield Basildon Society Limited Financial Statements Year Ended 31 March 2025 Homes and Communities Agency registration number.. H0552 Company reglstralion number 1005700 Cherity r8gi8tration numb6r: 262505 The Abbeyfield Basildon Soclety Llmited Financlal Ststements Year Ended 31 March 2025 Contents Page Registered Soci81 Housing Provider Infomialion Board Report Indep9ndent Audltols Report Slalament of Comprehensive Incomè Balance Sheet 8-10 12 Stslement of Changes in Reserves Notes to the Financial Statements 13 14-22 The following page doe8 not form part of thé stalutery Financial slatemenls.. Detailed Housing Property Revenue Account 23 The Abbeyfleld Basildon Soclety Limited Reglstered Soclal Houslng Provider Infomiatlon Year Endad 31 March 2025 Company raglstration number 1005700 Charity registratlon number 262505 Homes and Communities Agency registratlon numbor H0552 Members of the board Mr M StanlonvDunne Mr R Thomson IArs P Griffiths Mr A Nurbhai Mr S M Stanlon-Dunne Registered office 1 Sopwith Cre$¢ent Wickford Business Park Wickford Essex SS118YU Places of business Abbeyfiekl Hous¢ 200 Timberlog Lane 8asildon Essex SS14 1PG The OGtagon 41 Bridge Street Basildon Essex SS15 4AY Auditor Sygma Chartered Accountants ckford Business Park 1 Sopwth Crescent ckford Essex SS118YU Bankers Lloyds Bank plc 89 High Street Billerieay Essex CM12 gAT 131 The Abbeyfield Basildon Society Llmlted Board Report Year Ended 31 March 2025 The board ef The Abbeyfieky Basildon S¢xiety Limited presents their report, and the audited financial stataments of the Regtstered Sttial Housing Provider for the year ended 31 Marth 2025. Members ofthg board The member8 of the board who have served during the year were as fofiow8: Mr M Stanton-Dunne Mr R Thomson Mrs P Griffith$ MrA Nurbhai Mr S M Stanlon-Dunne In accordancè with the Registered Rules of the Registered Social Housing Provider, Mr R Thomson and Mrs P Grrffiths retire by rotation and, being eligible, offer themselves for re-elect￿n. Rgvlew of the business The principal activity of the Registered Social Housing Provider is to provlde aceommodalion, care and companionship for senior citizens in accordance with the aims and princip￿$ of The Abbeyfield Society Limited. The financial results for the year are as sal OLrt in tha Statement of Comprehensive Incoma on page 11 and the position at the end of th8 year is shown in the Balance Sheet on page 12. The movements in reserves are shown on the Statement of Changes in ReseNes on paga 13. The Èoard considar that the stale of affairs of the Registered Social Housing Provider is salisfactw. Objectlves and stratogles foT aGhiovlng those objectives The Registered Social Housing Provide￿$ obJ"ectwes ara lo carry on for the benefit of tha communty the provision and management of housing, accommodation and assistance for the reiief and care of elderly persons suffering from the disabilities of old age or otherwise being in need and in part￿ular {bul without limitation) by providing and maintaining lor assisting in providing and maintsining) houses and homes for such elderty persons providiny lor assisting in providing) amaniliss or service5 for the benefrt of such elderty Persons. PrlnGlpal rJ¥ks and uncertaintles The trusleè$ actively review the major risks which tho charty faces on a regular basis and believe that maintaining reserves at eurrenl levels. combined with an annual review of the controls over key financlal systems, will provide sufficient resources in the event of adverse conditions. The board have also examined other oporational and business risks faced by the charity end ¢onfimi that they have éstablish￿ systems lo mitigate the signrficant risks. Anatysls uslng flnanclal and non41nancial key perfomiance indlcato The Registered Social Housing Providerfs income from housing properties reduced by 1YD in comparison lo the previous year. The Irustaes attribute this to the continuing precautions imposed by the pandemic. 141 The Abbeyfield Basildon Society Limited Board Report Year Ended 31 March 2025 Value for money The s￿Iety is affiliated to The Abbeyfield Stxiety and operates withln its guidelines and principles. The value for money statement can be viewed at ¥Mw.abbe eld.com. The Society strives to deliver value for money IhrouglKJul all of its aclivitses. The Value for Money Metrics are.. 2025 2024 Metrlc 1: Reinvestment 0% 1V Metric 2a.. New Suppty (Social Houslng Units) During the year the Society did not develop nor acquire any soc&g1 housing units (leasehold or other). Metrlc 2b: New Supply {Non4oclal Housing Units) During the year the Society did not develop nor acquire any nOn-S￿la1 housing untts {lea$ehold or olher)- 0% Metr1¢ 3.. Gè#ring -57% -55% Metric 4: Eamlngs Befora Interes( Tax, Depreciatlon. Amortlsation, Major Repa1￿ Included {EBITOA MRI> Interest Cover During the year the Society did not capitalise nor pay any interest or other financing costs. NIA NIA Metrfc 6: Headllne Social Houslng C05t (per unit) £15,257 £14,657 Metrlc 6a: Operatlng Margln {social houslng lettings) -3% Metrlc 6b: Operating Maryln (overall) -2VD Mètric 7: return on Capital Employed oo The Gov•rnane• and Flnancial Vlablllty Standard The Soci8ty complies with the GovemarKe arKI Financial Vi8t•ility Standard issued by the Homes and Communities Agency. Code of govemance Th8 Registered S¢xial Housing Provider is a company limited by guarantee registered under the Companies Act 20C6 (number 10057001, having no share capital, and is registered as a charity {numbor 2625051, is registered with The Homes and Communities Agency a8 a registered S￿la1 L4ndlord (number H05521. The Registered Social Housing PTovider's governing dwumenl is a Memorandum and Article¥ of AssocHlion. The mambers of the Registered s￿la1 Housing Providerfs board are responsible for the general control and management of the RegiSte￿d Social Housing Provider. The members gwe th9ir time freely and recewe no remunaration oi other finan¢i?I benefrts. 15] The Abbeyfleld Basildon Soclety Limited Board Report Year Ended 31 March 2026 Code of govemaneè (contlnued) The members meet regularly and are responslble for 811 dacisions taken in relation to the runniNJ of the housing properties and the seNices prowded by the Registered Social Housing Provider. The Registered Social Housi￿ Provider complie5 with the Govemance and Financial Viabiltiy Stsnd8rd. Recruitmen( appointmenL Induction and training of membèrs of the Board The existing members of the board are respOnS￿le for the recruitment of new members. Potential members are invrted lo attend board meetings as obseNers and are given m￿e details of the Registered Social Housing Providerfs aims and activities and, if all agree, they are then proposed as new men*ers al the subsequent board meeting. This process alkws due consider*ion of the persons 81igibih'ty. personal ¢ompetence, specialist kn￿edge and skills. Following appointment, new members are made aware of their r8spon8ibilities under the Charities Act ty the existing members of the board. They are assisted in their role by other members until the board considers them to be ¢omp8t8nt in their responsibilities. Public beneflt statsment In setting and reviewing our aims the board has given carefvl consideration lo the Charty Commissions guidance on public benefiL Board's rgsponslbllities The board are responsible for preparing the annual Report and the financi815tatements in accordance with applicable law and UK Generally kcepted Actounting Practic8 {UK GAAPI. Company law requires the board to prepare financial statements for each financial yearwhich gNe a true and fair view of the slate of affairs of the company and of the surplus or deficit of the company for the period. In preparing these financial slalements the board arè required to: seleGt suitsble account1r￿ policies ar￿ then apply them consistenlly,. makejudgemenls and estimates that are reasonable and prudent.. prepare the financial statements on the going Concern basis un16s5 It Is inappropriate to presume that the company will continue in business. The board are responsible for keeping adequate accounting records wh￿h disclose with reasonable accuracy al any time the financial posrtion of the company and lo enable them lo ensure that the financial statements compty with the Companies Act 2006. Th8y are also responsible for safeguarding the assets of the ¢ompany and hence for taking reasonable steps for the prevention and deleclKJn of fraud and other irregularities. Disclosure of infonnatlon to the auditors W8, the directors of the company who held office * the date of approval of these Financial Statements as set out above each confirm, so far as we are aware, that.. th8re 15 no relevant audii information of which the ¢￿panY'S audf(ors aré unaware. and we have taken all the steps that we ought to have taken as directors in order to make ourselves aware of any relevant audrfc infomialion and lo establish that the company's auditors arè aware of that information. 161 The Abbeyfiold Baslldon Soclety Llmlted Board Report Year Ended 31 March 2025 Small tompany rules This report has been prepared in accordance with the special provisions relating to Companies subject to the small companies regime within Part 15 of the Companies Act 2006. On behalf of the board Mr M Stanton-Dunne, Chaimian Date: o? The Abbeyfield Basildon Soclety Llmlted Independent Audltoffs Report Year Ended 31 March 2025 Independent AudftO￿s Report to the Members of The AbbeYr￿Id Basildon Soclety Umltod Oplnlon We have audited tho financial statgmenls of Thg Abbeyfield Basildon Society Lirnited {Ihe 'society'l for thè year ended 31$l March 2025 which comprise the Statement of Comprehensive Income, the Balance Sheet, the Statement of Changes in Reserves and the related notes. Thefinancial Teporting fram8work that has baen applied in their preparation is applKable18w and United Kingdom Accounting Standards, ineluding FRS 102 'The Fin8ncial Reporting Standard appliGable in the UK and Republic of Irelan(f (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial slatoments- give a true and fair view of the stale of the society's aTrdirs a3 at 31st Ma￿h 2025 and of its incc¥ming resources, including its income and expenditure for the year then ended,. have been prop8rfy pr8par8d in accordance with United Kingdom General￿ Accepted Accounting Practice,. and have been prepared in aC￿rdance with the requiramenls of the Companies Act 2006, the Housing and Regeneration Act 2008 and TheAceounling Direction for private registered provhgers of sttial hou$ing in England 2022. Basls for oplnkin We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applitable law. Our r95ponsibililies underlhose standards are fvrther described in theAudilorfs responsibilities forthe audit of the financial statements sectk?n of our report. We are independent of th& society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethical StandaTd. and we have fulfill￿ our other ethrcal responsibilities in accordance wi(h these requirements. We b&liev8 that tha audit 8VkI8nc@ we have obtained is sufficient and appropriate to provide 8 basis for our opinion. Conclusions rnlatlng to golng concern In auditing the financial statements, we have conclLwJed that the board's use of the going concern basis of accounting in the preparation of the financial st*menl$ is appropriate. Based on the work we have performed. we have not identified any material uncertainties r8faling to events or conditions that. individually or eollectNely. may cast signiftsnl doubt on the soryety's ability to continue as going concem for a perioj of at least tsVe￿e months from whon the financial statements arè authorised for issue. Our responsibilities and tha r8sponsibiliti8s of the board with respect to going concern are described in thè relevant sections of this report. Other Informallon The other inforniat￿n ￿mpriseS the infomiatioTr included in the annual report, other than the financial slatem8nls and our audilorfs r8POrt Ihereon. The directors are responsible forthe other infom)ation contained thin the annual report. Our opinion on the financial statements does not cover the other inforrnalion and, except to the extenl othe￿ise explicitly stated in Ouf report, we do nol express any form of assurance conclusion Iher8on. Our responsibility is to read the other information and. in doing 80, consider whether the other inforynation is malerialty inconsislent wffth the financial slalemenls or our knowledge obtained in the course af tha audit, ar oth8nNise appears lo be materially misslaled. Ifwe identify such material inconsisten¢ie5 or apparent material misststements, we are required lo determine whether this gives rise to a material misslalement in the financial slalemanls themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other infomiation, we are required to report that faet. We have nothing to ￿port in this regard. 181 The Abbeyfield Baslldon Soclety Llmlted Independent AudIt0￿S Report Year Ended 31 March 2026 Oplnlons on othar matters prescrlbed by th• Companles Act 2006 In our opinion, based on the work undertaken in the ¢OLKse of the audit.. the infomiation gNen in the board report for the financial year for which the financial Statements are prepared is conaistenl with the financial statements.. and the board report has been prepared in accordance with applicable legal requirements. Mattern on whlch we are requlred to report by exceptlon In the light of our knowle(Ige and understanding of the sottiety and it$ environment obtained in the course of the audit. we have not K1enlitied material misststemenls in the board report. We have nothing to report in re$pecl of the following matters where the Companies Act 2006 requires us lo report to you rf, in our opinion.. adequate accounting records hava not been kept or retums adequateforcmjraudrt have not been received from branches not visf(ed by us,. or the financial slalemenls are not in agreement with the a￿oUnting records and returns.. or certain disck)5ures of board members, remuneration specffied by law are not made., or wa have not received all the infomation and explanations we require for our audit.. or the board was not entitled to prepare the financial statements in accordance with the smJl companies rvjime and take advantage of the small companies exemption in preparing the dirKtors' r9POrt and take Ivanlage of the small companies exemption from the requirement lo prepare a strategic reporL In addition. we have nothing to report in respect of the following matter vthere the Housing and Regeneration Act 2008 ￿qUireS us lo report to you if, in our opinion= a 8atl8factory system of control over transactions has not been mainlalned. Responsibllitles of the board As explained more fulty in the board's responsibilities statement set ￿Jt on page 6, the board members (who slso thè diréctors of thè soc* for the purposes of company law) are responsible for the preparatk?n of the financial statemen15 and for being satisfied that they give a true and fair v￿, and for such internal control as the board determine is necessary to enable the preparatKJn of financial $tstements that affj free from m*erial misstatement, whether du8 to fraud or error. In preparing the financlal statements. Ihe board18 responslble for assesslng the soclety's abilty to conllnue as a going eoneern, disck)sing. as applicable, matters related to going concern and using the going concern basis of accounting unless th8 board gither intgnd$ to liquidate the association or to cease operations, or has no realistic alternative but to do so. Auditorfs responsibilities for the audit of the financial statements Ourobjectives aTe to obtain reasonable assurance aboLrt whelherthe financial statements a5 a whole are freè from material misstatement, whether due to fraud or eTror, and lo i$$ue an audi(or'$ report that includes our inion. Reasonable assuTanc8 is a high18v81 of assurance, but is not a guarantee that an audrt condud8d in accordance with ISAS IUKI will ahvays detect a material misstalemant when it exists. Misstatements can arise from fraud or error and are Gonsidered material rf. individually or in the aggregate. they ¢ould ￿?sonab￿ be expected to influence the econom￿ decisions of users taken on the basis of these financial slalements. Irregularitte8, including fraud, are instances of norkcompliance with Lgws and regUlat￿n$. We design procedures in line with our responsibilities, o¥JUined above, to delect material misstatements in respect of irregularrtie5, including fraud. The extent to which our procedures are ¢apable of detecting irregularities, including fraud is detsiled below.. We (*)t8ined an understanding of the leg81 and regulatory requir8ments applicable to the society and considered that the most signfficant are the Companies Act 2006. the Housing and Regeneration Act 2008 and Th& Accounting Direction for privat8 r8gist8r8d providers of social housing in England 2019. We obtained an understanding of how the society complie$ with thosè r4uir8m&nts by discussio￿ with management and those charged with goverr￿nCe. 191 The Abbeyfield Baslldon Soclety Llmlted Independent Auditorfs Report Year Ended 31 March 2025 We assessed the risk af material misstatement of the financial statements, including the risk of material misstatement due lo fraud and how Il might cccur, by holding discussions with management and thosè charg&J with governance. We inquired of management and those charged with governa￿e as to any known instances of non- compliance or suspected non General Infomiation and basls of prgparatlon The Abbeyfield Basildon Society Limited is a company limf(ed by guarantee, a registered charty and a private registered provider of social housing in Ihe United Kingdom. The address of the registered office is given in the Registered Social Housing ProvKler infomiation on page 3 of these financial stslemenls. The nature ofthe Registered Sockql Housing Providerfs operab'ons and princip￿ activities is in the Board Report ￿ P8ge8 410 7 of these financial statements. The Reglstered Social Housing Provider constitutes a public benefrt entity a$ d8fin8d by FRS 102. Th& financial statements have been prepared In accordance wrth applicable accounting standards including Financial Reporting Standard 102 The Financial Rèportsng StandardApplicabJe in the UK and Republic of Ireland IFRS 102), the Statement of Recommended Practice for Social Housing Providers 2018, and with th8 Accounting Direction for WNale registered providers of social housing in England 2022. The financial statements are also prepared und8r th8 requirements of the Housing and R8gen8ralion Act 2008 and the Companies Act 2006. The financial statements have been p￿pared on a going concern basis under the historical cost convention, modified lo include certain items al fairvalue. Tho financial statements are prepared in sterling which is the functional currency of the Registered Social Housing Provider. The $vJnificant accounting policies app￿ed in thé pr8paration of these financial 8ts1emen18 ara 8et out below. These policies have been consistently applied to all years presented unles5 Othe￿ise stated. Ibl Tangible r￿ed assots Tangible fixed assets (including social housing properties) are stsled at Cost less gccumulaled depreciation and accumulated impairment losses. Cost includes costs directly attributable to making the asset capabk of cperaling as intended such as the cost ef acquiring land and buildings, developments costs. interest charges on loans during the development period and expenditure on improvements. Expenditure on improvements will onty be capitalised when it results in incremental rtur8 ben8fil$ such as increasing fenlal income. reduciThJ maintenance costs or resulting in a significant extension of the useful economic life of the property. Dèpreciation is provided on all tangible fixed assets, at rates calculated to write off the cost, less estimated residual value, of each asset on a systematic basis over its 8XP8cled useful lrfe as follows.. Housing properties, land and hoLFSe5 Depreciation 1$ Charged on the cost of housing land and proparties al 1% per annum on tha straight line basis. Housing land is not é8preciated Fixtures and frttlngs Depreciation is charged 8115% per annum on the reducing balance basis. Propety pfant and equipm@nl Depreciation is charged at 15% per annum on the reducing balan￿ basis. 1141 The Abbeyfield Basildon Soclety Limited Notes to the Flnancial Statements Year Ended 31 March 2025 Summary of signlflcant accountlng policies {contlnugdl Housing properties under construction are not depre¢iated until they are in use. Major components of housing properties have been accounted for and depwialed separately from the ¢onnected housing propety, over their expected useful econom￿ lives and are included in propety plant and equipment. Thé useful economic INes of all tangible frAed assets are ￿V￿1¥8d annualty. (¢1 Debtors and creditors re¢eivable or payabl6 wlthln one year Debtors and creditor5 with no stsled interest rate and raceivable or payable within one year ar& T￿orded at Iransaclion price. Any losses arising from impairnient are re￿gnised in the $tstemenl of comprehensive income in olhar administrative expenses. Rights of social landlords lo have improvement works carried out to properties by a third party (such a$ local authority) are recognised as prepayments where payment has occurred in advance of the works being carried oul and re¢eipl$ in advance from the same third party recognised as liabilicies. Assets and liabilities or income and axpanditure are not offset. Idl Investments Ilncludlng concossionary loan$, such as HomeBuy loans) Investments are recognised initially at fair value which is nomially the transaction pr￿ excludin9 transaction costs. Subs8qU8nlty, they are measured al fair value through the statement of comprehensNe income if the shares are publidy traded or their fair value can otherwse be mea5UTed reliabty. Other investments are measured at cost les5 impairment. Concessionary loans (such as HomeBuy loans} include those receivable or payable to third parties which are interest free or below market interest rates. Home8uy loans are considered to be concessionary loans. All loans where the kmn is repayable on demand within ¢)ne year are measured at cost, impaimienl. Where the l¢)an is repayable after more than one year, the loan is initial measured at fair value and subs8qu&ntly measured at amortised cost using the effective interest ratè melhc4J, less impairment. le) Loans and borrowlngs Loans and borrowings are initialty recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effe¢tive interest rale method, less impairment. If an arrangement ¢onstitules a financing transaction it is measured at present value. HomeBuy grants which are recewed from the government in orderto fund all or part of a HomeBuy loan. 11 On￿ be realised when the HgmeBuy loan is redeemed and the grant is recycled for use to develop our own assets. Until this is redeemed this is therefore accounted for as daferred income 88 a government grant. In D•rivatlves DerivatNe financial instruments are inrtialty measur8d at fair value at the tlate on which a derwative contract is entered into and are subsequently measurfjd at fair valL4e through the statement of mprehenswe incom8. 1151 The Abbeyfleld Basildon Soclety Llmited Notes to the Financlal Statèmènts Year Ended 31 March 2025 Sumrnary of SIgn￿Kant accountlng policies l¢ontlnuod) Ig} Impalmient Assets not measured at fair value are reviawed for any indicatlon that the asset may be impaired at each balance sheet date. For the pU￿oSeS of assessing impainnenl, gach of the Registered Sockql Housing ProvKlels properties leach consisting of muhiple cash generating units) are reviewed. If indication of impairment exists, the recoverable amount of each affectgd property is estlmated and compared to the carrying am￿nt of that propety. Where the carrying amount exceeds its recoverable amount, an impaiment loss is recognised in expenditure through the statement of comprehensNe income. The recoverable amount is detemiined by reference to the open Ma￿et value of properties of similar condition sr£e and in the same location or by referen¢e lo professional valuations if eonsKlered appropriate. (h) Provlslons Provisions are recognised when the Registered Soclal Houslng Prov￿er has an obligation at the balanee Sheet dale as a ￿sU11 of a past 8v&nl, it is probable that an ouffl¢)w of economrc benefits will be required in settthenl and the amount can be reliably estimated. Provisions for cyclral maintenanGe or majorworks lo èxisting stock are not made unless they represent comrnitments or obligations al the Balance Sheet dalewhere there is no discretion to avoid or delay the xpenditure. R8cfftd Capital G￿nIS Fund Capita grants can be récyd¢d under certain condition, rf a property is sold, or if another relevant went takes place. Recycled grants can be used for prqects approved by the Homes and Communities Agency IHCAI and they are crgdiled to the Recycied Copilal Grant Fund within liabilities. In certain circumstances. su¢h as the sale of housing properties, caprtal grants may be repayable, and, in th* event, is subordinated lo the repayment of other loans by agreement with the Homes and Communities Agency IHCA). It is accounted for as soL)n as the liability arises wilhin creditors.. amounts falling due within one year. When any grant lo be recycled or repaid is less than the grant ralating to the disposal, the difference is Ir6at8d as abatad grant. Abated capital grants a￿ treated as a component of the surplus or defi¢it on disposal. Disposal Proceeds Fund Net disposal proc88ds including grant relea$ed on sale of a property under the rtghl to acquire scheme and Voluntary Purchase Grant net disposal proceeds are credited to this fund which appears as a creditor until reinvested in appropriate new social housing. {1} Tax The &livili6s of Ihe Registered Social Housing Provider are exempt from C¢)rporalion Tax and VAT. [161 The Abbeyfleld Basildon Soclety Llmlted Notes to the Flnanclal Statements Year Ended 31 March 2026 Summary of slgnlficant accountlng pollcles (continued) lil Turnover and other Income Tumover is measured at the fair value of the ¢on¥ideration received or receivable. The polici9$ ad￿ted forthe recogn￿0￿ of turnover ar8 as follows: Tumover rgpresenls rental and servKe Charges income receNabl& in the yw net of rent and semce charge losses from voids, revenue grants from the government (Ioc81 aLrthoritie8} and the Homes and Communities Agency. The disposal proceeds from tha first tranche of shared ownership properties are included in tumover at the point of legal completion. The second and subsequent tranches are accounted for in administralive expenditure / operating income in the pericd in which the disposal occurs being the drfferencè betsvaen the net sale proceeds and the nel ¢arrying value. Don8t8dland Donated land which is un¢onne¢ted with any intended devekpmenl 1$ measured at current value and recognised in turnover with oth8r donations, where the donation is from a non-public boty and as a government grant wher8 it is from a public body. Where land is donated or transferred at a prKe ￿sS than its open market value. or where (( has been donated as part of a development scheme, it is indudéd at its current value on the dale it racèwed. The difference betsyeen the current value and the transfer pr￿8 of land transferred from central or local government or other public authoriligs is treated as a government grant. Vvhere land 1$ donated or transferred by a nonThpublic body the difference is ￿OgnISed in tumover. Intergst and dividènds r8ceiv8ble Inte￿$t incom? 1$ recognised using the effective interest method and dwidend in¢(xne is recognised as the RegisterfrJ Social Housing Providerf$ rigm to receive payment is established. {kl Government grants Govemment grants Isuch as from a local authority) are received in respe¢t of houslng propertiés. These grants are recognised at the fair value of the asset recewed or rec&Nable. Wvhere the assets a accountsd using the accruals model then the govemment grant is accounted for using th8 accruals model. The difference belmeen the fair value of the asset and the consideration is r￿ognISed as a liabilty and amortised over the useful economic lrfe of the asstrt. Thi$ amortisation is recc&nised within rr¢over. Where disposal of govemment donaled essets 8r9 required to be recyded. a liability is included to recognise this obligation. WheTe disposal of govemment donated assets are required to be recycled. a Ikgbilty is included to recognise IhTS Obl￿allon. Govemmenl grants received as a conlribLrtion to revenue expendf(ure are reccgnised in the statement of ¢omprehensNe income on a systematic basis ovgr the period in which the landlord recognises the related costs for which the grant is intended to compensate. Thè related expenditure is included under administrative èxpenses. Grants are recognk8ed in the same period as the related expenditure provided the conditions for recglpt have been satisfied and there is rea80nable assurance th* the grant will b8 re￿ived. 117] The Abbeyfleld Basildon Soclety Llmited Notes to the Flnanclal Statements Year Ended 31 March 2025 Summary of slgnificant accountlng policl8s (continued) 11) Employee bèneflts When employees have rendered service to the Registered Social Housing Provider, short-tem employee benefrts to which the employees are entitled are recognised al the undis¢oL¢nted amount expected to be paid in *xchange for that service. The Registered Social Housing ProvBJer (werale5 a defined contribution plan the benefit of ils employees. ContribLrtions ar6 expansed as they become payable. Soclal houslng tumover and costs 2025 2024 Rents receivable excluding serv￿e charges Service charges re¢givable Amortised govemment grants ,371 267,486 5,920 63,950 280,391 5,920 Social housing aclivty expendrture- costs Social housing activity expenditure- Repairs and maint8nance s(￿la1 housing acb'vity expenditure- Depwiation 267.488 280,391 58,400 8,786 41,980 8.827 Operating surpIL￿(dericltI from social housing activities 34,105 19,603 Social housing aclNity exp&nditure-Adminislrative expenditure 40.275 29,405 Net d￿r￿lt from social housing adivities IS,1701 110,342} Losses from vacancies 93,049 61,371 Accommodatlon ownod and in management Number of units at 1 April 2024 Number of units at 31 March 2025 Comp19ted units.. Housing for older people 23 23 There ￿ three units under developrnenl 23 23 Propertles managed by ag8nts The Register8d Soci41 Housing Provider owns no property manage¢J by other bodSes. The Registered Social Housing Provider manages no properties Dn behaK of others. The Abbeyfield Basildon Soclety Llrnited Notes to the Financial Statements Year Ended 31 March 2025 Interest and other flnance Inwme and Charges al Inlertrst receivab￿ and similar incom8 2025 2024 Donations received Other misc&llaneous income Gains fr4Jm the sale of investments Interest receivable and r8tLtTns from investments 178 150 1.811 39,330 3,230 26.543 41,319 29,923 bl Interest payable and similar expenses 2024 2024 Investment charges and commissions Losses from the sale of investments 7,257 180 10,892 1,336 7,437 12.228 Surplus on ordlnary actlvltles Surplus on ordinary activities bs 5tsted after chargingl{credrf(ingl.' 2025 2024 Aud￿0￿5 remuneration (including expenses and beneffts in kindl for audrf( Audrtorfs remuneration (including expenses and beneffts in kindl for non-audlc 3,960 3,840 2,000 2,000 DepreGiation of tsngible r￿ed asse18 8,786 8,827 Board and key managgmgnt pgrsonnel remuneration K8y management personnel neither received nor waNed any remuneration during the ye8r12024.. Nill. Staff costs The averwJe number of employees, including members ofthe ex&uiive team, calculated on a full lime equivalent b8sis was 9 employees12024'. 9 employees). Th8r8 are no employees who received more Ihan £60,000 as their employee package. 1191 The Abbeyfield Baslldon Soclety Llmlted Notes to the Financial Statèmènts Year Ended 31 Mar¢h 2025 Tanglble fixed assets- completed housing propertles Housing properties for letting Total cost.. At 1 April 2024 Additions- improv8ments to properties 1,084,678 1.435 1.084,678 1,435 At 31 March 2025 1,088,113 1,086 113 Dep￿CIall0￿.. At 1 April 2024 Charge for year 248,040 248,040 At 31 March 2025 2S6,505 Net book value: Al 31 March 2025 829,608 829.608 Al 31 March 2024 836,638 The net book value of land and buitdings ¢omprised-. 2025 2024 Land and buildings.. Freehokj 1,084,678 1,084,578 1,084,678 1.084,678 Fr88hokJ land and buildings were subject lo independent profvssional valuation on 27 Nov8rnb8r 2015. The valuation was undertaken by Porter Glenny (Chartered Surveyors and RICS Registered Valuers} on a mathel v81ue basis in accordance wrth the 81h Edition of the RICS Appraisal and Valuakn'ons Standards (The Red Bookl log¢lhor with Practice Statements and Definitions of Value contained in UKPS3 and UK Appendix 3. The assumption of vacant possession wa3 used to ascertain the falr value of £1,550,000. 1201 The Abbeyfield Baslldon Society Limited Notes to the Flnancial Statements Year Ended 31 March 2026 Tanglble fixed assets- other Fixtures. frftings and equipment Total Cost.. Al 1 April 2024 Addf(ions 120,988 120.988 Al 31 Mar¢h 2025 120,988 120 988 DepTeciation= At 1 April 2024 Charge for year 118,849 321 118,849 321 At 31 M8rch 2025 119 170 119,170 Net book valuè.. At 31 March 2025 1,818 1,818 At 31 March 2024 2.139 2.139 10 Flxed a55et investmonls sled investments Total Valuation.. Al 1 April 2024 Addition5 Disposal$ R8valuab'on 864,551 119,117 1103,279) 27.514 864,551 119,117 1103.2791 27.514 At 31 March 2025 852,875 852,875 Impainient.. At 1 April 2024 At 31 March 2025 Carying amount.. At 31 March 2025 852.875 852 875 At 31 March 2024 864.551 864,551 The fair valu8 of listed investments is determined by reference to the quoted price for Sdenlical assets In an active market al the balance sheet date. 1211 The Abbeyfield Baslldon Society Lirnited Notes to the Financial Statements Year Ended 31 March 2025 11 Dobtors 2025 2024 Tiade debtors (gross social housing rent arrears) Payments on account Prepayments and accrued income 12 Cr￿ltors. amounts falllng due wlthln one year 2025 2024 Trada creditors other tsx and social security Gnvernménl grsnls Accruals and deferred income 6,310 2,450 5,920 19.502 10,817 2,107 5,920 20,268 34.182 13 Credito￿. amounts falling duè after morothan ong year 2025 2024 Government grants Other loans 332,87S 338,795 332,87T 338,797 other loans represent housing mortgage loans from The Housing Corporation and are s8cur8d by a charge the R&gislered Social Housing Provider's freehold land and buildings. The full amount of the loans fall due after five years and are payable otherwise than by inslalments. No intsrest is chargod on the loans which are only repayable when the relevant properties are sold. 14 ReseNe$ a) Income and expenditure reserve The income and expenditure reseNe represents cumulative surpluses and deficts net of oth8r adjustments 15 Penslons and other postwTetlTement bonaflts al Defin8d contribution pension plans The Registered Soci81 Housing Provider operates a defined contiibution pen510n plan for ib employees. The amount recognised as an expense in th& period was £3,552 {2024- £3.1911. 1221 The Abboyfield Baslldon Socièty Limtted Detalled Housing Property Revonue Account Year Ended 31 Mareh 2025 2025 2024 Incomo R¢sidgnts' reDtal and oth8r incomè Amortisalion of gov•rnmènt grants Los$8s arislng from vacancies Turnover- net property Income 455,90e 5,920 93,049 405,712 5.920 e1,371 350,2e1 3e8,777 Exp8ndlturg Admlnlstrdtlvè •xp•ndlttbr• Insurance Telephone Membership fee- Th? Abbeyfield Society Auditors remuneration Bookkeeping Travelling expenses Advertising Training and ¢onforonces Other expenditure Legal and professional fè0$ Careline 4,725 3,448 7,913 3,960 2,￿0 348 6,898 2.68e 3.476 3.213 5,418 3,840 2,000 329 5.503 115 2,657 2,752 40,275 2,854 Total admlni8tratlv• •xp•ndlturè 29,405 Ropairs and malntenance Alarm costs and maintenancre Day-to4ay tspairs Cydical repairs Empty room repairs Maintenancertesting ￿[￿ficatiOn 12,$45 37.745 3.640 3,630 10,79e 16,525 3,360 9,655 58.400 41,980 Servl¢e costs Cale rAtsring'. Employee costs F¢od ¢osts Cleaning materials Window deaning Gard¢n mainlgnan Council taxJrat•s Watèr rats$ Heating Lighting Waste disposal Pg¥t control Uniforms and PPE Sundry gyn$os 187,867 27,980 2,971 690 6,854 6,740 4.340 14,253 12,567 495 757 183 1.589 267,486 179.747 28,566 3,225 960 4,581 6.441 4,810 23,016 27.537 400 725 162 2,221 280.391 Depreciation Housing properties Fixtures, fittiTrJs and ¥qu(pm¢nt 8.485 321 8.450 377 8,788 8.827 Total soclal housing actlvlty 8XPgndlture Operallng Surplus 334,672 331.198 16,170 10,3421 1231