REGISTERED COMPANY NUMBER: 01084439 (England and Wales) REGISTERED CHARITY NUMBER: 265137
UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022
FOR
THE ABBEYFIELD WEST HERTS SOCIETY LTD
Haines Watts (Berkhamsted) Limited 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF
THE ABBEYFIELD WEST HERTS SOCIETY LTD
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022
| Page | |||
|---|---|---|---|
| Report of the Trustees | 1 | to | 3 |
| Independent Examiner's Report | 4 | ||
| Statement of Financial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| Notes to the Financial Statements | 8 | to | 13 |
| Detailed Statement of Financial Activities | 14 |
THE ABBEYFIELD WEST HERTS SOCIETY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30th September 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives and aims
The Society exists to provide a happy environment within the community of Abbots Langley for supported living accommodation for up to 12 elderly residents. The Society owns a property 'Tannerswood' at 11 Greenways in Abbots Langley which it maintains and runs for this purpose.
| KPIs | ||
|---|---|---|
| Metric | 2022 | 2021 |
| Reinvestment | Nil | Nil |
| New Supply Delivered | Nil | Nil |
| Gearing % | 0% | 0% |
| EBITDA | £19,680 | £9,195 |
| Headline Social Housing costs per unit | Nil | Nil |
| Operating Margin (letting only) | -2.7% | 2.4% |
| Operating Margin (overall) | 7.2% | 3.1% |
| ROCE | 8.2% | 2.8% |
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2022
FINANCIAL REVIEW
Financial position
Rental income was significantly increased (+24%), reflecting successful efforts to maintain high occupancy levels as well as rent increases to ensure the finances of the home remain on a sound footing.
We have invested significant sums into major repairs and refurbishment of Tannerswood including replacement of floor coverings in all communal areas; refresh of rooms on re-letting and upgrading of infrastructure including drainage and the exterior of the property.
The refurbishment pushed costs higher (+31%) but excluding these one-time costs, running cost increases were once again kept in line with inflation.
During the year we also received a very generous legacy in memory of a former Trustee Mr S Moore. This enabled us to generate a surplus for a third successive year and means we have added to our reserves. This provides financial security for the home and means we can plan ongoing works to the property to ensure it remains in good condition and an attractive place to live.
Covid-19 Pandemic
As in previous years, we have taken great care to follow government advice throughout the pandemic, and where appropriate supplemented this with our own restrictions and guidance. Two positive tests for Covid were recorded on separate occasions at the property during the year in question; in both cases guidance was followed, residents were isolated and fully supported and we thereby avoided any further infections in the house. Two staff have tested positive during the year as a result of contacts outside the house. They followed all appropriate guidance and have not attended the home while infectious. All our staff are fully vaccinated and all residents have been offered vaccines (and all bar one have taken these up).
Financial outlook
The Trustees remain confident that the house is sustainable on the current basis and we continue to plan redecoration and refurbishment for the coming year.
We are mindful of the current impact of inflation, in particular in relation to the cost of fuel and food. We have also sought to increase pay for our staff to ensure we remain fully-staffed and can provide the service expected.
We will do our best to minimise the impact for residents in terms of future rent increases; but we recognise that we need to ensure the future financial stability of the home. We monitor our rent levels in comparison with other similar homes nearby and we are confident that Tannerswood currently offers excellent value for our residents.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
REFERENCE AND ADMINISTRATIVE DETAILS
Registered Company number
01084439 (England and Wales)
Registered Charity number
265137
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 30TH SEPTEMBER 2022
Registered office
Tannerswood 11 Greenways Abbots Langley Hertfordshire WD5 0EU
Trustees
Mrs E A Moore Mrs C H Quinton Mr M T Bedford Mr M G Coultrup Ms R Gabriel Mr J King
Company Secretary Mr M G Coultrup
Independent Examiner
Haines Watts (Berkhamsted) Limited 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF
06/03/2023 Approved by order of the board of trustees on ............................................. and signed on its behalf by:
.......................................................................... Mr M T Bedford - Trustee
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ABBEYFIELD WEST HERTS SOCIETY LTD
Independent examiner's report to the trustees of The Abbeyfield West Herts Society Ltd ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30th September 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or
-
the accounts do not accord with those records; or
-
the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
-
the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
Shaun Brownsmith FCA Haines Watts (Berkhamsted) Limited 4 Claridge Court Lower Kings Road Berkhamsted Hertfordshire HP4 2AF
07/03/2023 Date: .............................................
Page 4
THE ABBEYFIELD WEST HERTS SOCIETY LTD
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2022
| Unrestricted fund Notes £ INCOME AND ENDOWMENTS FROM Donations and legacies 20,802 Investment income 2 194,252 Total 215,054 EXPENDITURE ON Raising funds - Other 199,450 Total 199,450 NET INCOME 15,604 RECONCILIATION OF FUNDS Total funds brought forward 172,748 TOTAL FUNDS CARRIED FORWARD 188,352 |
Restricted fund £ - - - - - - - - - |
30/9/22 Total funds £ 20,802 194,252 215,054 - 199,450 199,450 15,604 172,748 188,352 |
30/9/21 Total funds £ 1,101 156,381 157,482 130 153,997 154,127 3,355 169,393 172,748 |
|---|---|---|---|
The notes form part of these financial statements
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
BALANCE SHEET 30TH SEPTEMBER 2022
| Unrestricted fund Notes £ FIXED ASSETS Tangible assets 7 376,357 Social investments 8 (279,924) 96,433 CURRENT ASSETS Debtors 9 955 Cash at bank 102,173 103,128 CREDITORS Amounts falling due within one year 10 (11,209) NET CURRENT ASSETS 91,919 TOTAL ASSETS LESS CURRENT LIABILITIES 188,352 NET ASSETS 188,352 FUNDS 11 Unrestricted funds TOTAL FUNDS |
Restricted fund £ - - - - - - - - - - |
30/9/22 Total funds £ 376,357 (279,924) 96,433 955 102,173 103,128 (11,209) 91,919 188,352 188,352 188,352 188,352 |
30/9/21 Total funds £ 380,505 (279,924) 100,581 766 75,703 76,469 (4,302) 72,167 172,748 172,748 172,748 172,748 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30th September 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 30th September 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
BALANCE SHEET - continued 30TH SEPTEMBER 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
06/03/2023 The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
.............................................
Mr M T Bedford - Trustee
The notes form part of these financial statements
Page 7
THE ABBEYFIELD WEST HERTS SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2022
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
The financial statements have been prepared on a going concern basis. The Trustees have reviewed and considered relevant information, including the annual budget and future cash flows in making their assessment. In particular, in response to the COVID-19 pandemic, the Trustees have tested their cash flow analysis to take into account the impact on their business of possible scenarios brought on by the impact of COVID-19, alongside the measures that they can take to mitigate the impact. Based on these assessments, given the measures that could be undertaken to mitigate the current adverse conditions, and the current resources available, the Trustees have concluded that they can continue to adopt the going concern basis in preparing the annual report and accounts.
Critical accounting judgements and key sources of estimation uncertainty
In preparing the financial statements it is necessary to make certain judgements, estimates and assumptions that effect the amounts recognised in the financial statements. These assumptions are reassessed annually as part of the accounts preparation process.
In the view of the trustees applying the accounting policies adopted, no judgements were required that have a significant effect on the amounts recognised in the financial statements nor do any estimates or assumptions made carry a significant risk of material judgement in the next financial year.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Donations are recognised in full in the Statement of Financial Activities when entitled, receipt is probable and when the amount can be quantified with reasonable accuracy.
Grant income is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless the grant relates to a future year, in which case it is deferred. Income from charitable activities is credited to the Statement of Financial Activities when received or receivable whichever is earlier, unless it relates to a specific future year or event, in which case it is deferred.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Tangible fixed assets
Tangible fixed assets are stated at cost less accumulated depreciation and accumulated impairment losses. Where parts of an item of tangible fixed assets have different useful lives, they are accounted for as a separate items of tangible fixed assets.
Depreciation is provided at the following annual rates in order to write off each asset over its useful estimated life,on a straight line basis or, if held under a finance lease, over the lease term, whichever is shorter.
continued...
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2022
1. ACCOUNTING POLICIES - continued
----- Start of picture text -----
|||
|---|---|
|Tangible fixed assets|
|Fixtures and fittings|- 25% on cost|
|Freehold property|- 2% on cost|
----- End of picture text -----
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Pension costs and other post-retirement benefits
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Cash and cash equivalents
Cash and cash equivalents includes cash in hand, deposits held at call with banks, other short-term highly liquid investments with original maturities of three months or less and bank overdrafts. Bank overdrafts, when applicable, are shown within borrowings in current liabilities.
2.
INVESTMENT INCOME
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||||
|---|---|---|
|30/9/22|30/9/21|
|£|£|
|Rents received|194,226|156,377|
|Deposit account interest|26|4|
|194,252|156,381|
----- End of picture text -----
3.
NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
----- Start of picture text -----
||||
|---|---|---|
|30/9/22|30/9/21|
|£|£|
|Depreciation - owned assets|4,148|4,148|
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continued...
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2022
4. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30th September 2022 nor for the year ended 30th September 2021.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30th September 2022 nor for the year ended 30th September 2021.
5. STAFF COSTS
The average monthly number of employees during the year was as follows:
6.
| 30/9/22 | 30/9/21 | |||
|---|---|---|---|---|
| Staff | 11 | 11 | ||
| No employees received emoluments in excess of £60,000. | ||||
| COMPARATIVES FOR THE STATEMENT OF FINANCIAL | ACTIVITIES | |||
| INCOME AND ENDOWMENTS FROM | Unrestricted fund £ |
Restricted fund £ |
Total funds £ |
|
| Donations and legacies | 1,101 | - | 1,101 | |
| Investment income | 156,381 | - | 156,381 | |
| Total | 157,482 | - | 157,482 | |
| EXPENDITURE ON | ||||
| Raising funds | 130 | - | 130 | |
| Other | 153,997 | - | 153,997 | |
| Total | 154,127 | - | 154,127 | |
| NET INCOME | 3,355 | - | 3,355 | |
| RECONCILIATION OF FUNDS | ||||
| Total funds brought forward | 169,393 | - | 169,393 | |
| TOTAL FUNDS CARRIED FORWARD | 172,748 | - | 172,748 | |
continued...
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2022
7. TANGIBLE FIXED ASSETS
----- Start of picture text -----
|||||
|---|---|---|---|
|Fixtures|
|Freehold|and|
|property|fittings|Totals|
|£|£|£|
|COST|
|At 1st October 2021 and 30th September 2022|487,340|48,023|535,363|
|DEPRECIATION|
|At 1st October 2021|106,835|48,023|154,858|
|-|
|Charge for year|4,148|4,148|
|At 30th September 2022|110,983|48,023|159,006|
|NET BOOK VALUE|
|-|
|At 30th September 2022|376,357|376,357|
|-|
|At 30th September 2021|380,505|380,505|
|8.|SOCIAL INVESTMENTS|
|Other|
|investments|
|£|
|MARKET VALUE|
|At 1st October 2021 and 30th September 2022|(279,924)|
|NET BOOK VALUE|
|At 30th September 2022|(279,924)|
|At 30th September 2021|(279,924)|
----- End of picture text -----
This is a grant received to pay for the property which is due back to the government if the charity was to ever sell the property.
9. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
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||||
|---|---|---|
|30/9/22|30/9/21|
|£|£|
|Prepayments|955|766|
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continued...
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2022
10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Accruals and deferred income 11. MOVEMENT IN FUNDS Unrestricted funds General fund TOTAL FUNDS Net movement in funds, included in the above are as follows: Unrestricted funds General fund TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund TOTAL FUNDS |
At 1/10/21 £ 172,748 172,748 Incoming resources £ 215,054 215,054 At 1/10/20 £ 169,393 169,393 |
30/9/22 30/9/21 £ £ 11,209 4,302 Net movement At in funds 30/9/22 £ £ 15,604 188,352 15,604 188,352 Resources Movement expended in funds £ £ (199,450) 15,604 (199,450) 15,604 Net movement At in funds 30/9/21 £ £ 3,355 172,748 3,355 172,748 |
|---|---|---|
continued...
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 30TH SEPTEMBER 2022
11. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund TOTAL FUNDS |
Incoming resources £ 157,482 157,482 |
Resources Movement expended in funds £ £ (154,127) 3,355 (154,127) 3,355 |
|---|---|---|
12. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 September 2022 nor for the year ended 30 September 2021.
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THE ABBEYFIELD WEST HERTS SOCIETY LTD
DETAILED STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 30TH SEPTEMBER 2022
| 30/9/22 | 30/9/21 | |
|---|---|---|
| £ | £ | |
| INCOME AND ENDOWMENTS | ||
| Donations and legacies | ||
| Donations | 20,802 | 1,101 |
| Investment income | ||
| Rents received | 194,226 | 156,377 |
| Deposit account interest | 26 | 4 |
| 194,252 | 156,381 | |
| Total incoming resources | 215,054 | 157,482 |
| EXPENDITURE | ||
| Other trading activities | ||
| Bank loan interest | - | 130 |
| Support costs | ||
| Finance | ||
| Freehold property | 4,148 | 4,148 |
| Information technology | ||
| Wages | 88,571 | 84,818 |
| Pensions | 3,990 | 1,051 |
| Rates and water | 14,146 | 11,141 |
| Insurance | 3,631 | 2,299 |
| Repairs and renewals | 59,241 | 20,524 |
| General Administration | 1,951 | 7,734 |
| Housekeeping | 20,613 | 19,954 |
| Governance costs | 192,143 | 147,521 |
| Accountancy and legal fees | 3,159 | 2,328 |
| Total resources expended | 199,450 | 154,127 |
| Net income | 15,604 | 3,355 |
This page does not form part of the statutory financial statements
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