REGISTERED COMPANY NUMBER.. 01084439 (England and Walesl REGISTERED CHARITY NUMBER.. 265137 Report of the Trustees and Unaudlted Flnanclal Statèmènts for the Year Ended 30 September 2024 The Abbeyfield West Herts Society Llmited DUX Advisory Limited Chartered Accountants Kennel Club House Gatehouse Way Aylesbury Buckinghamshire HP19 8DB
The Abbeyfield West Herts Society mited Contents of the Financial Statements for the Year Ended 30 September 2024 Pagè Report of the Trustees Independent Examiner's Report ststement of Financlal Actl¥ities 8alan¢e Sh¢et Notes to the Flnancial Statements 8 to 14 Detalled Statement of Financlal Arti¥itses 15
The Abbeyfield West Herts Society mited Report of the Trustees for the Year Ended 30 September 2024 The trustees who are also directors of the charity for the purposes of the Cownpanies Act 2(X)6. present their report with the financial statements of the charity for the year ended 30 September 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 (effective l January 20191. 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 Metr1¢ Reinvestment New Supply Delivered Gearing % EBITDA Headline Social Housing costs per unit OperatinB Margin Iletting onlvl Operating Margin loveralll ROCE 2024 2023 £13,5141 £5,106 -5.6% 4.1% -5.3% -1.1% 0.4% 0.5% Page I
The Abbeyfield West Herts Society mited Report of the Trustees for the Year Ended 30 September 2024 FINANCIAL REVIEW Financial position Rent31 income wa5 once again increased1+13%1, reflecting successful efforts to maintain high occupancy leve15 as well as rent increases to ensure the finances of the home remain on a sound footing. We have continued to invest significant sums into major repairs and refurbishment of Tannerswood including external redecoration, further window replacements and refurbishment of rooms as tenants vacate to ensure they are attrartive for re-lettin8. In addition, we have installed solar panels which will reduce future electricity bills as well as contributing to carbon reduction. We have ensured staff salaries remain competitive. in order to retained our excellent staff team. Following the very large increases in the previous year lin common with all users of energy). our utilities bills have not increased further this year, and we expect to seè a fall in the coming year as we benefit from the impact of the solar panels. Overall, through caTeful mana8ernent of day-to-day expenditure, our costs rose in line with the increase in rental income, en5urin8 the operating mar8in on lettin8s was once again close to breakeven. We received a number of donations durin8 the year, and higher interest rates have provided a small additional source of income. Other than the solar panels, which will provide direct financial benefit in future years, our income covered all costs including the investment in the building without utilising reserves. Flnaneial outlook The Trustees remain ¢onfident that the house is susiainable on the Current basis and we Continue to plan redecoration nd refurbishment for the Coming year. We will also seek to continue to pay market rates for our staff to ensure we remain fully-staffed and can provide the service expected. We anticipate that the recent increase5 in energy bills will be mitl83ted as a result of the solar panel installation. We will do our best to minimise the impart for residents in terms of future nt 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 continues to offer excellent value for our residents and lower rents than comparable homes nearby. The Trustees are satisfied that at current occupancy levels. we can fund ongoing expenditure and re-investment from rental incorne and that we have Sufficient re5erve5 in case gf any major unplanned repairs. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The charity is controlled by its governin8 document, a memorandum and articles of association, and constitutes a company limited by guarantee, as defined by the Companies Act 21KJ6. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 01084439 IEngland and Wales) Page 2
The Abbeyfield West Herts Society Limited Report of the Trustees forthe Year Ended 30 September 2024 Registered Charity number 265137 Registered office Tannerswood 11 Greenways Abbots Langley Watford Hertfordshire WDS OELI Trustees Mr M T Bedford Treasurer Ms R Gabriel Chair Mr l King Mr5 E A Moore Ms C H Quinton Mr P M Iow5ev Company Secretary Mr M T Bedford Independent Examlner DUX Advisory Limited hartered A¢countants Kennel Club House Gatehouse Wav Aylesbury Buckinghamshire HP19 8D8 Approved by order of the board of trustees on 1010312025 and signed on its behalf bv.. Mr M T Bedford - Trustee Page 3
Independent Examiner's Report to the Trustees of The Abbeyfield West Herts Society Limited Independent examiner's report to the trustees of The Abbeyfield West Herts Society Limited I'the Company'l Responsibilities and basis of report I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 September 2024. As trustees land also its directors for the purposes of company lawl you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Art 2CK161'the 2)6 Act'l. Havin8 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 20111.the 2011 Act'l. In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145151 Ibl of the 2011 Act. Independent examiner's Statement I have completed my examination. I confirm that no matters have come to rny ottention in connection with the examination giving me cause to believe.. l. accounting records were not kept in respect of the Company as required by Section 386 of the 2CQ6 Act,. or 2. the accounts do not accord with those records,. or 3. the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than anv requirement that the a¢counts give a true and falr vlew which Is not a matter considered as part of an Independent examination- or 4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accountin8 and reportin8 by charities lapplicable to charitie5 preparin8 their account5 in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 10211. 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. 8ianca Permal FCA DUX Advisory Limited Chartered Accountants Kennel Club House Gatehouse Wav Aylesbury Buckinghamshire HP19 8DB Date.. 1010312025 Page 4
The Abbeyfield West Herts Society mited Statement of Financial Activities Ilncorporating an Income and Expenditure Account) for the Year Ended 30 September 2024 30.9.24 30.9.23 Total funds Unrestricted fund5 Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2,484 3,010 Charitable activities Rental income 240,988 213,379 Investment income 925 392 Total 244,397 216,781 EXPENDITURE ON Charitable activitie5 Repairs and Renewals Admin & other expenses Staffing costs 44,005 9,977 134,915 26,242 24.757 6,607 3.528 4,487 32,588 6,128 115,615 26,418 21,743 4,148 3,552 5,631 Housekeeping Depreclation of fixed assets Accounts produttion fees Insurance Other Total 254,518 215,823 NET INCOMEIIEXPENDITUREI 110,1211 958 RECONCILIATION OF FUNDS Total funds brought fonMard 189.310 188,352 TOTAL FUNOS CARRIED FORWARD 179,189 189,310 CONTINUING OPERATIONS All incorne and expenditure has arisen from continuinB activities. The notes fomi part of these financial statements Page 5
The Abbeyfield West Herts Society mited Balance Sheet 30 September 2024 30.9.24 Unrestricted fund5 30.9.23 Total funds Notes FIXED ASSETS Tangible assets Social investments 390,194 1279,9241 372,209 1279,9241 110,270 92,285 CURRENT ASSETS Debtors Cash at bank 2.451 84.113 955 101,665 86,564 102,620 CREDITORS Amounts falling due within one year io 117,6451 15,5951 NET CURRENT ASSETS 68,919 97,025 TOTAL ASSETS LESS CURRENT UABIUTIES 179,189 189,310 NET ASSETS 179,189 189,310 FUNDS Unrestricted funds li 179,189 189,310 TOTAL FUNDS 179,189 189,310 The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2CXJ6 for the year ended 30 September 2024. The members have not required the company to obtain an audit of its finantlal statements for the year ended 30 September 2024 in accordance with Sèction 476 of thè Companies Act 21K)6. The trtjstees acknowledge their responsibilitie5 for ensuring that the charitable company keeps accountin8 records that comply with Section5 386 and 387 of the Companie5 Act 2006 and 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 26 relating to financial statements. so far as applicable to the charitable company. The notes fomi part of these financial statements Page 6 continued...
The Abbeyfield West Herts Society mited Balance Sheet- continued 30 September 2024 These financial statements have been prepared in actordance with the provisions 3pplic3ble to charitable companies subject to the srnall companies regime. 1010312025 The financial statements were approved by the Board of Trustees and authorised for issue on signed on its behalf by.. and were Mr M T Bedford - Trustee The notes forwn part of these financial statements Page 7
The Abbeyfield West Herts Society mited Notes to the Financial Statements for the Year Ended 30 September 2024 ACCOUNTING POUCIES 8asis of preparing the financial Statements The financial Statements of the charitable company. which 15 a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP IFRS 1021 '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 IFRS 1021 leffertive I january 20191,, Financial Reporting Standard 102 'The Financial Reportin8 Standard applicable in the UK and RepuL71ic 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 ftsture cash flows in making their assessment. Cfltlcal accountlng judments and kèy sources of estimation untértalnty In preparin8 the financial 5tatement5 It 15 necessary io make certain judgements, estimates and assumptions that effect the amounts recognised in the linancial ststements. These assumptions are rea5se55ed annually as part of the accounts preparation process. In the view of the trustees apptyin8 the accounting policies adopted, no judgements were required that have 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 Statemeni of Financial Activities once the charity has entltlement to the funds. It Is probable ihat the income will be received and the amoyni ¢8n be measured reliably. Donations are reco8nised in full in the Statement of Financial Activities when entitled, receipt is probable and when the arnount can be qvantilied with reasonable accuracv. Grant income is credited to the Statement of Financial Artivities 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. Expendlture Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure. it is probable ihat 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 t05ts cannot be directly attributed to particular headin8$ they have been allocaled to artivities on a basis con515tent with the use of resources. Tangible fixed a55etS 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 finan lease. over the lease term. whichever is shorter. Solar panels- IO% on cost Fixture5 and fitting5- 25% on c05t Page 8 continued...
The Abbeyfield West Herts Society mited Notes to the Financial Statements- continued for the Year Ended 30 September 2024 ACCOUNTING POLICIES- continued Tangible fixed assèts Freehold property- 2% on cost Taxation The charity is exempt from corporation tax on its charitsble artivities. 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 v4ithin the objects of the charity. Restrictiorns arise when spècified by thè donor or when funds are raised for particular restritted purposes. Further explanation of the nature and purpose of each fund is included in the notes to ihe financial siatements. Pension costs and other p05t-retlrement benefft5 The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are char8ed to the Statement of Financial Artivities 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 ol three months or less and bank overdrafts. Bank overdrafts, when appllcable, are shown within borrowings in current liabilities. INVESTMENT INCOME 30.9.24 30.9.23 Deposit account interest 925 392 NET INCOMEIIEXPENDITUREI Net income/lexpenditurel is stated after charginfjlcreditingl.. 30.9.24 30.9.23 Depreciation owned assets Independent examination fees Other accounlancy fee5 6,607 1,740 1,788 4,148 1,740 1,152 Page 9 continued...
The Abbeyfield West Herts Society mited Notes to the Financial Statements- continued for the Year Ended 30 September 2024 TRUSTEES, REMUNERATION AND BENEFs There were no trustees, remuneration or other benefits for the year ended 30 September 2024 nor for thÈ year ended 30 September 2023. TTU5tees' expenses There were no trustees, expenses paid for the year ended 30 September 2024 nor for the year ended 30 September 2023. STAFF COSTS The average monthly number of employees during the year was as follows.. 30.9.24 30.9.23 li Number of staff No employees received emoluments in excess of £60,C. COMPARATIVES FOR THE STATEMENT OF FINANCIAL AcllviTIES Unrestricted funds INCOME AND ENDOWMENTS FROM Donations and legacies 3,010 Charltable artlvttles Rental income 213,379 Investment income 392 Total 216,781 EXPENDITURE ON Charitable actlvltles Repairs and Renewals Admin & other expenses Staffing costs 32,588 6,128 115,615 26,418 21,743 4,148 3,552 5,631 Housekeepin8 Depreciation of fixed assets Accounts production fees Insurance Other Total 215,823 Page 10 continued...
The Abbeyfield West Herts Society mited Notes to the Financial Statements- continued for the Year Ended 30 September 2024 COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES- continued Unrestricted funds INCOME 958 RECONCILIATION OF FUNDS Total funds brought forward 188,352 TOTAL FUNDS CARRIED FORWARD 189,310 TANGIBLE FIXED ASSETS Improvements to propertv Fixture5 and fittin8S Freehold propertv Totals COST At l October 2023 Additions 487.340 48,023 S35,363 24,592 24,592 At 30 September 2024 487.340 24.592 48,023 559,955 OEPRECIATION At l October 2023 Char8e for year 115.131 4,148 48,023 163,154 6,607 2,459 At 30 September 2024 119,279 2,459 48,023 169,761 NET BOOK VALUE At 30 September 2024 368,061 22,133 390,194 At 30 September 2023 372.209 372.209 Page 11 continued...
The Abbeyfield West Herts Society mited Notes to the Financial Statements- continued for the Year Ended 30 September 2024 SOCIAL INVESTMENTS Other inve5trnent5 MARKET VALUE At l October 2023 and 30 September 2024 1279,9241 NET BOOK VALUE At 3Q September 2024 1279,9241 At 30 September 2023 1279.9241 This is a 8rant re¢eived to pay for the property which is due back to the 8overnment if the ¢harity was to ever sell the property. DEBTORS: AMOUNTS FALUNG DUE WITHIN ONE YEAR 30.9.24 30.9.23 Prepayments 2,451 955 io. CREDITORS: AMOUNTS FALLING OUE WITHIN ONE YEAR 30.9.24 30.9 23 A¢¢ruals and deferred in¢ome Payroll accrual 5,372 12,273 5,595 17,645 5,595 ii, MOVEMENT IN FUNDS Net movement in funds At 1.10.23 At 30.9.24 Unrestrlcted funds General fund 189.310 110,1211 179,189 TOTAL FUNDS 189,310 110,1211 179,189 Page 12 continued...
The Abbeyfield West Herts Society mited Notes to the Financial Statements- continued for the Year Ended 30 September 2024 ii. MOVEMENT IN FUNDS- contSnued Net movernent in fund5, included in the above are a5 follows.. Incoming resources Resources expended Movement in funds Unrestricted funds General fund 244,397 1254,5181 110,1211 TOTAL FUNDS 244,397 1254,5181 110.1211 Comparatlves for movement In funds Net movement in funds At 1.10.22 At 30.9.23 Unrestrlcted funds General fund 188.352 958 189,310 TOTAL FUNDS 188,352 958 189,310 Comparative net movement in funds, included in the above are as follows: Incoming resources Resources expended Movement in funds Unrestrlcted funds General fund 216,781 1215,8231 958 TOTAL FUNDS 216,781 1215,8231 958 Page 13 continued...
The Abbeyfield West Herts Society mited Notes to the Financial Statements- continued for the Year Ended 30 September 2024 12. RELATEO PARTY DISCLOSURES There are no related party transactions for the year ended 30 September 2024 nor for the year ended 30 September 2023. Page 14
The Abbeyfield West Herts Society mited Detailed Statement of Financial Acti¥tties for the Year Ended 30 September 2024 30.9.24 30.9.23 INCOME AND ENDOWMENTS Donations and legacies Donations 2,484 3,010 Investment income Deposit account interest 925 392 Charltable activbtSes Grants 240,988 213.379 Total Incomlng rèsources 244,397 216,781 EXPENDITURE Support C05tS Flnance Wages Pensions 127,225 7,690 26,242 4,487 44,005 24,757 9,977 6,607 109,175 6,440 26,418 5,631 32,588 21,743 6,128 4,148 Insurance Repairs and renewals Htsusekeepin8 Admin & other expenses Depreciation of tangible fixed assets 250,990 212,271 Governance c05tS Accountancy and legal fees 3,528 3,552 Total resources expended 254,518 215.823 Net lexpenditurelllncome 110,1211 958 This page does not fonn part of the statutory financial statements Page IS