ABBEYFIELD TIVERTON SOCIETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| Contents | Page |
|---|---|
| Reference and administration details | 1 |
| Report of the committee | 2-4 |
| Reporting accountants’ report | 5 |
| Statement of comprehensive income | 6 |
| Statement of financial position | 7 |
| Statement of changes in reserves and equity | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10-13 |
Company Number 01095865 (England & Wales) Homes and Communities Agency Number H0559 Charity Commission Number 265782
1 ABBEYFIELD TIVERTON SOCIETY LIMITED REFERENCE AND ADMINISTRATION DETAILS
| Charity number | 265782 |
|---|---|
| Company number | 01095865 |
| Homes and Communities | |
| Agency Number | H0559 |
| Address | Duffield House |
| 2 St Pauls Square | |
| Tiverton | |
| Devon | |
| EX16 5HZ | |
| Committee members | Mr David J Halestrap - Chairman (resigned July 2022) |
| Mr Brian Pocock - Interim Chairman (appointed July 2022) | |
| Mrs Ann Waterman | |
| Mrs Pat Dalby | |
| Mr Matt Shaw | |
| Mrs Sharon Bradshaw | |
| Mr Mike Shaw - Former Treasurer (resigned April 2022) | |
| Mrs Kathy Beechen - Interim Treasurer (resigned February 2023) | |
| Mrs S Green (appointed July 2022) | |
| Mr Nick Baker (appointed July 2022) | |
| Mr Richard Flower (appointed July 2022) | |
| Mrs Esther Burd (appointed April 2023) | |
| Operations manager | Mrs R Delafield (resigned October 2022) |
| Mrs B Cheffings (appointed February 2023) | |
| Housekeeper | Mrs L Jonck |
| Accountants | Apsleys |
| Chartered Accountants | |
| 21 Bampton Street | |
| Tiverton EX16 6AA | |
| Main bankers | Barclays Bank plc |
| 24 Fore Street | |
| Devon EX16 6LE |
2 ABBEYFIELD TIVERTON SOCIETY LIMITED
REPORT OF THE COMMITTEE
The Society is a Registered Social Housing Provider controlled by the committee members detailed on page 1.
The members of the committee have pleasure in presenting their annual report and financial statements for the year ended 31 March 2023.
OBJECTIVES AND ACTIVITIES
Summary of the objects of the charity set out in its governing document
The relief and support of elderly persons of all classes suffering from the disabilities of old age or otherwise in need.
The spreading of Christian principles to all human relationships and the application of humanitarian aims to promote the relief of the elderly.
To provide further education in the sphere of voluntary work, social work and similar activities so as to inculcate the principles of good citizenship.
Such other purposes recognised by English Law as charitable as the society shall determine from time to time.
The Society has had due regard to guidance published by the Charity Commission on public benefit and certify compliance with the Governance and Financial Viability Standard published by the Home and Communities Agency. The Trustees believe this is achieved via the charity's objectives and activities.
Summary of the main activities in relation to these objectives
The provision of sheltered accommodation for the elderly at its premises situated at numbers 2, 3 and 4 St Paul’s Square together with support and companionship.
Additional details of objectives and activities
The Society is run by a committee of volunteers.
ACHIEVEMENTS AND PERFORMANCE
Summary of the main achievements of the charity during the year
After serving Abbeyfield Tiverton Society in various capacities since it’s inception, David Halestrap stood down as Chairman of the Board at the 2022 AGM after a total of 50 Years service. A great many elderly residents have benefited from his commitment to the development and care of Duffield House over those years and he leaves a legacy that the current Trustees are determined to continue, to serve the housing needs of both current and future generations of elderly people. In recognition of this service David was offered, and accepted the title of President of the Society. He remains actively involved as an advisor concerning building matters as his knowledge of the building is invaluable.
2022 finally saw the end of the various restrictions imposed by the Covid 19 pandemic. The staff remained alert to the need for the care and protection of the residents but it was good to get ‘back to normal’ with residents able to experience social life outside the House again and we were able to resume the monthly coffee and activity mornings in the lounge which our volunteer activity organiser, Gina, plans and runs. Residents and staff were treated to 2 outings to the golf club. One for a cream tea to say thank you and farewell to David Halestrap and Helen Reynolds and the other for the annual Christmas dinner. The highlight of the social year was the Coronation Party organised jointly with the neighbouring Greenway Gardens Almshouse residents. This was planned to be a street party but because of the weather we were welcomed into the Almshouse Common Room where about 30 residents enjoyed a delicious tea..
There have been numerous staff changes during the year. Rachael Delafield resigned as Operations Manager to devote time to caring for her daughter and granddaughter, and we were pleased to appoint Beth Cheffings in her place. Our Deputy Housekeeper Helen Reynolds, retired after serving us well for many years but agreed to join our list of Relief Housekeepers. Becky Britton also agreed to join this list. Teresa Docherty was appointed as the Deputy Housekeeper. Our cleaner, Lorraine McCallisk, had to have extended time off due to illness and Dhama Jonck took on the role alongside our relief cleaner, Elaine Northcott.
The House has been fully occupied throughout the year except for a short vacancy between tenants.
The ongoing maintenance schedule to maintain the outside appearance and quality of the building has continued and all necessary internal repairs have been carried out to ensure the services supplied to residents are provided for their ongoing convenience and comfort. The garden continues to serve as a recreational and social space for residents and their visitors to enjoy and we are thankful to one resident who takes a pride in helping to maintain its delightful appearance.
3 ABBEYFIELD TIVERTON SOCIETY LIMITED
REPORT OF THE COMMITTEE (CONTINUED)
FINANCIAL REVIEW
Brief summary of the charity’s policy on reserves
Abbeyfield Tiverton Society Ltd sets its rents to ensure that 10-15% of its income is added to reserves each year but given the restriction of the pandemic and voids we haven't been able to add to reserves this year, instead we've drawn down on previous years.
Our reserves are invested for funding future developments of Duffield House.
Financial result
After providing for outgoings of a revenue nature there is a net surplus for the year of £1,325 (2022 deficit £17,876). The balance of revenue reserves carried forward to future years amounts to £1,465,339 (2022 £1,466,798). The Society is able to meet all of its obligations.
Property values
The market value of the freehold properties, in the opinion of the committee, is in excess of the value shown in the balance sheet but the expenses of a professional valuation would not be warranted.
PLANS FOR FUTURE PERIODS
To continue to provide sheltered accommodation for the elderly and maintain the premises in a good state of repair.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Type of governing document Memorandum and Articles of Association How the charity is constituted Company limited by guarantee Committee selection method Appointed by existing committee members
Value for Money Statement 2022-23
The Society’s approach to Value for Money is to achieve the objectives of low costs, high productivity and successful outcomes. The primary aim is to provide high quality and comfortable sheltered housing to alleviate loneliness for older people. With Value for Money in mind, the Executive Committee sets rents at affordable levels and approves a budget annually which is monitored regularly. A surplus is built into the budget to provide for expenditure in future years. The unit cost was £1171 (£1928 2021-22) and the operating margin was -2% (-22% 2021-22) (metrics 5 and 6). Sufficient funds are therefore available from reserves to undertake larger projects and renovations when required. The Society reinvests in the property in order to maintain it to high standards. In 2022-23 investment was 1.31% (2.15% 2020-21) and return on capital -0.13% (-1.39% 2021-22) (metrics 1 and 7).
The Society is committed to provide a high quality service to the residents. This means that repairs must be carried out speedily and the property is well maintained. Contracts for services are reviewed and performance monitored. Suppliers are challenged or changed and tenders are sought for works. A local estates management firm carries out this function on behalf of the Society
The target for the Society is to maintain full occupancy but it acknowledges voids are inevitable and it is aware of the impact of vacant rooms both financially and socially. The budget includes provision for a £12,000 loss 2022-23 due to the possible difficulty in filling vacancies this year due to Covid restrictions. Voids are given priority by the Executive Committee and kept under constant review. They are usually filled from the waiting list and advertising is used when appropriate and by 30 November 2022 full occupancy was achieved. The level of voids in 2022-23 was 3.7% (20.2% in 2021-22).
The post of a part time operations manager was created in January 2022 to replace the administrator and carry out many of the day to day functions usually carried voluntarily by trustees, particularly the chairman and treasurer.
The Society holds a portfolio of investments which is designed to spread any financial risk whilst providing sufficient returns to enable the objects of the charity to be achieved. There are no outstanding loans (metric 3). The Society has no plans to provide additional units or to amalgamate with another provider (metric 2).
Additional governance issues
The committee members have examined the major risks which the charity faces and confirm that systems have been established to lessen those risks.
4
ABBEYFIELD TIVERTON SOCIETY LIMITED REPORT OF THE COMMITTEE
(CONTINUED)
Statement of the committee’s responsibilities
The Companies Act 2006, the Charities Act 2011 and registered social housing legislation require the committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the society and of the surplus or deficit of the society for that period.
In preparing those financial statements, the committee is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business
The committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the society and to enable it to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015. It is also responsible for taking reasonable steps to safeguard the assets of the society and to prevent and detect fraud and other irregularities.
Small company exemptions
This report has been prepared taking advantage of the small companies exemption of Section 415A of the Companies Act 2006.
This report was approved by the Committee on ……………………………………… and signed on their behalf by:
…………………………..
Mr B Pocock (Interim Chairman)
5
REPORTING ACCOUNTANTS’ REPORT TO THE COMMITTEE MEMBERS OF ABBEYFIELD TIVERTON SOCIETY LIMITED
We report on the accounts for the year ended 31 March 2023 set out on pages 5 to 12.
Respective responsibilities of the Committee and reporting accountants
The Committee of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of opinion
Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
Opinion
In our opinion:
-
the accounts for year ended 31 March 2023 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
-
having regard only to, and on the basis of the information contained in the accounting records:
-
the accounts comply with the requirements of the Charities Act 2011;
-
the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 March 2023 specified in section 136(3) of the Housing and Regeneration Act 2008;
-
the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015.
Apsleys
Chartered Accountants 21 Bampton Street Tiverton Devon EX16 6AA
Date:
6 ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2023
| Notes 3 Property management costs 4 5 2 Income from fixed asset investments 6 Revaluation of investments Interest receivable and other income Management and administrative expenditure Turnover Operating costs Surplus for the year after tax Operating surplus Total comprehensive income Surplus for the year on ordinary activities Taxation on surplus on ordinary activities |
2023 £ 119,441 98,318 23,095 121,413 (1,972) - 3,297 1,325 - 1,325 (2,784) (1,459) |
2022 £ 93,219 90,478 23,148 113,626 - 20,407 - 2,531 (17,876) - (17,876) 19,398 1,522 |
|---|---|---|
The financial statements were approved on behalf of the committee on ………….... and signed on their behalf by
………………………….
Mr B Pocock (Interim Chairman)
………………………….
Mrs Esther Burd (Trustee)
7 ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Note 9a 9a 9b 10 11 12 Investment revaluation Freehold housing properties Other fixed assets Investments Current assets Revenue Debtors Cash at bank, building society and in hand Creditors: Amounts falling due Net current assets Total assets less current liabilities Creditors: Amounts falling due within one year after more than one year Reserves Fixed assets |
£ 4,211 246,431 250,642 3,262 |
2023 £ 895,869 2,783 319,308 1,217,960 247,380 1,465,340 1 1,465,339 35,458 1,429,881 1,465,339 |
£ 3,874 247,839 251,713 6,149 |
2022 £ 895,869 3,274 322,092 1,221,235 245,564 1,466,799 1 1,466,798 38,242 1,428,556 1,466,798 |
|---|---|---|---|---|
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the committee on……………………… and signed on its behalf by:
………………………… ……………………… Mr B Pocock (Interim Chairman) Mrs Esther Burd (Trustee)
The notes on pages 10 to 13 form part of these financial statements Company registration number 01095865
8
ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF CHANGES IN RESERVES AND EQUITY
| At 1 April 2022 Surplus for the year Revaluation of investments At 31 March 2023 |
Revenue 1,428,556 1,325 - 1,429,881 |
Investment revaluation 38,242 2,784 - - 35,458 |
Total 1,466,798 1,459 - - 1,465,339 |
|---|---|---|---|
9
ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF CASH FLOWS
| (Deficit)/Surplus for the year Interest received Dividends received Depreciation and impairment of tangible fixed assets (Gains) / losses on investments (Increase) / decrease in trade and other debtors Increase / (decrease) in trade and other creditors Net cash flow from operating activities Cash flow from investing activities Payments to acquire tangible fixed assets Payments to acquire investments Proceeds from disposal of investments Interest received Dividends received Net cash flow from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents as at 31 March 2022 Cash and cash equivalents as at 31 March 2023 |
2023 £ (1,459) (3,072) - 491 2,784 (337) (2,887) (4,480) - - - 3,072 - 3,072 (1,408) 247,839 246,431 |
2022 £ 1,522 (2,311) - 751 (19,398) (861) 1,772 (18,525) - (50,000) - 2,311 - (47,689) (66,214) 314,053 247,839 |
|---|---|---|
10
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
1. Summary of significant accounting policies
General information and basis of preparation
The Society is incorporated under the Companies Act 2006, the Charities Act 2011 and is a registered Provider of Social Housing in the United Kingdom.
The Society constitutes a public benefit entity as defined by FRS 102.
Basis of accounting
The financial statements have been prepared in accordance with applicable United Kingdom financial reporting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Registered Social Housing Providers 2014, the Accounting Direction for Private Registered Providers of Social Housing in England 2015, the Charities Act 2011 and the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared in sterling, which is the functional currency of the Society and rounded to the nearest £.
Turnover
Turnover represents rental income receivable in the year, net of losses from voids, and grant income receivable.
Fixed assets and depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation and capital grants. Depreciation is charged over the expected economic useful lives of the assets at the following annual rates:
Fixtures and fittings 15% reducing balance basis Computers 3 years straight line
Housing properties
Housing properties are included at cost.
The Committee has not accounted for depreciation on its housing properties because the life of the property and residual value are such that any depreciation charge and accumulated depreciation are immaterial.
Improvements are works to existing properties which result in an increase in net rental income, including a reduction in maintenance costs or result in a significant extension to the useful economic life of the property.
Housing properties are reviewed for impairment at the end of each reporting period.
Government grants
Government grants were received back in 2001 and 2005 as a contribution towards capital cost. These grants were previously deducted from the cost of the housing properties, however due to the implementation of the SORP the comparatives have been restated. As the housing properties are valued at cost, grants should now be accounted for under the accruals model which means that grant income is recognised on a systematic basis over the expected useful life.
Value added tax
Irrecoverable VAT which can be attributed to a capital item or revenue expenditure is added to the cost of the capital item or expenditure.
Pension Costs
The Society operates a defined contribution scheme for the benefit of its employees with NEST the National Employees savings Trust. The cost of contributions are written off against surpluses in the year they are payable.
Taxation
The Society is currently exempt from taxation.
11
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| 2. 3. Rents receivable Lessrent losses from voids 4. Property management costs Wages and salaries Cleaner's wages Employer's pension costs Casual labour Food Heating and lighting Cleaning Garden expenses Insurance General and water rates Repairs and renewals 5. Management and administrative expenditure Printing, postage, stationery and advertising Telephone Administrator’s fees Accountancy fees Membership fee Sundry expenses Depreciation Donations 6. Interest receivable and other income Donations Miscellaneous income Depreciation Operating surplus Operating surplus is stated after charging Interest receivable |
2023 £ 491 124,068 (4,627) 119,441 2023 £ 51,061 643 884 41 11,562 9,309 986 725 4,756 6,644 11,707 98,318 2023 £ 202 477 196 1,921 3,589 1,219 491 15,000 23,095 2023 3,072 - 225 3,297 |
2022 £ 751 116,832 (23,613) 93,219 2022 £ 37,322 2,543 562 - 9,253 8,815 1,456 601 4,125 6,517 19,284 90,478 2022 £ 2,812 405 5,569 2,470 3,690 451 751 7,000 23,148 2022 2,311 - 220 2,531 |
|---|---|---|
7. Directors emoluments
During the year no emoluments were paid to the directors of the society. "Director" includes any members of the Committee of the society.
12 ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| 8. Wages and salaries Wages and salaries Social security costs Pension costs The average number of employees of the Society including part time employees was Costs in respect of these employees were as follows - |
2023 6 51,704 - 884 52,588 |
2022 5 39,865 - 562 40,427 |
|---|---|---|
The society operates a defined contribution pension scheme. Amounts are charged to the accounts as they accrue.
9.a Fixed assets
| Cost As at 1 April 2022 Disposal Accumulated depreciation As at 1 April 2022 Charge for year Depreciation on disposals As at 31 March 2023 Net book value As at 31 March 2023 As at 31 March 2022 Additions |
Freehold housing property £ 895,869 895,869 - - - 895,869 895,869 |
Fixtures and fittings £ 32,494 32,494 29,220 491 29,711 2,783 3,274 |
Computers £ 519 519 519 - 519 - - |
Total £ 928,882 - - 928,882 29,739 491 30,230 898,652 899,143 |
|---|---|---|---|---|
All housing property owned by the society is for letting.
The cost of non-depreciable freehold land included in freehold property at 31 March 2023 was £120,000 (2022 £120,000).
| 9.b Investments Market value of listed investments (Financial assets measured at fair value through the surplus/(deficit)) At 1 April 2022 Additions Disposals Unrealised gain/(loss) At 31 March 2023 Historical cost CCLA IDAD The Callable Deposit Plan Investec |
2023 £ 322,092 - - (2,784) 319,308 159,000 77,600 50,000 286,600 |
2022 £ 252,694 50,000 - 19,398 322,092 159,000 77,600 50,000 286,600 |
|---|---|---|
13
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
10. Debtors
| Amounts falling due within one year - Rent arrears Prepayments 11. Creditors: Amounts falling due within one year Rent in advance Accruals Other creditors |
2023 £ 27 4,184 4,211 2023 £ - 1,650 1,612 3,262 |
2022 £ 27 3,847 3,874 2022 £ 2,837 2,250 1,062 6,149 |
|---|---|---|
The average number of days between receipt and payment of purchase invoices was 13 days (2022: 6 days).
12. Creditors: Amounts falling due after one year
| Tenant Services Authority loan As at 1 April 2022 and 31 March 2023 |
2023 £ 1 |
2022 £ 1 |
|---|---|---|
13. Maintenance programme
The society's practice is to maintain properties to a high standard through a continuing programme of refurbishment and maintenance and consequently the lives of the properties and the residual values are such that any depreciation charge would be immaterial.
The maintenance of the property is reviewed on a continuing basis and discussed regularly at committee meetings.
All expenditure on maintenance is charged to the income and expenditure account. The charge for the year ended 31 March 2023 being £11,707 (2022: £19,284).
14. Housing stock
| Units of supported accommodation for older people in management: - Let on full time basis - Let on temporary basis |
2023 10 - 10 |
2022 10 - 10 |
|---|---|---|
15. Control relationships
The Society is controlled by its management committee as listed in the Reference and Administration Details on page 1.
16. Pension costs
The society operates a defined contribution scheme for its employees with NEST the National Employees Savings Trust. Contributions are charged in the income and expenditure accounts as they accrue. The charge for the year was £884 (2022 £562).
17. Related party transactions
During the year no committee members received any expenses (2022: no committee member received any expenses).
ABBEYFIELD TIVERTON SOCIETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| Contents | Page |
|---|---|
| Reference and administration details | 1 |
| Report of the committee | 2-4 |
| Reporting accountants’ report | 5 |
| Statement of comprehensive income | 6 |
| Statement of financial position | 7 |
| Statement of changes in reserves and equity | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10-13 |
Company Number 01095865 (England & Wales) Homes and Communities Agency Number H0559 Charity Commission Number 265782
1 ABBEYFIELD TIVERTON SOCIETY LIMITED REFERENCE AND ADMINISTRATION DETAILS
| Charity number | 265782 |
|---|---|
| Company number | 01095865 |
| Homes and Communities | |
| Agency Number | H0559 |
| Address | Duffield House |
| 2 St Pauls Square | |
| Tiverton | |
| Devon | |
| EX16 5HZ | |
| Committee members | Mr David J Halestrap - Chairman (resigned July 2022) |
| Mr Brian Pocock - Interim Chairman (appointed July 2022) | |
| Mrs Ann Waterman | |
| Mrs Pat Dalby | |
| Mr Matt Shaw | |
| Mrs Sharon Bradshaw | |
| Mr Mike Shaw - Former Treasurer (resigned April 2022) | |
| Mrs Kathy Beechen - Interim Treasurer (resigned February 2023) | |
| Mrs S Green (appointed July 2022) | |
| Mr Nick Baker (appointed July 2022) | |
| Mr Richard Flower (appointed July 2022) | |
| Mrs Esther Burd (appointed April 2023) | |
| Operations manager | Mrs R Delafield (resigned October 2022) |
| Mrs B Cheffings (appointed February 2023) | |
| Housekeeper | Mrs L Jonck |
| Accountants | Apsleys |
| Chartered Accountants | |
| 21 Bampton Street | |
| Tiverton EX16 6AA | |
| Main bankers | Barclays Bank plc |
| 24 Fore Street | |
| Devon EX16 6LE |
2 ABBEYFIELD TIVERTON SOCIETY LIMITED
REPORT OF THE COMMITTEE
The Society is a Registered Social Housing Provider controlled by the committee members detailed on page 1.
The members of the committee have pleasure in presenting their annual report and financial statements for the year ended 31 March 2023.
OBJECTIVES AND ACTIVITIES
Summary of the objects of the charity set out in its governing document
The relief and support of elderly persons of all classes suffering from the disabilities of old age or otherwise in need.
The spreading of Christian principles to all human relationships and the application of humanitarian aims to promote the relief of the elderly.
To provide further education in the sphere of voluntary work, social work and similar activities so as to inculcate the principles of good citizenship.
Such other purposes recognised by English Law as charitable as the society shall determine from time to time.
The Society has had due regard to guidance published by the Charity Commission on public benefit and certify compliance with the Governance and Financial Viability Standard published by the Home and Communities Agency. The Trustees believe this is achieved via the charity's objectives and activities.
Summary of the main activities in relation to these objectives
The provision of sheltered accommodation for the elderly at its premises situated at numbers 2, 3 and 4 St Paul’s Square together with support and companionship.
Additional details of objectives and activities
The Society is run by a committee of volunteers.
ACHIEVEMENTS AND PERFORMANCE
Summary of the main achievements of the charity during the year
After serving Abbeyfield Tiverton Society in various capacities since it’s inception, David Halestrap stood down as Chairman of the Board at the 2022 AGM after a total of 50 Years service. A great many elderly residents have benefited from his commitment to the development and care of Duffield House over those years and he leaves a legacy that the current Trustees are determined to continue, to serve the housing needs of both current and future generations of elderly people. In recognition of this service David was offered, and accepted the title of President of the Society. He remains actively involved as an advisor concerning building matters as his knowledge of the building is invaluable.
2022 finally saw the end of the various restrictions imposed by the Covid 19 pandemic. The staff remained alert to the need for the care and protection of the residents but it was good to get ‘back to normal’ with residents able to experience social life outside the House again and we were able to resume the monthly coffee and activity mornings in the lounge which our volunteer activity organiser, Gina, plans and runs. Residents and staff were treated to 2 outings to the golf club. One for a cream tea to say thank you and farewell to David Halestrap and Helen Reynolds and the other for the annual Christmas dinner. The highlight of the social year was the Coronation Party organised jointly with the neighbouring Greenway Gardens Almshouse residents. This was planned to be a street party but because of the weather we were welcomed into the Almshouse Common Room where about 30 residents enjoyed a delicious tea..
There have been numerous staff changes during the year. Rachael Delafield resigned as Operations Manager to devote time to caring for her daughter and granddaughter, and we were pleased to appoint Beth Cheffings in her place. Our Deputy Housekeeper Helen Reynolds, retired after serving us well for many years but agreed to join our list of Relief Housekeepers. Becky Britton also agreed to join this list. Teresa Docherty was appointed as the Deputy Housekeeper. Our cleaner, Lorraine McCallisk, had to have extended time off due to illness and Dhama Jonck took on the role alongside our relief cleaner, Elaine Northcott.
The House has been fully occupied throughout the year except for a short vacancy between tenants.
The ongoing maintenance schedule to maintain the outside appearance and quality of the building has continued and all necessary internal repairs have been carried out to ensure the services supplied to residents are provided for their ongoing convenience and comfort. The garden continues to serve as a recreational and social space for residents and their visitors to enjoy and we are thankful to one resident who takes a pride in helping to maintain its delightful appearance.
3 ABBEYFIELD TIVERTON SOCIETY LIMITED
REPORT OF THE COMMITTEE (CONTINUED)
FINANCIAL REVIEW
Brief summary of the charity’s policy on reserves
Abbeyfield Tiverton Society Ltd sets its rents to ensure that 10-15% of its income is added to reserves each year but given the restriction of the pandemic and voids we haven't been able to add to reserves this year, instead we've drawn down on previous years.
Our reserves are invested for funding future developments of Duffield House.
Financial result
After providing for outgoings of a revenue nature there is a net surplus for the year of £1,325 (2022 deficit £17,876). The balance of revenue reserves carried forward to future years amounts to £1,465,339 (2022 £1,466,798). The Society is able to meet all of its obligations.
Property values
The market value of the freehold properties, in the opinion of the committee, is in excess of the value shown in the balance sheet but the expenses of a professional valuation would not be warranted.
PLANS FOR FUTURE PERIODS
To continue to provide sheltered accommodation for the elderly and maintain the premises in a good state of repair.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Type of governing document Memorandum and Articles of Association How the charity is constituted Company limited by guarantee Committee selection method Appointed by existing committee members
Value for Money Statement 2022-23
The Society’s approach to Value for Money is to achieve the objectives of low costs, high productivity and successful outcomes. The primary aim is to provide high quality and comfortable sheltered housing to alleviate loneliness for older people. With Value for Money in mind, the Executive Committee sets rents at affordable levels and approves a budget annually which is monitored regularly. A surplus is built into the budget to provide for expenditure in future years. The unit cost was £1171 (£1928 2021-22) and the operating margin was -2% (-22% 2021-22) (metrics 5 and 6). Sufficient funds are therefore available from reserves to undertake larger projects and renovations when required. The Society reinvests in the property in order to maintain it to high standards. In 2022-23 investment was 1.31% (2.15% 2020-21) and return on capital -0.13% (-1.39% 2021-22) (metrics 1 and 7).
The Society is committed to provide a high quality service to the residents. This means that repairs must be carried out speedily and the property is well maintained. Contracts for services are reviewed and performance monitored. Suppliers are challenged or changed and tenders are sought for works. A local estates management firm carries out this function on behalf of the Society
The target for the Society is to maintain full occupancy but it acknowledges voids are inevitable and it is aware of the impact of vacant rooms both financially and socially. The budget includes provision for a £12,000 loss 2022-23 due to the possible difficulty in filling vacancies this year due to Covid restrictions. Voids are given priority by the Executive Committee and kept under constant review. They are usually filled from the waiting list and advertising is used when appropriate and by 30 November 2022 full occupancy was achieved. The level of voids in 2022-23 was 3.7% (20.2% in 2021-22).
The post of a part time operations manager was created in January 2022 to replace the administrator and carry out many of the day to day functions usually carried voluntarily by trustees, particularly the chairman and treasurer.
The Society holds a portfolio of investments which is designed to spread any financial risk whilst providing sufficient returns to enable the objects of the charity to be achieved. There are no outstanding loans (metric 3). The Society has no plans to provide additional units or to amalgamate with another provider (metric 2).
Additional governance issues
The committee members have examined the major risks which the charity faces and confirm that systems have been established to lessen those risks.
4
ABBEYFIELD TIVERTON SOCIETY LIMITED REPORT OF THE COMMITTEE
(CONTINUED)
Statement of the committee’s responsibilities
The Companies Act 2006, the Charities Act 2011 and registered social housing legislation require the committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the society and of the surplus or deficit of the society for that period.
In preparing those financial statements, the committee is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business
The committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the society and to enable it to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015. It is also responsible for taking reasonable steps to safeguard the assets of the society and to prevent and detect fraud and other irregularities.
Small company exemptions
This report has been prepared taking advantage of the small companies exemption of Section 415A of the Companies Act 2006.
This report was approved by the Committee on ……………………………………… and signed on their behalf by:
…………………………..
Mr B Pocock (Interim Chairman)
5
REPORTING ACCOUNTANTS’ REPORT TO THE COMMITTEE MEMBERS OF ABBEYFIELD TIVERTON SOCIETY LIMITED
We report on the accounts for the year ended 31 March 2023 set out on pages 5 to 12.
Respective responsibilities of the Committee and reporting accountants
The Committee of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of opinion
Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
Opinion
In our opinion:
-
the accounts for year ended 31 March 2023 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
-
having regard only to, and on the basis of the information contained in the accounting records:
-
the accounts comply with the requirements of the Charities Act 2011;
-
the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 March 2023 specified in section 136(3) of the Housing and Regeneration Act 2008;
-
the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015.
Apsleys
Chartered Accountants 21 Bampton Street Tiverton Devon EX16 6AA
Date:
6 ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2023
| Notes 3 Property management costs 4 5 2 Income from fixed asset investments 6 Revaluation of investments Interest receivable and other income Management and administrative expenditure Turnover Operating costs Surplus for the year after tax Operating surplus Total comprehensive income Surplus for the year on ordinary activities Taxation on surplus on ordinary activities |
2023 £ 119,441 98,318 23,095 121,413 (1,972) - 3,297 1,325 - 1,325 (2,784) (1,459) |
2022 £ 93,219 90,478 23,148 113,626 - 20,407 - 2,531 (17,876) - (17,876) 19,398 1,522 |
|---|---|---|
The financial statements were approved on behalf of the committee on ………….... and signed on their behalf by
………………………….
Mr B Pocock (Interim Chairman)
………………………….
Mrs Esther Burd (Trustee)
7 ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Note 9a 9a 9b 10 11 12 Investment revaluation Freehold housing properties Other fixed assets Investments Current assets Revenue Debtors Cash at bank, building society and in hand Creditors: Amounts falling due Net current assets Total assets less current liabilities Creditors: Amounts falling due within one year after more than one year Reserves Fixed assets |
£ 4,211 246,431 250,642 3,262 |
2023 £ 895,869 2,783 319,308 1,217,960 247,380 1,465,340 1 1,465,339 35,458 1,429,881 1,465,339 |
£ 3,874 247,839 251,713 6,149 |
2022 £ 895,869 3,274 322,092 1,221,235 245,564 1,466,799 1 1,466,798 38,242 1,428,556 1,466,798 |
|---|---|---|---|---|
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the committee on……………………… and signed on its behalf by:
………………………… ……………………… Mr B Pocock (Interim Chairman) Mrs Esther Burd (Trustee)
The notes on pages 10 to 13 form part of these financial statements Company registration number 01095865
8
ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF CHANGES IN RESERVES AND EQUITY
| At 1 April 2022 Surplus for the year Revaluation of investments At 31 March 2023 |
Revenue 1,428,556 1,325 - 1,429,881 |
Investment revaluation 38,242 2,784 - - 35,458 |
Total 1,466,798 1,459 - - 1,465,339 |
|---|---|---|---|
9
ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF CASH FLOWS
| (Deficit)/Surplus for the year Interest received Dividends received Depreciation and impairment of tangible fixed assets (Gains) / losses on investments (Increase) / decrease in trade and other debtors Increase / (decrease) in trade and other creditors Net cash flow from operating activities Cash flow from investing activities Payments to acquire tangible fixed assets Payments to acquire investments Proceeds from disposal of investments Interest received Dividends received Net cash flow from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents as at 31 March 2022 Cash and cash equivalents as at 31 March 2023 |
2023 £ (1,459) (3,072) - 491 2,784 (337) (2,887) (4,480) - - - 3,072 - 3,072 (1,408) 247,839 246,431 |
2022 £ 1,522 (2,311) - 751 (19,398) (861) 1,772 (18,525) - (50,000) - 2,311 - (47,689) (66,214) 314,053 247,839 |
|---|---|---|
10
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
1. Summary of significant accounting policies
General information and basis of preparation
The Society is incorporated under the Companies Act 2006, the Charities Act 2011 and is a registered Provider of Social Housing in the United Kingdom.
The Society constitutes a public benefit entity as defined by FRS 102.
Basis of accounting
The financial statements have been prepared in accordance with applicable United Kingdom financial reporting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Registered Social Housing Providers 2014, the Accounting Direction for Private Registered Providers of Social Housing in England 2015, the Charities Act 2011 and the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared in sterling, which is the functional currency of the Society and rounded to the nearest £.
Turnover
Turnover represents rental income receivable in the year, net of losses from voids, and grant income receivable.
Fixed assets and depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation and capital grants. Depreciation is charged over the expected economic useful lives of the assets at the following annual rates:
Fixtures and fittings 15% reducing balance basis Computers 3 years straight line
Housing properties
Housing properties are included at cost.
The Committee has not accounted for depreciation on its housing properties because the life of the property and residual value are such that any depreciation charge and accumulated depreciation are immaterial.
Improvements are works to existing properties which result in an increase in net rental income, including a reduction in maintenance costs or result in a significant extension to the useful economic life of the property.
Housing properties are reviewed for impairment at the end of each reporting period.
Government grants
Government grants were received back in 2001 and 2005 as a contribution towards capital cost. These grants were previously deducted from the cost of the housing properties, however due to the implementation of the SORP the comparatives have been restated. As the housing properties are valued at cost, grants should now be accounted for under the accruals model which means that grant income is recognised on a systematic basis over the expected useful life.
Value added tax
Irrecoverable VAT which can be attributed to a capital item or revenue expenditure is added to the cost of the capital item or expenditure.
Pension Costs
The Society operates a defined contribution scheme for the benefit of its employees with NEST the National Employees savings Trust. The cost of contributions are written off against surpluses in the year they are payable.
Taxation
The Society is currently exempt from taxation.
11
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| 2. 3. Rents receivable Lessrent losses from voids 4. Property management costs Wages and salaries Cleaner's wages Employer's pension costs Casual labour Food Heating and lighting Cleaning Garden expenses Insurance General and water rates Repairs and renewals 5. Management and administrative expenditure Printing, postage, stationery and advertising Telephone Administrator’s fees Accountancy fees Membership fee Sundry expenses Depreciation Donations 6. Interest receivable and other income Donations Miscellaneous income Depreciation Operating surplus Operating surplus is stated after charging Interest receivable |
2023 £ 491 124,068 (4,627) 119,441 2023 £ 51,061 643 884 41 11,562 9,309 986 725 4,756 6,644 11,707 98,318 2023 £ 202 477 196 1,921 3,589 1,219 491 15,000 23,095 2023 3,072 - 225 3,297 |
2022 £ 751 116,832 (23,613) 93,219 2022 £ 37,322 2,543 562 - 9,253 8,815 1,456 601 4,125 6,517 19,284 90,478 2022 £ 2,812 405 5,569 2,470 3,690 451 751 7,000 23,148 2022 2,311 - 220 2,531 |
|---|---|---|
7. Directors emoluments
During the year no emoluments were paid to the directors of the society. "Director" includes any members of the Committee of the society.
12 ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| 8. Wages and salaries Wages and salaries Social security costs Pension costs The average number of employees of the Society including part time employees was Costs in respect of these employees were as follows - |
2023 6 51,704 - 884 52,588 |
2022 5 39,865 - 562 40,427 |
|---|---|---|
The society operates a defined contribution pension scheme. Amounts are charged to the accounts as they accrue.
9.a Fixed assets
| Cost As at 1 April 2022 Disposal Accumulated depreciation As at 1 April 2022 Charge for year Depreciation on disposals As at 31 March 2023 Net book value As at 31 March 2023 As at 31 March 2022 Additions |
Freehold housing property £ 895,869 895,869 - - - 895,869 895,869 |
Fixtures and fittings £ 32,494 32,494 29,220 491 29,711 2,783 3,274 |
Computers £ 519 519 519 - 519 - - |
Total £ 928,882 - - 928,882 29,739 491 30,230 898,652 899,143 |
|---|---|---|---|---|
All housing property owned by the society is for letting.
The cost of non-depreciable freehold land included in freehold property at 31 March 2023 was £120,000 (2022 £120,000).
| 9.b Investments Market value of listed investments (Financial assets measured at fair value through the surplus/(deficit)) At 1 April 2022 Additions Disposals Unrealised gain/(loss) At 31 March 2023 Historical cost CCLA IDAD The Callable Deposit Plan Investec |
2023 £ 322,092 - - (2,784) 319,308 159,000 77,600 50,000 286,600 |
2022 £ 252,694 50,000 - 19,398 322,092 159,000 77,600 50,000 286,600 |
|---|---|---|
13
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
10. Debtors
| Amounts falling due within one year - Rent arrears Prepayments 11. Creditors: Amounts falling due within one year Rent in advance Accruals Other creditors |
2023 £ 27 4,184 4,211 2023 £ - 1,650 1,612 3,262 |
2022 £ 27 3,847 3,874 2022 £ 2,837 2,250 1,062 6,149 |
|---|---|---|
The average number of days between receipt and payment of purchase invoices was 13 days (2022: 6 days).
12. Creditors: Amounts falling due after one year
| Tenant Services Authority loan As at 1 April 2022 and 31 March 2023 |
2023 £ 1 |
2022 £ 1 |
|---|---|---|
13. Maintenance programme
The society's practice is to maintain properties to a high standard through a continuing programme of refurbishment and maintenance and consequently the lives of the properties and the residual values are such that any depreciation charge would be immaterial.
The maintenance of the property is reviewed on a continuing basis and discussed regularly at committee meetings.
All expenditure on maintenance is charged to the income and expenditure account. The charge for the year ended 31 March 2023 being £11,707 (2022: £19,284).
14. Housing stock
| Units of supported accommodation for older people in management: - Let on full time basis - Let on temporary basis |
2023 10 - 10 |
2022 10 - 10 |
|---|---|---|
15. Control relationships
The Society is controlled by its management committee as listed in the Reference and Administration Details on page 1.
16. Pension costs
The society operates a defined contribution scheme for its employees with NEST the National Employees Savings Trust. Contributions are charged in the income and expenditure accounts as they accrue. The charge for the year was £884 (2022 £562).
17. Related party transactions
During the year no committee members received any expenses (2022: no committee member received any expenses).
ABBEYFIELD TIVERTON SOCIETY LIMITED
UNAUDITED FINANCIAL STATEMENTS
YEAR ENDED 31 MARCH 2023
| Contents | Page |
|---|---|
| Reference and administration details | 1 |
| Report of the committee | 2-4 |
| Reporting accountants’ report | 5 |
| Statement of comprehensive income | 6 |
| Statement of financial position | 7 |
| Statement of changes in reserves and equity | 8 |
| Statement of cash flows | 9 |
| Notes to the financial statements | 10-13 |
Company Number 01095865 (England & Wales) Homes and Communities Agency Number H0559 Charity Commission Number 265782
1 ABBEYFIELD TIVERTON SOCIETY LIMITED REFERENCE AND ADMINISTRATION DETAILS
| Charity number | 265782 |
|---|---|
| Company number | 01095865 |
| Homes and Communities | |
| Agency Number | H0559 |
| Address | Duffield House |
| 2 St Pauls Square | |
| Tiverton | |
| Devon | |
| EX16 5HZ | |
| Committee members | Mr David J Halestrap - Chairman (resigned July 2022) |
| Mr Brian Pocock - Interim Chairman (appointed July 2022) | |
| Mrs Ann Waterman | |
| Mrs Pat Dalby | |
| Mr Matt Shaw | |
| Mrs Sharon Bradshaw | |
| Mr Mike Shaw - Former Treasurer (resigned April 2022) | |
| Mrs Kathy Beechen - Interim Treasurer (resigned February 2023) | |
| Mrs S Green (appointed July 2022) | |
| Mr Nick Baker (appointed July 2022) | |
| Mr Richard Flower (appointed July 2022) | |
| Mrs Esther Burd (appointed April 2023) | |
| Operations manager | Mrs R Delafield (resigned October 2022) |
| Mrs B Cheffings (appointed February 2023) | |
| Housekeeper | Mrs L Jonck |
| Accountants | Apsleys |
| Chartered Accountants | |
| 21 Bampton Street | |
| Tiverton EX16 6AA | |
| Main bankers | Barclays Bank plc |
| 24 Fore Street | |
| Devon EX16 6LE |
2 ABBEYFIELD TIVERTON SOCIETY LIMITED
REPORT OF THE COMMITTEE
The Society is a Registered Social Housing Provider controlled by the committee members detailed on page 1.
The members of the committee have pleasure in presenting their annual report and financial statements for the year ended 31 March 2023.
OBJECTIVES AND ACTIVITIES
Summary of the objects of the charity set out in its governing document
The relief and support of elderly persons of all classes suffering from the disabilities of old age or otherwise in need.
The spreading of Christian principles to all human relationships and the application of humanitarian aims to promote the relief of the elderly.
To provide further education in the sphere of voluntary work, social work and similar activities so as to inculcate the principles of good citizenship.
Such other purposes recognised by English Law as charitable as the society shall determine from time to time.
The Society has had due regard to guidance published by the Charity Commission on public benefit and certify compliance with the Governance and Financial Viability Standard published by the Home and Communities Agency. The Trustees believe this is achieved via the charity's objectives and activities.
Summary of the main activities in relation to these objectives
The provision of sheltered accommodation for the elderly at its premises situated at numbers 2, 3 and 4 St Paul’s Square together with support and companionship.
Additional details of objectives and activities
The Society is run by a committee of volunteers.
ACHIEVEMENTS AND PERFORMANCE
Summary of the main achievements of the charity during the year
After serving Abbeyfield Tiverton Society in various capacities since it’s inception, David Halestrap stood down as Chairman of the Board at the 2022 AGM after a total of 50 Years service. A great many elderly residents have benefited from his commitment to the development and care of Duffield House over those years and he leaves a legacy that the current Trustees are determined to continue, to serve the housing needs of both current and future generations of elderly people. In recognition of this service David was offered, and accepted the title of President of the Society. He remains actively involved as an advisor concerning building matters as his knowledge of the building is invaluable.
2022 finally saw the end of the various restrictions imposed by the Covid 19 pandemic. The staff remained alert to the need for the care and protection of the residents but it was good to get ‘back to normal’ with residents able to experience social life outside the House again and we were able to resume the monthly coffee and activity mornings in the lounge which our volunteer activity organiser, Gina, plans and runs. Residents and staff were treated to 2 outings to the golf club. One for a cream tea to say thank you and farewell to David Halestrap and Helen Reynolds and the other for the annual Christmas dinner. The highlight of the social year was the Coronation Party organised jointly with the neighbouring Greenway Gardens Almshouse residents. This was planned to be a street party but because of the weather we were welcomed into the Almshouse Common Room where about 30 residents enjoyed a delicious tea..
There have been numerous staff changes during the year. Rachael Delafield resigned as Operations Manager to devote time to caring for her daughter and granddaughter, and we were pleased to appoint Beth Cheffings in her place. Our Deputy Housekeeper Helen Reynolds, retired after serving us well for many years but agreed to join our list of Relief Housekeepers. Becky Britton also agreed to join this list. Teresa Docherty was appointed as the Deputy Housekeeper. Our cleaner, Lorraine McCallisk, had to have extended time off due to illness and Dhama Jonck took on the role alongside our relief cleaner, Elaine Northcott.
The House has been fully occupied throughout the year except for a short vacancy between tenants.
The ongoing maintenance schedule to maintain the outside appearance and quality of the building has continued and all necessary internal repairs have been carried out to ensure the services supplied to residents are provided for their ongoing convenience and comfort. The garden continues to serve as a recreational and social space for residents and their visitors to enjoy and we are thankful to one resident who takes a pride in helping to maintain its delightful appearance.
3 ABBEYFIELD TIVERTON SOCIETY LIMITED
REPORT OF THE COMMITTEE (CONTINUED)
FINANCIAL REVIEW
Brief summary of the charity’s policy on reserves
Abbeyfield Tiverton Society Ltd sets its rents to ensure that 10-15% of its income is added to reserves each year but given the restriction of the pandemic and voids we haven't been able to add to reserves this year, instead we've drawn down on previous years.
Our reserves are invested for funding future developments of Duffield House.
Financial result
After providing for outgoings of a revenue nature there is a net surplus for the year of £1,325 (2022 deficit £17,876). The balance of revenue reserves carried forward to future years amounts to £1,465,339 (2022 £1,466,798). The Society is able to meet all of its obligations.
Property values
The market value of the freehold properties, in the opinion of the committee, is in excess of the value shown in the balance sheet but the expenses of a professional valuation would not be warranted.
PLANS FOR FUTURE PERIODS
To continue to provide sheltered accommodation for the elderly and maintain the premises in a good state of repair.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Type of governing document Memorandum and Articles of Association How the charity is constituted Company limited by guarantee Committee selection method Appointed by existing committee members
Value for Money Statement 2022-23
The Society’s approach to Value for Money is to achieve the objectives of low costs, high productivity and successful outcomes. The primary aim is to provide high quality and comfortable sheltered housing to alleviate loneliness for older people. With Value for Money in mind, the Executive Committee sets rents at affordable levels and approves a budget annually which is monitored regularly. A surplus is built into the budget to provide for expenditure in future years. The unit cost was £1171 (£1928 2021-22) and the operating margin was -2% (-22% 2021-22) (metrics 5 and 6). Sufficient funds are therefore available from reserves to undertake larger projects and renovations when required. The Society reinvests in the property in order to maintain it to high standards. In 2022-23 investment was 1.31% (2.15% 2020-21) and return on capital -0.13% (-1.39% 2021-22) (metrics 1 and 7).
The Society is committed to provide a high quality service to the residents. This means that repairs must be carried out speedily and the property is well maintained. Contracts for services are reviewed and performance monitored. Suppliers are challenged or changed and tenders are sought for works. A local estates management firm carries out this function on behalf of the Society
The target for the Society is to maintain full occupancy but it acknowledges voids are inevitable and it is aware of the impact of vacant rooms both financially and socially. The budget includes provision for a £12,000 loss 2022-23 due to the possible difficulty in filling vacancies this year due to Covid restrictions. Voids are given priority by the Executive Committee and kept under constant review. They are usually filled from the waiting list and advertising is used when appropriate and by 30 November 2022 full occupancy was achieved. The level of voids in 2022-23 was 3.7% (20.2% in 2021-22).
The post of a part time operations manager was created in January 2022 to replace the administrator and carry out many of the day to day functions usually carried voluntarily by trustees, particularly the chairman and treasurer.
The Society holds a portfolio of investments which is designed to spread any financial risk whilst providing sufficient returns to enable the objects of the charity to be achieved. There are no outstanding loans (metric 3). The Society has no plans to provide additional units or to amalgamate with another provider (metric 2).
Additional governance issues
The committee members have examined the major risks which the charity faces and confirm that systems have been established to lessen those risks.
4
ABBEYFIELD TIVERTON SOCIETY LIMITED REPORT OF THE COMMITTEE
(CONTINUED)
Statement of the committee’s responsibilities
The Companies Act 2006, the Charities Act 2011 and registered social housing legislation require the committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the society and of the surplus or deficit of the society for that period.
In preparing those financial statements, the committee is required to:
-
select suitable accounting policies and then apply them consistently;
-
make judgements and estimates that are reasonable and prudent;
-
state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements
-
prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in business
The committee is responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the society and to enable it to ensure that the financial statements comply with the Companies Act 2006, the Charities Act 2011, the Charity (Accounts Reports) Regulations 2008, the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015. It is also responsible for taking reasonable steps to safeguard the assets of the society and to prevent and detect fraud and other irregularities.
Small company exemptions
This report has been prepared taking advantage of the small companies exemption of Section 415A of the Companies Act 2006.
This report was approved by the Committee on ……………………………………… and signed on their behalf by:
…………………………..
Mr B Pocock (Interim Chairman)
5
REPORTING ACCOUNTANTS’ REPORT TO THE COMMITTEE MEMBERS OF ABBEYFIELD TIVERTON SOCIETY LIMITED
We report on the accounts for the year ended 31 March 2023 set out on pages 5 to 12.
Respective responsibilities of the Committee and reporting accountants
The Committee of the Registered Social Housing Provider is responsible for the preparation of the accounts, and they consider that the Registered Social Housing Provider is exempt from an audit. It is our responsibility to carry out procedures designed to enable us to report our opinion.
Basis of opinion
Our procedures consisted of comparing the accounts with the accounting records kept by the Registered Social Housing Provider and making such enquiries of the officers of the Registered Social Housing Provider as we considered necessary for the purpose of this report. These procedures provide the only assurance expressed in our opinion.
Opinion
In our opinion:
-
the accounts for year ended 31 March 2023 are in accordance with the accounting records kept by the Registered Social Housing Provider under paragraph 135(2)(a) of the Housing and Regeneration Act 2008;
-
having regard only to, and on the basis of the information contained in the accounting records:
-
the accounts comply with the requirements of the Charities Act 2011;
-
the Registered Social Housing Provider has satisfied the conditions for exemption from an audit of the accounts for the year ended 31 March 2023 specified in section 136(3) of the Housing and Regeneration Act 2008;
-
the accounts comply with the requirements of the Housing and Regeneration Act 2008 and the Accounting Direction for private registered providers of social housing in England 2015.
Apsleys
Chartered Accountants 21 Bampton Street Tiverton Devon EX16 6AA
Date:
6 ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF COMPREHENSIVE INCOME YEAR ENDED 31 MARCH 2023
| Notes 3 Property management costs 4 5 2 Income from fixed asset investments 6 Revaluation of investments Interest receivable and other income Management and administrative expenditure Turnover Operating costs Surplus for the year after tax Operating surplus Total comprehensive income Surplus for the year on ordinary activities Taxation on surplus on ordinary activities |
2023 £ 119,441 98,318 23,095 121,413 (1,972) - 3,297 1,325 - 1,325 (2,784) (1,459) |
2022 £ 93,219 90,478 23,148 113,626 - 20,407 - 2,531 (17,876) - (17,876) 19,398 1,522 |
|---|---|---|
The financial statements were approved on behalf of the committee on ………….... and signed on their behalf by
………………………….
Mr B Pocock (Interim Chairman)
………………………….
Mrs Esther Burd (Trustee)
7 ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION
AS AT 31 MARCH 2023
| Note 9a 9a 9b 10 11 12 Investment revaluation Freehold housing properties Other fixed assets Investments Current assets Revenue Debtors Cash at bank, building society and in hand Creditors: Amounts falling due Net current assets Total assets less current liabilities Creditors: Amounts falling due within one year after more than one year Reserves Fixed assets |
£ 4,211 246,431 250,642 3,262 |
2023 £ 895,869 2,783 319,308 1,217,960 247,380 1,465,340 1 1,465,339 35,458 1,429,881 1,465,339 |
£ 3,874 247,839 251,713 6,149 |
2022 £ 895,869 3,274 322,092 1,221,235 245,564 1,466,799 1 1,466,798 38,242 1,428,556 1,466,798 |
|---|---|---|---|---|
For the year ending 31 March 2023 the company was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
Directors’ responsibilities:
-
the members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
-
the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
These accounts have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.
The financial statements were approved and authorised for issue by the committee on……………………… and signed on its behalf by:
………………………… ……………………… Mr B Pocock (Interim Chairman) Mrs Esther Burd (Trustee)
The notes on pages 10 to 13 form part of these financial statements Company registration number 01095865
8
ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF CHANGES IN RESERVES AND EQUITY
| At 1 April 2022 Surplus for the year Revaluation of investments At 31 March 2023 |
Revenue 1,428,556 1,325 - 1,429,881 |
Investment revaluation 38,242 2,784 - - 35,458 |
Total 1,466,798 1,459 - - 1,465,339 |
|---|---|---|---|
9
ABBEYFIELD TIVERTON SOCIETY LIMITED STATEMENT OF CASH FLOWS
| (Deficit)/Surplus for the year Interest received Dividends received Depreciation and impairment of tangible fixed assets (Gains) / losses on investments (Increase) / decrease in trade and other debtors Increase / (decrease) in trade and other creditors Net cash flow from operating activities Cash flow from investing activities Payments to acquire tangible fixed assets Payments to acquire investments Proceeds from disposal of investments Interest received Dividends received Net cash flow from investing activities Net increase / (decrease) in cash and cash equivalents Cash and cash equivalents as at 31 March 2022 Cash and cash equivalents as at 31 March 2023 |
2023 £ (1,459) (3,072) - 491 2,784 (337) (2,887) (4,480) - - - 3,072 - 3,072 (1,408) 247,839 246,431 |
2022 £ 1,522 (2,311) - 751 (19,398) (861) 1,772 (18,525) - (50,000) - 2,311 - (47,689) (66,214) 314,053 247,839 |
|---|---|---|
10
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
1. Summary of significant accounting policies
General information and basis of preparation
The Society is incorporated under the Companies Act 2006, the Charities Act 2011 and is a registered Provider of Social Housing in the United Kingdom.
The Society constitutes a public benefit entity as defined by FRS 102.
Basis of accounting
The financial statements have been prepared in accordance with applicable United Kingdom financial reporting standards including Financial Reporting Standard 102 The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS 102), the Statement of Recommended Practice for Registered Social Housing Providers 2014, the Accounting Direction for Private Registered Providers of Social Housing in England 2015, the Charities Act 2011 and the Companies Act 2006.
The financial statements have been prepared on a going concern basis under the historical cost convention, with the exception of investments which are included at market value.
The financial statements are prepared in sterling, which is the functional currency of the Society and rounded to the nearest £.
Turnover
Turnover represents rental income receivable in the year, net of losses from voids, and grant income receivable.
Fixed assets and depreciation
Tangible fixed assets are stated at cost, less accumulated depreciation and capital grants. Depreciation is charged over the expected economic useful lives of the assets at the following annual rates:
Fixtures and fittings 15% reducing balance basis Computers 3 years straight line
Housing properties
Housing properties are included at cost.
The Committee has not accounted for depreciation on its housing properties because the life of the property and residual value are such that any depreciation charge and accumulated depreciation are immaterial.
Improvements are works to existing properties which result in an increase in net rental income, including a reduction in maintenance costs or result in a significant extension to the useful economic life of the property.
Housing properties are reviewed for impairment at the end of each reporting period.
Government grants
Government grants were received back in 2001 and 2005 as a contribution towards capital cost. These grants were previously deducted from the cost of the housing properties, however due to the implementation of the SORP the comparatives have been restated. As the housing properties are valued at cost, grants should now be accounted for under the accruals model which means that grant income is recognised on a systematic basis over the expected useful life.
Value added tax
Irrecoverable VAT which can be attributed to a capital item or revenue expenditure is added to the cost of the capital item or expenditure.
Pension Costs
The Society operates a defined contribution scheme for the benefit of its employees with NEST the National Employees savings Trust. The cost of contributions are written off against surpluses in the year they are payable.
Taxation
The Society is currently exempt from taxation.
11
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| 2. 3. Rents receivable Lessrent losses from voids 4. Property management costs Wages and salaries Cleaner's wages Employer's pension costs Casual labour Food Heating and lighting Cleaning Garden expenses Insurance General and water rates Repairs and renewals 5. Management and administrative expenditure Printing, postage, stationery and advertising Telephone Administrator’s fees Accountancy fees Membership fee Sundry expenses Depreciation Donations 6. Interest receivable and other income Donations Miscellaneous income Depreciation Operating surplus Operating surplus is stated after charging Interest receivable |
2023 £ 491 124,068 (4,627) 119,441 2023 £ 51,061 643 884 41 11,562 9,309 986 725 4,756 6,644 11,707 98,318 2023 £ 202 477 196 1,921 3,589 1,219 491 15,000 23,095 2023 3,072 - 225 3,297 |
2022 £ 751 116,832 (23,613) 93,219 2022 £ 37,322 2,543 562 - 9,253 8,815 1,456 601 4,125 6,517 19,284 90,478 2022 £ 2,812 405 5,569 2,470 3,690 451 751 7,000 23,148 2022 2,311 - 220 2,531 |
|---|---|---|
7. Directors emoluments
During the year no emoluments were paid to the directors of the society. "Director" includes any members of the Committee of the society.
12 ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
| 8. Wages and salaries Wages and salaries Social security costs Pension costs The average number of employees of the Society including part time employees was Costs in respect of these employees were as follows - |
2023 6 51,704 - 884 52,588 |
2022 5 39,865 - 562 40,427 |
|---|---|---|
The society operates a defined contribution pension scheme. Amounts are charged to the accounts as they accrue.
9.a Fixed assets
| Cost As at 1 April 2022 Disposal Accumulated depreciation As at 1 April 2022 Charge for year Depreciation on disposals As at 31 March 2023 Net book value As at 31 March 2023 As at 31 March 2022 Additions |
Freehold housing property £ 895,869 895,869 - - - 895,869 895,869 |
Fixtures and fittings £ 32,494 32,494 29,220 491 29,711 2,783 3,274 |
Computers £ 519 519 519 - 519 - - |
Total £ 928,882 - - 928,882 29,739 491 30,230 898,652 899,143 |
|---|---|---|---|---|
All housing property owned by the society is for letting.
The cost of non-depreciable freehold land included in freehold property at 31 March 2023 was £120,000 (2022 £120,000).
| 9.b Investments Market value of listed investments (Financial assets measured at fair value through the surplus/(deficit)) At 1 April 2022 Additions Disposals Unrealised gain/(loss) At 31 March 2023 Historical cost CCLA IDAD The Callable Deposit Plan Investec |
2023 £ 322,092 - - (2,784) 319,308 159,000 77,600 50,000 286,600 |
2022 £ 252,694 50,000 - 19,398 322,092 159,000 77,600 50,000 286,600 |
|---|---|---|
13
ABBEYFIELD TIVERTON SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS YEAR ENDED 31 MARCH 2023
10. Debtors
| Amounts falling due within one year - Rent arrears Prepayments 11. Creditors: Amounts falling due within one year Rent in advance Accruals Other creditors |
2023 £ 27 4,184 4,211 2023 £ - 1,650 1,612 3,262 |
2022 £ 27 3,847 3,874 2022 £ 2,837 2,250 1,062 6,149 |
|---|---|---|
The average number of days between receipt and payment of purchase invoices was 13 days (2022: 6 days).
12. Creditors: Amounts falling due after one year
| Tenant Services Authority loan As at 1 April 2022 and 31 March 2023 |
2023 £ 1 |
2022 £ 1 |
|---|---|---|
13. Maintenance programme
The society's practice is to maintain properties to a high standard through a continuing programme of refurbishment and maintenance and consequently the lives of the properties and the residual values are such that any depreciation charge would be immaterial.
The maintenance of the property is reviewed on a continuing basis and discussed regularly at committee meetings.
All expenditure on maintenance is charged to the income and expenditure account. The charge for the year ended 31 March 2023 being £11,707 (2022: £19,284).
14. Housing stock
| Units of supported accommodation for older people in management: - Let on full time basis - Let on temporary basis |
2023 10 - 10 |
2022 10 - 10 |
|---|---|---|
15. Control relationships
The Society is controlled by its management committee as listed in the Reference and Administration Details on page 1.
16. Pension costs
The society operates a defined contribution scheme for its employees with NEST the National Employees Savings Trust. Contributions are charged in the income and expenditure accounts as they accrue. The charge for the year was £884 (2022 £562).
17. Related party transactions
During the year no committee members received any expenses (2022: no committee member received any expenses).