THE ABBEYFIELD SALTASH SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE AND AUDITED FINANCIAL STATEMENTS PERIOD I" AUGUST 2020 TO 31$t MARCH 2021 Charity Registration Number 266208 Compgny Registration number 01117696 DAWE. HAWKEN & DODD Chartcrcd Certified Accountants Callington, Cornwall
THE ABBEYFIELD SALTASH SOCIETY LIMITED cowrELYfs OF THE FINANCIAL STATEMEiwrs FOR THE PERIOD I'AUGUST 2020 TO 31" MARCH 2021 Administrdtiv¢ Inforn)ation Report of the Executiv¢ Committee 24 Report of the Independent Auditors Ststcmcnt of Financial Activities Balance Sh Notes to the Financial Statements 9-13
COMPAIYY INFORMATION FOR THE PEIUOD I" AUGUST 2020 TO 31" MARCH 2021 EXECUTIVE cOMMIEE. E.R. Distin l. Denton D. Trembath WJ. Walton B Stoyel Chairnian Vice Chaiman Treasurer SECRETARY.. K. Hopkins (AppKJinted 2 February, 2021) REGISTERED OFFICE.. 40 Callington Road Saliash Cornwall PL12 6DY REGISTERED NUMBER: 01117696 (England and Wales) AUDITORS: Dawe, Hawken & tkndd Chartered Certified Accountants i2 Fore Stsret Callingran Cornwall PL17 7AJ BANKERS: Barclays Bank PIC Page I
THE ABBF.YFtELD SALTASH SOCIETY LIMITED REPORT OF THE EXECUTIVE COMmIEE FOR THE PERIOD I" AUGUST 2020 TO 315t MARCH 2021 The Executive Committe¢ submits its annual reTrrt and audited financial statements for the Society for the period from 1° AugusL 2020 to 31" March. 2021. PriD¢ip#l Activity The principal activity of the Society is to provide sheltered accommodation for the elderly in accordance with the aims and principles of the Abbeyfield Society Limited. These activitics fall wholly within hostel housing activities as defined in the Housing and Regeneration Aci 2008. The Society provides accommodation for nine residents at Cresta House. 40 Callington Road, Saltash and for four r¢sid¢nts at Trewinn¢y. 42 Callington Roa¢ Saltash. Status The Society is a company limited by guaranlee having no share capital and with solely charitable objectives. It is a registered charity (number 266208) and a member of the Tenant Services Authority (number H2295). Public Benefit The Executive Committee has complied with the duty in Section 17 (5) of the 2011 Charities Act to have due regard to guidance published by the Charities Commission. The Executive Committee have reviewed the objects. goals. services and objectives of the charity in the light of this Tequirement and can confirni that Abbevfield Saltash Society Limited serves for the public benefit. This Executive Comtnittee"s annual report continues evidence how the chaTity strives to meet need. Financial Review REVIEW OF THE 8 MowfH PERIOD ENDED 31° MARCH. 2021 In summarv, the peri(MJ was 5ati5factory both fmancial and 0[rational ternis. Over the period wc avcraged 91 Q/• occupaticy (940/0 for the previous year). Our total revenue from ordinary operntions in the 8 monihs to 31 March 2021 was £123,105 cownpared with £189,611 in the year to 31. July, 2020. Our operdting expenses for the 8 months were £109.125 compared wilh £149.455 in the previous year. Capital expenditure of £1.493 was incurrcd in the peri(Kl. We ended the peri(xl w.ith cash balances of £227,642 (previous year £207,481), although it must be pointed out that this includes £105,574 of a recycled Housing CortN)rntion Grant which is expected to be repaid within the next 3 years- please see note 2(k) for more inforniation. stsff costs accounted for 4/0 (previous year 500/0) of our operational costs. The kniety, as a matter of policy, sets staff pay rdies by reference to the -Living Wage" and not the statutory minimum wage rates. Our maintenxnce expenditure for the 8 months at £12,542 wa5 £2,952 higher than the previous year. Page 2
THE ABBEYFtELD SALTASH SOCIETY LIMrrED REPORT OF THE EXECUTIVE COMMITTEE FOR THE PERIOD I# AUGUST 2020 TO 31" MARCH 2021 VALUE FOR MONEY (WFW) Through its structure of volunteer TnteeS and others, the S(Kiety is able to maintain its fees at a l¢vel below that of other providers providing similar levels of servtce in the Society's geographical ar¢a. The Executive CommÉttee are satisfied that its scrYic¢ users are iKing offered value for money. VFM METRICS In April 2018 the Regulator of Social Housing issu¢d a new VFM Standard. The target figures for The Abbeyfield Society for 2020121 are shown in the below tabl¢: ABBEYFIELD SALTASH SOCIETY THE ABBEYFIELD SOCIETY l Reinvestment 0.0/0 2 New supply delivered 0.30/0 3 Gearing 0.0/0 8.(Y/o 4 EBITDA infrrest cover 0.0/0 (1.849)0/0 5 Headline Social Housing cost per unit £12.591.00 £25,072 (Annual equivalent) 6 Operating margin sla1 Housing lettings only (25.2)0/0 Overall 11.4/ (9.OY/o 7 Return on capital employed 2.10/0 (2.7)0/0 Reseryes Policy The Trustees, wjlicy is to retain suffici¢nt reserves. which in the Tntees, judgement adequate to cover future contingencies and liabilities. and which conlinue to provide essential services EIeeutive Committee The memkrs of the Executive Committee who served throughout the year were: E.R. Distin (Chairman). D. Trembath {Trurer), l. Denton. W.J. Walton and B Stoyel. Auditors A re501ution for thc re-apEx)intm¢nt of Dawe Hawk¢n and Dodd as Independent Auditors will be proposed at the annual gcneral meeting. Risk Mallagement The Exccutive Committee have a duty to identify and review the risks to which the society is exposed and to ensure that appropriate contn)Is are in place to provide rcasonable assurance again* fraud and etTOr. Page 3
whith giv¢ a Iru¢ •Dd fair view of the stste of affairs of th¢ ¢rADpHny and of the wofft or loss of the company for that perio Jn preparing those fiDan¢ial ststements the Executive CoDunittee is wuired sele4t wilabk a¢¢(wtttiti8 EL)liCI and th¢n apply them ¢onsistenty. thatth¢ ¢omp2ny will c4)ntinue in Ewsine% The Exeaitiv¢ Committee is re5wnl}k for k¥in8 x¢ounting tec4)rds whl¢b dlsclos¢ with the financial ststements Lpty with the Compwies Act 21J)6. They are 4]so r¢sp)nsible for In sx) far as the Fxecutive Committ¢¢ aff aw . the Executive C(Mnmi¢t¢¢ have tsken 1 the steps that they W to hav¢ tskell in oth to mak¢ tt3¢1y aware ofany relevant audit and to ¢stablish Itt the company's auditors 11 ocldor I
THE ABBEYFIELD SALTASH SOCIETY LIMrrED REPORT OF TFIE INDEPF.NDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD SALTASH SOCIETY LIMITED OPINION We have audited the Iinancial statements of The Abtwfield Saltssh Sociw Limited (the 'charitable cornpany'} for the n(l from I" AugusL 2020 to 31 March, 2021 which comprise the Ststement of Financtal Acttvilies. the Balance Sheet and the notes to the financial statements, including a summary of significanl aoUntIng w)licies. The financial rew)rting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Stsndards (United Kingdom Generally Accepted Accounting Practice). This report is made solely to the charitsble company's Executive Committee, as a i*)dyy in accordancc with Section 144 of th¢ Charities Act 2011 and rcgulation5 made under Section 154 of that Act. Our audit work has been undertaken so that we might state to the charitable company's Executive Committee those matt¢rs we are required to state to them in an Audilors, Report and for no other pllrSe. To the fullest extenl pem)itled by law, we do not accept or assume responsibility to anyone other than the ¢haritsble company's Executive Committee as a body, for our audit work, for this repo or for the opinions we have formed. In our opinion the financial statements: give a true and fair view. of the SW¢ of the charitable company's affai as at 31° March, 2021 and of its iDCOtning resources and application of resource4 including tts income and cxpenditurc, in the period then cnded. have been properly prepared in accordance with unli Kingdom Generdlly Aepted Accounting Practice; and have been prepared in accordance with the requirem¢nts of the Companies Act 2006; BASIS FOR OPINION We conducted our audit in accordance with applicable law and International Standards on Auditing (UK) {ISAs (UK)). Our responsibilities under those standards are further described in the Auditors responsibilities for the audit of the financial statements section of our reEx)rL We arc independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S ethical standard. and we have fulfilled our other ethical restK)nsibilities in accordance with these requirements. We IKlieve that the audtt evidence we have obtained is suificient and appropriate to provide a basis for our opinion. Those standards require us to compty with the Auditing PTactt¢es Board's (APB'S) Ethical Sthndards for Auditors. CONCLUSIONS RELATtNG TO GOING CONCERN In auditing the financial statements. we have concluded thal the board""s use of going concern basis of ai¢ounlin¥ in the preparation of the financial ststem¢nts is appropriate. Based on the work we have perforn)ed. w¢ hav¢ not id¢ntified any mat¢rial uncertainties relating to events or conditions that, individually or ¢ollectiv¢ly. may cast significant doubt on the society's ability to continue as a going concern for a period of at le&st 12 motrths from when the financial statements are auihorised for issue. Our responsibilities of the board with re$et to going concern are described in the relevant sections of this report. OTHER INFORMATION The Executive CoTnfflittce 15 restx)nsible for the other infonnation. The other inforn)ation comprises the inforn)ation included in the annual reporL other than the financial statements and our Report of the Indendent Auditors thereon. Our opinion on the financial statements does not cover the other inforniation and we do not express any forn) of assurance ¢on¢lusion thereon. In connection with our audit of the ftnancial statements, our responsibility is to read the oihcr inforniatiOTE and, in doing so, consider whcther the other inforniation is materially inconsistent with th¢ financial statcw¥Jettts or our knowledge obtained in the audit or otherwise aPar$ to be materially misststed. If. based on the work we have perfomied we conclude that there is a matcrial misstatement of this other inforniatton. we are Tequir¢d to report that fact. We have nothing to rep)rt in this regard. Page 5
THE ABBEYFIEU) SALTASH SOCIETY LIlITED REPORT OF THE tNDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD SALTASH SOCIETY LtMrrED MATfERS ON WHICH WE ARE REQUtRED TO REPORT BY EXCEvrtON We have nothing to report in respect of the following n]atters where the Clwities Act 2011 requires us to report to you if, in our opinion: the infomiation given in the Report of the Executive Committee is inconsistent with the fanCIal statements; or adequate accounting records have not Fttn kept or returns adequate for our audit have not been received from branches not visited by us: or the firjancial statements are nol in agreement with the accounting records and returns" or certain disclosures of Executive Committee members Temunet*ion sp¢cified by law are not made" or we have not received all the infOrntiOn and explanations we require for our audil or the executive Collllnittee was not ¢ntitl¢d io prepare the fllwlctal statements in accordance with the Small Companies regime and take advantage of the Small Companies exen]ption in preparing the Report of the Executive Conunittee and tsk¢ advantage of the Small Companies exemption from the requirement to prepare a strategic report. RESPONStBJLrrtES OF EXECtrrIvE COMMrrrEE As explained tnore fully in the Statement of Responsibililies of the Executive Committee set out on page 4, th¢ Executive ConunittL% (who are also the directo of the charitable company for the purtK)ses of company law), are responsible for the preparation of the financial statements and for being satisfied that they give a tru¢ and fair vicw. and for such intcrnal control as the F.xecutive Committee deterniine is nSSary to enable the preparation of financial statetneTrts that are free from material misstatemenL whether due to frdud or eOr. In preparing the financial statements, the Executive Covnmittee is resEKpnsible for assessing the ¢h8ritable company's ability to continue as a going concern, disclosing, as applicablc. matters related to going concern 2nd using the going eottcern basis of accounting unlcss thc Executive Committee either intend to liquidate the charitable company or to cease operation4 or have no reall1¢ alt¢rnativ¢ but to do so. OUR RESPONSIBILITIES FOR THE AUDTT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurdnc¢ atK)Ut whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. and to issue a Rew)rt of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of &ssurnnce but is not a guarantee than an audit conducted in accordance with ISAS (UK) will always detect a material misstatemenl when it exists. Misststements can arise from fraud or em)r and are considered material if. individually or in the aggregate, they could reasonably IK eXted to influenc¢ the economic decisions of users taken on the basis of these financial staÉements A further description of our resrKynsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.fr¢.org.uklauditorsresponsibilities. This description foms part of our Report of the Ind¢pendent Auditors. Andrew Farr (Senior ststory Audttor) For and on behalf of Dawe, Hawken & Dodd Chartered Certified Accountants 52 Fore Street Callington Cornwall PL17 7AJ Date: 21° October, 2021 Pag¢ 6
THE ABBEYFIELD SALTASH SOCIETY LIMrrED ST ATEMEr OF FlllANCLIL ACTIvrrIES CORPOIL4TLNG AN IIYCO.ME AND EXPENDITURE ACCOUNT FOR THE PERIOD 1$1 AUCU.ST 2020 TO 315t MARCH 2021 Unrestricted FuDds Restrieted Funds Total 2021 Total 2020 Note HOUSING AcrtVTrtES Turnover Operating Costs 123105 109125 123105 109125 189611 149455 12 Operating Surplus Interest Receivable Surplus on ordinary activities before taxation Extraordinary Item 13980 18 13980 18 40156 218 13998 13998 40374 133839 13 Surplus for the period Total Funds brought forward Total Funds carried forward 14 13998 642789 13998 642789 174213 468576 fi427E CONTINUING OPERATIOIYS All income and expenditu has arisen from continuing activities. The notes on pages 9 to 13 forni part of these fancial statements Page 7
THE ABBEYFIELD SALTASH SOCIETY LIMITED BALANCE SHEET AS AT 31" MARCH 2021 CharitF. R Com istration Yi umbcr 266208 istration Number 01117696 Nole 2021 2020 Utyr&8trided Restricted Total Toi FIXED ASSETS Housing land and buildings Improvements to proFerty Fixtures and fittings 3277?5 190667 24829 327725 190667 24829 33?200 193998 25097 CURRE[ ASSETS Debtors Cash at bank 2302 122068 105574 2302 227642 1171 207481 124370 105574 229944 208652 CURRENT LIABILITIES= Amounls falling due within one year NET CURRENT ASSETS TOTAL ASSETS LESS CURRE LIABILfTtES CREDITORS: Amounts falling due after more than one year 10804 10804 11698 656787 105574 762361 748?49 105574 105574 105460 NET ASSETS FUNDS Unrestricted Revenue Reserve Designated Property Maintenance Reserve Recycled Housing Corporation Grant TOTAL FUNDS 631787 25000 617789 25000 The Executive CommTttee ackTh)wledge their reswn5ibilities for. (a) ensuring thai the charitable ¢ompany keeps accouniin8 rttord5 that comply with Sections 386 and 387 of the Companies Act 2006 and (b) preparing financial statements which give a true and fair view of the stste of affairs of the charitable company at the end of each financial period and of its surplus or deficit for each financial period in accordance wilh ihe requirements of Section5 394 and 395 and which othenvise comply with the requirements of the Comp&ni¢s act 2006 telating io financial statrments. so far as applicable to the charitsble company. Th¢se financial statements have been prepared in accordance with the special provisions of Part 15 of th¢ Companies act 2006 relaiing io ¢haritable small companies. These financial statements were approved by the Executive Committee on J i by: E. Distin- rniarj D. Trembatb- Treasurer The notes on pag¢$ 9 to 13 forni part of these financial statements Page 8
THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1st AUGUST 2020 TO 31st MARCH 2021 Status of Society The Abtyfield Saltash Society Limited is registered under the Companies Act and Ès a registered charity. The company 15 one limited by guarantee and not having a share capital. Every member of the company und¢rtak¢s to guarant¢¢ th¢ liabilities of th¢ company up to an amount not exceeding one pound each. Accounting Policies Basis of Preparing the Financial Statements The financial statements are prepared under the historical Cost Conventio and are in accordance with applicable Accounting Standards in the United Kingdom and in accordance with the Statement of Recommended Practice issued by the National F¢dcration of Housing Associations. the Welsh Federation of Housing Associations and the Scottish Federation of Housing Associations, and with the Accounting Requirements for Regtstered Social Landlords G¢n¢rnl Detennination 2000. a) Social Housing Grants (SHGS) SHGS are made by the Department of the Environment and are utilised to reduce the amount of mortgage loans to a level that can b¢ financ from the equivalent fair rental income available. The grants are made direct to th¢ lending authority and are reflected in the Society's accounts only when the payment has been n]ade and the relevant mortgage loan reduced. b) Housing? Land and Buildings: SHG - Assisted Schemes COSL irrespective of the source of finance. includes cost of acquisition. development expenditure. interest on mortgage and other loan fitwicing up to date of completion ot project for occupation. and other costs if these are covered by a SHG grant. c) Housing) Land and Buildings= Other S¢h¢m Cost includes acquisition and development exnditure, and interest on loan financing up to the date of completion of project for occupation. d) Incoming Resources Grant Income Capital grdnts which are given for a specific PUTpose and have conditions imposed are treated as restricted fund income. e) Fixtures, Fittings and Equipment Assels donated to the Society are not included in the balance sheeL other assets are included at cost. Page 9
THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD 1st AUGUST 2020 TO 31st MARCH 2021 Depreciation Depreciation is provided at the following annual rates in order to MTite off each asset over its estimated usefid life. Freehold property 20/0 on a straight line b&sis Fixlures & fittings I/0 of written down value No depreciation is provided on freehold land. Deprecialion is charged so as to write down the cost (net of social housing grant) of freehold properties other than freehold land to their estimated residual value on a straight line basis over the expected useful economic lives. g} Donations Donations are recorded in th¢ financial tht¢m¢nts according to th¢ period in which they are received. h) ApportiODment of Management Expenses (see Note 12) Direct employee, administration and operating costs have been apportioned to the property revenue account and the r¢l¢vant sections of th¢ incom¢ and ¢xpenditure account on the basis of sts of the staff to the extent that they are directly engaged in each of the OprationS dealt with in these accounts. Pension Costs A workplace pension scheme w&s introduced in April 2016 and all employees have chosen to enrol in this scheme. Contributions bv employees and ¢mploy¢r are set at the highest level rather than the minimum level required by law. j) Property Maintenanee Reserve A specific d¢signated reserve has been ¢stablish¢d to allocate funds for futUTe major repairs. It is estimated that the cycle of repairs is a five year period. For this period an estimate of £5.000 has been calculated as the likely aDnual repair bill in each of the next five years. k) Reeyeled Housing CorporatioD Grant Following cessation of operations at Abbeyfield Liskeard their remaining fimds wer¢ transferred to The Abbeyfield Saltash Society Limit¢d. Th¢s¢ funds included a R¢cyLled Housing Corporation Grant of £105,460.18. which can only be used to provide additionaI sheltered accommodation units. Interest earned the period of £113.55 has been added to these funds giving a total of £105,573.73. If these funds are not used within three years from the time of receipt they have to be repaid. and &s it is unlikely that these funds will be able to be used within this time fram¢, these funds have been included accrued in creditors due after more than one year. Page 10
THE ABBEYFIELD SALTASH SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMENTS FOR THE PERIOD l$t AUGUST 2020 TO 3151 MARCH 2021 Fixed Assets Freehold Property Improvements Fixtures & to Property Fittings Total Cost At l August 2020 Additions Disposals At 31 March, 2021 392608 249797 52394 1493 694799 1493 392608 249797 53887 696292 Depreciation At l August 2020 Charge for the period Relating to Disp)sals At 31 March 2021 60408 4475 55799 3331 27297 1761 143504 9567 64883 59130 29058 153071 Net Book Value At l August 2020 332200 193998 25097 551295 At 31. March 2021 327725 I W667 24829 543221 Debtors: Due within one year 2021 2020 Prepavments Loan to the Ablwfield LÉskeard &iety 2302 1171 2302 1171 Creditors: a) Du¢ within one year 2021 2020 Creditors Accruals 7947 2857 io 7602 4096 b) Due after more tbaD ODe year Recycled Housing Corwration Grant Loan from The Abbeyfield Society 105574 105460 PaÈell
THE ABBEYFIELD SALTASH SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMENrs FOR THE PERIOD 1st AUGUST 2020 TO 31$t MARCH 2021 Revenue R¢s¢rv¢ 2021 2020 Balance at I. August 2020 Surplus for the period Balance at 31" March 2021 617789 13998 443576 174213 Designated Property Maintenance Reserve 2021 2020 Balance at I, August 2020 and 31 March 2021 25000 25000 Recycled Housing Corporation Grant (see note 2(k)) 2021 2020 Received on cessation of operations at Abbeyfield Liskeard Interest Received Less: Accrual provided to reflect expected repayment of grant after more than one year Balance at 31" MarclL 2021 105460 114 105460 105574 105460 Turnover 2021 2020 Residential charges receivable Losses arising from vacancies Net income from residential cEwges Other Income Total Ineome 134680 197380 13036 9888 121644 187492 1461 2119 1231 5 18961 10 Employee Costs 2021 2020 Employ¢e Wages Pension costs 51689 479 72429 2076 52 2021 2020 Number Number Average number of persons employed during the perio(Vyear (Full time equivalents) Page 12
THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTF.S TO THE FINANCIAL STATEMENTS FOR TTrIE PERJOD I" AUGUST 2020 TO 3151 MARCH 2021 11 Direetors, Emoluments No remuneration was paid to any of the Society's directOTS during the period. 12 Operating Costs Management S¢rvic¢s Current Finante & MaiDteiiaDee Man*gemen 2021 2020 Total Total Insurances & Rates Trdining costs Membetship fee Audit Payroll Administration Employee costs Food & other household costs Heat & light Telephone Depreciation Rcpairs & renewals Covid Costs Survey5 Sundri¢s Bank Charges Interest 5850 5850 188 2551 960 9220 786 3827 1080 188 2551 960 826 826 52168 52168 74505 13531 5582 1657 9567 13531 5582 1657 9567 12542 255 1255 2133 20704 7497 1729 14475 9590 757 12542 255 1255 2133 2068 137 3080 149455 5850 85081 12542 5652 109125 13 Extraordinary Item 2021 2020 Donation received on cessation of operations at Abbeyfield Liskeard 133839 14 Surplus for the Period 2021 2020 The sutplus for the period is after charging: Audit fee Depreciation written off tangible fixed &ssets 960 9567 1080 14475 15 Housing Stock Units in Management 2021 2020 Number Number Hostel accommodation- number of bed spaces Page 13