THE ABBEYFIELD SALTASH SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE AND AUDITED FINANCIAL STATEMENTS AR ENDED 311t MARCH 2023 Cbarity Registration Numb¢r 266208 Company RegISon Dumber 01117696 DAWE, HAWKEF4 & DODD Chartered Certified Accountants CallingtO Cornwall
coTErS OF THE FINANCIAL STATEME FOR THE YEAR ENDED Page Athninistrntive Inforniation Rert of the Executive Commit*¢ 24 Report of th¢ Independent Auditors Statement of Financial Activities Balance Sheet Noies to the Financial Statements 9-13
THE ABBEYFIEI SALTASH SOCIETY LIMtTED COMPAIYY INFORMATION FOR THE YEAR EIWED 31° MARC 2023 EXECUTIVE COMMIrrEE: E.R. Distin Chairnian l. Denton Vice Chairnian D. Twnbath Tre&8urer W.J. Walton B Stoyel SRETARy. Hopkins REGISTERED OFFICE: 40 Callington R(Md Saltssh Cornwall PL12 6DY REGISTERED NUMBER.. 01117696 (EnglaTKI and Wales) AUDITORS: Dawe. Hawken & Dcrfld Chartered Certified A¢untants 52 Fore Street Callington Cornwall PL17 7AJ BANKERS.. Barclays Bank Pl Page I
REPORT OF THE EXEcifTIVE COMMITTEE FOR THE YEAR ENDED 31" MARCH 2023 The Executive Committee submits its annual report and audited fllwicial statements for the Society for the year ended 31st Marcm 2023. Princip1 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 activities fall wholly within hostel housing activities as defined in the Housing and Regeneration Act 2008. The Society provides accommodation for nine residents at Cresla House. 40 Callington Road, Saltash and for four residcnts at Trewinney, 42 Callington RO Saltash. Status The Society is a company limited by guarantee having no share capital and with solely charitabl¢ objectives. It is a registered charity (nurnber 266208) and a member of the T¢nant Services Authority (numb¢r H2295). Publle Beneflt 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 requirement and can confirni that Abbeyfield Salt&sh Society Limited serves for the public benefit. This Executive Committee's annual report continues to evi(kn¢¢ how the charity strives to meet need. Financil Review REVIEW OF THE YEAR ENDED 31" MARCH. 2023 In summary. the year was satisfactory in b)th financial and operational ternls. Over the year we averaged 98Q/o cUpan¢Y (9P/• for the previous ye8r). Our total revenue from ordinary op¢rations in the year to 31 March 2023 wo5 £217,499 compared with £203.088 in the year to 31" March, 2022. (kn operating exn5¢s for the year to 31. MarcK 2023 were £170,490 compared with £158.646 in th¢ pvIOuS year. Capital expenditure of £2.996 incurrd in the year. We ended the year with thsh balan¢¢s of £327.923 {31° March. 2022- £271,380), although it must be pointed out that this include5 £105,744 of a recycled Housing corrtiOn Grant which is expected to be repaid within the next yeaT- ple see note 2(k) for more inforniation. Staff costs accounied for 41y/. (year ended 31. March. 2022- 510/ts) of our operational costs. The Society, as a matter of policy, sets staff pay rntes by reference to the"Living Wage- and not the statutory minimum wage rates. Our Mainten¢¢ ¢xpeDditure for the year at £15258 £964 higlKr than the previous y¢ar. Page 2
ORT OF THE EXEcvfivE CO FOR THE YEAR 31" MARCH 2023 VALUE FOR MONEY ("VW) Through its structure of volunteer Te¢S and Othe the S(Kiety is able to maintain its fees at a level b¢low that of other providers providing similar levels of service in the Socidy's geographical aTea. The Ex¢¢utive Committee are satisfied that its service USCTS are being offered value for money. VFM METRtcs In April 2018 th¢ R¢gulator of S(Kial Housing isswd a new VFM Standard. The tsrget figur¢s for The Abb¢yft¢ld Society fiK 2022r23 are shown in the below tsble.. ABBEYFIELD SALTASH ., THE ABBEYFIELD SOCIETY S(Ty l Reinvestment o.o(r/• 2.6Yo 2 New supply delivered O.(KP/o 1.60/• 3 Gearin8 o.w% (13.4r 4 EBITDA inler¢st cover O.(W• (2.l88r/ 5 Headline Social Housing cost per unit £13,114 £25.047 (Annual equivalent) 6 Owating margin - sla1 Housing Icttings onty 20.¢P/o {21.98f/o - Oyernll (10.93)Yo 7 Return on ¢8pital employed (excluding exceptional items) 6.4Yo {4.2)Yo Reyerve8 Policy The Trustees, policy is to retsin sufficient reserves. which in the Tntees, judgement adequate to cover future contingencies and liabiliti¢s, and which rA)ntinue to provide essential services Exeeutlve Committee The members of the Executive Committee who served throughout the year were.. E.R. Distin (Chairmanx D. TrembAth (Tre&8urer), I. Denm W.J. Walton and B Stoyel. Auditorn A resolution to dispense with the appintment of Independent Auditors and instead appoint an Ind¢p¢ndent EqMIner will be prop)sed at the annual general me¢ting. Risk Mawement The Executive Committee have a duty to identify and r¢vi¢w the risks to which th¢ society is ext and to ensuT¢ that appropriate controls ar¢ in place to provide reasonabl¢ &ssurance against fraud and error. Page 3
Comwiy l&w requires th¢ Ex¢cutive Committee to prepare fukancial st•tements for e&h financiil year ich give a true and fair view of the sth of a(faiT5 of tk and of the profit or Jos$ of the ¢ompany for that perd. In Frying tknse fiwcial SteMt% the Rul1ve Commiitee is ftqUiffAI seknt suitable acc(yJniin8 11¢1¢8 4Jply them wnsi5t¢ndy; that the will ¢ontinue in [Siness. Th¢ &}Ve Ccmmithx is w$1b]e ftr ke•pin8 PTCW whieh diy¢l0s8 wlth rwonAbk at any tim¢ the financial Wisiti of the comF4lly ond to eD&ble them to ensure that the financial Jtatwn¢nts compty with the comF4n1 Act 2. are al r¢swJnsibl¢ for safeguardin8 th¢ of th¢ Compw and heAKe for tskin8 Teasonabk • for the prevention and there is no rekvnt audit inforTnation (infomiation needed ty the cOmpY'S Auditors in COnnli0n with their rep) of which the comwiy's audito are and th¢ Exc¢utive CLxTrmittee Ive taken dl the s thy ought to have takth) in order to make thunselve8 aware of any Televant I•t Inforn afKI tt) ¢#abli8h that the cl.$ •Jdittys or¢ 8ww¢ of that infOrn. (Dirtttiy) On hlIf of the ExeGutive Committee
THE ABBEYFIELD SALTASH SOCIETY LI[[TED REPORT OF THE INDEPENDE AL]TORs TO THE MEMB THE ABBEYFIELD SALTASH SOCIETY LIMrrED OPINION We have auditwj the fllM)cial statements of Th¢ Abbeyfield Sait&%h Society Limited (the 'charitable company,) for the year ended 31° March, 2023 which comprise the Statement of Financial Activities, the Balance Sheet and the notes to the financial statetnents. The fmancial rewrting framework that h&% been applied in their preparation is appli¢able law and United Kingdom Accounting Standards. including FRSI 02 (United Ktngdom G¢nerally A¢c¢ptol A¢wunting PTactice). In our opinion the financial statements: giv¢ a tru¢ and fair view, of the state of the charitablc company's affairs as at 31 March. 2023 and of its incoming resourn and application of resources, including its income and expenditure, in the year then ¢nded' have been properly prepred in rdance with Unitrd Kingdom Genernlly Accepted Accounting Practice; and have been prepared in acclydanrx with the requirements of the CoJ))panics Act 2006. the Housing and Regeneration Act 2008 and the Accounting Direction for private registe1 providers of social housing in England 2019. BASIS FOR OPINION We conducted our audit in accordance with applicabl¢ law and International Standards on Auditin8 (UK) {ISAs (UK)). Our responsibilities under those stsndards are further described in the Auditors Tesponsibilitie5 for the audit of the financial statements section of our rep)rt. We are independ¢nl of th¢ ¢harit8ble company in ordanc¢ with the ethical requirements that arc rclevani to our audit of the fitwlcial statements in the UK including the FRC'S ethical st8ndart and we have fvlfilled our other ethical resp)nsibilities in accordance with these requirements. We believe that the audit evidence w¢ have obtained is sutTicient and &ppropriat¢ to providc 8 basis for our opinion. Those standards requi us ¢omply with the Auditin8 Practices Board's (APB'S) Ethical Siandords for Auditors. CONCLUSIONS RELATING TO GOG CONCERN In auditing the financial ststements, we have concluded that the Ix>fird's use of going concern basis of accourtting in the preparntion of the financial ststements is appropriate. Based on the work we have rforniCd. we have nol idenlified any material unc¢rtainli¢s lating to events or conditions thaL individually or wlle¢tiv¢ly may cast sjgnifi¢ant doubt on the society's ability to continue as & going ¢on¢ern for a peri of at le&st 12 months from when the fin4n¢ial statements are authorised for issue. Our reSnsIbIlItIeS of the board with resp¢¢t to going concern are described in the relevant sections of this r¢porL (miER INFORMATION The Executive Commlttee is r¢sponsibie for the other inforniation. Th¢ other inforniation comprises the inforniation Includ in the annual repoT¢ other than the financial stalem¢nts and our RetK)rt of the Independent Auditors thereon. Our opinion oo th¢ financial statements does not cover the other infonnion and we do not express any fonn of assurance concluston thcreon. In connection with our audit of the financial statements. our Jrswnsibility is to re*J the other inforn)ation an in doing so, consider whether the other inforniation is materialty incon5i5t¢nt with th¢ financial statements or our knowledge obtained in th¢ audit or otherwise appears to be materially misstated. If. baseil on the work we hav¢ IrfOned w¢ conclude that there is a material misstat¢m¢nt of this other infoTmation. we are required to report that facL We hav¢ nothin8 to r¢p)rt in this regard. MATfERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION We have nothing to report in respect of the following matters where the Charities Act 2011 requires us to re[ to you if, in our opinion: Page 5
RT F THE INDEPENDENf AlIDORs TO THE MEMBERS OF THE ABBEYFIKIJ) SALTASH SOCIETY LIMfTED the infOrntIon given in the Rqrt of the Executive Committee is inconsistent with the financial statements. or adequate accounting records have not been kept or returns adequatr for our audit have not been r¢cekved from branches not visited by us: or th¢ fllwicial ststements are not in agreement with the accounting records and returns. or certain disclosures of Executive Committee members remuneration specified by law are not we have not received all the infOrntiOn and explanations we require for our audit. or the executive Committee was not entitled to prepare the financial statements in accordance with the Small Companies regime aod take advantsge of the Small Companies exemption in preparing the Report of the Executive Committee and take advantage of th¢ Small Companies exemption from the requirement to prcpare a strategic report. REsPONSIBIL[Es OF EXEcirrivE cOMMIEE As explained more 1]Y in the Statement of Responsibilities of th¢ Exttutive Committee set out on page 4. the ExUtiVe Committee (who are also the directors of the charitsble company for the purposes of company law). are responsible for the preparation of the financial statrments and for being Satisfi they give a true and fair view, 8nd for such internal control as the Executive Committee deterniine is nec¢ssary to enabl¢ the preparation of fmAncial statements thal are free from malerial misstatemenL whether due tt) fraud or uror. Tn preparing the financial statements. th¢ ExeLutive Committee is resFM)nsible for essIng the eh&ritsble company's ability to continu¢ a going concern. disclosin& applicable, matters related to going concern and using the going ncern b&8is of accounting unless the ExUtiVe Committee either intend to liquidate the charitsble company or to ceas¢ operntion4 or have no Tealistic alternative but to do so. OUR RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMEwrs Our objectives are to obtain rcasonabl¢ U[an¢t aknui whether th¢ fin9la1 statements &8 a whole are free from material misstalem¢nL wh¢ther due to fraud or error. and to issu¢ a Report of the Independent Auditors that Includ our opinion. Re8sonable assurance is a high level of UrAn¢t but is not a guarnntee than an audit conducted in accordance with ISAS (UK) will always det1 a material misslalement when it exists. Misstatements can arise from fraud or error and are considered mai¢rial if, individually or in the aggregate. they could reasonably be ¢xpect¢d to influtnce the economic decisions of users on the b&8is of these financial statements A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.or&uklauditorsreswnsibilities. This description fornis part of our R¢port of the Independent Auditors. This report is made solely to th¢ choritsbk company's Executive Committee. as a body. in accordance with Section 144 of the Ch8rities Act 20118nd regulations made under Section 154 of that Act and tIOn 137 of the Housing and Regeneration Act 2(K)8. Our audit work has be undertaken so that we might state to the charitable company's Executive Committee thos¢ matters we are requirryj to state to them in an Auditors, Report and for no other purp)se. To th¢ fullest extent peM)Itt by law, w¢ do not ac¢¢pt or assume responsibility to anyone other than the charitable company's Executive Committee as a b)dy. for our audit worL for this r¢potL or for th¢ opinions we have f(ed. Andr¢w Fa (Senior Statutory Auditor) For and on behalf of Dawe, Hawken & Dodd Chartered Certified Accountants 52 Fore Strett Callington Cornwall PL17 7AJ Date.. 6th December. 2023 Page 6
STATEME OF FINANCIAL ACTIVTTIES CORPORATING AN INCOME AND EXPENDITURE ACCO FOR THE YEAR ENDED 31" MARC 20LI Unrestricted Funds Restri¢¢¢d Funds Total 2023 Totsl 2022 ote HOUSING ACTIVITIES Turnover Owating Costs 217499 170490 217499 170490 203088 158646 12 Operating Surplus Exceptional Item - Costs relating to possible extension Interest Receivable Surplus for the Year/Period Total Funds brought forwdrd Total Funds caryi¢d forward 47(KJ9 47009 44442 10934 431 36506 701242 10934 431 36506 701242 13 44455 656787 13 CONTINUING OPERATIONS All income and expenditure h&8 arisen from continuin8 aetivities. The notes on pages 9 to 13 forni part of these financial statements Page 7
Total FIXED ASS Housing land a1 buildings Improvements to wpaty Fixtures aThl fitting8 314301 I73 314301 180675 321013 185671 3428 3428 8128 225607 105744 331351 279508 CURRENT LIABILITILS: Amounts falling due within one year NET CURRENf A&srrs 737748 737748 701242 CREDTTORS: NET Assrrs 712748 251XIO 676242 tksi8nated ProF*ty Mainten8n¢e Re9erv¢ Rweled Housin8 CoryM)ration (jrant The Bxecutive Commi¢lee kkd8¢ their reswwThilis f(r. (a) sywing thot the ¢horitsbl¢ fAxnF4ny kerys rttonlg thllt e4)mply with Section$ 386 Ind 317 of th¢ Compani¢¥ A¢¢ 2LI)6 1Th1 (b) weparin8 fin181 sthtements whKh give * tr fair view of the Stste of a•r8 of the ehttrhable comwiy It th¢ end of each financitil Ind of its swplus or deficit for finwKial perd ift 8Kwd•nce with wirements of S¢¢tion$ 394 and 395 and whith s)tkni% (y)mply with the ve¢pirern¢nts of the Comp•ni¢s t 2IX)6 rtkntin8 to financi stst• so f•T ts appli)1¢ to th¢ Thme finmKial ststsrnts have been in with the 4xcial wovisions of P IS of the Companies xt 2(6 relatin8 to dwithble small Panie by: Pa8e 8
THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31S1 MARCH 2023 St¥dtU8 of Society The Abbeyfield Salt&sh Society Limited is registered under the Companies Act and is a registered cbarity. The company is on¢ limited by guarantee and not having a shar¢ capital. Every member of the company undertakes to guarantee the liabilities of the company up to an amount not exceeding one pound eaclL Accounting Policies Ba$ls of Preparing th¢ Financial StAtements The financial statements are prepared under the historical Cost convention, 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 Federation of Housing Associations, the Welsh Federation of Housing Associations and the Scottish Federation of Housing Associations, and with the Accounting Requirements for Registered Social Landlords General Detemiination 2000. 4) Social Housing Grants (SHGJ) SHGS are made by the Department of the Environment and are utilised to reduce the amount of mortgage loans to a level that can be financed from the equivalent fair rental income availabl¢. The grants are made direct to the lending authority and are reflected in the Soci¢ty's accounts only when the payment h&8 been made and the relevant mortgage loan reduced. b) Housing? LaDd aDd Buildlngs: SHG - knlgted Schem COSL irrespective of the source of finance, includes cost of aquisition. development expenditure, interest on mortgage and other loan fuwicing up to date of completion of project for occupation, and other costs if these are covered by a SHG grant. c) Housingg Land and Buildings: Other Seheme8 Cost includes acquisition and development expenditure, and interest on loan financing up to the date of completion of project for occupation. d) Incoming Resoure Grant Income Capitsl grants which are given for a specific pUrSe and have conditions imposed are treated as restricted fund income. e) Fiitures, Fittlngs and Equipment Assets donated to the Society are not included in the balance sheeL other assets are included at cost. Page 9
THE ABBEYFIELD SALTASH SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 3111 MARCH 2023 Depreciation Depreciation is provided at the following annual ras in Order to lle off each asset over its estimated usefill life. Freehold property 2Vo on a straight line ba8iS Fixtures & fittings IOO/• of written do) value No depreciation is provided on freehold land. Depreciation is charged so as to write dowm 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 th¢ expected useful economic lives. DonatiODS Donations are recorded in the financial statements according the period in which they are received. h) Apportionment of Management Expense8 (see Note 12) Direct employee, administration and operating costs have been apportioned to the prowty rev¢nu¢ aw)unt and the relevant sections of the income and expenditure account on the basis of costs of the staff to the extent that they are directly engaged in each of the operations dealt with in these accounts. i) Pension Costs A workplace pension scheme was introduced in April 2016 and all employees have Chosen to enrol in this scheme. Contributions by employees and employ¢r set at the highest level rather than the minimum level required by law. J) Property Maint¢D4Dce Reserve A specific designated reserve has been established to loCate fimds for future major repairs. It is estinlated that the cycle of repairs is a five year period. For this period an estima of £5,(KJO h&8 been calculated as the likely annual repair bill in each of the next five years. k) Recycled Housing Corpor8tioD Grant Following cessation of operations ai Ablwfield Liskeard their remaining funds were transferred to The Abbevfield Saltash Society Lirnited. These funds included a Recycled Housing Corporation Grant at 31 Marc14 2022 of £105.584, which can only be used to provide additional sheltered accommodation units. Interest earned in the year of £160 has been added to these funds giving a total of £105,744. If these fimds are not used within three years from the time of Teceipt they have to be repaid, and &s it is unlikely that these fimds will be able to be used within this time frame, these fijnds have been included accrued in creditors due after more than one year. Page 10
THE ABBEYFIELD SALTASH IETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31M MARCH 2023 Fixed A8ts Freehold Property ImprovemeDts Fiitures & to Property Fitting8 TotAI Cost At I April 2022 Additions Disposals At 31 MarclL 2023 392608 249797 60232 2996 1105 62123 702637 2996 1105 704528 392608 249797 Depreclation At l April 2022 Charge for the Year Relating to DISpoS At 31 Mawh 2023 71595 6712 64126 4996 32157 3054 770 167878 14762 770 78307 69122 34441 181870 IY¢t Book Value At I'April 2022 321013 185671 28075 534759 At 3 1st Mawh 2023 314301 180675 27682 522658 Debtors: Due withiD one yeAr 2023 2022 Prepayments Loan to the Ablxyfield Liskeard Society 3428 8128 Creditors: a) Due within one yer 2023 2022 Creditors Recycled HO8)ng Corp)rdtion Grant AC¢nlS 7216 105744 3301 4566 105584 2875 b) Due after more thn one year Re¢yGled Ho81n8 CorTation Grant Page 11
THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMEP4TS FOR THE YEAR EI¥4DED 31$1 MARCH 2023 Revenue Rejerve 2023 022 Balance at I. April 2022 Surylus for the period Balance at 31" March 2023 676242 36506 631787 44455 Designated Property Maintenance Reserve 2023 2022 Balance at 31" March 2022 and 31° March 2023 Recycled HousiDg Corporatlon Grant {ge¢ note 2(k)) 2023 2022 Received on cessation of OFxrations at Ablyfield Liskeard Interest Received Less: Accrual provida to reflect expected repaymcnt of grant Balance at 31# Marc14 2023 105584 160 105744 105574 io 105 Turnover 20 2022 Residential charges receivable Losses arising from vacancies Net income from residential cbarges Other Incomc Total In¢om¢ 218JOO 207480 5815 201665 1423 215454 2045 10 Employee Costs 2023 2022 Employee Wages Pension costs 82453 942 80435 956 2023 Number 2022 Number Average numttr of FnS employed during the year (Full time equivalents) Page 12
THE ABBEYFIELD SALTASH SOCIETY LIMrrED NOTES TO THE FtNANCtAL STATEMENrs FOR THE YEAR ENDED 3111 MARCH 2023 11 Dlreetors, Emolumellts No remuneration was paid to any of the Society's directors during the year. 12 Operating Costs Management Servlees Current Flnance & M*knteMnet Ma# ement 2023 2022 Totsi Total Insurances & Rates Training costs Membership f¢¢ Audil Payroll Administration Employee costs Food & other household costs Heat & light Telephone D¢prxiation tnss on Disp)sAI of Assets Rep&irs & renewals Covid Costs Sundries Bank Chor8¢8 10402 IQ402 594 4192 1140 9245 594 4192 1140 3870 1200 1357 1357 83395 1041 81391 83395 23638 12669 16 14762 23638 12669 16 14762 21012 7672 2405 14807 335 335 15258 15258 14294 2538 2538 128 1574 135 128 10402 138013 15258 6817 170490 158646 13 Surplus for the Year 2023 2022 Th¢ sury)lus for the period is after charging: Audit fee Depreciation WTitten off tangible fixed assets Loss on Disposal of Assets 1140 14762 1200 14807 14 Housing Stoek Units in Manag¢m¢nt 2023 2022 Numbor Number Hostel accomrnodation- number of bed spaces Page 13