THE ABBEYFIELD SALTASH SOCIETY LIMITED RFPORT OF THE EXECUTIVE COMMITTEE AND AUDITED FINANCIAL STATEMENTS YEAR ENDED 3111 MARCH 2024 Charity Registration Number 266208 Company Registration number 01117696 DAWE. HAWKEN & DODD Chartered Certified Accounlants Callington, Cornwall THE ABBEYFIEIJ) SALTASH SOCIETY LtfvIrrED coiYrENfs OF THE FII¥ANCIAL STATEMENTS FOR THE YEAR ENDED 315t MARCH 2024 Page Adtninistrative Infomiation Report of the Executive Committee 24 Report of the Independent Examiner Statement of Financtal Activities Balance Sheet Notes to the Find￿1￿1 Stsiments 8-12 THE ABBEYFIEIJ) SALTASH SOCIETY LIMITED COMPANY INFORMATION R THE YEAR ENDED 31" MARCH 2024 EXECUTIVE COMMITfEE: E.R. Distin Chairnlan l. Denton Vice Chatrnian (resigned 12 July. 2024) D. Trcmbath Treasurer WJ Walton (R￿18fted 4 Febnwy, 2024) B Stoyel SECRETARY.. K. Hopkins REGISTERED OFFICE: 40 Callington Road Salthsh Cornwall PL12 6DY REGISTERED NUMBER.. 01117696 ￿ngland and Wales) INDEPENDF,NT EXAMINli.R: Andrew FaTh FCCA Daw¢, Hawk¢n & Dodd Chartered Certified Accountsnts 52 Forc Street Callington Cornwall PL17 7AJ BANKERS: Ba￿layS Bank PIC Page I THE ABBEYFIELD SALTASH SOCIETY iIMITED REPORT OF THE EXECLTIVE COMMITTEE FOR THE YEAR ENDED 3151 MARCH 2024 The Executive Committee submits its annual report and audited financial ststements for the Society for the y¢ar ended 31. Marc14 2024. Principal Activity The principal activity of the Soci¢ty is to provide sheltered accommodation for th¢ elderly in cordance with the aims and principles of the Abb¢yfield Society Limited. These activities fall wholly within hostel housing activilies as defined in the Howsing and Regeneralion Act 2008. The Society provides accommodation for nine Tesidents ai Cresta House, 40 Callington Road, Saltash and for four residcnts at Trewinney, 42 Callington Roa￿ Saltash. Stydtus The Society is a company limited by guarantee having no share capital and with solely charitable objectives. It is a registered charity (number 266208) and a member of the "l enant Services Authority (numb¢r H2295). Public Benefit The Executive Committee h&$ complied with thc duly in Section 17 (5) of the 2011 Charities Act to have due regard to guidance published bv the Charities Commission. 'fh¢ Executive Committcc havc rcviewed the objects. goals. services and objectives of the charity in the light of this requiremcnt and can confirni that Abbeyfield Saltssh Sociely Limifrd serves for the public benefit. This F,xecutive Committee's annual r¢port continues to evidence how the charity strives to meet need. FinADclAI Review REVIEW OFTHE YEAR ENDF.D 31" MARCH, 2024 In summarv, the year was satisfactory in both financial and operational t¢rms. Over the year we averaged 970/0 occupancy (9V/ts for th¢ previous year). Our total revenue from ordinary operations in ihe year to 31 March 2024 was £230.242 compared with £217.499 in the year to 31. March, 2023. Our operdting expenses for the year to 31" March, 2024 weff £176.793 comparcd with £170,490 in the previous year. Capital expenditure of £1,621 was incurred in the year. We ended the year with cash balances of £400.819 (31° Mawh. 2023 - £327,923), although it must be pointed out that this includes £107,017 of a recycled Housing Corp)ration Grant which is expected to be repaid within th¢ next year- please see note 2(k) for more inforniation. Staff costs account￿ for 53.5Yo (year ended 31° MarnlL 2023 - 4V/o) of our opcratiollal o)sts. The So¢i¢ty, as a matter of policy* Sets staff pay rates by reference to the"Livin8 Wage- and not the stthtory minimuTn wagc rat¢s. Our maintenance exFnditure for the y¢ar at £9.411 was £5.847 lower than the previous year. Pag¢ 2 THE ABBEYFTELD SALTASH SOCIETY LIMrrED REPORT OF THE F.XF.CUTIVE COMMITTEE FOR THE YEAR 315¢ MARCH 2024 VALUE FOR MONEY {￿m Through its stru¢tur¢ of volunteer Trustees and others. th¢ S(Kiety is able to maintain its fees at a level below that of other providers providing similar levels of service in the Society's gcographical ￿ra. The Executive Committ¢¢ are satisfied that its servicc users are being offered value for money. VFM METRICS The figures for the Society for this year and the previous year are: 2024 2023 l R¢investm¢nt O.O(Vt 0.ofy/o 2 New supply delivered 3 G¢aring O.O(Wo O.OO/o 4 EBITDA inierest cover 0.0￿/. 0.￿/• 5 1 leadline Social Housing wst per unit £13.599 £13.114 16 Operating margin s￿la1 Housing lettings only - Overnll 22.6/0 20.W/o 23.2Yo 7 Return on capital employed (¢xcludin8 exceptional items) 6.49/• Re8¢rvu Policy The Trustees, ￿lIcY is to retsin sufficient reserves, which in the Tn￿tees, judgemcnt are adequate to cover future contingencies and liabilities, and which continue to provide essential services Executive Committee Thc members of the Executive Committee who served during the year w¢r¢.' E.R. Distin (Chairman), D. Tranbaih (Treasurer). l. Denton, B. Stoyel & W.J. Walton (to 4" February, 2024). Independent Examiners Dawe. Hawken & D(Kld have expre&sed their willingn&s8 to be re-appoin￿] as Independent Examiners and a proposal for this will be made at the annual gen¢Tal meeting. Risk Management The Executive Comminee have a duty to identify and review the risks to which the i¢ty is exposed and to ensure that appropriate wntrols are in place to ptrtvid¢ reasonable assurdnce against fraud and crn)r. Page 3 Ststememt of Respo￿￿11¢% of the Exff•iive Committse Compwry law requires the Executive Comrnitl¢¢ to ￿ep￿re financial statements for each finart¢ial year which give a true and fair view of the stste of affai￿ of ￿npartY and of the PTvfit or loss of the comFdny for that period. In prekwing thos¢ financial ststeMen￿ the EX￿￿tiVe Commlttee is required to: selt& suitoble accounting ￿1•¢1¢$ •nd then appty thom ¢onsi*entty: make jud8ements and estimates that are rastywble aTrl pn￿¢￿t prepare financial sL*ements on th¢ 80ing concern b05is unless it is in8Fvowith to wesume that the comkmny will ¢￿tinUe in bu5intss. The Ex¢¢utive Cunmitl¢¢ is resp￿sIble for k¢¢pin8 proper xcoufttin8 f￿$ which disclose wlth reasonable accuracy at any time ts fina￿181 N)sition of the c4Thpany and to enabl¢ thryn to ensu￿ that the financial ststements c(Mnply with the Comp•ni&% Act 2006. TIKY are also responsible for safeguArding the assets of the Compfiny and hw¢ t8kTng Teh80nable steps fLY the Fyevention and dete¢tion of hud and irre8ulartti¢g. In so far #s the Exttutive Committee are aware: there is no ￿levant infs)rmation of which ihe compAny's l￿dent ex4mllier is iiiiaware. and th¢ E￿utIve Ccrfnmitte¢ h&ve thken all the that they ou8hi to ￿ve laken in order to m*ke th¢m8¢lv¢s aware of any Rlowant infonnation •nd to establish that the Company's ithjwdent examln¢r Is awthE of that infonnalion. E. R. Distin (DI￿lOr} On beh￿f of ihe Executive Committee Dated THE ABBEYFIEIJ) SALTASH SOCIETY LLMrrED REPORT OF THE INDEPENDENT EXAMINER ON THE ACCOUNrs Report to the Truste¢s/Members or The Abbe f*ld Saltssb Soci¢ Limited On A¢¢ounts for the ye*r eMd¢d Set out ott pages 6t012 Respective respoDsibilities olTrns¢e¢s Ex8miner The Charity's Trustees are responsible for the preparation of the accounts in accordance with the Charilies Act 2011 ("th¢ Act"). The charity's trustres consider that an audit is not required for this year under section 144 of the ACL and that an Ind¢p￿dent examination is needed. It is my responsibility IO: Examine the ac￿Unts und¢r Section 145 of the Charities ACL To follow the applicable Direction5 given by the Charity Commission (under Seciion 145(5Mb) of the ACL and To stale whether porti¢ul8r matters have come to my atteniiL)n. Basls of Independent Ex*mln¢r'$ St*temeDt My examin*ion was carried out in accordance with gencrdl Directions givert by the Charity ConMnission. An examination includes a review of the accounting rffords kepi by the charity and a comparison of th¢ Accounts presented with those records. It also includes consideration of any unusual ilems or dis¢losures in the Accoun￿ and seeking explanations from the Tru51e¢5 CODc¢rning any such matters. The procedure$ und¢rtak¢n do not provide all the eviden￿ that would be requirtd in an audÈt. and wnsequently no opinion is given &% to whether the accounts present a'l￿¢ and rai￿ view and the r¢port hs lirnited to those matters set out in the Statement below. Indep¢Thd¢rtt Ei•mitter's St8ttmeTrt In ¢oMection with my examination, no material matters have come to my attention which 8ives me cause EO believe that in, any material respect.. th¢ ￿counting records were kept in acwrdancL with section 130 of the Au: or The accounts did accord with the accouniing records.. or Th¢ accounts did not comply with the applicable requirements ¢oneernin8 the f(Th and content of a￿Oul)ts s¢t out in the Charities (Aceounts and Reports) Regulations 2008 oth¢r than any requiretnent that the accoun¥s give a 'true and fair, view which is not a matter ¢onsidered as part of an independ¢nt examination. I hav¢ no concerns and have uyme across no other matters in connection with the examin8ti0n io which attention should be drawn in this report in order to enable a proper un rsthndin8 of the accounts to b¢ r￿￿*￿. Signed 24 Septemkr, 2024 Name Andrew FaTr Professional Qualification FCCA Address 52 Fore Stree( Callin8ton. Cornwall, PL17 7AJ Page 5 IHE ABBEYFIEU) SALTASH SOCIETY LIMITED STATEMENT OF FINANCLiL ACTIVITIES INCORPORATING AN INCOME AND EXPENDITURE ACCOUN FOR THE YEAR ENDED 31° MARCH 2024 Unrestricted Funds Rcstri¢ted Funds Total 2024 Total 2023 Note HOUSING ACTIVITIES Turnover Operating Costs 230242 176793 230242 176793 217499 170490 12 Operating sU￿lUs Exceptional liem - Costs relating to possible extension Interesi Receivable Surplus for the Year Total funds brought forward Total Funds Ca￿lcd forward 53449 53449 47009 10934 431 36506 701242 3073 56522 737748 3073 56522 737748 13 CONTINUING OPERATIONS All income and expenditure has arisen from continuing activities. The notss on pages 8 to 12 forni part of these financial statements Page 6 BE CE SHErr AS AT Ch* tiou Number 206 N•mber 01117 Tothl FIXED ASSErs Housing land WMI buildings Improvements to pro Fixtures and fittin8S 307589 175679 25750 307589 175679 257 314301 180675 CURRENT ASSETS Debtors Ca8h at bank 3504 3504 3428 27923 07 297306 107017 404323 331351 CIIRRENT LIABILITIES: Amounts falling due within one year NET CURRENT ASS 794270 794270 737748 cRED￿ORS. Amounts falling due aller more than o NET ASSETS FUNDS Unrestticted Revenue Reser4e tk5i8nated ProFty Maintertsance Reserve Recycled Housing Corpjration Grant TOTAL FUNDS 769270 250(K> 712748 25000 The Executive Committee ack00w￿lS¢ their Th￿￿￿￿111t1e5 for. (a) ensuring that the charitabk compony ke¢ps aee<>unting records thttt CLYnply with Secticms 386 and 387 of the Companies Act 2(X16 and (b) prep8rin8 financial ststements Wh￿ 8ive a true and fair view of the stste of affairs of the charilabk ¢ompany at the end of eoch financial ViLKi and of its Surplus or deficit for financial periTrJ in cordance with th¢ requirem¢nts of SectKfflS 394 ind 395 and which othemse Comply with the requirements of th• Comp#nies act 21K16 relating to fina￿181 Statemen￿ so far as 44)Itcable to the ¢harilable comp8My. These ffinanci￿ ststements h8ve been prepored in acei)rdw with the 4￿1*1 ry0visirjr￿ of Part 15 of the Companies act 2006 relating to clwitkble 5mo11 complnie Thesc financial statements weff approved by the Executive Committe¢ on 3¥1& LOL E. Distin- Chairn)an The notes on pages 8 to 12 forni part of these financial statements Page 7 THE ABBEYFIELD SALTASH SOCIETY LIMITF.D NOTES TO THE FIN￿NCIAL STATEMENTS FOR THE YEAR ENDED 3111 MARCH 2024 Status of Society The Abbeyfield Saltssh Society Limited is regisfrred under the Companies Act and is a regisleTed charity. The company is one limited by guarantee and not having a share capital. Every member of the company undertakes to guarant¢¢ the liabilities of the company up to an amount not exceeding one pound e￿h. Accounting Policies Basis of Preparing the FinaD¢ial St21¢ments I'he financial statements are PTepared under the historica] 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 Fcdcrdtion of I lousin&J Associations, the Welsh Federation of Ilousing Associations and the Scottish Federation of Housing Associations. and with the Accounting Requirements for Regislered Social Landlords General Delemiination 2000. a) Social Housing Grants (SHCWS) SHGS are made by the Department of the Environment and are utilised to reduce the amount of mortga8¢ loans to a level that can be financed from the equivalent fair rentsl income available. The grants are made direct lo the lending authority and are reflected in the Society's accounts only when the payment has been made and the rel¢vanl mortgage loan reduced. b) Housingg Land and Buildings: SHG - Assisted Sehemey Cost, irrespective of the source of financc. includcs cost of acquisition, development expenditure. interest on mortgage and other loan financing up to date of Lompletion of projecl for occupation, and other costs if these are Covered by a SHG grant. c) Housing) Land and Iluilding$: Other Seh¢mes Cost includes acquisition and development expenditure. and interest on loan financing up to the date of completion of project for occupation. d) Incoming Resourcog Grant Income Capital grants which are given fos a specific purpose and have conditions imposed are treated as restricted fund income. e) Fixtures, Fittings and F.quipment Assets donat¢d to the Suciely are not included in the balance sheeL other assels are included at cost. Page 8 THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMEIYTS FOR THF. YEAR ENDED 31" MARCH 2024 Depreciation Depreciation is pmvided at the following amiual rntes in order to write off each ass¢t over its estimated usefvl life. Freehold pro￿rty 20/0 on a straight line basis Fixlures & fittings I￿/0 of written down value No depreciation is provided on freehold land. Depreciation is charged so as to write down the cost (nct of social housing grant) of freehold properties other than freehold land to th¢ir estimated residual value on a straight lin¢ b&sis over the expected us¢ful economic lives. g) Donalions Donations are recorded in the financial ststements ac￿raing to the period in which they are received. h) Apportionment of Management Fipenses (see Note 12) Direct employec, administration and operating c()sts have been apportioned to the property r¢v¢nue account and the relevant sections of the income and expenditure account on the basis of costs of the staff to the extcnt thal thcy are directly engaged in each of the operations dealt with in these accounts. i) Pension Costs A workplace pension schcme w&8 intri)duced in April 2016 and a]1 employees have chosen to enrol in thi5 scheme. Contributions by employtts and employer are sel at the highest level rather than the minimum level required by law. j) Property Maintenan¢e Reserve A specific designated reserve has been established to allocate funds for fvture major repairs. It is estimated that the cycle of repairs is a five year period. FOT this period an cstimate of £5,0(K) has ken calculated as the likely annual repair bill in each of the next five years. k) Recycled HoM5ing Corporation GraDt Following re5sation of operations at Abtwfield Liskeard their remaining fund5 were transferred to The Abb¢vfield Saltash Society Limited. These funds included a Recycled Housing Corporation Grant at 31 March, 2023 of £105.744, which can only be used to Provide additional sheltered accommodation units. Interest earned in the year of £1,273 h&s been added to the8e funds giving a total of £107,017. Ef these funds are not used within three years from the time of receipt they have to bc repaid, and as it is unlikely that these funds will be able to be used within this time frame. these funds have been included accrued in creditors due after more than one Page 9 THE ABBEYFIELD SALTASH SOCIETY LIMrrED NOTES TO THE FINLNCtAL STATEMENTS FOR THE YEAR ENDED 31IE MARCH 2024 Fixed Assets Freehold Property Improvements Fixtures & to Property Fittings Total Cost At l Aprtl 2023 Additions Disposals At 31 March, 2024 392608 249797 62123 1621 3429 60315 704528 1621 3429 702720 392608 249797 Depreciatio At l April 2023 Charge for the Year Relating to Disposals At 31 March 2024 78307 6712 69122 4996 34441 2839 2715 181870 14547 2715 85019 74118 193702 Net Book Value At l.'April 2023 314301 180675 27682 522658 At 31" March 2024 307589 175679 25750 509018 Debtors: Due within OD¢ year 2024 2023 Prepayments Creditors: 2) Due within one year 2024 2023 Creditors Recycled Housing Corporation Grant Accruals 7730 107017 4324 7216 105744 3301 b) Due after more than One year Recycl￿ Housing Cotporation Grant Page 10 THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR F.NDED 31M MARCH 2024 Revenue Reserve 2024 2023 Balance at I" April 2023 Surplus for the period Balance at 31" March 2024 712748 56522 676242 36506 Designated Property MAiDtenaDce Reserve 2024 2023 Balance at 31. March 2023 and 31. March 2024 Reeyeled Housing Corporation Cyrnnt (see note 2{k)) 2024 2023 Received on cessation of owations at Abbeyfield Liskeard Interest Rcc¢ived Less: Accrual providcd to reflect expected repayment of grant Balance at 31° MarclL 2024 105744 1273 107017 105584 160 5744 Turnover 2024 2023 Residential charges receivable Losses arising from vacancies Net income from residentia] charges Othcr Income Total Income 235740 7178 228562 1680 218100 2646 215454 2045 10 Employee Costs 2024 2023 Employcc Wages Pension costs 93373 1291 82453 942 2024 Number 2023 Number Average number of petsons employed during the year (Full time equivalents) Pagell THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 3151 MARCH 2024 11 Directors, Emoluments No remuneration was paid to any of the Society s dir￿torS during the year. 12 Operating Costs MaD*gement Servitts Current M*ithten#nce Fin4n¢t & Man ern¢nt 2024 2023 Total Total Insurances & Ratc5 Training costs Membership fee Independenl ExaminerlAudil Payroll Administration Employee costs Food & other household costs Heat & light '1 elephone Dcprecialion ss on Disposal of Assets Repairs & ren¢wal$ Covid Costs Sundries Bank Char8¢S 11269 11269 306 3354 10402 594 4192 306 3354 1080 1080 1140 1246 1246 94664 1357 83395 94664 24984 12162 722 14547 24984 12162 722 14547 23638 12669 16 14762 714 714 9411 335 15258 66 2538 128 2197 2197 137 137 11269 150296 9411 5817 176793 170490 13 Surplus for the Year 2024 2023 The surplus for the period is after charging: Independent b.xaminer/Audil fee Depreciation WTitten off tangible fixed &8sets I.oss on Disposal of Assets 1080 14547 1140 14762 14 Housing Stock Units in Management 2024 2023 Number Number Hostel accommodation- number of bed spaces Page 12