THE ABBEYFtELD SALTASH SOCIETY LIMITED REPORT OF THE EXECUTIVE cOMMI￿EE AND INDEPENDENTLY EXAMINED FINANCIAL STATEMENTS YEAR ENDED 31A¢ MARCH 2025 Charity Registration Number 266208 Company Registrntion Dumber 01117696 DAWE. HAWKEN & DODD Chartered Certified Accountants CallingtO￿ Cornwall THE ABBEYFIKIJ) SALTASH SOCIETY LIMrfED coiYrENfs OF THE FINANCIAL STATEMENTS FOR THE YEAR EIYDED 31° ￿CH 2025 Adminislrntive Inforniation Re￿rt of the Executive Committee 24 R¢port of the Independent Examiner Stsi¢m¢Dt of Financial Activities Balance Sheet Notes to the Financial Statements 8-12 ALTASH SOCIETY LIMITED COMPANY INFORMATION FOR THE YEAR ENDED 31" MARCH 2025 EXECUTIVE COMMITTEE: E.R. Dtsttn Chairnian l. Denton Vice Chairnian (resigneAJ 12 July? 2024) D. Trembath Treagjrer C. Noakcs (appointed I l March, 2025) B Stoyel Vice Chairnian (appoinied 17 December 2024) SECRETARY: K. Hopkins REGISTERED OFFICE: 40 Callington Road Sa1￿$h Cornwall PL12 6DY REGISTERED NtrMBER.. 01117696 (England and Wales) INDF.PENDENT F.XAMNER: Andrtw Farr FCCA Dawe. Flawken & Ihdd Charterryj Certified A￿￿ntsnts 52 Fore Stre Callington Cornwall PL17 7AJ BANKERS: Barclays Bank Pl Page I TItE ABBEYFIEU) SALTASH SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMrrrEE FOR THE YEAR ENDED 31" MARCH 2025 The Executive Committee submits its annual Teport and independently examined financial statements for the Society for the year ended 31" Marcl4 2025. Principal Activity The principal acttvity of the Society is to provid¢ shelt¢r¢d accon)modation for th¢ eld¢Tly in accordance with the aims and principles of the Abbeyfield Society Limited. These activities fall wholly within hoslel housing activities &8 defined in the Housing and Regeneration Act 2008. The Society provides accommodation for nine residents at Cresta House, 40 Callington Road, Saltash and for four residents at Trewinney, 42 Callington RO￿ Saltssh. Statu$ 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 Tenani Services Authority (number H2295). Public Benefit Thc 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 F.xecutive Committee have reviewed the objects, goals, services and objectives of the charity in the light of this requirement and can confirm that Abbeyfield Saltash Society LAmited serves for the public benefit. This Executive Committee's annual report continues to evidence how the charity strives to meet need. Fln#nelal Revlew REVIEW OF THE YEAR ENDED 3111 MARCH. 21125 In summary, the year was satisf&tory in financial and operational ternis. Over the year we averaged 98V• (xcupancy (9P/o for the Previous year). Our total revenue from ordinary operations in the year lo 31 Ma￿h 2025 was £250.454 compared with £230.242 in the year to 31° March, 2024. Our operating expenses for the year to 31. marr￿ 2025 were £212.271 compared with £176,793 in the previous year. Capital expenditure of £57.636 was incurre4J in the year, £56,642 of which was paid from the recycled Housing CorFordtion Grant. We ended the year with cash balantts of £400,587 (314 March. 2024 - £400.819), although it must be ￿Inted out that this includes £51.953 {31. ma￿h, 2024 - £107,017) of recycled Housing Corporntion Grant- please see note 2(k) for mor¢ infornlation. Staff costs account￿ for 49.30/0 (year end￿j 31° marc￿ 2024- 53.5Yo) of our operational costs. Th¢ Society, &s a matter of policy. sets staff pay rntes by reference to the"Living Wage" and not the statutory minimum wage rates. Our maintenance expenditure for the year at £29.329 wa5 £19.918 higher than the Previous year. Page 2 THE ABBEYFIEIII SALTASH SOCTETY LIMITED REPORT OF THE EXECUTfvE COMMIThEE FOR THE YEAR 31#MARCH 2025 VALUE FOR MONEY (￿ Through its St￿￿tUre of volunteer TTUStees and oth￿% tbe S(Kiety 15 able to maintain its fees al a l¢vel below that of other providers providing similar levels of service in the Soci¢ty's geogrdphical area. The Ex¢¢utivc Committee are Satisfied that its s¢tvir£ ￿erS are being offered value for money. VFM METRICS The figutes for the Sc￿7Cty for this y¢8r and the Previous year ar¢: 2025 2024 l Reinvesthient 0.0 o.o•/ 2 New supply delivered O.IYP/• 0.￿/[+ 3 Gearing O.OOfy/• O.(V/o 4 EBITDA interest ¢ov¢r O.O¢Y/o 5 Headline Social Housin8 Cost pcr unit £16.328 £13,599 6 Operdting margin Social Housing lettings only 14.6Y• 22.6Q/ Overall 15.2Y• 23.211/ts 7 Return on capital employ (excluding exceptional items) 4.P/• 6.7Yo Reserves Policy The Trustees, policy is to retain sufficient reserves. which in the Trustees, judgemenl adequate to cover future contingencies and liabilities. and which continue to provide e￿ntIal services Exetllthpe Commitlee The member5 of the Executive Committee who served during th¢ y¢ar were.. E.R. Distin (ChaiTman), D. Trembath (Treasu￿). l. Denton (to 12 July. 2024). B. Stoyel & C. Noakes (from I I. MarclL 2025). llldependent Exgminers Dawe, Hawkcn & D¢xtd have expressed their willingness to be re-appointed &s Independent Examiners aDd a proposal for this will be made at th¢ annua] g¢n¢Tal meetin8. Risk Management The Executive Commtttee have a duty to identify and review th¢ risks to which the society is expos¢d and to ensure that appropriat¢ CA)ntrols are in plac¢ to provide reasonable assurance against fraud and em)r. Page 3 Statememt ofRwowibilities of,the Exernlfvc Commlttee Company law wuires the EX¢cdt1￿ Committee to pffep￿ financial statem¢nts for e￿h fin￿￿la1 year whi¢h give • tn￿ and fair view of the state of affairs of the Company and of the profrt or loss of the ¢ompany for that peri￿. In pre[wI￿ those statethenty the Executive Committe¢ is required sel¢ct ￿ltable ac¢ounting w)lici¢s the￿ apply them csMsist¢ndy: make judgements and estimates that are reasonable and pruda)L pv¢par¢ tkn financial Ststejn￿ts ￿ the 8oiTrg IKsi$ unless il is i114)pYW to that th¢ c(¥npny will CL￿11￿￿¢ in Lwsin¢ss. The Executive Cixnrnitw is r¢swr¢sible for keepin8 proper ￿￿￿ntIng rcc4xd$ whieth di￿10$• with reasonable a¢¢uracy #t any tim¢ the financial p)sition of the c(rfnpafty aThl to enable them w ensur• that Ihe financial ststements Comply with the Companies Act 2(#)6. also resp)nsibl# for fe8uardinB the assets of the Company and takll￿ r¢85(AMble sty fLV weveniion aTrd d¢￿ti￿ of fixud cihel irytsTiIiH. In ￿ far as the Exte￿1ve Committee are 4wa(E: the￿ is no relevant inforniat#)n of which the comp4ry's indcFud¢nt examiner is unawar¢' 8nd the Exe£utive Committee have tskeft all the Aeps that ou8ht to have taken in (rd¢r to mak¢ tha))s¢lve5 aware of any relevant infmaticffl and to e#ablith that th¢ cc4nwiy's independ¢nt ¢xamin¢r is awar¢ of that inforniation. E, IL Disl- (Dir¢¢1￿) On b¢half of th¢ &wutive Ci>mmittee Daied 3 )• ¥S REPORT OF THE INDEPENDENT EXAMINER ON THE ACCOUNTS Report to tb¢ TrUSt¢¢￿memberS of The Abbe ield Saltasb Socie Limited On Aceoullts Cor the year ettded S¢¢ out on pages 6t012 Respective responsibilities of Trusltts and Examiner Th¢ ChaTity's Tn]S¢¢¢S Are r¢sN)nsible for the ryeparation of the ac¢ounts in accordance WTth the ChaTiti¢S A¢1 2011 ('the Act"). The charity'5 mls¢e¢s ¢onsid¢r that an audit is not required for this y¢ar under se¢tion 144 of the A¢ and that an independent examination is need￿. It ks my responsi￿11￿ to.. Examine the aC￿llA￿ under S¢¢tion 145 of the Charities ACL To follow the applicable Direclions given by the Charity Commission (under Section 145(5Xb) of the A¢L ond To slate whether particular matters have come to my attention. Basls of IndepeTrdeDt Examiner's Sta¢ement My ¢XaMTnati￿ w)$ ¢arri¢d out iti accordanc£ with 8enernl Directions given by th¢ Chgriry Commission. An examination includes a review of the accounting rec4yrd5 kept by the charity and a comporison of the Accounts presented with thosc records. It also includes c4)nsxderntion of any unusual ilems or disclosures in the Accounw and seeking explanaiions from ihe Truste¢s con¢¢ming any such mgtt¢rs. Th¢ pro¢¢dures undertak¢n do not provide all the ¢vidertce that would be required in an audii, and consequently no opinion is given &8 to whether the accounts present a'lThe and faiT' view and the r¢pxt is limited to those matters sd out in the sthtement below. IDdependent Examlntr'j StsterneDt In connethion with my exgmination, no material matters have come to my attention which gives me ¢aus¢ to believe that in, any maierial respe¢t'. the accountin8 rKords were not kept in accordance with section 130 of the ACL or The 4c¢ounts did not ￿0rd with th¢ a¢countin8 records. or The accounts did not comply with the applicable r¢guirement$ con¢¢rning the form and content of accounts sel Out iti the Charilie$ (A￿)Urnts and Reports) Regulations 2(M)8 other than any requirement the accounts give a true and fai￿ view which is not a matter ¢on5id¢r¢d &% part of an independent examination. I have no concerns and have ¢om¢ a¢ross no other rnatters in conne¢tion with the exatllination to which attention thould be drawn in this report in ord¢r to enable a proper und ding of the ts to be rexhe41 SigDed 25° Novemb¢r, 2025 Name Andrew Farr Prof¢ssional I￿￿lfie￿￿on FCCA Addr￿$ 52 Fore StreeL Callingtoo Cornwall. PL17 7AJ Page 5 STATEMENT OF FINANCIAL AcrwrriES CORPORATING AN INCOME AND EXPENDITURE ACCOU FOR THE YEAR ENDED 3151 MARCH 2025 Unrestrieted Funds Restricted Funds Total 2025 Total 2024 Note HOUSING ACTIVITIES Turnover Owating Costs 250454 212271 250454 212271 230242 176793 12 Operating Surplus Interest Receivable surp]￿ for the Year Total Funds brought forward Total Funds carried forward 38183 4695 42878 4270 38183 4695 42878 794270 53449 3073 56522 737748 13 CONTINUING OPERATIONS All incomc and expenditure has arisen fron] continuing activities. The note5 on pag¢5 8 to 12 forn] part of these financial statcmcnts Page 6 ABBE SAL stMARC Chari N mber 266208 Tot FIXED ASSETS Housing land and buildings Improvements to proFKrty Fixturcs and fittin8S 31K)877 170683 3(K1877 170683 307589 175679 CURRENT ASSETS Debtors C&sh at bank 3584 3584 3504 81 519 352218 51953 404171 404323 CURRENT LIABILITIFS: Amounts falling due within one year NET CURRE￿ A&S￿s TiyfAL ASSETS CURRETff UABILrnFS CREDITORS: Amounts falling du¢ after more than one 03 837148 837148 794270 NET ASSETS FUNDS Unrestrithd Revenue Reserve 812148 25000 769270 25000 Recycled Houskng cory￿ratIOn Orant TOTAL FUNDS The Executive Committee acknowlgd8¢ tkir respJnsibili¢i¢s for. (8) ensuring that the charttabk company keeps ac&)unting records Comply with Se¢tions 386 and 387 of the Companies Act 2006 4nd (b) preparing financial Statements which give a true fair vrew of the state of affairs of thc ¢haritAbk mpany at the end of ¢a¢h financial period and of its surplus or defKit for e￿h financial p¢riod in a￿ordan¢¢ with the requirements of Se¢tions 394 ond 395 arA which otherwise Comply with the requirements of the Compnies ￿ 21J)6 ￿lating ￿ finkncittl sthtemw so far as applic&)le to the charitsbie company. These finan¢ial ststements haK beth prtpyed in I￿Ord￿ with thc special wovisions of 15 of tl CAynp4nies 2006 relating to thritsble small ci*npanie5. These financial ststements weff appN)ved by the Executive ttee on S)£Lthwbi£ by E. Disti - Chaimian The notes on pages 8 to 12 fom] part of dxse financial statements Pa8¢ 7 THE ABBEYFIELD SALTASH SOCEETY LIMrrED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 3151 MARCH 2025 ststus of Society The AbbeyfLeld Salt&sh Society Limited is registered under the Companies Act and is a registered charity. The Company is on¢ limit¢d by guarantee and not having a share capital. Every member of the company undertak¢s to guarante¢ the liabilities of the company up to an amount not exceeding one ￿Ulld each. Accounting Polieies Basis of Preparing the Flnan¢lal Statenjents The financial statements are prepated under the historical cost convention. and are in accordance with applicable Accounting Standards in the United Kingdom and in accordance with the Stsi¢m¢nt of Recomm¢nd¢d Practice issued by the National Federation of Housing Associations. th¢ Welsh Federation of FIousing A&sociations and the Scottish Federation of Housing As8ociations, and with the Accounting Requirements for R¢gistered Social Landlords General Deterniination 2000. a) Soeial Housing Grnnts (SHCS) SFIGS are made by the Departsn¢nt 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 available. The grants are made direct to the lending authority and are reflected in th¢ Society's accounts only when the payment has been made and the relevant mort8a8e loan reduced. b) Housingg Land and Buildings: SHG - Asslsted Sehemeg COSL i￿eSpective of the source of finance, includes cost of acquisition, dcvelopment expenditure, interest on mortgage and other loan financing up to date of completion of project for occupation, and other costs if these are covered by a SIIG gfdnt. c) Housing• Land and Buildings: Other Schenies Cost includes acquisition and development expenditure. and interest on loan fJnancin8 UP to the date of completion of project for occupation. d) Incoming Resourees Grant Income Capital grants which are given foi a specific purpose and have conditions imposcd are treated restricted fund income. e) Fixture4 Fittings And EquipmeDt Assets donated to the Society ar¢ not in¢luded in the balance sheeL other a￿ts are included at cost. Page 8 THE ABBEYFIELD SALTASH SOCIETY LIMJTED NOTES TO THE FINANCIAL STATF.MENTS FOR THE YEAR ENDED 31"hLIRCH 2025 Depreeiation Deprccialion is provided at the following annual rates iti order to write off each asset over its estimated useful life. Freehold property 20/0 on a straight line basis FixtUTes & filtings I 00/0 of written down value No depreciation is provided on freehold land. Depreciation is charged so as to write 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 usefijl ¢conomic lives. Don¥dtions Donations are recorded in the financial statements aeeording to the period in which they are received. h) Apportlonment of Management Expenses (see Note 12) Direct employee, administration and operating costs have been apportioncd to the Property revenue account and the r¢l¢vant sections of the income and expenditur¢ a￿Unt on the basis of costs of the staff to the cxtent that they are directly engaged in each of the operations dealt with in these accounts. 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 employer are set at the highest level rather than thc minimum level required by law. j) Property Maintenance Reyerve A specific desi8nated reserve has been established to all￿ate funds for future major repairs. It is estimated that the cycle of repairs is a fiv¢ year period. For this period an estimate of £5,OC(I has been calculated as the lik¢ly aDnual repair bill in ￿Ch of the next five years. k) Recycled Housing CorporAtion Grant Following cessation of operations at Ablwfield Liskeard their remaxnin8 fill]ds were transferred to The Abbevfield S￿tash Soci¢ty Limited. These fijnds included a Recycled Housing Corporation Grant at 31 March, 2024 of £107.017, which can only be used for certain specified purposes. Durin8 the year expenditure totalling £56,652 made on cladding. insulation and fire precautions. Interest earned in the year of £1.588 has been added to these funds giving a balance of £51,953. An accrual included ill Credito￿ due within one year has been made for this balance in case the grant is unspent in the time period allowed. Pag¢ 9 THE ABBEYFtELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 3111 MARCH 2025 Fixed Assets Freehold Property Improvements Fixtures & to Pro￿rty ittings Totydl Cost At l April 2024 Additions Lcss.. Grant Received Disposals At 31 MarclL 2025 392608 249797 56642 (56642) 60315 994 702720 57636 (56642) 1301 702413 1301 60008 392608 249797 Depreciation At l April 2024 Charge for the Year Relating to Disposals At 31 March 2025 85019 6712 74118 34565 2597 830 193702 14305 830 91731 79114 36332 207177 Net Book Value At I" April 2024 307589 175679 25750 509018 At 31" March 2025 300877 170683 23676 495236 Debtor8: Due within one year 2025 2024 Prepayments Creditors: a) Due witbin one yvar 2025 2024 Creditors Recycled Housing Corporation Gr8llt Accruals 7147 51953 3159 7730 107017 4324 b) Due After more than one year Rccyclcd Housing Corwrntion Grant Page 10 THE ABBEYFIELD SALTASH SOCIETY LIMrrED NOTES TO THE FINANCIAL STATEMENrs FOR THE YEAR ENDED 31st MARCH 2025 Revenue Reserve 2025 2024 Bdance at I" April 2024 Surplus for the period Balance at 31" March 2025 769270 42878 712748 56522 Designated Property Maintenance Reserve 2025 2024 Balance at 31° March 2024 and 31. March 2025 Recycled Housing Corporation GraDt (see Dole 2(k)) 2025 2024 Received on cessation of operations at Ablyfield Liskeard Interest Received Less: Expenditure during year Lcss: Aecrual PTovided to reflect unspent grant Balance at 31° Mawh, 2025 107017 1588 (56652) 51953 105744 1273 10701 Turnover 2025 2024 Residential charges receivable Losses arising from vacancies Net income from residential charges Other Income Total Jneome 253280 4606 248674 1780 235740 7178 228562 1680 10 Employee Costs 2025 2024 F.mployee Wages Pen.sien costs 102999 1576 93373 1291 2025 Number 2024 Number Averag¢ number of persons employed during the year (Full tim¢ equivalents) Pagell THE ABBEYFIELD SALTASH SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 311I MARCH 2025 11 Directors, Emoluments No remuneration w&s paid to any of the Society's directors during the year. 12 Oper¥dting Costs Management S¢ryk¢g Current M#lnten*ne¢ Fltsanee & M*n4 2025 2024 Totsl Insurances & Rates Training costs Membership fee Indepcndent Examiner Payroll Administration Employee costs Food & other household costs Heat & li8h¢ Telephone Depreciation Loss on Diswsal of Assets Repairs & renewals Sundries Bank Charges 12385 12385 193 4800 11269 306 3354 193 4800 1200 1200 1080 1377 1377 104575 1246 94664 104575 24766 14894 1171 14305 24766 14894 24984 12162 722 14547 14305 471 471 29329 2668 137 714 9411 2197 137 29329 2668 137 12385 163043 29329 7514 212271 176793 13 Surplus for the Year 2025 2024 "lThe surplu5 for th¢ p¢riod is after charging: Independent Examiner fee Dcprccialion Nvritten off tangible fixed assets Loss on Disposal of Assets 1200 14305 1080 14547 14 Housing Stock Units in Management 2025 2024 Number Number Hostel accommodation- number of bed spaces Page 12