Company registration number 1108309 Charity registration number 266471 Registered Social Landlord number H1335
The Abbeyfield Buckland Monachorum Society Limited (A company limited by guarantee and without share capital)
Directors’ report and Accounts
For the year ended
30[th] September 2022
Registered office and principal address Pilcher’s Field, The Crescent, Crapstone, Yelverton, Devon PL20 7PS
The Abbeyficld Buckland Monachorum Society Limited Directors, report and Accounts for the year to 30th September 2022 Content5 Pages Directors, report Accountant's report Statement of Comprehensive Income Statement of Financial Position Statement of cash flow Notes to account 8-12
Thc Abbeyfjeld Buekland Monacborum Soci¢ty Limited Directors, report For the yeAr ended 30th September 2022 The directors present their report and unaudited fantial statements for the year ended 30 September 2022. Constitution The Society is a company limited by guarantee number 1108309, a registered provider of social housing H1335 under the Housing and Regcneration Act 2(X)8, and a registered charity number 266471 governed by its memoTaiiduin and articles of association. The membffl"s of the Society appoint a Committee of directors to manage the Society. The Society is a public benefil entity. The number of members of the Society as at 30 Septeinber 2022 was 12. Members consider the accounts, this report of the committee of directors and the election of directors at the annual general meeting. Statement of direetors, respon5ibilitie5 The directors who are a150 trustees for charity law purposes are responsible for preparing this report and the financial statetnents in accordance with applicable law and regulations. Company law and registered social housing legislation requiir the Directors to prepare financial stateinents foi. each fmancial year. Under that law the Director5 have elected to prepare thc financial statements in accordance with General Accepted Accounting practice (United Kingdom Accounting Standards and applicable law). UndeT Cotnpany law the Directors must not approve tl)e financial statements unles5 they are satisfied that they give a true and fair VeW of the state of affairs of the company and of the surplus or deficit of the company for that period. In preparing these financial statements the directors are required to- select suitable accouiiting policies and then apply them consistently make judgements and accounting estimates that are reasonable and prudent observe the methods and principles in the Registered Social Housing Providers, 2014 SORP as updated in2018 State whether applicable UK Accollnting Siandards have been followed, subject io any material departures disclosed and explained in Ihe accounts prepare the financial statements on a going concern basis unless it is inappropriate to assume that the company will continue in business. The directors are responsible for keeping proper accounting records which disc105e with reasonable accuracy at any time the fancIal p05ltion of the company and enable them to ensure that the accounts comply with the Coinpanies Act 2006. They are also responsible foT safeguarding the assets of the company and hence for taking reasonable step5 for the prcvention and detection of fraud and othei. ]egular1ties. Risk management The tnajoi" risks, to which the Society 15 exposed, as identified by the directors, have been reviewed and systems have been established to miligate those risks by using the relevant Abbeyfield standard procedures. Activities The principal activity of the Society is to provide accommodation, care and companionship for lonely or frail elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. During the year the Society achieved an occupancy level of 83.6Yo at its sheltered home. The occupancy level at the date of this report 15 100/0.
The Abbryfield Bueklnd MoDachor•m SThty LlmhteAI Dircetors, report For the year ended 301h September 2022 Mr K Farnham Mrs R KelMK Mr N M&xwdl Mr K Toph•n Mrs R K¢lM)e 8nd Mr N Maxwell retirt by rotslirn and offer themgElves for re-¢lettion. Golthi eow¢ern The dir¢dor5 have * rt8xJnabk expect tha¢ the Society hqual¢ r¢50ur¢u to c(mtsnue in operalionsi exi5n¢e for th¢ fore5ccable firtwe. Atettdingly. ¢LtInUe tr) the goin8 ¢lCeM basis in preparing the fiThancia] statements. Revkw •nd results •f buslntsa d•rlnt th¢ yer The directors continue ¢onskdcr the environment fortskin8 forward th¢ building of a five or SIXunit ¢xteA8ion and in particular in 4 fonn able ty benefii from grant furKlin& In the year the¥¢ w&% opffin8 wrplus of £35,859 (21r21 £25292) be(off fin*ncin8 Overall. thrJe is # SUTplus of £27.123 (2W21 £20.410) itt the ye8r. The suc¢¢3y of the b)me rulx with the sthff and the voluntetrn ¢r¢&tr # P)sitive ambithce for Ttsidents. We pay staff * kast the living wa8e &8 detemiined by the Livin8 Wa8e Found8tiort. Th¢ commillee thkS all those who d¢votc their um¢ to the runnin8 of the home IrKIA]ng th¢ trt4nenthJus efforts in adoplin8 a]1 the procedures and hy8i¢n¢ VICe given durin8 the Covi&19 pand1¢. V•lw for Mojbey wetr The re8ul8tor fry Social housin8 issued 8 r¢vi%d Value for Money standard in May 2022 and require5 US to rt on certain metrics stt beb7X. M¢tric 2022 2021 Reinvestrn¢nt (%) New Supply- ¢781 housi08 unÉlS (%) New Supply- n(ffl wial howin8 units (%) Gearin81%1 EBTTDA MRI int¢resl COVLY (%) He8dline &ocia] housin8 co Fer unit Owatin8 margin I&Kial housin8 leuings) (%) Operatin8 margin ((heraU) (%) on capitsl anployed (%) 2(8) 2(b) 17.2% 21.5% 760.1% £14.924 16.4% 16.4% 4.5% £14.41Y4 22.1% 22.1% Signed by o er of the Committtt ofdirtL%ors January 2023 K Fomh Director
The Abbcyficld Buckland Monachorum Society lJimit¢d AccoiLlltxii15' Repor¢ to Ihe Members ofThe Abbeyfield MonAchorum Society Limited. l T¢]Xlrt on the accounts of the Society for the yeaT ended 30 September 2022 set out on pages 5 to 12. This report is made solely to the SoGsety'S members, as a body. in accoi'dance wilh Seciion 145 of the Charities A¢1 2011. My woj'k ha5 beeii underlaken so Ilial I iiiiglil st&t¢ to ilie Society's Ineinbers those iiiatttrs l aim required to statc lo thcrn ill this independciit accoiintants, Teport and foT no other pui'pose. To the fullest exlenl perinitted by law. I do not accept or assutne responsibility to anyone other than the Society and the Society's members as a body, for tny reporting work, for this report, or for the opinions I have formed. Respective i'esponslbillti¢s of member5 exHminer The meinbers {who are also the directo of the company for the purposes ofcompany law) are responsible for the preparation of Ihe accoiinls. 'I'he IMeinb¢rs consider that ali audit is Jiot required for this year under section 144121 of the Charities Act 2011 aiid section 136 of tlie Housing and Regeneialion A¢1 2008. Having satisfjcd inyself that the So¢iety is not subject to audit I rcport in respect of my exaniination of your Society's accounts arri¢d oul undcr section 145 of the 2011 Act. In Cartying out Jiiy cxainination I have followed the procedures laid down in ihe general DirectlOll5 given by the Charity Commission under section 14515llbl of the 2011 Act and section 138 of the H0115ing and Regeneration Act 21)08. Basis ol exarniner s report My examination incliides a review of the accounting records kept by the So¢i¢ty and 8 comparison of the accounts presented with those rccords. It also iiicludes Gonsideraiion of any unusual item5 oi" disclosures in the accoullt5. and stEking explanatiotjs from you as mcinbers concerning any such matters. The procedures undertaken do not pix)vide all the evidence Ihal would be irqiisred n an audit and con5equ¢ntly no opinion is givell as to wlieiher th¢ accounts present a.true and fair view" and the report is limited to those Jnatters set out in the statement below. Examiner s Statement In coniieclion wilh my examination, no matter ha5 come to my attention which give5 me reasonable cause to believe that. in any material respect.. accounting records were not kept in accoi'(lan¢e with section 135 of the Housing and Regeneration Act 2008- or Ihe accoiiiils do not accord with those records,. or the accounts do not comply with the TequireTnents of seciion 396 of the Companie5 Ac¢ 2006, Ihe Housing RegeneL?tion Act 2008 and the Aorounting DiiEclion for Private l£egi5t¢red Providers of Social Housing 2015. or the accounts have not beeii prepared in accordan¢e with Ihe mcthods and principles of the Statement of Recommended Practice for ac¢ounting and reporting ISORPI for i'cgisiered Social HousiiiE Provideis 2014 lupdaled 20181, applicable lo ettlities prepariJi8 Ih¢ir accounts in a¢¢ordance with thc Fillancial Reporting Standard {FRS102)' or the a¢¢ounts do not comply with the requir¢tnEnts of the Charities Act 2011. I have no eoncerns aiid have coine aGr055 no other matters iii connection witli the examination to which attention should be drawn in this repoit in ordei. to enable a proper understanding of the accounts to be reached. Claire L Taylor BA (Honsl. F.C.C.A Chadwick & Company Imanchesterl Liniit¢d Chartcred Acctsuntanis Stalulory Aiiditors Capital House 272 Maiichester Road Droylsden Mancliester M43 6PW Dat¢..
The Abbeyfield Buckiand Monachorum Society Limited Statement of Compi'ehensive Income Year ended 30th Seplember 2022 Notes 2022 2021 Turnover Operating expenditure 162,488 (126,629) 156,389 (130,797) Operating Surplus 35,859 25,592 Finance income Government funds receivable Finance costs 10 573 (9,319) 24 487 (5,693) Surplus before and after taxation being the total comprehensive income for the year 27,123 20,410 Statement of cl)ange5 ill Reserves In¢onJ¢ a[ Reslricled Totsl ExpenditUL'e Resetve Rtrerve Balance of Reseives at 30tli Septeinbei 2021 Sui'plus for tlie year Transfer of iEslI'icled income to Resu'icted Reserve Balance of Resetves at 30tli Septembei- 2022 541.902 28,096 27,123 (1,703) 1,703 567,322 29,799 597,121 569,998 27,123 The notes on pages 8 to 12 fomi part of these financial statements
The Abbeyfield Buckland Mollaehornm Sockty LIted Statement of Financlal Positlon Year ended 30th September 2022 otes 2022 2021 Tangible assets Tanble fed assets - housing property Current assets Trade receivables C&qh 698.939 699,325 7 42,567 66.355 108,922 42.852 13.491 56,343 Tra(k payables.. amount due within one year Net current assets Total Assets less current Il#bllltle8 8 29.088 20.543 79,834 778.773 35,800 735.125 Tr8de p8yables.' amounts due after more than onc year 181.652 165,127 Net Asset8 597,121 569.998 Equlty Share Capital Income and Expcnth'ture Rescryc Restricted Reserve 567,322 29.799 597.121 541,902 28,096 569,998 The Dirvtors salisficd that the company is entitled to ¢xemp(ion from the requires)Knt w obtain #n audit under sedion 477 of thc Conwnies Aci 2(6 and thBt the rwthrs have noi ttqULrcd th¢ company to obtsÈn an audit i 8¢cordllrKe With Section 476 of th¢ A¢t. The Dircctors a¢knowlcdge restrt)wlbiliti for that the chwity keeps a¢¢owitin8 reconts which corrwly with section 3R6 of the Act 8tLd for preparing fill4121 sthtenDts which give a Inje arwj fair view of the stste of affair5 of the cornpany &$ at the eryj of the fttwJci81 ye1rw of its inMIn8 Te80urc¢s 8t)d appliution of rtsou¢S includillg its income and exp¢nditur¢. for thc financial year irh x¢onlancc with the rcquircTls of sedions 394 a1395 aThl which oth¢tWise comply with the requircllhts ofthc ConvaM Acl 2CKJ6 relatsDg kn fin8al ststcm¢DL% *9 aM)lie4blc th¢ ompany. cordwK¢ with thc pm1y0 in P 15 ofthe Cryies Act 2th)6 $ubject to t K Farnham Director Approved by the on 20th January 20 Company regi$tsation number 1108311 The notes on pages 8 to 12 forni part of the financial statements
The Abbeyfield Buckl&nd Monachorum Society Limited Statement of eash llow Year ended 30th September 21J22 Notes 2022 2021 Statement of cash lloivs Cash flows from operating activities Surplus for the financial year Adjustments for.. 27,123 20,410 Depreciation of fixed assets Amortisation of gt2nt Intei'e8t payable and financing costs Interest received Goveminent funds received Decrease in trade debtors (Dccrease) in tl'Ade creditors Net cash generated from operating activites 17,079 (380) 9,319 (10) (573) 285 505 53,348 18,063 {380) 5,693 (24) (487) 9,910 2.625 55,810 Cash nows from investing activities Expenditure on fixed assets - housing property Expenditure re potential extension Goveiiiinerit fwids received Intei-est i'eceived Net cash used in investing activitie5 (16.693) (133,592) (8,899) 96 io 16,587) 24 (142,467) Cash (xnflows)/ outflows from financing activites Interest paid Nct bank loans (granted)I repaid Net eash cost from financing activities 8.842 (24,945) {16,103 5,206 (29,918 (24,712) Net inerease in eash and cash equlvalents Cash and cash equivalents at bcginnliig of year Cash and cash equivalents at end of year 52,864 fi3,491 66,355 (61,945) 75,436 13,491
The Abbeyfield Buckland Monachorum Society Limited Note5 to the Accounts Year ended 30th September 2022 l Accountlng policies Accoiiiiliiig coiivenÉioii The accounts have been prepared in aceoi'dance with applicable law and UK aecounting standards (United Kingdom Genei'ally Acceptcd Accounting Practice) which includes the Companies Act, Housing and Regeneration Act 2008, FRS 102, the Financial Reporting standard applicable in the United Kingdom and Republic of li'eland, and the Statement of Recommended Accounting Practice (SORP) for Registered Social Housing Providers 2014 as updated in 2018 ('A¢coiinting by Registered Social Housing Providers 2014,), and the Accounting Dii'ection for Private Registered Providers of Social Housing 2019. Jiicoiiie The Society's tumovcr pi'incipally comprises r&%idents' charges i'eeeivable frorn the home. The residents, chai'gcs are coinposite amounts covering rent and seLvice charges. Tuinover froin lettings is i-ecognised on delivery of services to users, as the Society performs its obligations. Service cliarge. The Society adopts either fixed or variable methods for calculating and charging service cl)arges to ils residents. Expenditure is recorded when a serviee is provided and chai-ged to the i'elevant setvice charge account oi. to a sinking fund. Income is recorded based on the estimated amounts chai'geable. Turnover from lettings is i'ecognised on delivery of services to end users, as the Society peLfonns its obligations. Tumover from the sale of units is recognised on completion of sales. Deprecirttion The housing pi'operty is depreciated on a straight line basis ovei. the expected useful economic life The depreciable amount is airived at on the basis of original cost. Majoi. components are treated as sepei'able assets and depi'eciated over the expected useful econornic life as follows.. Structures 100 years Roof coverings 50 years Heating and water systems, kitchens and bathrooms 30 years Lifts 30 yeat Electrical improvements 20 years Depreciation on tangible fixed assets is charged on a straight line basis so as to wi'ite down the value of the asset over its expected economic life as follows- Cary)cts 10 yeai's Furniture and Equipment 5 years Undei. the provisions of the ITA 2007 CTA 2010, the company is exempt from COLyoralion tax on income and surpluses, where these are applied for chai'itable puiyoses. In the opinion of tlie Dii'ectors all income and surpluses of the Society fall within the above exemptions and thei'efoi'e DO liability Lo coipoi'alion tax will arise. The Society is not i'egistered for VAT purposes and consequ¢ntially all income and expenditure is slated gross of Valiie Added Tax.
The Abbeyfield Buckland Monachorum Society Limited Tr4otes to the AceountS Year ended 30th September 2022 Freeliold Pj'opeity The housing property constructed on land wliich the Society owns is stated at Cost le8S depreciatioii. Expenditure on majoi. refurbishment is capitalised where the works increase the net i'enlal streain over the life of the propety. All other repaii. and i'eplacement expenditure is charged to the Statenient of Compi'ehensive Income. Govevniiieiit gvaiits GrAnts received on the coiistsuclion of the homc are accounted for using the accrual model set out in FRS 102 and the Housing SORP 2014. Grants are carried as defei'red incorne in the balance sheet and released to the income and expcnditure account on a systematic basis over the the use1 economic life of the asset foi. which it was received. Where social housing grant funded propety is sold the grant is transfetTed to a reeycled capital 'ant fund until it is reinvested in replacement pi'opeity. If thei'e is no reqiiirement to recycle or repay the grant on disposal of the assets any unamorlised grant i'emaining within Creditors is released and i'ecognised as income within the income and expendituir account. Grants relating to i'evenue ate recogniscd in incorne and expenditure over the same peiiod as the expenditure to which they relate. Loans and short term deposlts These instiuments arc initially recorded at the traijsaction price less any transaction costs (historical cost). FRS 102 I'equires that basic financial instruments al'e subsequeiitly measured at amoitised cost. However, as the difference between the historical cost and amortised basis is not matci'ial these financial instruments ait stated at historical cost. Coiiliiigeiii liabilities A contingent liability is recognised for a possible obligation for which it is not yet confirnjed that a present obligation exists that could lead to an outflow of resource- or for a pi'csent obligation that does not meet the definitions of a pi'ovision or a liability as it is not probable that an outflow of resouk'ces will be i'equired to settle the obligation or when a sufficiently reliable estimate of the amount cannot be made. A contingent liability exists on 'allt L'epayment which is dependent on tlie disposal of related property. Reserves Incoine i'eceived, and expenditure ineunEd, for restricted purposes is separately accounted for within restricted funds. The restiicted irserves iEpresent a Reseive established for leasehold residents to meet their shal'e of fiiture long term repairs to the property-
The Abbeyfield Buekland Monachorum Society Limited Notes to the Accounts continued Year ended 30th September 2022 Peiisioii cosls Tlie Society operates a defined contribution pension sclieme. Contributions are charged to the pi'ofit and loss account as tliey become payable in accordanee witli the ileS of the scheme. No liability arises at the year end. Holiday Pay accrual A liability is i'ccognised to the extent of any unused holiday pay entitlement which has acciued al the balance sheet date and CaLed fonvard lo future periods. This is measured at the undiscollnled salary cost of t]ie futui'e holiday entLtleinent so accTued al the balance sheet date. Goiiig coiicerii On I Ith March 2020, Covid-19 was desigmated a pandemic by the Woild Health Organisation. The trustees continue to review the impact on the Society, ensuring provisions are put in place to mitigate any risk on the Societys abilityto trade as a going concein. At the date of signing the financial stateTnents, in the opinion of the dii'eetoi's, Covid-19 will not iinpact on the Society's ability to continue as a going concern. Consequently, the Society continues to adopt the going concern basis in preparing the finacial stateincnts. 2 Operating Sui'plus This is stated afier charging.. 2022 2021 Depreciation of owned fixed assets 17,079 18,063 3 Residential Chai'ges 2022 2021 Nominal total charges receivable Losses fi'om vacancies 6.2 /0 {20215.6 %) Net receipts from charges 93.8 / (2020 94.40/0) 172,370 {10,629 161,741 165,670 (9,341) 156,329 4 Staff Costs 2022 2021 Wages and salaries Pension contributions 53,598 1,692 55,290 55,321 1,680 57.001 Average numbei. of employees Full time Part time (equivalent full time) 5 Finance costs 2022 2021 Intei'est payable to Lloyds Bank plc 10
The Abbeyfield Bllckland Monachoi'um Society Limited Notes to the Aecounts continued Year ended 30th Septembei. 2022 6 Tangible fixed assets Land Freehold Furrbiture and property Cost Isi October 2021 Additions Disposals 30th September 2022 Equipmenl Total 35,000 825,253 75,126 935,379 16,693 16,693 (6,650 (6.650) 35,000 835,296 75,126 945,422 Depreciation 1st Octobcr 2021 Charge for year On disposals 30th September 2022 172,758 63,296 236,054 13,040 4,039 17,079 6,650) (6,650) 179,148 67.335 246,483 Net book value 30th Septembei. 2022 35,000 656,148 7,791 698,939 30th Septernber 2021 35,000 652,495 11,830 699,325 7 Trade i'eceivables 21J22 2021 Trade debtors and prepayments Expenditure on pn)posed extension 815 41,752 42,567 1,100 41,752 42,852 The cxpenditure on the proposed extension includes legal chai'ges, planning and building eontrol fees, supporting i'epoi'ts, architccls fees and initial woi'ks to commence tlie development. The directors believe the market value of the site is significantly in excess of the land and above costs. 8 Trade payables Amounts falling due Ivithin one year Lloyds Bank plc - tciin loan Lloyds Bank pl¢ - bouncebaclc loan Lloyds Bank plc - additional loan Accruals and other liabilities 2022 2021 12,444 7,200 3,360 6,084 29,088 11,364 5,579 20,543 Amounts falling duc in more than one year 20 yeai. tei'in loan lo July 2035 -Lloyds Bank plc 7 yeai. term bolinceback loan to March 2028 -Lloyds Bank plc 20 yeai. additional loan to Octobei. 2041 Lloyds Bank plc Deferred capital grant (see note 9) 98,940 25,200 31,292 26,220 181,652 106,127 32,400 26,600 165.127 11
The Abbeyfield Bueldand Monachorum Society Llmlted Notes to the Accounts Continued Year ended 30th September 2022 The 20 year tertn loan is secured with a mortgage on the propety and a fixed and floating charge on the assets of the Society. The 6 year teiTh loan is an unsecured government backed COronaviS 9 Deferred capital grant 2022 21)21 30th September 2021 Released to income during the yeai. 30th Scptember 2022 26,600 380 26,220 26,980 380 26,600 10 Contingent liabfilfitles The cornpany received a grant from the Home and Cornmunities Agency which was used to fund the devclopinent of the housiiig property. If the company disposes of the Iiome thei'e is a contingent liability of £11,780 in respect of the grant that might be repayable. This is in addition to the liability of £26.220 recognised in creditors see notes 8 and 9. The total figure of £38,000 represents the 'ant received on construction of the pi'operty in 1992. There are no plans to dispose of the propety at this time or in the immediate futLWe. 11 Accommodation in management: Housing for older people Nuinber of beds for full time i'esidenls Number of beds for residents, guests 2022 io 2021 10 12 Related party transactions The Directors of the company benefit from indemnity insui'ance to cover any liability i'esulting from any negligence, default or breach in their duty. One dircetor chw'ged foi. using his home as an office and related expenses. The ainount expended was £1,454 (2021 £1,701). These wei'e approved by independent directors. 13 Capit81 Commitments At the year end chere were commitments of £nil (2021 £nil) 14 Company information The Registered office aiid principal address is Pilchei's Field, The Crescent, Crapstone, Yelverton, Devon PL20 7PS. The Society is a conipany limited by guarantee, COiT)pany number 01108309, a registeiEd providei. of social housing, ref H1335, undei. the Housing and Regeneration Act 2008, and a i'cgistered chaiity numbei. 266471. 12