Charity Registration No. 267984 Company Règlstratlon No. 01051354 (England and Wales) Homes and Communities Agency No. H0062 THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2024
THEABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) LEGAL AND ADMINISTRATIVE INFORMATION DSre¢tors i D M C8ger (Chairmanl li A R Jesseman Mr Y P Maudgil (Treasurer) Mr H J McBrien MrCJIChugg Secretsry MrA R Jesseman Charity number 267984 Company numbor 01051354 Homes and communities agenoy number HOO82 Principal addre55 Winton House 51153 Dedworth Road WINDSOR SL4 5AZ Registered office Winton House 51153 Dedworth Road WINDSOR SL4 5AZ Auditor Craufur(J H81e Audit Services Limited CIO Craufurd Hale Group Ground Floor. Arena Court Crown Lane MAIOENHEAD SL6 8QZ Bankers Lloyds Bank PIC 45 High Stieet MAIDENHEAD SL6 1JS Investment advisors Chailes Stanley & Co. Limited 55 Bishopsgale LONDON EC2N 3AS
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) CONTENTS Pag• Directors reptsrt statement of Directors responsibilities Independent audilorfs rèport Slalemenl of finanoal activities Balance sheet 10- 11 Slalement of CAsh flows 12 Notes lo the fin3ncial slalemenls 13-2B
THE ABBEYFIELD (MAIDENHEAD) SOCIEf( LIMITED (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MA Y 2024 Th8 Directorg present their annual report and financial statements for 1he year ended 31 May 2024. The financial statements have been prepared in accordance wrth thé aceounling policies set out in nole 1 to Ihe financial statements and comply with Ihe Society's governing documenl, th8 Cotnpanies Act 2006 and "Accounting and Reporting by Charilies." Statement of Recommended Practice applicable lo charilies Preparing their accounts in accordance with the Financial Réporting Standard applicable in Ihe UK and Rèpublic of Ireland {FRS 1021. las amended lor accountin9 pertod5 Cotnmencing from 1 January 20161 Objectives and attivitle$ The Society's objects are to provide accommodation. care and companionship for the lon8ly or frail èlderly people in accordance with tha aims and principles of The Abbeyfield Society Limited. There h85 been no change in these during the year. The Directors have paid due regard to guidance issued by the Charity Commission in deciding what acliwlies the Society should undertake. Apart from the Trustees, the Charity does not rely on volunteers lo help run its aclivilies. The charity does Dol carry out significant fundraising activities. Strategle report The information provided under thè headings "Achievements and performance and "Financial review" Meet thè company law requirements for the Directors to present a strategic report. A¢hievements and perfomiance The Lsoard meets bi-monthly to review the soaety's financial position and ieview Key Performance Indicators. The figures for this year and last are.. 2024 2023 Operating Ideficill as a percentage of income Overall occupancy rale Lost income through voids as a percentage of income Total staff ¢osls as a percentage of income Food costs as a percentage of income 1431 {711 57 43 110 During the period undèr review. the Sociely continued lo suffer after-effects ol the Covid lockdown. The occupancy rale has been al 3 significantly redvced level duè to Ihè'bad press, perception regarding care homes. Added ID this was the issue of overdue re-inspection by the CQC to reslore Ihe rating of NholaS House lo accoid with the cuirenl iegulalory requirements. Some financial improv8went has been seen, bul increase in occupancy level is the key to Moving the Society lo a profitable basis wilhoul reliance on the inve5ttnent portfolio lo cover operation81 lossès. The directors are hopeful that the improvemenl trend plus new services being introduced and mart(eting irnpelus ill bring about thè necessary financial recovÉry. The Society'5 inveslment portfolio is managed by Chades Stanley & Co. Limited on a discretionary basis. The Sociely seeks lo pmducè the best financial relum within an acceptabl6 level of risk and Iherefore adopts the Charity Comrnission's guidance lor a 'lotal return" approach in ordei to give flexibility. The broad policy set by Directors is to achieve long-lemi growlh with an airn to maintain the real value ol the portfolio and having readily realisable inveslmellls lo covei contingency needs which will be necessary lo cover the continuing financial losses.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORTI (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Financial revlew 1115 the policy ot the Sooety that unrestricted funds which have nol been designated for a specific use should bè mainlaingd al 3 Sttfficjent levèl. Sufficient reserves have been rnainlained throughout the year. The current level of ie5erves is considered appropriate to rneet the Society's needs for thè foreseeable future. Oelails ol Ihe designaled reserves and any movements iherein are shown in the notes to the financial statements. The 8oard has taken a strategic decision lo eonlinue to maintain adequate iesetyes tor the purpose of supporting any future capital pioject5 or expenditure. The Dire¢tors have considered the need for designated ie5erves and al the year end are satisfied wllh the lev81 of É570.000 split bétween a capital renewal fund £320,000 2nd an operational contingency fund of £250.0. Vlthere donations oi legacies are received for specified purposes. the fL5nds are held as restricted reserves. Policie¥ and 4nt•mal control Thé Diièctors have overall responsibility for establishing and maintaining the whole system of inlemal controls and for reviewing their effectiveness annually. The Directors reCnISe that no system of internal control can provide absolute assurance or eliminate all Tlsk. The system of inlemgl conliol is designed to manage risk and lo provide reasonable assuranco that key business objectives and expected outcomes will be achiéved. It also exists lo give the reasonable assurance about the preparation and reliability of financAal and operalional information and the safeguarding of the So¢iely's assets and interests. In meeting their responsibilities, the Directors have adopted a risk-based approath to inleinal conliol whith is ernbedded within the whole management and governance pr(>cess. This approach includes the regular evaluahon of the nature and exlent ol risks to which the MpanY is. or coukj be, exposed. As expectations and living standards generally in the c(>mrnunity rise. so do those ol residents. who ale enjoying greater lile expectancy than previously an(t in some cases ¢an suffer increasing susceptibility lo dernenlia, Galling foi hjgher slandaids ol care", furthermore, the requirements ol the règulatory authorities are becoming more dem8nding. With the support of our staff al all levels we are meeting these additional pressures. As a vacancy aiises the roorn. once vaGaled, is ieclecor2ted. The slandard of decoration is monitored very closely. Structure, govemance and manag&ment The Society is a private company limitecl by guarantee incorporatèd in England and Wales Icornpany numbei 010513541 having no share capital and with charitable objective5. 11 is a regis18red charity (number 2679841 and is registered with thè Homès and Cornmunities Agency as a Registered Provider Inumber H00621. The Society is governed by its rnemorandum and artides of association.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) ICONTINUEDI FOR THE YEAR ENDED 31 MA Y 2024 Th8 Direciors who served during the year and up lo the dale of signature ol the financial 51alem8nls were.. Mr D Cagef Mr A Jesseman Mr Y Maudgil Mr H J McBrien MrCJIChugg Direclors are appointed by the Board in the evenl of a casual v8¢8n¢y and than confimied by the Member5 at an Annual General Meeting. Directors are volLJnleers who are or have been IA business locally and whose experience can assist in the mnning of the Society. None ol the Directois has any benefici31 interest in the company. All of the Difftctors are members ol the company and guarantee to contribute £1 in the event ol a winding up. The Society's current policy concerning the payment of Ir8de creditors is to follow the CBI'S Piompl Pay8rs Code (copies are avai18ble from the CBI, Cenlle Point, 103 New Oxford Street. London WCfjA 1DUI. The soelY.s cuirent policy eoncerning the payment of trade creditors is lo.. settle the terms ol payment with suppliers when agreeing the terms ol each transaction.. ensure th81 suppliers are made aware of the terms of payment by inclusion of the relevant lerrns in ctsntracts., and pay in accordan¢e with the Society's contractual and other legal obligations. The Society is org8nised under thè control of its Direclois, with day-to-day operations ol the hornes fflanaged by registered managers supported by the genGral manager and the houses director. Overall control of firnan$ is managed by the Ireasuier. Thè Board rneets six times a year. The Society complies with the Gov8mancè and Finanaal Viability Standard Code of Practice. The ieffluneration of key management personnel IHouse Managers and above) is sel by the Direclois annually. Pay rates aré based on the prevailing market r81e. Auditor In accoidance with the eompany's articles, a iesolulion pioposing thal Craufurd Hale Audit SeNc8s Limitèd be reappoinled as auditor ol the company will be pul al a General Meeting.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) DIRECTORS REPORT (INCLUDING DIRECTORS. REPORT AND STRATEGIC REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Rl$k management The major risks lo which the Society is exposed, as Identified by the Directors, have been reviewed and systerns have been established to mitigate those risks. The Dire¢tors consider that the following are the key risks and uncertainties faGing th8 Society.. Increased marketing effort reqliired to restore occupancy to pre-Govid-19 panderni¢ levels. Poor operational 01 care performance resulting in Care Quality Commission enforcement action, leading to damage lo th8 Society's iepulation and finances. Increasing age al which new residents seek Care Home services. leading to higher ct)sl of care. High staff tumover and the Soclely's abillly lo recruit staff wilh sufficient knowledge, skills, exrtIse and &xperience to provide good care which could lead to higher use ol agency staff and inconsi51enl care standards. Failure lo meet the current regulalory requirements of the Carè Qualty Commission and the Charity Commission or io identify and comply with any changes in legislation. Value for money As part of the ongoing strategy to ènsure value for money, the Directors have takèn a number of actions lo deliver their plans and to meet the required standard, embedding a 'value for money. culture throughout the Society. Getting best value from the resources is essential lo ensure that the Society Can ¢ontinve to deliver quality care and invest in Ihe accgrnmodation offered lo the residents where necessary to maintain the quality. Key actions have been.. to have regular meetings Wlth residents and by supervision from the Chaimien of the House Committees", lo manage staff soUrceS to ensure a consistent approach., to provide ongoing training to all staff lo effect the delivery of the care seivice effiejently and al a high level-. lo sel budgets and monitor actual results against those budgets regularty., and to engage with 8taff with appraisals and setting gtsals. The Directors are commilled to ensuiiiio the value (or money is considered in decision-making al all levels in order to meet and exceed the standard. This is reinforced through Ihe Societls culture which strives, ultitll31ely, lo add value lo Society through thè provision of quality care to all the residents. Olsclosure of Infomiation to auditor Each of the Directors has confimed that there is no information of which they ale aware which is re¢evanl lo the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate sleps to identify SUGh relevant inforTralion and to establish that the auditor is aware of such information. Complianee with accounting standards In the Directors opinion the financial statèments are compliant wilh the Slalemenl of Recommended Practice for Social Housing Prowders 2D18 ISORP 20181 and Ihe Slatement ol Recommended Practice." Accounting and Reporting lor Charities, IFRS 1021. Th&tyiors report, induding the str21egic report. was approved by the Board of Directors. MrA Jessèma V. s!.1..kn4
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF DIRECTORS RESPONSIBILITIES FOR THE YEAR ENDED 31 MA Y 2024 The directors. who also act as trustees for the charitable aclivilies of The Abbeyfield Imaidenheadl Society Limited, are responsible for preparing the Directors Report and the financial slatetnents in accordance wrth applicable law and Unlled Kingdom A¢(ounling Standards (United 'ngdoM Generally Accepted Accounting Pradicel. Gompany Law requires the Directors lo piep8re fin8ncial slalemènts lor each financial year which give a true and fair view of the slate of affairs of the So¢iely and of the incoming rèsourc6s and application of resources, Including Ihe income and expenditure. of the charitable cornpany for that year. In preparing these financial statements, the Oireclors are required to. select suitabltr accounting policies and then apply them consistently,. observe the methods and principles in Ihe Charities SORP., - make jL¥Jgements and eslimates that are reasonable and prudent.. state whether applicable UK Accounting Standards have been followed, subject lo any malerial departures disclosed and explained in the financial slalements., and prepare the fjnancial slalemenls on the going ¢oncern basis unless il is inappropriate lo presume that th$ Socièty will continue in operation. The Direciors afe responsible for keeping adequale accounting records that disclosè with reasonable accuracy at any lime the financial position of the Society and enable thern to ensure that the financial slalemenls comply with the Companies Acl 2006. They are also responsible for safeguarding the assets of the Society and hen¢e for taking rèasonablé steps for thè prèvèntion and detection of fraud and other irregul3rilie5.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT TO THE DIRECTORS OF THE ABBEYFIELD (MAIDENHEADI SOCIETY LIMITED Opinlon We have audited the financial slatements of The Abbesrfield IMaidènh&adl Society Limited Ithe 'Sociely'l lor the year endèd 31 May 2024 which coinprise the statement of financial aclivilies the balance slieet, Ihe slalement of cash flows and the notes to the finanaal statemenls, including 8 511mmary of siunilicant accounting policies. The financi31 reportitig framework that has been applied in their piepaiation Is applicable law and United Kingdoffl Accounting Standards, iiicluding Financial Reporting Standard 1 Q12 The Financial Rgporting Stéiidard applicable in the UK and R&publl¢ ol Iland (United Kingdom Generally Accepted A¢UntIng Practieel, Accounting and Reporting by Charities.. Statement of Recommendad Practice applicable to oharitie5 preparing their accounts in accordance with the Financi81 Reporting St8ndard applicable in the UK and Republic of Ireland IFRS 102) las amended for accounling périods commenryng from 1 January 20161. Reference has alsts beèn made to Ihe Accounting Directs'on lor Private Registered PrOvderS ol Soaal Housing 2019. In our opinion, the Inancial s¢alements'. give a true and fair view of the state of the charitable company's affairs as al 31 May 2024 and of its incoming resources and application ol restsurces. for the year then ended". have been properly prepared in accord3nc8 With United Kingdom Generally Aocepted Accounting Practi.. and have been prepared in aOrdance with the requirements Cpf the Cornpanie5 Act 2006. Basis for opinion We conducted our audil in accordance with Inteinalional Standards on Auditing IUKI IISAS IUKII and applicable law. Our rèspon&bilities under those standards are further described In the ALiditoKs sponsibililigs lor th8 audit of thg financial slaleilnS section of our ieport. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the financial slalemenls in thè UK. including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilrties in accoidance with these iequirements. We believe that the audit evidence we have oblaioed is sufficient and appropriate lo provide a basis for our opinion. Conclusions ralating to going concern In auditing the financial statèments. we have concluded that the Directors use of the gc)ing concem basis of accounting in the preparation ol the financi31 statements is appropriate. Based on the work we have performèd, wè hava not id&ntilied any material uncertainties relating to events or conditions that. indiiqdually or collectively, may east significant doubl on the Society's ability lo Continue as a going concern for a period of at leasl t%Yelve months from when the financial statement5 are authorised for issue. Our Sponsibl11t1es and the responsibilities of the Directors with respect to going concem are described in the relevant sections of ihis report. Other infornwtion The other information cornprises the illfoimalion included in the annual report other than the Iinan¢ial statements and our auditor's report thereon. The Directors are rpsponsiblè for thè Dlher information contained within the annual report. Our opinion on the financial statements does not cover the othei inforrnalion and we do not expres5 any form of assurance conclusion thereon. Our responsibilily is lo read the other infoinialion and. in doing so, consider whether Ihe othér Information is m21erially inconsistent with the fingncial statements or our knowledge obtained in the course of the audit. or tstherwise appears lo be materially rnisslaled. Sf we identify su¢h m£lerial inconsisleiicies or apparent malerial misslalements, we arè required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have perfornied. we conclude that there is a malerial misstatement ol this other information, we are required lo report that fact. We have nothing to report in Ihis iegard.
THE ABBEYFIELD {MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE DIRECTORS OF T14E ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED matte on which we a required to report by exception We have nolhing lo report in respeGt of the following mallers in rel?lion lo which the Charities (Accounts and Rep)ris} Regulation5 2008 require us to report to you il, in our opinion.. the inlo¥malion glven in the financial statements is tnconsislenl in any matÉrial r&speci with the Direclois report.. or sufficient awounling records have not bèen kepl.. or the financial statements are not in agreernent with the aceounting rÈcords.' or we have not received all the infoTtllalion and explanations we requi for our audit. Re$ponslbllitiès of Dlr•ctors As explained more lully in the Statement of Directors, Responsibilities, the Directors are responsible for the prepalalion of the linanaal slalemenls and for being Satisfied that they give a true and lair view, and for such intèinal controls as thè Directors determine are necessary to enable the preparation ol financial statewent5 that 8re free from material tnisstatetn&nl. whether due to fraud or error. In preparing the financial statement5, the Directors are responsible for asse55ing the Society's ability to continue as a going concern, disclosing, as applicable. matl6rs ielaled to going concerT) and using the going concern basis of accounting unless the Directors either intend lo Iiquidale the ¢haritable company or to cease op&rations, or have no realistic alternative but to do so. Auditorfs responsibilttles for the audlt of the financlal statsments We have been appointed as auditor under section 144 of the Charities Aot 2011 and report In 8CCordan with the Ad and relevant régulalions made or hawng effect thereunder. Our objectives are lo obtain reasonable assurance about whether the financial slalemenls as 8 whole are free froffl material misstatement, whether due to fraud or error, and to issue an 8udilorfs report that indudes our opinion. Reasonable assurance is a high level (if assuran¢e but is not a guaranlee that an audit conducted In accordance with ISAS IUKI will always delecl a material mis$13temenl when il exists. Misslatemen15 can arisè from Iraijd or èrror and are considered material il, individually 01 in the aggregate, they could reasonably be expected lo inflven the economio decisions of users taken on the basis of these linancial statements. Irregularit$, including fraLJd, are instances Df non-compliance with laws and regulations. We design procedures in line with our respon5ibililies, QLJtlined above, to detect rnalerial mi551aletnenls in iespeGI of srregularilies, including fraud. The exlenl lo which our procedures are capable of detecting irregularities, induding fraud, is detailed below. Our approach to identifying and assessing the risks ol material misslalernenl in r85pect ol irregularities, including non-compliance with laws and regulabons. was as follows.. the engagement director ensured thÈt the éngagement team collectively had the appropriate competence, capabilitiès and skills lo idenlify or recognise non-complian with applicable laws and regulations. w8 identified the laws and regulations applicable lo the company through discussions with management, and trom our commercAal knowledge and experien". wo locussed on specific laws and regulation5 which we consid818d may have a direct material effect on the Iinancial 51alement5 Qr the operations of the company. including the Care Qualily Commission,. we 3ssessed the èxtént of compliance with laws and regulations through making enquiries of managefflent and inspecting legal fee 8xpenditure,' and idenlrfied laws and regvlalions were communicated within the audit team and the team remained 8lert lo instances of non-ctsmpliancè throughout the audit. We assessed the susceptibility ol the cowpany's financlal slalements to material misslalement, iftcluding obtaining an understanding ol how Iratjd might occur, by.. Making enquiries of management as to where they considsrèd thère was susceplibilily to fraud, their knowlèdge of actual. suspected and alleged fraud.. and considering the internal ¢ontrols in place lo miligale risks of Ifaud and non-compliance with laws and regulations.
THE ABBEYFIELD (MAIDENHEAD} SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITOR'S REPORT {CONTINUEDI TO THE DIRECTORS OF THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED To address the risk of fraud through management b$ and override of controls, we.. perforThed an3lyti¢al procedures to identify any unusual or unèxpèctèd rèlationships.. tested joum81 entries to identify unusual transactions.. assessed whether judgements and assumptions made in determining the accounting estimates were dicative of potential bias.. and investigated the rationale behind signifKanl or unusual transactions. In response lo the risk of irregularilies and non-complianes with laws and règulations, we designed procedures which included, bul were nol limited lo.. agreeing financi31 statements disclosuS to underlying supporting documentation,. reading the minutes ol meetings of those charged with governance.. and enquiring of rnanagemenl as lo actual and potential litigaliDn and claims. There are inherent limitalions in our audit procedures described above. The more removed that laws and regulations are from financial transactions. the less likely it is that we would become aware of non-compliance. Audiling standards also limit the audit procedures required lo identify nDn-compliance with laws and regulatlOllS to enquiry of management and inspection ol regulatory and legal correspondence. if any. Matefial misstslements that arise due to traud can be harder lo delect than Ih05e that arise from error as they may involve deliberate (y)ncealmenl or collusion. A further descriplion ol our responsibilities is avai18ble on the Financial Reporting Council's website 81- https.'/l www.Ir¢.OFg.uklaLiditorsresponSibi'tIes. This description forms parl ol our 8udilo¢s report. Use of our report This report is made solely to the charity's trustees, as a body, in accoirdance with part 4 of the Charities IAccounls and Reports) Regulations 2008. Our audit work has been undertaken so that we might stale to the charity's IrLJslees those matters we are required 10 statè to them in an auditor's report and lor no other purpose. To the fullest extent permitted by law. we do llol accept or assume responsibility to anyorie other Ihall the charity and the charity's trustees as a body, for our audit work. for this rèport, or for the opinions we have formed Christopher Rayner FCA (Senior Statutory Audltorl for and on behalf of Craufurd Halè Audit Services Limited Chartered Accountants ststutory Auditor CIO Craufurd Hale Group Ground Floor, Arena Court Crown Lane MAIDENHEAD SL6 8QZ Ciaufurd Hale Audit Serwces Limited is eligible for appoinlrnent as auditor of the Society by virtue of ils eligibility for appointment as auditor of a company under section 1212 of thè Companies Acl 2006.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MA Y 2024 Unre$trl¢tsd Restrlcted funds funds 2024 2024 Totsl Total 2024 2023 Notes Income from- Don81ions and legacies Charitable actiwlies Other trading activities Investments Social housing giant amortisats.on 3,108 2,758.167 68 34,785 35,656 3.108 2,758,167 66 34,765 25,656 5,838 2,007,861 50 42,931 35,653 Total Income 2,831,764 2,831,764 2.092,331 nd41ure on: Charitable actiwties 3,996,934 4.125 4,001,059 3,499,521 Net oain51110ssesl on investments 12 237,178 237,176 136.325 Net movement in funds 1927.9941 14,1251 1932,1191 (1,270.865) Fund bal8n¢es a11 Junè 2023 7,455,805 70.435 7,526,240 8,797.105 Fund balances at 31 fvlay 2024 6,527.811 66,310 6,594,121 7,526,240 The slaletnenl ol financial activities includes all gains and losses recognised in the year. The statement of financial 8¢tivitl8s includes all gains andlosses recognised in the year. All income 8nd expenditure derive from continuing activities. The stalement ol financial activities also Complies with the requirements for an incotne and expendilure account under th& Companies Act 2006. Thes lemenl of Financial A ivilies w s approved by the Diractors rD Oir ager or èsseman Mr Y Maudgil Director Dlrector
THE ABBEYFIELD (MAIDENHEADI SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET AS AT31 MAY 2024 2024 2023 Notes Fixed assets Tangible assets Investments 14 15 5,501,841 1,902,278 5.642,263 2,949,764 7,404,119 8,592,027 Current assets Debtors Cash at bank and in hand 17 112,850 282,417 102,396 42,421 395.267 144.817 Creditors- amounts falling dug within one year 1309,5721 1279,2551 N8t cuirènt assetsllliabilitiesl 85,695 1134.438} Total assgt$ le$$ ¢urr*nt liabilltlas 7,489,814 8,457,589 Creditors: amounts falling due after more than one year 19 1895,6931 1931,3491 Neta55ets 6,594.121 7.526,240 Income funds Restricted funds Speufic donations and legacies O(Lup8tional theiapy unil General iestricted funds 29,385 36,400 525 32,635 37,800 21 66,310 70,435 Unrestrictèd funds Designated funds.. Capital renewal fund Contingency 320,000 250,000 320,000 250,000 22 570,000 5,383,888 573,923 570,000 5,996,858 888,947 General unrestricted funds Revaluation reserve 6,527.811 7,455,805 6.594.121 7,526,240 10-
THE ABBEYFIELD {MAIDENHEAD} SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) BALANCE SHEET (CONTINUED) AS Af31 MAY 2024 The coinpany is entilled lo the exemption from the audit requirement contained in section 477 of the Companies Act 2006. lor the year ended 31 May 2024, although an audit has bèèn carrièd out under section 144 of the Charilies Act2011. The directors acknowledge their r8sponsibililiès foi complying with the requiiemenls of the Companies Act 2006 wilh respect to accounting records and the pieparalion ol financial slalemenls. The finanual 51alem6nts were appioved by the Directo MrD ger Dlrector o$seman Dlreetor Mr Y Maudgil Directtsr Company Registratign No. OIOS1354
THEABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY2024 2024 2023 Notes Cash flows from operating a¢livitig$ Cash absorbed by operations 28 {1,053,37n 11,202,962) Investing activities Purchase of tangible fixed assets Other adjuslmenis PuFch8se of investments Proceeds on disposal tsl investments Dkvidends and interest received 126,0541 1251 1186.3261 1,471.613 34,765 1122,9881 3.846 1272.1481 1.6.240 42.931 Net cash generated from investing activities 1.293.973 657,881 Net increaselldecreasel in cash and cash equivalonts 240,596 1545,0811 Cash and eash equivalents al beginning of year 66,368 611,449 Cash and ¢a$h equlvalents at end of year 306,964 66,368 Relatlllg to: Cash al bank 8r>d in hand Short term deposits included in investments 282,417 24,547 42,427 23.947 12-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MA Y 2024 Accounting policies harity information Th& AbbÈyfield Imaidenheadl Society LimileLI is a private company limited by guarantee, having no share capital and with solely charitable activities. Inwrpoiated in England Wales. The registered office is Winton House, 51153 Dedworth Road, WINOSOR. SL4 5AZ. The So(iely is r89islèréd as a charity for tax purpose5 {Mo. 2679841 and is a Registered Social Landlord with the Homes and Coffltnunilies Agency (No. H00621. 1.1 Accounting convention The Iinan¢i81 statements havè been prepared in accordance with the Society's governing document, the Companies Act 2006 and "Ac¢ounting and Reporting by Charities". Statement of Recomrnended Practice applicable to charilles preparlng Ihelr accounts in accordance with the Financi31 Reporting Standard applicable in the UK and Republic of Irelènd IFRS 1021 las amended for accounting periods commenCig frtsm 1 January 20161 and the Accounlillg Direction for Private Registered Providers of Social Housing 2019. The SoGiely is a Public Benefit Enlily as delined by FRS 102. The financial slalemen15 are prepared in sterliiig, which is the functional CUFrenGy of the Soaety. Monetary amounts in these financial statements are rounded to the nearesl £. The finanoial statements have been prepared under the hisloriGal o(>sl convention, modified to inctude the revaluation of certain financial instruments al fair value. The principal aecounting Policies adopted are sel oul below. 1.2 Golng concem Al the time of approving the financial statements, the Directr)rs have a reasonable expectation that the Society has adequate resources lo contsnue in operational exi51ence for the foreseeable future. Thus the DiTeGtois Con'nUe lo adopt Ihe going concem basis of accounting in preparing the financlal slalements. 1.3 Charitable funds Vnreslricted funds are available for use 81 the discretion ol tme Directors in furtherance of their charitable objectives. Restricted funds are subject lo specifie conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are sel out in the notes to the financial slalernenls. 1.4 Incom9 Iiicome is recoonised whèn the Souely is legally enlitled to it after any pèrformance conditions have been met, the amounts can be measured reliably, and it is probable that incorne will be received. Monetary donations 818 recognised on receipt. Other donations alè rèeognised ontt the Society has been notified of the donation. Ljnless performance cA)ndilions require deferral of the amount. Donatsons for specified purposes which are separately identified in the Statement ol Financial Activities are then transferred as movements in restricted rèserves. Legacies are iecognised on reipl or otherwise if the Society has been notifi'ed of an impending distribution, the amount is known. and receipt is expected. If the amount is noi known, the l&gacy is treated as conlingent asset. Income indudgs rent and service charges receivable. nel of losses from voids, together with income grants from local authorities and other agencies. Turnover is measured at Ihe lair value of the ¢onsideratson received or receivable and represents amounts réceivablè for services provided in the normal £ourse ol business. 13-
THEABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MA Y 2024 Accounting policies (Continued) 1.S Expenditure Central support and govern3llCè Costs that do not relate directly to a single activity are wholly-apportioned to the sole activity undertaken, that of prov>ding accommodatic>n. care and compallionship lor lonely or elderly people. The company is nol VAT registered and irrecoverable inpul VAT is charged against the expenditure lo which It relates. 1.6 Tanglble fixed assets Tangible fixed assets are initially measured at cost and subsequently measured al c()st, net of depreciation. Depreciation is re¢ognised so as Ic> write off the cost or valuation of asséts lèss their residual values over their useful lives on the followir¥g bases.. Freehokj land and buildings Leasehold land and buildings Fixtures and fittings Motor vehicles 1.25°kn straight line (Previously 2Q/o straight line) 1.25°1¢ slraighl line (Previously 2VA straight line) 70A_ 15¢/0 Straight line 10.fi straight line The gain 01 loss arising on the disposal of an asset is deterrnined as the differenc8 bètwaen the sale proceeds and the carrying value of the asset, and Is recognised in the statement of financial aclivilies. Housing 18nd and buildings are stsled at cost less accumulated deprec13tioii as tangible assets rather than fixed a35el investments. The cost of properties is their purchase price or conslruetion cost, which indudes the InCental cos15 Of acquisition. Ass¢ls In the course ol construction are ntsl depr&¢ialed until they sre brought into use, al which point they are transfèrred to freehold or leasehold property as appropriate. Surpluses of deficits on the sale of housing land buildings are accounted fr>r In the Stslémènt of Financial Activities as the difference between the net sale proceeds and the carrying value. Unlil 31 May 2023 housing piopèrtiès were depreciated al 2. per annurn. Frorn 31 May 2023 housing properiies were deprecialed at 1.250A per annum. Although major components of the costs of buildings, such as kitchens and healing eouipmenl, would be depieciated at higher rates, the Directors considèred it impractical to identify those amounts incuiied in earlier years. Until 31 May 2U23 leasehold property was being written off at 2QA per annum. From 31 May 2023 leasehold property is being written off al 1.25°h pei annutv. ialhei than tsvtrr the length of the lease. Other tangible assets are slated al cost less accumulated deprecialson. Minor equipment costing less Ihan £500 and renewals of equipment under £1,000 are written off to the Slalement of Financial Activities. Tangible fixed a55ets recewed by way of donation are reflected in the financial slalemenls at their estimated valuation al the dale of receipt. An amount corresponding to the net book value is Carried forward wilhin restricted reserves. 1.7 Flxed asset investments Fixed asset investments are inltially measured at transaction price excluding Iransaclion costs, and if the shares are tr3ded publicly or if their fair valuè can bè measured reliably. are subsequently measured at fair value al each reporting date. Changes in fair value are recognised in the Slalemenl of Financial Activities. Transaclion costs are expensed as Incurred. 14-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MA Y 2024 Accounting policigs (Continued) 1.8 Impaimient of fixed assets At each reporting end date, the Society reviews the carrying amounts of ils 13nglble assets lo determine whelhei there 18 any indicatioii thal those ass@ts have suffered an impairment loss. If any SLJctt Indicab'on exists, the recoverable amount of the asstrt 15 estimated in cirder lo delemiiiie the exlenl of the impaimenl ioss {il any). 1.9 Cash and cash equivalent5 Cash and cash 8quivalèTrts include cash in hand and balanS held with banks. 1.10 Flnancial instwments The Society hes eleded to apply the provisions of Seclion 11 'Basic Financial Instruments, and Section 12 'Other Financi31 Instruments Issues, of FRS 102 to all of ils financial inslrumenls. Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractU31 provisions ol the instrument. Basic finan¢ial assets Basic financial assels, which indude debtors and cash and bank balanGes. ale tnea5ured at transaction price including transaction costs. Basic financial liabilities B3sio financial liabilitie5, including creditors are recognised al transaction price inGluding transaction costs. Trade creditors are obligations to pay for goods or services that have been ar4uired in thè ordinary course of operats'ons from suppliers. Amounts payable are classified as current liabilities. 1.11 Taxatlon The Sociely has charitable $13lus and is èxempl Irom eorporation lax on ils incorne. 11 has no trading aclivilies. The Society is not registered for VAT. Am)rdingly, no VAT is charged to residents, and expenditu indudès the relevant VAT. 1.12 Employee bènefits The cost of any unused holiday entillemenl is r8cognised in the period in which the employee's services are received. Terminalion benefits are recognised immediately as an expense when the Society is demonstrably commilled lo letmlll8te the employment ol an employee or lo provide termiiialion benelils. 1.13 Social Housing Grants In line with FRS 102 and the Housing SORP 2018 (Statement of Recommanded Pr8ctice lor Social Housing Provideisl. Social Housing Grants received as a capital conlribulioll are Shown separately as a credilof falling duÉ aftér moré than onè year. unless the grant lateS to a disposal of property and becomes recyded or repayable, in which case It is apportioned to creditcirs due in under one year. The a¢¢ruals method is applied as the company holds all social housing pioperties al their historic cost. Gran15 are made by the Hornes and Communities Agency (formerly the Tenant Services Authoiityl and are used lo ieduce the amount of mortgage loan In respect of ali approved scheme lo the 8mounl which It is eslimated can be serviced by the net annu21 income ol the scheme. The amount is calculated in accoidanco with instructions issued frorn lirne to lime by the Homes èiid Communities Agency. The grants are paid dire¢l to the lending institution and are refl8cted in the financial slatÈments of the Society only when the payment has been made and the relevant mortgage loan reduced. In certain circumstances grants can bewme repayable or are recyclable.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 Change in accounting policy During the year the directors considered the propèrty depcation rates with reference lo the expected residual values and useful economic lives ol the assets. The assessment was made that from 1 June 2023 the freehold property would have a useful econoniic life of belween a furthei 60 and 65 years and the leasehold propèrty would have a useful econornic life ol between a further 50 and 55 years. The depreciation rale applied for the ye81 ended 31 May 2Q24 has Iherefoie been reduced lo 1.25°/o per annum on cost from 20 per annum on cost applied previously. The new depiecialion rale results In the leasehold property cost being depreciated over a further 51 years from 31 May 2023 and the Iieehold property cost being deprecjated over a further $2 yèars from 31 May 2023. This change h3s not been applied retfospectively. The property deprecialion charge for the year h85 been quaniifie¢ as £93.54S. The property depreciation ch8lQ8 IOT th8 year as calculated under the previous accountin9 policy would have lotalled £149.519. Critical accounting estimates and judgements In the application of the Soaety's accounting policies. the Dirèdors are required lo rnake judgements. eslimales and assijmptions about the carrying amount of as5e15 and Iiabilili6s that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experien and other faclors that are considerèd to bè relovant. Actual resu115 may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis, Revisions lo accounting estimates are CogniSed in the period in which (he estimate is revised where the ievision affects only that pènod. or in the period of the revision and futu peri(>ds where the revision affects both currenl and future periods. There are no estrmates or assumptions which have 8 significant risk of Causing a maleriab adjustment lo the cairying amount of assets and liabilities. Charitsble a¢tivitie$ Accommodation Accommodation 2024 2023 Rent receivable and service charge income gloss ol void5 Void bsses {being rental income lost 3$ 3 result of rooms not being let, although available for letting) 4.301,263 3,514.877 (1,543,0*1 {1,507.0161 2.758,167 2,007,861 Average number of bed spaces under mana9èment 60 59 16-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY2024 In¢ome from other trading a¢tlvitles Unrestricted Unrestrictsd funds funds 2024 2023 Day care and visrtoes fees 68 50 Invgstments Unrestricted funds Total 2024 2023 Income from investments Interest receivable 33,902 863 41,793 1,138 34,765 42,931 17-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MAY2024 Charitablè activities 2024 2023 Accommodation. care and companionship for the elderly Staff costs Depreciation and impairment Insurance Telephone Agency staff Food and provisions Household sundries Cleaning rnalerials Rate5. water and waste Heating and lighting Minor equipment Fixtures afid littin9S CQC Levy Drugs and medical costs Rèpairs and maintenance Postègè and stationery Affiliation lees Legal and professional fees Audit and accouiitancy fee5 Payroll fees Olhei management St$ nvesttnent management fees Mobile care monitoring Bank ¢harges Advertising Bad debt expense 2,475,692 2,215,027 166.476 212,718 48.973 43,844 32,673 21.116 243.422 130,243 172,968 141,060 112.323 88.951 51,362 44.772 57,549 35,996 121,295 54,169 34,585 46.833 24.657 10.049 91,790 199,313 3.690 20.897 61.893 9.620 3,148 465 21,733 8,042 320 11,175 7,542 99,202 194,851 603 15.505 91,872 10,600 4.223 6,204 19,428 10.018 943 18,674 4,076 4,001.059 3.499,521 4.001,059 3.499,521 Analysis by fund Unreslri¢ted funds Restricted lunds 3,996,934 3.498,121 4.125 1,400 4,001,059 3.499,521 18-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MA Y 2024 Support and governance ¢o¥t$ The Socsety is considered to undertake a single acb'vity, that ol provision of accornrllod31ion. (>re and ¢otnP311i9nship for Ihe lonely or frail elderly people. Therefore, sllPPOrt and governance c051s have been treated as wholly-attribulable lo this activity. Governan costs includes expenditure nel of VAT lo the audilors of £7,00012023- £6,5331 for audil fees and £5,35212023 £4.1371 lor non-audit lees. Net movement in fvnd$ 2024 2023 The net movement in funds is slated after ¢hargingllerediting}'. Depreciation of owned langible fixed assets 166,476 212,718 10 Directors None of the D1ClorS lor any peisons connected with Iheml received any remuneialion or benefils during the year, or wère rèimbursed expenses. 19-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 MAY2024 11 Employeès Number of employees The average monthly number of employees during the year was.. 2024 Number 2023 Number General. central company Nicholas House- Care, activily. housekeeping, kitchen. maintpnan¢e and management Winlon House- Care, activity, housekeeping, kitchen. maintenance and management 43 41 47 42 94 88 Employmènt c<>sts 2024 2023 Wage5 and Salaries Social security costs Other pension ¢osls 2,224.815 194.041 56,836 1,993,752 170.393 50,882 2,475.692 2,215,027 The number of employees on a full lime equivalent basis (based on a 38 hoLJT weekl was 7412023- 68}. The nurnber of employees whose annual remuneiab.on was between £60,000 and £7D,000 was.. 2024 Number 2023 Number -20.
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 12 Net gain$lllossesl on invesbnent$ Unrestri¢ted Unreslricled funds funds 2024 2023 Revaluation of investments Gainlllossl on sale of investments 149,565 87.611 64,145 72,180 237,176 136.325 13 Taxatlon The society has tharitable status and is exempl from corpor31ion lax on ils income. 14 Tangible fued assets Freehold land ad buildings Lèasehold Flxtures andmotor vehicle5 land and Total Cg¥1 At 1 June 2023 Additions 3,508,078 3.975.500 847.323 26,054 76,104 8.407,005 26,054 At 31 May 2024 3,508,078 3.975.500 873,377 76,104 8,433,059 Dèpreciation and impairment Al 1 June 2023 Depreciation charged in the year 797,155 1,426.376 43,851 49.694 496,547 65,321 2,764,742 166,476 7,610 At 31 May 2024 841,006 1,476,070 561,868 52.274 2,931,21 Carrying amtsunt At 31 May 2024 2.667.072 2.499,430 311,509 23.830 5,501,841 Al 31 May 2023 2,710.923 2,549,124 350,776 31,440 5,642,263 In the opinitsn of th8 directors the market value ol land and buildings was.. 2024 2023 Freehold and long leasehold propertles 10,000,000 10,C()O,000 21
THE ABBEYFIELD {MAIDENHEADI SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS {CONTINUEDI FOR THE YEAR ENDED 31 AIA Y 2024 15 Fixed as$#t investments Li3ted investments Valuatlon At 1 June 2023 Additions Valuation chan9es Movement in cash balances (Xher movements Disposals 2,949,764 186,328 150,788 600 11,1981 11,384,002) Al 31 May 2024 1,902.278 Carrying amount Al 31 May 2024 1,902,278 At 31 May 2023 2,949,764 Made up of Listed invèstmenls Cash balances 1.877.731 24,547 1,902,278 Historic cost At 1 June 2023 Additions ovement in cash balances Other tnovernerrts Disposals 2,060,817 186,351 600 11,2231 1918,1891 Al 31 May 2024 1,328,356 Fixed asset investments revalued Lisied Investments are reflected 81 market value at balan sheet dale. Capi131 and income account balances are included within the total investmènts. The net movement in the investments revaluation reserve was1£315,D24112023-1£391,46011 in the yèar. 22-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS ICONTINUEDI FOR THE YEAR ENDED 31 MA Y 2024 16 Financial instruments 2024 2023 Carrying amount of financial assets Debt inslrurnents me8sured at cost Instrumen15 measured at lair value through profrt and loss 112,850 1.902,278 102.396 2,949,764 Carrying amount of financial liabilities Measured at cost 1.205.265 1,210.604 17 Debtors 2024 2023 Amounts falling due within one year- Trade cleblors Other d&bl(>rs Prèpaymonts and accrued income 66,451 60 46.339 25,088 1,235 76,073 112,850 102,396 18 Creditors., amounts f311ing du8 within one year 2024 2023 0lhertax8h.on and social security Trade creditors Other creditors Acciuals and deferred income 50,682 141,362 7,363 110,165 38,551 130.358 9.144 101.202 309,572 279.255 -23-
THE ABBEYFIELD {MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 19 Creditors.. amounts falling due aft•r moro than one year 2024 2023 Other Creditors 895,693 931,349 Social Housing Grants 2024 2Q23 Amounts CeIVed 1.856,768 1,656,768 Amortisation At 1 June 2023 Released In the year 925,419 35,656 889.786 35,653 At 31 May 2024 961.075 925.419 Carrying value At 31 May 2024 895.693 931,349 Creditors . amounts falling due after more than oine year represents th9 unamortised balance of So¢ial Housing Grants receNed in earlier years. The Social Housing Gr8nls a amortisÈd at 2% per annum and rele85ed as income in (he Slalemenl of Financial Activities. The entire balance of the Social Housing Grants is reflected as creditors amounts falling due after more than one year. An amount of £35.653 is expedÈd lo bè released lo the Slalemenl of Financial Adivaties in the year ending 31 May 2025. £142,612 is expectèd to be released between and five years and £717,428 is expected lo be released in more than five years. 20 Retirement ben&fit schemes Defined Gontribution schemes The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the schèmè arè hèld separately from those of the Society In ai) independently administered fund. The charge to piolil OT lo55 in iespecl of defined contribution sohemes was £56.83612023- £50,882). -24-
THE ABBEYFIELD {MAIDENHEAD} SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE} NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 21 Restrict•d funds The ieslricled funds of the charity comprise the unexpended balances ol donations and grants held OT) trust subject lo Specif condblions by donors as to how they may be used. At 1 June 2023 Incoming resourcès Resources expended At 31 May 2024 Specific donations and legatses Occupational therapy unit 32,635 37,800 13,2501 18751 29,385 36.925 70,435 14,1251 66,310 Previous year.. At 1 June 2022 Incoming resources Rèsources expended At 31 May 2023 Specific donations and legacies Occupational Iheiapy unil 27,635 39,200 5,000 32.635 37,800 11,4001 66,835 5,000 11,4001 70.435 Specific donations and legacAe5 fund represents amounts held in respect ol small donations or legacies given lor specific wrposes. The occijpalitsnal iherapy unil fund was established by a d()nation from The Abbeyfield Egham & Dlslnct Society lo fund Ihe construction of an occupational thèrapy Ljnit. DepreciatlDn on this expenditure is ¢harged againsi thè fund annualty. 22 Unrestricted funds The unrestricted funds of the chaiity cornpii5e the unexpencled balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These Inelude designated funds which have been sel aside out of unTestricled funds by the trustees lor specific purposes. At 1 June 2023 In¢oming resources Resources oxpended Gains and losses At 31 May 2024 Capital renewal fund Contingency fund General funds 320.QOO 250,000 6,885.805 320.000 250,000 5,957.811 2,831,764 13,996,934) 237.176 7.455.805 2,831,764 13,996,934) 237,176 6,527.811 -25-
THEABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 22 Unrestricted tunds (Continued) Previou5 year.. At 1 June 2022 Incoming resources Re$our¢e$ expended Galns and lossgs At 31 May 2023 Capital renowal fund Contingency fund General funds 320,000 250,000 8,160,270 320,000 250.000 6.885,805 2,087,331 {3.498,121} 136,325 8,730,270 2,087,331 13,498,121} 136,325 7,455,805 23 Anatysis of Det assets betwèen funds Unrestricted funds 2024 Rèstrictad funds 2024 Totsl 2024 At 31 May 2024: Tangible assels Investments Current asselsllli3bilitiesl Long ter liabilitie5 5,464.916 1.902.278 56,310 1895.6931 36,925 5,501.841 1,902.278 85,895 1895.8931 29.385 6.527.811 66.310 6,594,121 Unrestricted funds 2023 Restrlcted funds 2023 Totsl 2023 Al 31 May 2023: Tangible assets Investments Current assets/lliabilitièsl Long lem Iiabililies 5.604,463 2,949,764 1167,0731 1931,3491 37.800 5.642,263 2.949,764 1134,4381 1931,3491 32,635 7.455.805 70,435 7.526,240 24 Revaluation reseNo Revaluation of investments al market value reserve is represènted by.. Balance brought fotward 1 June 2023 £888.947 realised on disposal in 20231£465,8121 UnreISed in 2023 £150,788 carfied loward 31 May 2024 £573,923. Balance brought forwafd 1 June 2022 £1,280,407 realised on disposal in 20231£455,586) unrealised In 2023 £64.126 carried forward 31 May 2023 £888.947. -28-
THEABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MA Y 2024 25 Company limited by guarantse Each rnernber of the Society undertakes to contribute a figure not exceèding £1 to the assets of the Society lo meet its debts and liabilities incurred while they were a member, in the evelll of its being wound up while they are a member 01 withill one year ol c8as¢ng lo be a member. The guarantors do not have rights to a distribution Iii the event of a winding up. Mernbe15 have 8qual voting rights. 26 Finan¢ial ¢ommitm8nts. guarartt•os and contingont liabilities At Ihe reporting end date the company had £51.230 12023 - £63.0061 oulslanding commitments for future minimum lèase payments under non-cancellable operating leases. 27 ReEatsd party tran¢110 Remuneration of key management P8rsonnÈl The remuneialion of key management personnel induding salaries and employers pension contributions is as follows. 2024 2023 Aggregate compensation 310,368 306,858 Transactions with related partles Duftng the year the Society entered into the following transactions with rèlated parties.. The Souely uses O M Cager Ilnsurance Brokeisl Ltd. of which company director Mr D M Cager is a (11ctOr 8n¢Y shareholder, to arrange its business insuran¢es. The business insurance fees are agreed on an amis letbgth basis. 27-
THE ABBEYFIELD (MAIDENHEAD) SOCIETY LIMITED (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MA Y 2024 28 Cash generated from opèratlons 2024 2023 Deficit for the year 1932,1191 11,270,865) Adjustments for.. Investment income recognised in statement ol financial activities Gain on disposal of investments Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets 134,7651 187.6111 1149.5651 158.476 142.9311 172.1801 164,1451 212,718 Movements in working eapilal.. Ilncreasel Sn debtors (Decreasellinorease in creditors {10.4541 15.3391 117,231) 51,672 Cash absorbed by operations 11,053,377) 11,202,962) 29 Anoly$i$ of changes in net funds Th@ Society had no material debl durin9 the year. -28-