REGISTERED COMPANY NUMBER: 009964(14 (England and Wales) REGISTERED CHARITY NUMBER: 5110644 rt of the Trustees and Audited Flnanclal Statements for the Year Ended 31 March 2 24 for Abbe eld Socie Limited JBC Accountants Limited Statutory Auditor 3B Lockheed Court Preston Farm StOGkton on Te¢s TS18 3SH
bbe el on Soclet Contents of the Financial Statements for the Year Ellded 31 March 2024 Page Report of the Tru5tee5 I to 3 Report of the Independent Audltors Ststement of Flnancial Aetivities Balance Sheet 8 to 9 Note5 to the FinwnciAI StAtementS 10 to 17
.rield arlinotOD Socle Llm ted Re ort of the Trustees or ey ArEn 31 March 2024 The ttustees who are also dir¢ttor5 of the chkuity for the purposes of the Companies Act 2006, present Ihelr report with the financial slaternents of the charity for the year ended 31 March 2024. The ttustees have adopted the provisions of Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounls in accordance with the Financial Reporting Standard applicable in the UK and RepublTrc of Ireland (FRS 102) (effective l January 2019). OBJECTIVES AND ACTIVITIES Objectives and alms The Society is established for the public bcThefit to provide accommodation, care and ¢ompanioiiship for lonely or frail. elderly people in accordance witb the aims and piinciples of the Abbeyfield Society Limited This activity falls wholly within hostel housing activities as dered in the Housing and R¢generation Act 2008. Slgnificant actlvities The Society provides and manages three houses for the elderly in Darlington. being SIT Charles Starnier House, J.F.Latimer House and Earl Keelan House. The Society's ptincipal souwe of ftmding is ihe monthly Charges received from residents for their room and meals. Incorne received from residents for roorn hire in the year to 3 1st March 2024 was £463,121. this has increased from the previous year (£323,756). This is largely due to an increase in the number of rooms occupied during 2023124. Public benefit The Executive CorDmitt¢e have complied with the duty in Scclion 17{5) of the 2011 Charities Act to have due regard to guidance published by the Charities Commission (ie public benefit 5tsternen(). FINANCIAL REVIEW Financigl positlon The Society has a healihy financial position at the year end and 15 set out on the Society's balance sheet on page 8. Cash at bank and in hid at 31 st March 2024 is £122,833 (2023.. £145:588) and this is available to meet any future costs that may arise. The net in¢om&l(expendicure) for the year w&$ £98,060 (2023: (£72,6I3) ) There h&5 been an increase in the value of iiivestments since 31 M8rch 2023 of £43,615. However. there have been withdrawals of £100,0 to cover reLfiJrbishment costs. This has resulted in a fall in the value of investments at 31 March 2024 to £402,737 (£56,385 decrease). The trustees remain confident that the valuations will incre&se in the mediurn to long Éemi. Reserves policy Resetves which include readily rcalisable Independently nwlaged investment portfolios are required to meet redu¢tioft in income due lo unexpected under occupancy and unexpected levels of and any plaJ]ned repair and refijrbishment work in the future, as well as any unplaiined emergency repairs that may arise. The trustees consider that an adequate 1cl of reserves as at 3 1st March 2024 would be £250,000. FUTURE PLANS The Society intends to continue with thc general refi]rbisl]ment of residents rooms and the bouses and Suound1ng areas in general. STRUCTURE, GOVERF4ANCE AND MANAGEMEI¥4T Governing document The Society is govemed by its Memorandum of Association which establishes the objects and powers of the Society and its Articles of Association, both are dated 8th Decernber 1970 and amended by a Special Resolution dated 20 July 2005. The Sociery is a Company limited by guarantee: having no share capital, as defined by the Companies Act 2006. It is also registered as a charity wlth the Charity Commission. Page I
Abbe field Darlin ton Societv Limited Re ort of the Trustees for the Year Ended 31 Mar¢h 2024 STRUCTURE, GOVERNANCE AND MANAGEMENT RecrultmcnL appointment and induction of new trustees As set out in the Articles of Associatiory the number of ttuste&s shall not be l&ss than threc and no more than eighteen. New trustees are appointed at the Society's Annual General Mccting &$ set out in the Articles of Association. all trustees are encouraged to nominate llew members prior to the meeting. New Trustee8 arc ¥iven adequate training so that they are aware of thcii legal obligations under charity and company law. the Charity Commission guidar]ce on public benefit, content of the Societys Memot2ndum and Articles of Association, thc committcc dcL'ision-nuking processes. Organisational strncture The board of tmstees administers the Society through the Exccutive Committee, which meet5 a minimum of qarter]y. A secretary and treasurer have Ixcn appointcd Irom members of the board.. A general managcr is cmployed to facilitate the day to day running of the Society. Rlsk management The trnstees have 3 duty to identify and review the risks to which the Society is exposed and to ensure thai appropriate ontrols are in place to provide reasonable assurance against fraud and etTOr. REFERENCE AND ADMINISTRATIVE DETAILS Reglstered Company number 00996404 (Eiigland and Wale5) Reglstered CbArity number 500644 Registered office Sir Cbarles St8m]er House Danby Lodge Asbcroft Road Darlington Co. Durham DL3 8PD Trustees Mrs G Wiper (Secretary & Chair) MT D L Stccl (Treasurer) Ms C A Sobkowiak Mts FI I Scott OBE Mr P Robinson Mr A Teague Mrs F. Lyle Rcvcrelld J S Croft (resigoed 91112024) Dr T Birnie (resigned 811112023) Company Secretary Mrs G Wipcr Audltors JBC Accountants Limited Statutory Auditor 3B Lockheed Court Preston F8rn1 Stockton on T¢¢s TS18 3SH Page 2
Abbe field Darlin on Socie Limited ort ofthe Trustees for the Year Ended 31 March 2024 REFERENCE AND ADMIIYISTIL4TIVE DETAIts Soli¢itors LatimerHit 5-8 Priestgate Darlington County Durham DLI INL Bankers Barclays Bank plc 27-31 High Row Darlingloi) DL3 7QS STATEMENT OF TRUSTEESI RESPONSIBILITIES The tteeS (who are also the directots of Abbeyfield (Darlington) Society Limited for th¢ purposes of company law) are resrKinsible for preparing the Report of the Trustees and the financial scatements in accordance with applicable law and United Kingdom A¢counting Standards (United Kingdom Generally Accepted Accounting Practice). Cotnpany law requires the tThstses to prepare financial statements for each financial year whi¢h glve a te and fair view of th¢ state of affai of the charitable company and of the incoming resources and application of resources, including the income and expenditurc, of the charitsble company for that period. In preparing those financial statements, the trustee5 are required to select suitable accounting policies and then apply them consistently. observe the methods and Principles in the Charity SORP. make judgements and estimates that are reasonable and prndenl; prepare the fmancial statern¢nts on the going concern basis unless it is inappropriate to presume Ihat thc charitable company will eontinue in business. The trnstees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the finwicial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also Tesponsible for safeguarding the assets of the chai'itable company and hence for taking reasonable steps for the prevention and detectiou of fraud and other irregularit(es. In so far &$ the ttustees are aware.. there is no relevant audit inforn]alion of which the charitable company's auditors are unaware; and the tnteeS have raken all steps that they ought to have taken to make themselves aware of any relevant audit infonnation and to establish that the auditors are aware of that information. AUDITORS The auditors, JBC Accountants Limited. will be PToposed for re-appointment at the forthcoming Annual General Meeting. Approved by order of the board of trnstees on ....... . Pl.?.. and signed oft its behalfby: G Wiper - Secretary Page 3
rt flhel d ndent A itor to Éhe Trustees of rlln Abbevfield LDLLonJ Socie ' Limited Opinion We have audited the fu]ancial 8tatemenls of Abbeyfield (Darlington) Society Limited (d]e '¢haritable cornpany,) for the year ended 31 Marth 2024 which comprise the Ststement of Financial Activities. the Balance Shcct and notes to the financial statements. including a sun)mary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). In our opinion the r]nancial Statee[lts'. give a twe and fair view of the state of the charitable company's affairs at 31 March 2024 and of it5 incorning resources and application of resourccs, including its income and eXpenditre, for the ye8J tben ended. have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice: and have been prepared in accordance with the requiremeiits of the Companies Act 2006. Basis for opinion W¢ ¢otLducted our audit in accordance with Iniernational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC'S Ethi¢AI Standard, and we have fulfilled our other ethical responsibilities in accordaiice with these requiremenrs. We believe that the audit evid¢iice we have obtained is sulficient and appropriate to provide a basis for our opinion. Conclusions reladng to golng concern In audicing the fmancial sratements, we have concluded that the truste, we of the going concern b&5is of aeeounting in the preparation of the financial statements 15 appropriate. Based on the work we have perfonmed, we have not idetitified any nterIal uncertaiiities relating to evenrs or conditions tha¢ individually or collectively, may cast significant doubt on the charitable company's ability to contiJ]ue as a going concern for a period of at least twelve months frorn when the financial sta(ements are authorised for issue. Our responsibilities and the responsibilisies of the tnteeS with respect to going concem are described in the relevant sections of this report. Other Informadon The trnstees are responsible for the other infornialion. The other infonnation comprise5 the infonnation included in the Annual Report, other than the financial staternents and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other infom]ation and, except to the extent otherwise explicitly stated in our report. we do not express any lorni of assurance conclusion thereon. In connection with our autht of the financial statements, our responsibility is to re&d the other infonnation an in doing so, consider whether the other infolmation is ma11allY inconsistent with the fmancial statements or our knowledge obtained in the audir or othenvise appears lo be materially misstated. If we identify such rnaterial inconsistencies OT apparent material misstatements, we are required to detemiine whether this gives rise lo a material misslalemenl in the financial statements themselves. If, bad on the work we have perfomied, we conclude that there is a maErial misstatement of this other infomation, we are quired to report that fact. We have nothing to report in thi5 Tegard. Matters on which we are required to report by exception We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to Jou if, in our opinion.. the infonnation given in the Report of the Trustees is inconsistent in any material respect with the financial statements. or the charAtable company has not kept adequate accounting records. or the financial statements are not in agreement with the accounting records and returns,. or we have not received all the inforn]ation and explanations we require for our audit. Page 4
rt of the Inde AbbeTrfield endent Au Darlln on t the Trustees of Socletv Limited Responsibilities of trustee5 As explained tnore llY in the Statement of Trustees, Responsibilities, the tsustees (who are also the directors of the charitabLe company for the purposes of company law) are responsible for the prepatIOn of the financial statements and for being satisfied that tEiey give a true and fair view, and for such internal control as the trustees detemiine is necessary to enable the preparation of financial statements ihat are free from material misststement, whether due to fraud or error. In preparing the fmancial statements, the trnstees are responsible for assessing the charitable company's ability to continue as a going concem, disclosing, as applicable, tnatters related to going concern and using the going Concern basis of accounting unless the trustees either intend io liquidate the charitable conwany or to cease operations, or have no 1]StiC alternative but to do so. Our responsibilities for the audlt of the financial 5tatement5 We have been appointed as auditors under Section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations de or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial stakments as a whole are free from material mi&statement, whether due to frdud or eTror, and to issue a Report of the Independent AudiloTS that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guardntee that an audit conducted in accordance with ISAS (UK) will always dttct a material missthtement when it exists. Misstatements can arise from fraud or error and are considered material if, IndividulY or in the aggregafr. they Could reasonably be expected lo influence the econorniL decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud 15 detailed below: Irregularities. including fraud, are instances of non-compliance with lam's and i'egulations. We design procedures in line with our responsibilities, outlined above, to detect materral misstatements in resp¢¢t of irregularities, including fraud.The exlenl lo which our PTocedures are capable of detecting I¢¥u1a[itI¢S. including fraud is detailed below.. We id¢ntified arcas of law and regulations ihal could reasonably be expected to have a rnaterial effect on the financtal slalements, from our knowledge of th¢ Charity and discussions with tsSters. - We had regard to laws and regulations in areas that directly affect the financi statements, including the rules and regulations set out in the Charities Act 2011, Companies Act 2006 and FRS 102. We made enquiri¢s of the tn15Ees as to their knowledge of actual, suspected and alleged fraud and the existnce of internal controls in place to rnitigatc risks of fraud ond non-compliance with laws and Tegulations. - The cngagctncnt partner ensured that the engagement team had the appropriate competence, capabijilies and skills to identify or recognise non-compliance. - We addressed the risk of fraud through management bias and override of controls, by testing accounting records, including the appropri&tenes5 of journal entries. to identify unusual transactions and asscssed whether the judgements made in making accounting estitnates are indicative of potential bias. We designed procedures which included but were not limited io agreeing financial ststement disclosures to underlying supporting docurnentation alld enquiring of the trnstees as to actual and potential litigation and claims. Our audit procedures wei'e designed to respond to risks of material misstatement in tbe fmancial ststements. recogry]ising that the risk of not detecting a material misstatement due to fraud is higher that the risk of not detecting one resulting frorn error. as fraud may involve deliberate concealment or through collusion. There are inherent limitations in the audit procedLTh perfornied and the rther removed non-compltance with laws and regulations are from financial statements,the less likely we aTe to become aware of it. A thrther description of our responsibilities for the audit of the financial stAt¢ments is lo¢atrd on the Financial Reporting Council's website at INww.frc.OTg.uWauditorsresponsibÉlities. This description fonns part of our Report of the Independent Audtlors. Pag¢ 5
rt of the Inde Abbe eld endent Audltors to the Trnstees of Darlin on Socie . Llmlted Use of our report This report is D73de solely to the charitsble company's ttustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audi¢ work has been undertaken so that we might slate to the tharitable CoMpanS tnreeS those niatters we are required to state to them in an auditors, report and for no other purpose. To ihe fullest exteiit pennitted by law, we do not accept or &5sume responsibility to anyone other than the charitable company and Ihe charitable company's trnstees &5 2 body, for our audit work, for this repotL or for the opinions we have formed. JBC Accountants Liinited Stamtory Auditor Eligible to act as an auditor in terni8 of Section 1212 of the Companies Act 2(M)6 3B Lockheed Court Preston Farni Stockton on Tees TS183SH Date.. Page 6
Abbe fleld Darlin on SoeieTh, Limkted Statement of Financial A¢tIdeS ncor oratin all Income and F.xpenditure Account for the Year Ended 31 March 2024 2024 Total funds 2023 Total funds Unrestricted fidS Restrictsd funds Endowment Notes INCOME AND ENDOWMENTS FROM Charitable activities Social housing 470,115 800 470,915 329,557 Investment income 10,442 10,442 9,541 Tota] 480,557 800 481,357 339,098 EXPEII'DITURE ON Raising fvnds 6,182 6,182 7,900 Charjtable aedvfitles Social housing 416,685 583 417,268 375,133 Tots] 422,867 583 423,450 383,033 Net g&insl(losses) on inve5trnents 40,153 40,153 (28,678) NET INCOMEI(EXPENDITURE} 97,843 217 98,060 (72,613) RECONCILIATION OF FUNDS Total funds brought forward 2,008,042 716 98,000 2,106,758 2,179,371 TOTAL FUNDS CARRIED FORWARD 2,105,885 933 98,000 2,204,818 2.106.758 The notes forn] part of these financial statements Page 7
Abberfield arlin on Socie . Limited Balance Sheet l March 2024 2024 Total funds 2023 Total funds Unrestricted n(ts Restricted nds Endowment fLuid Notes FLXED ASSETS Tangible assets Investments II 12 1,633,825 402,737 484 98,000 1,732,309 402.737 1,584,151 459,122 2,036,562 484 98,000 2,135,046 2,043.273 CURRENT ASSETS Debtors Cash at bank &nd in hand 13 22,091 122,384 22,091 122,833 15,778 145,588 449 144,475 449 144,924 161,366 CREDITORS Amounts falling due within one year 14 (75,152) (75,152) (97,881) NET CURRENT ASSETS 69,323 449 69.772 63.485 TOTAL ASSETS LESS CURRENT LIABILITIES 2,105,885 933 98,000 2204.818 2,106.758 NET ASSETS 2,105.885 933 98,000 2,204,818 2,106,758 FUNDS Unrestricted ndS Restticted fldS 4ndowment funds 15 2,105,885 933 98,000 2,008,042 716 98,000 TOTAL FUNDS 2204,818 2,106,758 The charitable company is entitled to exemption from audit under Section 477 of the Cornpanies Act 2006 for the year ended 31 March 2024. Tlie members have not deposited notice, pursuani lo Section 476 of the Compani¢s Act 2006 r¢qutring an audtt of these rin8ncial staternents. The tte¢s knOwledge their responsibilities for (a) ensuring that d]e charitable company keeps accouniing records that comply with Sections 386 and 387 of the Companies Act 2006 and preparing financial statements which ve a ttue and fair view of the state of affairs of the charitable company a5 at the end of each financial year twd of its surplus or deficit for each fmancial year in accordance with the requirements of Sections 394 and 395 and which otherwise cornply wittL the requirements of the Conypanies Act 2006 relating to financial statements, so faT as applicable to the charitable con]pany. (b) These financial statements have been audited under the requirements of Section 145 of the Charitie5 Acl 2011. The notes folln part of these financial ststements Page 8 continued...
Abbevfleld Darlin ton Socie . Limfited Balance Sheet- contlnued 31 March 2024 Thcsc financial 5tatctncnis have been ptepared in accordance with thc provisions applicable to charitable companics subject lo the small companies regime. The financial stalemeiits were approved by th¢ Board of Trustees and authorised for issue s.th.i.f.W.Y>.*.a..... and were signed on its behalf by: on rs G Wiper- Trustee Mr D L Steel - Tntee Mr A Teague- T The notes 101sn part of these financial statements Page 9
Abbe field arjin on Sode . Llmfited Notes to the Fknancial Statements for the Year Ended 31 Marcb 2024 ACCOUNTIIYG POLICIES Basls of preparing the financial statements The finanU1 statenents of the charitable company, which is a public bencfit entity under FRS 102. have been prepared ill a¢con12nce with the Charittes SORP {FRS 102) 'AL'LOUllting and Reporting by Charities: Statement of Recommended Prdctice applicable to charities prcpdring their accounts in accordance with ihe Fillancial Rq)orting Standard applicablc in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Rcporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland, and the Companies Act 2006. The financial statements have been pr¢pared under the historical cost convention, with thc cxccption uf investments whicb arc illcludcd at rllarket value, as modified by the r¢valuaiioll of certain ass¥ts. The charitable company has taken advantage of the following disc105UTe exernption in prepdring thesc financial statements, as pcrmitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ircland,: the requir¢rn¢nts of Section 7 Statement of Cash Flows. Ineome All income is recognised in the Statement of Financial Activities once the chlty has entitlement to the fund% it is probable that the income will be r¢¢etved and the amount can be measured reliably. Expendiiure Expenditure 15 recognised once there is a legal or constrnctive obligation to make a payment to a third paty, it is probable that settlement will be required and the amount of the obligation can be measured Teliably. Expendittwe is classified under the following headings: - rdising funds comprise rh¢ costs of managiiig the investments held by the Society., expenditure on charitable activities include tbe costs directly related to the provision of Social Housing and their related support costs. The S]ety is not registered for VAT. Irrecoverable VAT is charged as a cost against the activity for which the expenditure was inCu¢d. Allocatlon and Apportionment of costs Support costs are those functions that assist the work of the Society but do not directly undertake the charitable dctivity. These costs illclude rnanagemenL finance, payroll and governance costs which support the provision of Social Housing. Tydngible red assets DcpreLiation is provided at the following allnual rates in order to write off each asset over its estimated useful life. Freehold property FIxreS fittt.ngs & equipment not provided 250/0 on cost and 20 1 on cost Housillg l¢And and properties are stated at Cost or valuation. The Lost of properties is tbeir purchase price together with incidental costs of acquisition. Expcnditute un housing properties, whith results in an enhancement to the ecimi)mic benefiis arising from the properties, or is considered to be a replacernent or restoration of an item IS Cdpltalised. No depreciation is charged on housing properties because they are maintained in a state of repair such that the estimated residual value of land and buildings is not less than their net book value. The annual thge would therefore be immatsial. Taxation The charity is exempt from corporation tax on its charitable activities. Fund accounting UllrestrÉcted funds Can be used in accordance with the chuitable objcctives at tbe discretion of the trustees. Page 10 continued...
Abbe arlin ton Socie . Limited Notes to the Financial Statements - continued for the Year Ended 31 March 2024 ACCOUNTLNG POLICIES . eontlnued Fund ateountlng Restricted fimds can only be used for particular restricted purposes within the objects of the Chlty. Restrictions arise when specified by the donor or when filnds are raised for particular restr5.cted purposes. Further eXplatIon of the nature and ll08e of each fund is included in the notes to the financial statctnents. Pension costs and other post-retirement bcnefit5 The charitublc company operates a defined contnl)utioll pension scheme. Contributions payable to the charttable company's pension scheme arc chdTged to the Sialement of Financial Activities in the paiod to which ihey Telate. Investments Investments are a forn] of basic financial instrument and are initially recognised at their transaction value and subs¢qu¢ntly measured at fair value as at the balance sheet date using the closing quoted rnaTket pricc.Thc statement of financial actLVlties includes the net gains and losses arising on Tevaluation and disposals during the year. The Society does not acqui put options. derivatives or other complex financial instnllnents. All gains and losses ar¢ taken to the Statement of Financial Activities as they arise. Realised gains and losses on investrnents are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequeni lo the first of the fULClaI year. Unrea]ised gains and losses are calculated as the difference between the fair value at the year end and their carying valuc. Rttalised and unrealised gains and losses are combined in the Statement of Financial Activities. The main forni of financial risk faced by the Society is that of volatility in equity markets and investment niarkets due to wider economic conditions, the attitude of investors to inve8tment risk and Changes in sentiment nceming equities and within particular sectors and sub sectors. Going CoDccrn The trustccs consider that there are no material uncertainties about the charity's ability to continuc as u going concern. Funds held at the year-end are considered slltTicient for thc on-going operation of Ihe charity. INVESTMEINT INCOME 2024 2023 Dividends and interest on equities and securities Deposit account interest 9.644 798 9,182 359 10,442 9,541 Pagell continued...
Dfdrlin on Socie Limlt d Notes to the FinxncSal Statements- conÉinued for the Year Ended 31 March 2024 INCOME FROM CHARITABLE ACTIVITIES 2024 2023 Activity Social housing Social housing Social housing Social housing Residents, Room Charges Other income Grants Employment allowance 463,121 1,994 800 5,000 323,756 301 500 5,000 470,915 329,557 RAISTNG FUNDS Investment m%nggement costs 2024 2023 Portfolio llwiagement 6,182 7,900 CHARITABLE ACTIVITIES COSTS Direct Costs (see note 6) Support costs (see note 7) Totals Social housing 328,769 88,499 417.268 DIRECT COSTS OF CHARrrABLE ACTIVITIES 2024 2023 Sraff Costs Rates and water Insurance Light and heat Telephone Food and uther household costs Repairs and Maintenance Council Warden Service Gardening Hirc of plant and machinery Depreciation 147,032 10,791 14,842 42,471 4,707 34,194 31,349 10,265 17,143 3,744 12,231 127.691 10,013 13.304 25,454 3,740 23,149 63.835 8,221 2.169 3,672 10,382 328.769 291,630 Page 12 continued...
Abbe arljn on Socie Limit d 1¥4otes to the Flnancial Statements - continued for the Y r EDd 31 March 20 SUPPORT COSTS Governance costs Management Totals Social housing 86,149 2.350 88.499 Support costs, included in the above, are as follows.. 2024 Social housing 2023 Toral activities Salaties Mthcting costs Sundries Subscriptions and AllIatIon Fees Profcssional fces Auditors, remunerdtion 68,189 143 2,147 7,157 8.513 2,350 62,023 286 1,711 8,951 8,332 2,200 88,499 83,503 NET INCOMEI(EXPENDITURE) N¢t incom¢/(exp¢nditure) 16 Stated after chargingl(¢r¢diting)= 2024 2023 Auditors, remuneration Deprcciation - owned assets 2,350 12,232 2,200 10,382 TRUSTEES, REMLQYERATION AND BENEFrrs There were no tstetS, remuneTation or other benefits for thc year ended 31 March 2024 nor for the Ye ended 31 March 2023. Trustees, expenses There We no tntees, expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. STAFF COSTS io. 2024 2023 Wages and salaries Social security Costs Other pension costs 191.668 14,061 9,492 171.595 9,996 8,123 215,221 189,714 The average monthly number of employees dwing the year wa5 as follows: Total sta 2024 li 2023 12 No employees received emoluments in excess of £60.000. Page 13 continued...
Abbe eld Darltn on) Socie Llmlted Notes to the Flnancffial Statements- eontinued for the Year Ended 31 Mareh 2 24 ii. TANGIBLE FIXED ASSETS Fixtsres fittings & equipment Freehold propety Totals COST At R April 2023 Additions -sposals 1,563,739 141,764 217,098 18,626 (203) 1.780,837 160,390 (203) At 31 March 2024 1,705.503 235,521 1,941,024 DEPRECIATIOIY At l April 2023 Charge for year Eliti]inated on disposal 196.686 12,232 (203) 196,686 12,232 (203) At 31 March 2024 208.715 208,715 NET BOOK VALUE At 31 March 2024 1,705,503 26,806 1,732.309 At 31 mah2o23 1,563,739 20,412 1.584,151 Sir Charles Starn]er House became an asset of the Society as a result of a bequest from Lady Stanner in January 1980. It is included in the accounts at its probate value of £98.000 plus additions at cost. J. F. Latim¢r House was fUlleed by a bequest from Miss Murftel Latirner and is included at cost in the accounts. Earl Keelan House was financed by the residue of the bequest from Miss Murial tatimer. together with those from Thomas Earl and Miss Kcelan and is also included at cost. 12. FIXED ASSET INVESTMENTS 2024 2023 Value of it)vestments at l April 2023 Dividend and interest received Investment portfolio management charges Withdrawals during the year Movement in value during year 459,122 9,644 (6,182) (ioo,000) 40,153 586,518 9,182 (7,9CNJ) (1,000) (28,678) Value of investments at 31 March 2024 402,737 459,122 Analysis: Listed investments 390,330 439,423 Cash held as part of the investment portfolio 12,407 19,699 402,737 459,122 Page 14 continued...
Abbei(ield arlin ton Socie . Llmfited Notes to the Fingncial Statements - continued f r th Year Ended 31 March 2024 13. DEBTORS: AMOUNTS FALLllYG DUE WITHIN OIYE YEAR 2024 2023 Other debtors Prcpayfflcnts and accrued income 4,446 17,645 15.778 22,091 15.778 14. CREDITORS: AMOiiNfs FALLING DUE IVITHIN ONE YEAR 2024 2023 Trdde creditors Social security and Dther taxes Other creditors Accruals and deferred income 52.509 3,322 4,033 15.288 60.528 2,192 5,968 29.193 75,152 97,881 15. MOVEMENT IN FUNDS movcmcnt in funds At 3113124 At 114123 Unrestrlcted funds Revenue Reserve Cyclical repairs reserve General chl¢able Reserve 1,920,470 14,000 73,572 97.843 2.018,313 14,000 73,572 2,008.042 97,843 2.105,885 Restricted funds Morrisons Garden Grant Ward Councillors 216 500 (75) 292 141 792 716 217 933 Endowment funds Endowment Reserve 98,000 98,000 TOTAL FUNDS 2.106.758 98.060 2.204.818 Net rnovement in funds, included in the above are as follows: Incorning resources Resources expended Gains and losses Movement in funds Unrestricted funds Revenue Reserve 480,557 (422,867) 40,153 97,843 Resti7Cted funds MotTisons Garden Grant Ward Councillo {75) (508) (75) 292 800 800 {583) 217 TOTAL FUNDS 481,357 (423,4501 40,153 98,060 Page 15 continued...
Abbe eld D2rlln Socie Limited Notes to the Financial Statements- eontinued for the Year Ended 3 15. MOVEMEPIT IN FUNDS - contlnued Comparatives for movement in fund5 Net movement ill lld8 At 3113123 At 114122 Unrestricted funds Revenue Reserve Cyclical repairs reserve General Charitable Reserve 1,993,508 14,000 73.572 (73.038) 1,920,470 14,000 73,572 2,081,080 (73.038) 2,(M)8,042 Restrfctrd funds Morrisons Garden Grant Ward Coun¢illor8 291 (75) 500 216 500 291 425 716 Endowment fund5 Endowment Reserve 98,000 98,000 TOTAL FUNDS 2,179,371 (72.613) 2.106,758 Comparative nel movement in fi]nds, included in the above are as follows.. Incoming resources Resources expended Gains and losses Movement in funds Unrestricted funds Revenue Reserve 338,598 (382,958) (28,678) (73,038) Restricted funds Mo180$ Gard¢ii Grant Ward Councillors (75) (75) 500 500 500 (75) 425 TOTAL FUNDS 339,098 (383.033) (28,678) (72.613) Amounts have been set aside for future cycltcal and major repairs that may be incurred in the medium to long tenn. This is based on the Sociery's obligation to cary out works on a continuing basis on its properties and planned programmes of work that have been put into place. The General chtabl¢ Rescrve represents funds Teceivcd whiLh have been designated for a specific putpos¢. The Endowment reserve represents the value of Sir Charles StaTmer House gifted to the Society in 1980 (see note I l). Page 16 continued...
Abbe field Darlin ton Socie . Limited Notes to the Finandal Statements - continued r th Year Ended 31 Marcb 2024 16. CAPITAL COMMITMEwrs 2024 2023 Contracted but notprovided for in the financial statements 33.741 17. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 31 March 2024. 18. ULTIMATE CONTROLLING PARTY The Executive Committee has ultimale control over the Society. 19. STATirroRY INFORMATIOY4 Abbeyfield (Darlington) Society Limited is a company limited by guarantee and has no share capitsl. There are seven members (2023-. nine), whose liability is limited to £ l. in thc cvcnt of winding up. the Society is rcgistcrcd in England and Wales and its registered number and otwice address can be found within the 'RefetEnce and Administrative Details, of the Report of the Trustees. Page 17