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2023-03-31-accounts

THE ABBEYFIELD BELFAST SOCIETY LIMITED

(company limited by guarantee)

ANNUAL REPORT

FOR THE YEAR ENDED 31 MARCH 2023

Charity Registration Number: 103425 Company Registration Number: NI004632

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CONTENTS PAGE
Reference and Administrative Details 1
Directors’ Report 2-5
Directors’ Responsibilities Statement 6
Independent Auditor’s Report 7-10
Consolidated Statement of Financial Activities 11
Charity Statement of Financial Activities 12
Consolidated Statement of Financial Position 13
Charity Statement of Financial Position 14
Consolidated Cash Flow Statement 15
Notes to the Financial Statements 16-28

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

REFERENCE AND ADMINISTRATIVE DETAILS

Charity name

The Abbeyfield Belfast Society Limited

Charity registration

Charity Commission for Northern Ireland: 103425 HMRC: XN47884

Company registration number

NI004632

Directors

Mr TA Clements (Chairman) Lady C Eames (Deputy Chairperson) Ms KA Shearer (Honorary Treasurer) Mrs A Jackson (Company Secretary) Mr AR Alexander Mr DC Magee Mrs CA Olver Mrs JA McCabe Ms GR Traub

Company Secretary

Mrs A Jackson

Principal office of the Society and registered office

Harberton Hall 23a Harberton Park Belfast BT9 6WX

Bankers Barclays Bank Danske Bank Donegall House Donegall Square West 7 Donegall House Sq North Belfast Belfast BT1 6LT BT1 5GB

Independent Auditors

Harbinson Mulholland Centrepoint 24 Ormeau Avenue Belfast BT2 8HS

Solicitors

Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW

1

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

DIRECTORS’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT)

The Directors, who are also the trustees under the provisions of the Companies Act 2006, present their report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 and comply with the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with The Financial Reporting Standard Applicable in the UK and Republic of Ireland (FRS102)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and Activities

The company’s principal activity continues to be the provision of supported sheltered accommodation for older people and the Society is guided in this undertaking by the shared beliefs of the Abbeyfield movement, that:

The Abbeyfield way of life seeks to provide a balance of privacy and support which can be ideal for many older people who no longer feel happy living alone. In Abbeyfield, older people can remain independent and active, knowing that they have the support of house staff and a network of local volunteers.

Public Benefit

The Directors are committed to furthering the Society’s objectives by providing high quality support to the residents who occupy the Society’s houses. In doing so, the Directors have due regard to the published guidance on public benefit and review the extent of the Society’s income and reserves, the cost of the facilities it provides and the ability of residents to make payments from their own resources.

The Directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the company should undertake.

Strategic Report

The description under the headings “Achievements and Performance” and “Financial Review” meet the company law requirements for the Directors to present a strategic report.

Achievements and Performance

The Society has continued to provide supported sheltered accommodation for older people, in accordance with its aims and objectives. The occupation rate for those houses which were open for occupation for the full year was 83% (2022: 87%) reflecting the planned gradual opening of Harberton during the year.

Within the context of the public benefit requirement, during the year under review, a number of the Society’s residents were funded, in part, other than through their own resources.

The Society is subject to the oversight of the Northern Ireland Housing Executive ‘Supporting People’ programme, which provides financial support to qualifying residents of the Society.

Financial Review

The Directors report net income for the year of £22,060 (2022: £604,443). This is after profit on sale of fixed assets of £Nil (2022: £923,238), a depreciation charge of £226,440 (2022: £50,743), and legacies and donations received of £80,873 (2022: £33,896).

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

DIRECTORS’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONT’D)

Financial Review (continued)

The Society’s principal funding source is income from residents, and this is supplemented by donations and legacies, which are received from time to time.

All of the Society’s operational expenditure is incurred in the provision of accommodation and services for residents and in the promotion of the Society.

Reserves Policy

The Society’s policy is to hold and designate an amount of general reserves, in the form of cash at bank, equivalent to approximately four months forecast net expenditure, having regard to an anticipated level of income.

Reserves in excess of this amount are treated as designated for the upgrading and renewal of the Society’s houses and adding to its housing stock when appropriate.

The policy relating to reserves is reviewed annually.

On an ongoing basis the Directors aim to generate a revenue surplus on operations which will allow for the augmentation of the company’s designated reserves.

Risk Management

The Directors have assessed the major risks to which the Society is exposed, in particular those relating to the operations and finances of the company. The Directors are satisfied that systems are in place to mitigate exposure to major risks. The Society manages and reviews risk through a risk management strategy and the maintenance of a risk register.

The year under review

During the year the new accommodation at Harberton Hall was brought into full operation and the transfer of residents from older houses which were being de-commissioned was managed. This was achieved through excellent work and commitment by staff and by volunteers, and with the co-operation and understanding of residents and their families and friends.

Plans for Future Periods

The Society will continue to plan for the upgrade and regeneration of the Society’s housing stock and the services provided to meet the requirements of future generations of residents. This may involve, in some cases, replacing older housing stock and the Directors are exploring a number of options which they believe will support the objectives of the Society to provide appropriate supported accommodation for older people.

Structure, Governance and Management

The Society is a company limited by guarantee and does not have a share capital. It is governed by a Memorandum and Articles of Association and the liability of each member is limited to an amount not exceeding £1.

At the date of this report the Board of Directors consists of nine members, being a Chairman, Deputy Chairperson, Honorary Treasurer, Company Secretary (collectively known as the Office Bearers) and five others. Three members of the Board of Directors are male and six are female. The Society has sixty-two employees.

3

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

DIRECTORS’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONT’D)

Structure, Governance and Management (continued)

The Directors who served during the year or were appointed after the year end, were:

Mr TA Clements (Chairman) Lady C Eames (Deputy Chairperson) Ms KA Shearer (Honorary Treasurer) Mrs A Jackson (Company Secretary) Mr AR Alexander Mr DC Magee Mrs CA Olver Mrs JA McCabe Ms GR Traub (Appointed 31 March 2023)

None of the Directors has any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £1 in the event of winding up.

The full Board of Directors meets at least quarterly; in between such meetings the Office Bearers and other Directors discharge a number of responsibilities delegated by the Board. The day to day management of the Society is the responsibility of the Chief Executive, who reports on a regular basis to the Office Bearers.

New Directors are appointed by the Board, having regard to the need for the Board as a whole to have a proper range of relevant skills, experience and characteristics. The Chairman, Deputy Chairperson, Honorary Treasurer and Company Secretary are appointed by the Board. New Board members are inducted by the Chairman and other Office Bearers as well as the Society’s Chief Executive. They are introduced to the aims, policies and procedures of the Society (and the Abbeyfield movement) through its manuals and general information on the Society’s activities. The most recently appointed Director brings a wide range of relevant experience to the Board.

All members of the Board are volunteers and, as stated in the audited accounts, no remuneration is paid to any Director of the charitable company (Note 9). There are many volunteers, who, as House Friends, complement the work of the Society’s Directors and staff, by giving friendship and support to residents.

The Society is affiliated to and is a Member Society of The Abbeyfield Society, a company limited by guarantee which does not have a share capital, having its registered office at Abbeyfield House, St Peter’s House, 2 Bricket Road, St Albans, Hertfordshire; company number 574816, registered charity number 200719. As a Member Society, the Society agrees to adopt and work in accordance with the Guiding Principles and the established standards of The Abbeyfield Society.

Key Performance Indicators

The Society aims to:

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

DIRECTORS’ REPORT (INCLUDING DIRECTORS’ REPORT AND STRATEGIC REPORT) (CONT’D)

Environmental Matters

The Society recognises its corporate responsibility to carry out its operations while minimising environmental impacts. The Board’s continued aim is to comply with all applicable environmental legislation, prevent pollution and reduce waste wherever possible.

Auditor

The auditors, Harbinson Mulholland, have indicated their willingness to continue in office, and in accordance with the company’s articles, a resolution proposing that they be reappointed as auditor of the company will be put at a General Meeting.

Disclosure of information to Auditor

Each of the Directors has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Directors’ report, including the strategic report, was approved by the Board of Directors.

____ ______ Mr TA Clements (Chairman) Ms KA Shearer (Treasurer) Director Director Dated:……………………………. Dated:…………………………….

5

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

DIRECTORS’ RESPONSIBILITIES STATEMENT

The Directors, who also act as trustees for the charitable activities of The Abbeyfield Belfast Society Limited, are responsible for preparing the Directors’ Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company law requires the Directors to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the group and charitable company and of the incoming resources and application of resources, including the income and expenditure, of the group for that year.

In preparing those financial statements, the Directors are required to:

The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the group and charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the group and charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

On behalf of the board

Mrs A Jackson (Secretary) Director Dated: …………………………….

6

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD BELFAST SOCIETY LIMITED

Opinion

We have audited the financial statements of The Abbeyfield Belfast Society Limited and its subsidiaries for the year ended 31 March 2023 which comprise the Consolidated Statement of Financial Activities, (including Income and Expenditure account), the parent charitable company Statement of Financial Activities, the Consolidated Balance Sheet, the parent charitable company Balance Sheet, the Consolidated Statement of Cash Flows notes to the financial statements, including a summary of significant accounting policies . The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the directors’ use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the group’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the directors with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the Directors’ Report, other than the financial statements and our auditor’s report thereon. The directors are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD BELFAST SOCIETY LIMITED (CONTINUED)

Opinion on other matter prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report and the Directors' Report.

We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of directors

As explained more fully in the Directors' Responsibilities Statement, the directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the directors are responsible for assessing the company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the directors either intend to liquidate the company or to cease operations, or have no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD BELFAST SOCIETY LIMITED (CONTINUED)

Auditor’s responsibilities for the audit of the financial statements (continued)

We assessed the susceptibility of the company’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

To address the risk of fraud through management bias and override of controls, we:

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations 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. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the directors and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities . This description forms part of our auditor’s report.

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

INDEPENDENT AUDITOR’S REPORT TO THE MEMBERS OF THE ABBEYFIELD BELFAST SOCIETY LIMITED (CONTINUED)

The purpose of our audit work and to whom we owe our responsibilities

This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work had been undertaken so that we might state to the charitable company’s members those matters we are required to state to them in an auditors’ report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed.

Clare McCarrison FCA (Senior Statutory Auditor) For and on behalf of Harbinson Mulholland

Chartered Accountants and Statutory Auditors Centrepoint 24 Ormeau Avenue Belfast BT2 8HS

Date:

10

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)


Notes
Income
Donations and
legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
Trading activities
7
Profit on disposal of
fixed assets
Net income/
(expenditure) for
the year
Net movements in
funds
Fund balances at 1
April 2022
Fund balances at
31 March 2023		 2023
2022
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
78,361
2,512
80,873
1,341
32,555
33,896
1,887,610
69,282
1,956,892
1,093,795
80,044
1,173,839
1,816
-
1,816
65
-
65
-
46,751
46,751
40,704
23,058
63,762
1,967,787
118,545
2,086,332
1,135,905
135,657
1,271,562
1,954,804
3,800
105,668
-
2,060,472
3,800
1,469,109
14,412
106,836
-
1,575,945
14,412
1,958,604
105,668
2,064,272
1,483,521
106,836
1,590,357
-
-
-
923,238
-
923,238
9,183
12,877
22,060
575,622
28,821
604,443
9,183
12,877
22,060
575,622
28,821
604,443
6,799,951
42,485
6,842,436
6,224,329
13,664
6,237,993
6,809,134
55,362
6,864,496
6,799,951
42,485
6,842,436

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 16 to 28 form part of these accounts.

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT)


Notes
Income
Donations and
legacies
3
Charitable activities
4
Investments
5
Other income
6
Total income
Expenditure on:
Charitable activities
7
Profit on disposal of
fixed assets
Net income/
(expenditure) for
the year
Net movements in
funds
Fund balances at 1
April 2022
Fund balances at
31 March 2023		 2023 2022
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
78,361
2,512
80,873
1,341
32,555
33,896
1,887,610
69,282
1,956,892
1,093,795
80,044
1,173,839
1,816
-
1,816
94,166
-
94,166
-
46,751
46,751
40,704
23,058
63,762
1,967,787
118,454
2,086,332
1,230,006
135,657
1,365,663
1,954,804
105,668
2,060,472
1,469,109
106,836
1,575,945
-
-
-
923,238
-
923,238
12,983
12,877
25,860
684,135
28,821
712,956
12,983
12,877
25,860
684,135
28,821
712,956
7,077,596
42,485
7,120,081
6,393,461
13,664
6,407,125
7,090,579
55,362
7,145,941
7,077,596
42,485
7,120,081

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

The notes on pages 16 to 28 form part of these accounts.

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED STATEMENT OF FINANCIAL POSITION

Notes
Fixed assets
Tangible assets
12
Current assets
Stock
Debtors
Cash at bank and in hand
15
Creditors: amounts falling due within one year
16
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than one
year
17
Net assets
Income funds
Restricted funds
Unrestricted funds
18
19
Total funds		 2023
£
2022
£
9,250,748
9,313,439
-
13,246
414,724
8,672
59,279
311,999
427,970
(618,457)
379,950
(563,636)
(190,487)
(183,686)
9,060,261
9,129,753
(2,195,765)
(2,287,317)
6,864,496
6,842,436
55,362
6,809,134
42,485
6,799,951
6,864,496
6,842,436

The financial statements were approved by the Board of Directors on and were signed on its behalf by:

_____ ________ Mr TA Clements (Chairman) Ms KA Shearer (Treasurer) Director Director

Company Registration No. NI004632

13

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CHARITY STATEMENT OF FINANCIAL POSITION

Notes
Fixed assets
Tangible assets
12
Investments
13

Current assets
Stocks
Debtors
Cash at bank and in hand
15
Creditors: amounts falling due within one year
16
Net current (liabilities)/assets
Total assets less current liabilities
Creditors: amounts falling due after more than one year
17
Net assets
Income funds
Restricted funds
Unrestricted funds
18
Total funds		 2023
£
2022
£
9,532,193
1,478,607
1
1
9,532,194
1,478,608
-
13,246
413,281
8,672
7,855,139
308,642
426,527
8,172,453
(617,015)
(243,663)
(190,488)
7,928,790
9,341,706
9,407,398
(2,195,765)
(2,287,317)
7,145,941
7,120,081
55,362
7,090,579
42,485
7,077,596
7,145,941
7,120,081

The financial statements were approved by the Board of Directors on and were signed on its behalf by:

_____ ________ Mr TA Clements (Chairman) Ms KA Shearer (Treasurer) Director Director

Company Registration No. NI004632

14

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

CONSOLIDATED CASH FLOW STATEMENT

Notes
Cash flows from operating activities
Cash generated from operations
25
Cash flows from investing activities
Interest received
Interest paid
Purchase of tangible fixed assets
Proceeds on disposal of fixed assets
Net cash generated from investing activities
Cash flows from financing activities
New bank loans
Net cash used in financing activities
Net decrease in cash and cash equivalents
Cash and cash equivalents at the beginning of the year
Cash and cash equivalents at the end of the year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors payable in one year		 2023
£
2022
£
428,624
(508,919)
1,816
65
(125,011)
(79,580)
(163,749)
-
(2,648,033)
1,575,743
(286,944)
(1,151,805)
-
1,313,000
-
1,313,000
141,680
(347,724)
273,044
620,768
414,724
273,044
414,724
311,999
-
(38,955)
414,724
273,044

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THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS

1 Accounting policies

Charity information

The Society is a company limited by guarantee and does not have a share capital. It is governed by a Memorandum and Articles of Association and the liability of each member is limited to an amount not exceeding £1. The registered office is Harberton Hall, 23a Harberton Park, Belfast, BT9 6WX.

The group consists of The Abbeyfield Belfast Society Limited and all of its subsidiaries.

1.1 Accounting convention

The accounts have been prepared in accordance with the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019). The company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the company. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Basis of consolidation

In the parent charitable company financial statements, the cost of business contribution is the fair value at the acquisition date of the assets given, equity instruments issued and liabilities incurred or assumed, plus costs directly attributable to the business combination. The excess of the cost of a business combination over the fair value of the identifiable assets, liabilities and contingent liabilities acquired is recognised as goodwill. The cost of the combination includes the estimated amount of contingent consideration that is probable and can be measured reliably, and is adjusted for change in contingent consideration after the acquisition date. Provisional fair values recognised for business combinations in previous periods are adjusted retrospectively for final fair values determined in the 12 months following the acquisition date. Investments in subsidiaries, joint ventures and associates are accounted for at cost less impairment.

Deferred tax is recognised on differences between the value of assets (other than goodwill) and liabilities recognised in a business combination accounted for using the purchase method and the amounts that can be deducted or assessed for tax, considering the manner in which the carrying amount of the asset or liability is expected to be recovered or settled. The deferred tax recognised is adjusted against goodwill or negative goodwill.

The consolidated financial statements incorporate those of The Abbeyfield Belfast Society Limited and all of its subsidiaries (ie entities that the group controls through its power to govern the financial and operating policies so as to obtain economic benefits). Subsidiaries acquired during the year are consolidated using the purchase method. Their results are incorporated from the date that control passes.

All financial statements are made up to 31 March 2023. Where necessary, adjustments are made to the financial statements of subsidiaries to bring the accounting policies used into line with those used by other members of the group.

All intra-group transactions, balances and unrealised gains on transactions between group companies are eliminated on consolidation. Unrealised losses are also eliminated unless the transaction provides evidence of an impairment of the asset transferred.

1.3 Going concern

The Directors consider that there are no material uncertainties concerning the group and the charitable company’s ability to continue as a going concern.

16

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

1.3 Going concern (cont’d)

The Directors have prepared projections for the development project and the Group and, having considered the circumstances outlined above, are of the view that they have sufficient funding to ensure that the Society can continue to operate for the next 12 months. For this reason, they continue to adopt the going concern basis in preparing the financial statements.

1.4 Charitable funds

The Society has various types of funds for which it is responsible and which require separate disclosure. Definitions of the various funds are as follows:

Unrestricted funds are expendable at the discretion of the Society in furtherance of the objectives of the Society. Such funds are expended on operating activities or may be held to finance capital investment and working capital.

Designated funds are unrestricted funds which have been set aside by the Directors for particular purposes and comprise funds for the upgrading and renewal of the Society’s houses, and adding to its housing stock when appropriate.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

1.5 Income

Income is recognised when the company is legally entitled to it after any performance condition have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations and legacies comprise donations, legacies, gifts and other forms of voluntary income which are included in full in the Statement of Financial Activities when received. No amounts are included in the financial statements for services donated by volunteers. Legacies are recognised when received or when their amount is capable of measurement. Entitlements to material legacies which are not included are disclosed in the notes.

Supporting People revenue grants are credited to restricted income when they are received.

Coronavirus JRS grant income is credited to unrestricted income in the period to which it relates.

Investment income comprises bank and other interest receivable in the accounting year.

Rental income is income from properties/rooms let as private residences and is recognised on receipt.

Resident charges comprise charges receivable in the accounting year from residences of the Society’s homes.

1.6 Expenditure

The charitable expenditure comprises all expenditure by the charity when working to meet its charitable objectives.

All expenditure, including trading expenditure related to the subsidiary, is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category.

House running costs represent direct expenditure incurred in running houses for residents and an allocation of certain support costs. Support costs are allocated to house running costs on the basis of time spent.

Significant refurbishments are capitalised whilst other repairs and replacements are written off to revenue in the year in which the expenditure is incurred.

17

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

1.7 Tangible fixed assets

Tangible fixed assets comprise freehold properties (including improvements thereto), the initial cost of furnishings and fittings and computer equipment.

Assets in the course of construction are not depreciated.

Freehold properties and improvements thereto are stated at cost, or in the case of bequeathed properties at probate valuation. Depreciation is calculated so as to write off the cost on a straight line basis over the expected useful life of the properties. The annual rate used is 2% straight line. The Directors regularly review the properties for impairment.

The cost of furnishings and fittings is the purchase cost together with any incidental costs of acquisition. Depreciation is provided in respect of these furnishings at a rate of 25% straight line.

The cost of office equipment is the purchase cost together with any incidental costs of acquisition. Depreciation is calculated so as to write off the cost on a straight line basis over the expected useful economic life. The annual rate used is 25% straight line.

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset and is recognised in net income/(expenditure) for the year.

1.8 Impairment of fixed assets

At each reporting end date, the company reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss.

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the company’s balance sheet when the company becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised costs using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

18

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

1.10 Financial instruments (cont’d)

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the company’s contractual obligations expire or are discharged or cancelled.

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the company is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

1.13 Leases

Rentals payable under operating leases, including any lease incentives received, are charged to income on a straight line basis over the term of the relevant lease.

1.14 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expenses as incurred.

A subsidiary is an entity controlled by the company. Control is the power to govern the financial and operating policies of the entity so as to obtain benefits from its activities.

1.15 Stocks

Stocks are stated at the lower of cost and net realisable value

2 Critical accounting estimates and judgements

In the application of the company’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

19

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

2 Critical accounting estimates and judgements (cont’d)

Impairment and depreciation

Long-lived assets comprising primarily of freehold property represent a significant portion of total assets. The annual depreciation charge depends primarily on the estimated lives of each type of asset and, in certain circumstances, estimates of residual values. The directors regularly review these useful lives and change them if necessary, to reflect current conditions.

In determining these useful lives management consider technological changes, patterns of consumption, physical condition and expected economic utilisation of the assets. Changes in the useful lives can have a significant impact on the depreciation charge for the financial year. The net book value of tangible fixed assets subject to depreciation at the financial year end date was £9,250,748 (2022: £9,313,439).

3 Donations and legacies


Donations and legacies		 2023 2022
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
78,361
2,512
80,873
1,341
32,555
33,896

4 Charitable activities

2023 2022

Income from
residents		 Unrestricted
Funds
£
Restricted
Funds
£
Total
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
1,887,610
69,282
1,956,892
1,093,795
80,044
1,173,839

Of the above income from residents, £69,282 (2022: £80,044) was received from Northern Ireland Housing Executive Supporting People Benefit and was specifically applied in providing support for those residents in respect of whom it was received.

5 Investments

Investments

Bank interest
receivable		 2023 2022
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
1,816
-
1,816
65
-
65

6 Other income

Other income
Rental income
Supporting People
grants
Other grants		 2023 2022
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
Unrestricted
Funds
£
Restricted
Funds
£
Total
£
-
-
-
2,159
-
2,159
-
27,051
27,051
38,545
23,058
61,603
-
19,700
19,700
-
-
-
-
46,751
46,751
40,704
23,058
63,762

20

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7 Charitable activities

Staff costs
Depreciation and impairment
Recruitment and redundancy
Food
Cleaning
Waste removal
Training and uniforms
Heat and light
Rates and water charges
Insurance
Telephone
TV licence and events
Repairs
Garden upkeep
Sundry expenses
Marketing
Indirect expenses
Support costs (see note 7.1)
Governance costs (see note 7.1)
Analysis by fund
Unrestricted funds
Restricted funds		 House
Running
Costs
2023
£
Re-stated
House
Running
Costs
2022
£*
936,637
746,013
226,440
50,743
29,109
40,923
144,067
80,006
14,418
10,541
14,413
10,490
4,498
2,143
147,034
66,631
13,534
12,427
19,213
16,722
16,743
8,782
10,129
5,837
82,745
53,232
15,310
15,467
30
2,072
15,121
9,482
7,972
16,829
1,697,413
1,148,340
354,239
417,592
8,820
10,013
2,060,472
1,575,945
1,954,804
1,469,109
105,668
106,836
2,060,472
1,575,945

During the year ended 31 March 2023, costs of £69,282 (2022: £80,044) were allocated against restricted funds to match the restricted income from Supporting People in relation to income from resident’s charges. A further £33,519 (2022: £23,058) of costs relate to other restricted grants and £2,867 (2022: £3,734) of costs relate to restricted donations.

The total cost of support provided by the Society for eligible residents exceeded £69,282 (2022: £80,044) and income from Supporting People is fully utilised in making a contribution to those costs.

*Some costs have been reanalysed in the comparatives to ensure comparability with the 2023 disclosures.

21

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

7.1 Support and governance costs

Staff costs
Office equipment,
maintenance, printing,
stationery and postage
Sundry expenses
Professional fees and
recruitment costs
Bank fees
Travelling and training
Office hire
Fleet costs
Interest paid
Development costs
Audit fees		 Support
costs
Governance
costs
£
£
169,131
-
30,025
-
5,713
-
7,410
-
6,854
-
1,274
-
-
-
8,821
-
125,011
-
-
-
-
8,820
354,239
8,820		 2023
£
169,131
30,025
5,713
7,410
6,854
1,274
-
8,821
125,011
-
8,820
363,059		 Support
costs
£
190,889
22,275
1,862
60,900
3,018
1,631
14,033
8,446
79,580
34,958
-
417,592		 Governance
costs
2022
£
£
- 190,889
-
22,275
-
1,862
-
60,900
-
3,018
-
1,631
-
14,033
-
8,446
-
79,580
-
34,958
10,013
10,013
10,013 427,605

8 Transfers

There were no transfers in the year ended 31 March 2023.

9 Directors

None of the directors (or any persons connected with them) received any remuneration or benefits from the charitable company during the year. Directors’ fees of £Nil (2022: £8,000) were paid to directors of the subsidiary company during the year.

Expenses amounting to £NIL (2022: £NIL) were paid to Directors during the year. Indemnity insurance for Directors’ liability has been purchased by the Society for £1,294 (2022: £1,929).

22

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

10 Employees

Number of employees

The average monthly number of employees during the year was:

House managers
House staff
Administrative staff
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
2022
Number
Number

7
6
48
44
4
5
59
55
2023
2022
£
£
1,025,516
899,920
75,084
57,607
19,053
15,410
1,119,653
972,937

The remuneration of key management personnel in the year was £169,131 (2022 restated: £190,889).

There were no employees whose annual remuneration was £60,000 or more.

11 Taxation

The Society is a registered charity, and as such is entitled to certain tax exemptions on income and profits from investments, and surpluses on any trading activities carried on in furtherance of the Society’s primary objectives, if these profits and surpluses are applied solely for charitable purposes.

23

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

12 Tangible fixed assets
Group
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Freehold
property
Furnishings &
fittings
Office
equipment
Total
£
£
£
£
9,840,985
234,606
34,136
10,109,727
105,619
36,925
21,205
163,749
-
-
-
-
9,946,604
271,531
55,341
10,273,476
685,290
79,437
31,561
796,288
170,857
50,496
5,087
226,440
-
-
-
-
856,147
129,933
36,648
1,022,728
9,090,457
141,598
18,693
9,250,748
9,155,695
155,169
2,575
9,313,439

Freehold property includes an asset constructed by a subsidiary company for the parent company. The subsidiary company disclosed the asset as stock on its balance sheet at 31 March 2022 and during the year ended 31 March 2023 the subsidiary transferred the asset to the parent company.

Charitable Company
Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Freehold
property
Furnishings &
fittings
Office
equipment
Total
£
£
£
£
2,006,153
234,606
34,136
2,274,895
8,221,896
36,925
21,205
8,280,026
-
-
-
-
10,228,049
271,531
55,341
10,554,921
685,290
79,437
31,561
796,288
170,857
50,496
5,087
226,440
-
-
-
-
856,147
129,933
36,648
1,022,728
9,371,902
141,598
18,693
9,532,193
1,320,863
155,169
2,575
1,478,607

24

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

13 Fixed asset investments

Charitable Company

Cost or valuation
At 1 April 2022
Additions
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022
Other investments comprise
Notes
Investments in subsidiaries
23
Financial instruments
Carrying amount of financial assets
Debt instruments measured at amortised costs
Carrying amount of financial liabilities
Measured at amortised cost		 Unlisted
investments
£
1
-
1
1
1
2023
£
2022
£
1
1
2023
£
2022
£
6,055
10,297		 Unlisted
investments
£
1
-
1
1
1
2023
£
2022
£
1
1
2,787,614
2,827,658

14 Financial instruments

15 Debtors

Amounts falling due within one
year:
Amounts owed by fellow group
undertakings
Other debtors
Prepayments and accrued income		 Group
Charitable Company
2023
£
2022
£
2023
£
2022
£
-
-
-
7,800,779
6,055
10,297
6,055
5,378
7,191
48,982
7,191
48,982
13,246
59,279
13,246
7,855,139

Other debtors in the charitable company relate to residents’ charges due.

25

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

16 Creditors: amounts falling due within one year

Bank overdrafts
Bank loan
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
Amounts owed to group undertakings		 Group
Charitable Company
2023
£
2022
£
2023
£
2022
£
-
38,955
-
38,955
137,235
45,683
137,235
45,683
26,608
23,295
26,608
23,295
28,990
200,867
28,990
61,874
94,713
19,119
9,963
19,119
330,911
-
235,717
-
56,897
357,322
54,737
-
618,457
563,636
617,015
243,663

Barclays Bank Plc hold a charge over all the assets of the company.

The term of the loan is 5 years on a floating rate basis of interest with a margin of 3% per annum. Repayments have been calculated on the basis of an 18 year repayment profile.

17 Creditors: amounts falling due after one year

Bank loan
18 Restricted funds		 Group
Charitable Company
2023
£
2022
£
2023
£
2022
£
2,195,765
2,287,317
2,195,765
2,287,317

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Supporting People Fund -
NIHE
Supporting People Fund
Bell Rotary Fund
Samuel Eric Turpin Fund
Other restricted
grants/donations		 Movements in funds
Balance at
1 April
2022
£
Incoming
resources
£
Resources
Expended
£
Transfer
from
Unrestricted
funds
£
Balance at
31 March
2023
£
-
69,282
(69,282)
-
-
-
27,551
(14,319)
-
13,232
32,150
-
-
-
32,150
10,335
-
(355)
-
9,980
-
21,712
(21,712)
-
-
42,485
118,545
(105,668)
-
55,362

The restricted funds comprise:

26

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

19 Unrestricted funds

Designated
reserves
General
reserves		 Movements in funds
Balance at
1 April
2022
£
Incoming
resources
£
Resources
expended
£
Transfer
from
Restricted
funds
£
Transfers
£
Balance at 31 March
2023
£
6,493,021
-
-
-
(2,297)
6,490,724
306,930
1,967,787
(1,958,604)
-
2,297
318,410
6,799,951
1,967,787
(1,958,604)
-
-
6,809,134

The Society’s policy is to hold and designate an amount of general reserves in the form of cash at bank, equivalent to approximately four months forecast net expenditure, having regard to an anticipated level of income. Reserves in excess of this amount are treated as designated for the upgrading and renewal of the Society’s houses and adding to its housing stock when appropriate.

20 Analysis of net assets between funds

Fund balances at 31 March 2023 are
represented by:
Tangible assets
Current assets/(liabilities)
Long term liabilities		 Unrestricted
Funds
2023
£
Restricted
Funds
2023
£
Total
2023
£
Total
2022
£
9,250,748
-
9,250,748
9,313,439
(245,849)
55,362
(190,487)
(183,686)
(2,195,765)
-
(2,195,765)
(2,287,317)
6,809,134
55,362
6,864,496
6,842,436

21 Operating lease commitments

At the reporting end date the company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
Measured at amortised cost		 2023
£
2022
£
2,135
4,526
-
-
2,135
4,526

27

THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2023

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

22 Related party transactions

Fees totalling £Nil (2022: £8,000) were paid to two directors of the subsidiary company during the year.

23 Subsidiaries

These financial statements are separate company financial statements for The Abbeyfield Belfast Society Limited.

Details of the company’s subsidiaries at 31 March 2023 are as follows:

Name of Registered Nature of Class of % Held
undertaking office business shares held Direct Indirect
AFB Developments As above Property Ordinary shares 100 -
Limited developments

24 Ultimate controlling party

There is no ultimate controlling party.

25 Cash generated from operations

Surplus for the year
Adjustments for:
Profit on disposal of fixed assets
Investment income recognised in statement of financial activities
Interest payable recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease in stock
Decrease in debtors
Increase/(decrease) in creditors
Cash generated/(absorbed) from operations		 2023
£
2022
£
22,060
604,443
-
(1,816)
(923,238)
(65)
125,011
79,580
226,440
50,743
8,672
46,033
6,477
34,303
2,224
(361,162)
428,624
(508,919)

ID449741

28