THE ABBEYFIELD BELFAST SOCIETY LIMITED (company limited by guarantee) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 Charity Registration Number.. 103425 Company Registration Number.. N1004632
THE ABBEYFIELD BELFAST SOCIEfY LIMrrED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONTENTS PAGE Refence and Administrative Details Directors, Report Directors, Responsibilities Statement Indep8ndent Auditor's Report 7-10 Consolidated Statement of Financial Activities 11 Charity Statement of Financial Activities 12 Consolidated Statement of Financial Position 13 Charity Ststement of Financial Position 14 Consolidated Cash Flow Statement 15 Notes to the Financial Statements 16-28
THE ABBEYFIELD BELFAST SOCIEfY LIPJiITED {COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 REFERENCE AND ADMINISTRATIVE DETAILS Charity name The Abbeyfield Belfast Society Limited Charity rnglstration Charity Commission for Northern Ireland.. 103425 HMRC: XN47884 Company registration number N1004632 Directors Mr TA Clements (Chair) Lady C Eames (Deputy Chair) Ms KA Shearer Resigned 25 April 2025 Mrs A Jackson Resigned 25 April 2025 Mr AR Alexander Mrs CA Olver Mrs JA Mccabe Ms GR Traub Mr E Sproule Ms S Hill Appointed 29 July 2024 Mr C Buick Appointed 27 January 2025 Ms J Adams (Treasurer) Appointed 27 January 2025 Principal office of the Society and registered office Harberton Hall 23a Harberton Park Belfast BT9 6WX Bankers Barclays Bank Donegall House 7 Oonegall House Sq North Belfast BT15GB Danske Bank Donegall Square West Belfast BT16LT Independent Auditors HM Chartered Accountsnts 6th Floor, East Tower Lanyon Plaza 8 Lanyon Place Belfast BT13LP Solicitors Cleaver Fulton Rankin 50 Bedford Street Belfast BT2 7FW
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 2025. 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 Actlvlties 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.. Older people have an important role to play amongst their families, friends and in their community; Overcoming loneliness and insecurity can make all the difference to an older person's wellbeing and quality of life-, and Local people have an essential part to play in helping older people in their community. 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 reseNes, 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, over all houses, was 95.5'/0 {2024.' 960/0). Within the context of the public benefit requirement, during the year under review, a number of the Society, resident5 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 Revlew The Directors report net income for the year of £164,603 (2024.. £607,984). This is after a depreciation charge of £245,071 (2024: £234,045), and legacies and donations received of £38,157 (2024.. £6,252}.
THE ABBEYFIELD BELFAST SOCIETY LIMITED {COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) (CONT'D) Financlal 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 Pollcy The Society's policy is to hold and designate an amount of general resenies, 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 alSow 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 revlew In the year under review all the Society's accommodation was fully operational and achieved a high occupancy rate of 95.5 % . This outcome was supportive of the strategy of update and renewal which has been adopted by the Society and is a tribute to the efforts of staff and volunteers in applying that strategy. Plans for Future Perlod8 The Society will continue to seek to provide high quality support for residents in all its Houses. It will also plan for the upgrade and regeneration of the Society's housing stock and the sep4ices provided to meet the requirements of future generations of residents. Structure, Governance and Management The Society is a company limited by guarantee and does not have a share capital. It is govemed 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 ten members, being a Chair, Deputy Chair, and Honorary Treasurer (collectively known as the Office Bearers) and seven others. Four members of the Board of Director5 are male and six are female. The Society has sixty-seven employees.
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPOR (CONT'D) Structuro, Governance and Management (continued) The Directors who served during the year or were appointed after the year end, were.. Mr TA Clements Lady C Eames Ms KA Shearer Mrs A Jackson Mr AR Alexander Mrs CA Olver Mrs JA Mccabe Ms GR Traub Mr E Sproule Ms S Hill Mr C Buick Ms J Adams (Chair) (Deputy Chair) Resigned 25 April 2025 Resigned 25 April 2025 (Appointed 29 July 2024) (Appointed 27 January 2025) (Appointed 27 January 2025) (Treasurer) 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 beeen 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 Chair, Deputy Chair and Honorary Treasurer are appointed by the Board. New Board members are inducted by the Chair 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 acts'vities. The most recently appointed Directors bring a wide range of relevanl 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 charitsble company. 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: Generate an operating cash surplu5 which will allow the Society to meet financing commitments and for the continued development of the Society to benefit older people. The Directors use a surplus of 50/0 of income over operating expenses before financing requirements as a guideline. In the current period this metric amounted to 11.7 % of income. Achieve an occupancy level, over all houses, of 90 %. Be compliant with the standards and requirements of the NIHE Quality Assessment Framework.
THE ABBEYFIELD BELFAST SOCIETY LIMITED {COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THEYEAR ENDED 31 MARCH 2025 DIRECTORS, REPORT (INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) ICONT'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 environmentsl legislation, prevent pollution and reduce waste wherever possible. Auditor The auditors, HM Chartered Accountants, have indicated their willingness to continue in offi, 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 (Chalr) Director Ms J Adams (Treasurer) Director Dated.. l.R.-. J. I - IGL.5
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 Practi). 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.. 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 prudent., state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the accounts. and prepare the accounts on the going concern basis unless it is inappropriate to presume that the group and charitable company will continue in operation. The Directors are responsible for keeplng proper accounting records which disclose with reasonable accuracy at any time the financial posilion of the group and charitable company and to enable them to ensure that the fi'nancial statements comply with the Companies Act 2006. They are also SPonSible 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 r TA Clements (Chalr) Director Dated: ..13-. .1.l.-..lo.'LS
THE A88EYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 INDEPENDENT AUDITOR'S REPORT TO THE MEM8ERS OF THE ABBEYFIELD BELFAST SOCIETY LIMITED Oplnlon We have audited the financial statements of The Abbeyfield Belfast Society Limited and its subsidiaries for the year ended 31 March 2025 which comprise the Consolidated Ststement of Financial Activities, (including Income and Expenditure account), the parent charitable company Ststement of Financial Activities, the Consolidated Balan 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 Stsndards, including FRS 102 The Financial R8POrting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accountin9 Practice). In our opinion, the financial statements., give a true and fair view of the stste of the group's and the parent company's charitable affairs as at 31 March 2025 and of its profit for the year then ended., have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for opinion We conducted our audit in accordance with International Standards on Auditing IUKI IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditols 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 obtsined 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 thi5 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 ft)r 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 themse5ves. 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.
THE ABBEYFIELD BELFAST SOCIETY UMITED (COMPANY UMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 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: the information given in the Strategic Report and the Directors, Report for the financial year for which the financial statements are prepared is consistent with the financial statements., and the Strategic Report and the Directors, Report have been prepared in accordance with applicable legal requirements. Matters on whlch we are requlred to report by exceptlon In the light of the knowledge and understanding of the Charitable company and its environment obtsined in the course of th8 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.. adequate accounting records have not been kept or returns adequate for our audit have not been received from branches nol visited by us., or the financial statements are not in agreement with the accounting records and returns. or certain disclosures of direclors, remuneration specified by law are not made., or we have not received all the informats'on and explanations we require for our audit Responsibllltles of director8 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 fi'nancial statemenls that are free from material misstslement, 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 concem, 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 ase operations, or have no realistic alternative but to do so. Auditor'8 responsibilities for the audlt 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 assuran is a high level of assurance but is not a guarantee that an audit conducted in accordan with ISAS (UK) will always detect a material misstalement 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-cornpliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations., we identified the laws and regulations applicable to the company through discussions with directors andlor senior management, and from our commercial knowledge and experience of the sector", We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including Companies Act 2006, tsxation legislation, data protection, ants'_bribery, employment, environmental and health and safety legislation; we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inSpting legal correspondence", and identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit.
THE AB8EYFIELD BELFAST SoCIy LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 understsnding of how fraud might occur, by: making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud- and considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations., To address the risk of fraud through management bias and override of controls, we.. performed analytical procedures to identify any unusual or unexpected relationships., tested journal entries to identify unusual transactions- assessed whether judgements and assumptions made In determining the accounting estimates set out in Note 2 were indicative of potential bias; and investigated the rationale behind significant or unusual transactions., In response to the risk of irregularities and non-compliance with laws and regulations, we designed prOdureS which included, but were not limited to.. agreeing financial statement disclosures to underlying supporting documentation: reading the minutes of meetings of those charged with governance., enquiring of management as to actual and potential litigation and claims., and reviewing correspondence with HMRC and the company's legal advisors., 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-llwww.frc.org.uklauditorsresponsibilities . This description forms part of our auditor's report.
THE ABBEYFIELD BELFAST SOCIETY LIMITED ICOMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 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 perrnitted 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 (Senlor Statutory Audltor) For and on behalf of HM Chartered Accountants Chartered Accountants and Statutory Auditors 6th Floor, East Tower Lanyon Plaza 8 Lanyon Pla¢• Belfast 8T13LP Date: 18- II_IOL
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) 2025 2024 Unrestricted Restricted Unrestrlcted Restrlcted Funds Funds Funds Funds Notes Total Total Income Donations and legacies Charitable activities Investments Other income 36,157 2,000 38,157 6,252 6,252 2,419,937 19,304 9,317 76,087 2,496,024 19,304 20,740 2,267,119 14,873 45,527 83,481 2,350,600 14,873 107,082 11,423 61,555 Total income 2484715 89,510 2,574,225 2 333 771 145,036 2,478,807 Expendlture on: Charitable activities Trading activities 2,301,525 16,236 92,134 2,393,659 16,236 2,120,900 {1,338) 181,444 2,302,344 (1,338) 2,317,761 92,134 2,409,895 2,119,562 181,444 2,301,006 Profit on disposal of fixed assets 273 273 430,183 430,183 Net incornel (expendlturo) for the year 167,227 (2,624) 164,603 644,392 (36,408) 607,984 Net movements in funds Fund balans at 1 April 2024 167,227 (2,624) 164,603 644,392 (36,408> 607,984 7,453,526 18 954 7,472,480 6,809,134 55,362 6,864,496 Fund balanc•8 at 31 March 2025 7,620,753 16,330 7,637,083 7,453,526 18,954 7 472,480 The statement of financia1 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.
THE A88EYFIELD BELFAST SOCIETY LIMITED {COMPANY LIMITED BY GUAIiANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CHARITY STATEMENT OF FINANCIAL ACTIVITIES (INCLUDING INCOME AND EXPENDITURE ACCOUNT) 2025 2024 Notes Unrestricted Restrlcted Unrestricted Restricted Funds Funds Funds Funds Total Total Income Donations and legacies Charitable activities Investments Other income 36,157 2,000 38,157 6,252 6,252 2,419,937 19,304 9,317 76.087 2,496,024 19,304 20,740 2,267,119 14,873 45,527 83,481 2,350,600 14,873 107,082 11,423 61,555 Total Income 2 484,715 89 510 2,574,225 2,333,771 145,036 2.478,807 Expendltur6 on: Charitable activities 2,301,525 92,134 2,393,659 2,120,900 181,444 2,302,344 Profit on disposal of fixed a&sets 273 273 430,183 430,183 Net Incomol (expenditure) for the year 183,463 (2,624) 180,839 643,054 (36,408) 606,646 Net movements in funds Fund balances at 1 April 2024 183,463 {2,624) 180,83g 643,054 (36,408) 606,646 7,733,633 18,954 7,752,587 7,090.579 55,362 7,145,941 Fund balance8 at 31 March 2025 7,917,096 16 330 7,933,426 7,733,633 18,954 7,752,587 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. 12
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED STATEMENT OF FINANCIAL POSITION 2025 2024 Notes Fixed assets Tangible assets 12 8 956,001 9,016,141 Current assets Debtors Cash at bank and in hand 15 26,931 693,052 719,983 86,406 508,296 594,702 Creditors: amounts falllng due wlthin one year 16 (493,7261 (482,819) Net current assets 226,257 111,883 Total assets not current liabllities 9,182,258 9,128,024 Credltor8: amount8 falling due after one year 17 1 545,175 1,655,544 Net assets 7,637,083 7,472,480 Income funds Restricted funds Unrestricted funds 18 19 16,330 7,620,753 18,954 7,453,526 Total fund8 7,637 083 7 472 480 The financial statements were approved by the Board of Directors on and were signed on i half by; 13.-It-Loi "kki Mr TA Clements (Chalr) Dlrector Ms J Adams (Treasurer) Dlrector Company Registration No, N1004632
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE} ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CHARITY STATEMENT OF FINANCIAL POSITION 2025 2024 Notes Fixed assets Tangible assets Investments 12 13 9,090,282 9,297,586 9,090,283 9,297,587 Current assets Debtors Cash at bank and in hand 15 26,450 630,063 656,513 65,458 508 273 573,731 Credltors: amounts falllng due wlthln one year 16 268195 463.187 Net current a88ets 388 318 Total assets less current Ilabllltles 9 478,601 9408 131 Creditor8: amounts falling due after on• year 17 1545 175 1,655,544 Net assets 7,933.426 7 752,587 Income funds Restricted funds Unrestricted funds 18 16,330 7917096 18,954 7 733,633 Totsl funds 7,933,426 7 752,587 The financial statements were approved by the Board of Directors on and were signed on its alf by.. 13-ii-iai.r lements (Chair Director Ms J Adams (Treasurer) Dlrector Company Registration No. N1004632 14
THE ABBEYFIELD BELFAST socIErY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 CONSOLIDATED CASH FLOW STATEMENT 2025 2024 Notes Cash flows from operating actlvlties Cash generated from OFerations 24 597.402 367,717 Cash flows from investing actlvfties Interest received Interest paid Purchase of tangible fixed assets Proceeds on disposal of fixed assets Net cash (used In) I generated from Investing a¢tivltle8 19,304 (136,922) (185,614) 956 (302,276) 14,873 (152,677) (75,282) 506.027 292,941 Cash flows from flnancing actlvltles Repayment of bank loans (110,370) (567,086) Net Increase In cash and cash equivalents Cash and cash equivalents at the beginning of the year 508.296 414,724 Cash and cash oqulvalents at the end of the year 693,052 508,296 Relating to: Cash at bank and in hand 693.052 508,296
THE ABBEYFIELD BELFAST SOCIETY LIMITED COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 202S NOTES TO THE FINANCIAL STATEMENTS Accounting policies Charity Information The Society is a company limited by guarantee and does not have a share capitsl. It is govemed by a Memorandum and Articles of Association and the liability of each member is limited to an amount not exceeding £1. The registered Offi is Harberton Hall, 23a Hart)erton 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)" las 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 convents'on. 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 cornbination. 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. 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 2025. 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 beeen 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. At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going conrn basis of accounting in preparing the financial statements.
THE ABBEYFIELD BELFAST SOCIETY LIMITED {COMPANY LIMITED 8Y GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Accountlng policies 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 ft)r 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 purpose5 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 Aclivities 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. Investment income comprises bank and other interest receivable in the accounting year. 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 UMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Accountlng policies 1.7 Tanglble fixed assets Tangible fi'xed assets comprise freehold properties (including improvements thereto), the initial cost of furnishings and fittings and computer equipment. Freehold properties and improvements thereto are stated at cost, or in the case of bequeathed properties at probate valuatson. 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 250A 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 25Q/o Straight line. The gain or loss arising on the disposal of an asset is determined as the difference beeen the sale proceeds and the carrying value of the asset and is recognised in net incomel(expenditure) for Ihe year. 1.8 Impairment of fixed a380ts At each reporting end date, the company reviews the carrying amounts of rts tangible asset5 to determine whether Ihere 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. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other 5hort-temi liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnancial 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 simultsneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balance5, are initially measured at transaction pri 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. Basic flnancial 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. 1A
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) Accountlng policies 1.10 Financlal instruments (cont'd) Trade creditors are obligations to pay for goods or seniices 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. Derecognltlon of financial liabllltles 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 beneflts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Flxed asset investments Fixed asset investments are initially rneasud 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 incomel(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. Crltlcal 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 liabilitses 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.
THE A8BEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 2 Crltical accountlng estimates and Judgements (cont'dl Impaimient and depreclation 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 rtain circumstances, estimate5 Of sIdUal 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 £8,956,001 (2024.. £9,016,141). 3 Donatlons and legacle8 2025 Unrestricted Restrlcted Funds Fund8 2024 Unrostrlcted Rostrictod Funds Funds Total Total Donations and legacies 36,157 2,000 38,157 6,252 4 Charitablo actlvities 2025 2024 Unrestrlcted Restrlcted Funds Funds Unrestricted Restricted Funds Fund8 Total Total Income from residents 2,419,937 76,087 2,496,024 2,267,119 83,481 2,350 600 Of the above income from residents, £76,087 {2024.' £83,481) was received from Northern Ireland Housing Executive Supporting People and was specifically applied in providing support for those residents in respect ofwhom it was received. 5 Investments 2025 Unrestricted Restrlcted Funds Funds 2024 Restrlcted Funds Unrostrlcted Funds Total Total Bank interest receivable 19,304 19.304 14,873 14,873 6 Other Income 2025 Unrestrlcted Restricted Funds Funds 2024 Restricted Funds Unrestricted Funds Total Total Insurance Claim Supporting People grants Other grants Deposit refunds 6,911 6,911 1,433 42,213 42,213 6,755 1,433 6,755 9,990 9,990 2,406 54,800 54,800 3,314 2,406 3,314 9,317 11,423 20,740 45,527 61,555 107,082 2n
THE ABBEYFIELD BELFAST SOCIETY UMITED (COMPANY LIMITED BY GUARANTEE ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 7 Charitable activitiès House Runnlng Costs 2025 House Running Costs 2024 Staff costs Depreciats"on and impairment Recruitment and redundancy Food Cleaning Waste removal Training and uniforms Heat and light Rates and water charges nsurance Telephone, printing and stationery TV licence and events Repairs Garden upkeep Bell Rotary garden project Sundry expenses Marketing Affiliation fees Employment services 1,095,703 245,071 6,577 196,189 16,361 11,775 24,788 132,012 17,411 19,304 22,925 12,824 97,542 22,393 988,291 234,045 11,279 169,113 17,828 10,648 4,939 139,971 17,302 21,056 20,906 8,492 94,898 20,801 87,899 215 1,514 2,640 4,784 1,167 8,331 2,949 5,546 1,938,868 1,856,621 Support costs (see note 7.1) Governan costs (see note 7.1) 446,028 434,423 11,300 2,393,659 2 302,344 Analysis by fund Unrestricted funds Restricted funds 2,301,525 92,134 2,120,900 181,444 2,393 659 2,302 344 During the year ended 31 March 2025, Costs of £76,087 (2024: £83,481) were allocated against restricted funds to match the restricted income from Supporting People in relation to income from resident's charges. A further £15,601 {2024'. £65,733) of costs relate to other restricted grants and £44512024: £32,230) of costs relate to restricted donations. The total cost of support provided by the Society for eligible residents exceeded £76,087 (2024: £83,481) and income from Supporting People is fully utilised in making a contribution to those costs. 21
THE ABBEYFIELD BELFAST SOCIETY UMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 7.1 Support and governance costs Support Governance costs costs Support Governance costs costs 2025 2024 Staff costs IT software and maintenance and offi costs Sundry expenses Professional fees and recruitment costs Bank fees Travelling and training Fleet costs Interest paid Audit fees 252,978 252,978 219,262 219,262 31,575 2,703 31,575 2,703 33,422 2,522 33,422 2,522 2,890 4,862 8,272 5,826 136,922 2.890 4,862 8,272 5,826 136,922 8,763 10,254 4,752 4,932 6,602 152,677 10,254 4,752 4,932 6,602 152,677 11,300 8,763 11,300 446,028 8,763 454,791 434,423 11,300 445,723 Transfars There were no transfers beeen restricted and unrestricted funds in the year ended 31 March 2025. Directors None of the directors (or any persons connected with them) received any remuneration or benefits from the charitable company during the year. Diwtors, fees of £10,000 (2024: £ 5,000) were paid to directors of the subsidiary company during the year. Expenses amounting to £NIL (2024: £NIL) were paid to Directors during the year. Indemnity insurance for Directors, liability has been purchased by the subsidiary company for £82612024: £1,020). 22
THE ABBEYFIELD BELFAST SOCIETY UMITED {COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 10 Employees Number of employees The average monthly number of employees during the year was.. 2025 2024 Number Number House managers House staff Administrative staff 55 67 65 Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 1,237,605 1,109,146 89,064 78,168 22,903 20,239 1 349 572 1207,553 The remuneration of key management personnel in the year was £223,507 {2024.. £206,951). One employee's annual remuneration fell beeen £70,000 and £80,000. 11 Taxatlon 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.
THE ABBEYFIELD 8ELFAST SOCIETY LIMITED {COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 12 Tangiblo fixed assets Group Freehold Furnishings property & fittings Office equipment Motor Vehicles Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 9,828,131 147,164 304,143 16,517 {5,949) 314,711 69,141 5,043 {19,808) 54,376 16,794 10,218,209 16,890 185,614 {25,757) 33,684 10,378,066 9,975,295 Depreciatlon and impalmient At 1 April 2024 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2025 976, 572 168,488 178,961 60,834 (5,266) 234,529 44,086 10,144 (19,8081 34,422 2,449 5,605 1,202,068 245,071 (25,074) 1,422,065 1,145.060 8,054 Carying amount At 31 March 2025 8,830,235 80,182 19,954 25,630 8,956,001 At 31 March 2024 8,851,559 125,182 25,055 14,345 9,016,141 Charjtable Company Freehold Furnishlng8 property & ritting8 Office equipment Motor Vehicles Total Cost At 1 April 2024 Additions Disposals At 31 March 2025 10,109,576 304,143 69,141 16,794 10,499,654 16,517 (5,949) 314,711 5,043 {19,808) 54,376 16,890 38,450 (25,7571 10,512,347 10,109,576 33,684 Depreclatlon and impalmient At 1 April 2024 Depreciation charged in the year Eliminated in respect of disposals At 31 March 2025 976,572 168,488 178,961 60,834 {5,266) 234,529 44,086 10,144 (19,808) 34,422 2,449 5,605 1,202,068 245,071 (25,074) 1,422,065 1,145,060 8,054 Carrylng amount At 31 March 2025 8,964,516 80,182 19,954 25,630 9,090,282 At 31 March 2024 9,133,004 125,182 25,055 14,345 9,297,586 2a
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 13 Fixed asset Investments Charitable Company Unlisted Investments Cost or valuation At 1 April 2024 Addib'ons At 31 March 2025 Carrylng amount At 31 March 2025 At 31 March 2024 2025 2024 Other investments comprise Note8 Investments in subsidiaries 22 14 Financial instruments 2025 2024 Carying amount of financlal a880ts Debt instruments measured at amortised costs 13,966 Carrying amount of financlal Ilabilltles Measured at amortised cost 2,008,079 2,111245 15 Debtors Amounts falllng due wlthln one year: Group Charitablo Company 2025 2024 2025 2024 Other debtors Prepayments and accrued income 13,966 12,965 30,908 55.498 13,485 12,965 9,960 55.498 26.931 86,406 26,450 65,458 Other debtors in the charitable company relate to residents, charges due. 2.4
THE ABBEYFIELD BELFAST SOCIETY LIMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 16 Creditors: amounts falling due within one year Group Charitable Company 2025 2025 2024 2024 Bank loan Other taxation and social security Trade creditors Other creditors Accruals and deferred income Amounts owed to group undertakings 110,370 30,822 23,361 16,490 312,683 110,370 27,118 177,632 8.697 159,002 110,370 30,822 23,361 16,490 61,419 25,733 110,370 27,118 54,576 8,697 58,693 203,733 493,726 482,819 268,195 463,187 Barclays Bank PIC hold 8 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 Credltors: amounts falllng due after one year Group Charitable Company 2025 2025 2024 2024 Bank loan 1545,175 1655,544 1,545 175 1.655,544 18 Restricted funds The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specifi'c purposes.. Movements In funds Incoming Resources resources Expended Balance at Transfer from Unrestrlcted funds Balance at 31 March 2025 2024 Supporting People Fund - NIHE SupF)Orting People Fund Bell Rotsry Fund Samuel Eric Turpin Fund other restricted grantsldonations 76,087 (76,087) 9,054 95 9,805 (4,178) (95) (351) 4,876 9,454 13,423 18,954 89,510 92,134 16,330 The restricted funds comprise.. The Supporting People funding is received from the Northern Ireland Housing Executive and specifically applied in providing support for those residents in respect of whom it was received. The Supporting People fund in respect of Easireaders was capitalised and depreciation is being expensed on these over four years. The balance of £4,876 at 31 March 2025 represents the carrying value of these assets in the financial statements. 2fi
THE ABBEYFIELD BELFAST SOCIEfY LIMITED (COMPANY LIMITED BY GUARANTEEI ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 18 Restricted funds (continued) Samuel Eric Turpin Fund is utilised to mark long Servi of staff members. 19 Unrestricted funds Movements In funds Balance at Incoming Resources 1 April resources expended 2024 Gain on Transfers Balance at 31 March Disposal 2025 Designated reserves General reserves 7,150,537 273 148,675 7,299,485 302,989 2,484,715 (2,317,761) (148,675) 321,268 7,453,526 2,484,715 2 317 761 273 7,620 753 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 incorne. 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 Unrestrlcted Funds 2025 Restricted Funds 2025 Total Total 2025 2024 Fund balances at 31 March 2025 are represented by.. Tangible assets Current assets Long term liabilities 8,951,125 214,803 1,545 175 4,876 11,454 8,956,001 226,257 1,545 175 9,016,141 111,883 1655 544 7,620,753 16,330 7,637,083 7,472,480 21 Related party transactions Fees totalling £10,000 (2024: £5,000) was paid to a director of the subsidiary company during the year. Directors liability insurance of £826 (2024.. £1.020) was paid by the subsidiary company during the year. 22 Subsidiaries These financial statements are separate company financial statements ft)r The Abbeyfield Belfast Society Limited. Detsils of the company's subsidiaries at 31 March 2025 are as follows: Name of undertaking Registered office Nature of business Class of shares held /0 Held Direct Indirect AFB Developments As above Limited Property developments Ordinary shares 100 27
THE A8BEYFIELD BELFAST SOCIETY UMITED (COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT FOR THE YEAR ENDED 31 MARCH 2025 NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) 23 Ultlmate controlling party There is no ultimate controlling party. 24 Cash generated from operations 2025 2024 Surplus for the year 164,603 607,984 Adjustments for". Profit on disposal of fixed assets Investment income recognised in statement of financial ackn'vities Interest payable recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (273) (430,183) (19,304) (14,873) 136,922 152,677 245,071 234,045 Movements in working capital.. Decreasel{incfeasel in debtors Increasel(decrease) in creditors 59,475 10,908 (73,160) 108 773 Cash generated from operatlons 597,402 367,717 ID636387 2A