Charity registration number SC0002671Scotland Company registratlon number RS2203RS ABBEYFIELD (MONIFIETH) SOCIETY LIMITED ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Executive Committee (Appointed 25 September 20241 Charlty number (Scotland) SC000267 Company number RS2203RS Prlnclpal address Reglstered offlce Audltor Murray Taylor Audit Limited 10 Murray Lane Montrose Angus DD10 8LF Bankers Royal Bank of Scotland Dundee Chief Office 3 High Street Dundee DD19LY
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED CONTENTS Page Executive Committee, report Independent auditor's report Statement of financial activities Statement of financial positlon Notes to the financial statements 10-19
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED EXECUTIVE COMMITTEE, REPORT (INCLUDING DIRECTOR'S REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Executive Committee present their annual report and financial statements for the year énded 31 March 2025. The Executive Committee members are the trustees for the purposes of charity law. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Society Ruses of the Society. Co-operative and Community Benefit Societies Act 2014. the Charities and Trustee Investmenl (Scollandl Act 2005. the Charities Accounts (Scotland) Regulations 2006 las amended} 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 1021" (effective 1 JanLsary 20191. ObJ8Ctlve8 and activltles The principal activity of the Society Is to provide accommodation for lonely and elderly people in accordance with the airns and principles of The Abbeyf1eld Soclety Limited These activities fall wholly within hostel housing activities as defined in the Houslng Act 1974 Accommodation is provided in Tullis House, Monifielh. Achlevernents and performance SignifiG8nt activities and achievements against objectives The charity continues to provide accommodalion for an average of 10 persons (2024 - 91 throughout 202412025 In a recent Care Inspectorate report the charity faired well in its grading for supporting it residents This is always the main focus for the committee and staff. Flnanclal VIeW The Executive Committee aims to establish a level of free reserves to enable the Society to sustain its charitable activities. The balance held as unrestricted funds at 31 March 2025 was £110,164 12024 £96,907) excluding designated reseNes. Designated funds arnounling to £21 ,26712024 - £21,267) have been set aside for future cyclical and major repairs in the medium to long term. Restricted Funds are those funds which can only be used for particular restricted purposes specified by the donor or when funds are raised for a particular restricled purpose. Restricted funds amount to £337,664 (2024 -£345,038). ReSe8S policy It is the policy of the Society that unrestricted funds which have not been designated for a specific use should be mainlalned at a level equivalent lo between three and six month's expenditure. The Executive Committee consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able lo continue the Society current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. Major risks Rlsk management The Executive Committee members h8ve overall responsibility for ensuring that the Society has appropriate systems of control, financial and otherwise. The systems of financial control are designed to provide reasonable, but not absolute, assurance against material misstatement or loss. They include an annual budget, approved by the Executive Committee, regular review of actual resLJ5ts and variances from budget. and delegation of authority and segregation of duties as far as possible given staffing levels. The Executive Committee regard the continuation of high room occupancy as essential for the ongoing viability of the Society and steps are being taken through advertising and contact with local authorities to broaden our appeal in the housing market for very sheltered housing.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED EXECUTIVE COMMITTEE. REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Plans for future periods The committee has no current plans for expansion or alterations to our facilities, other than to continue to maintain our property and fittings in a good state of repair. Structure, governance and management The Society is registered under the Co-operative and Community Benefit Societies Act 2014 (Number RS2203RSI and is a registered charity. It is recognised by Ihe Office of the Scottish Charity Regulator as a Scottish Charily (number SC0002671. The Executive Committee, who are also the directors for the PLArpose of company law, and who served during the e?r ind 11 to thp. date nf signgtiire of the financial statements were.. (Resigned 30 September 20241 {Appointed 25 September 20241 Recruitment and appointment of Irust8es The members of the Executive Committee who served during the year were as stated on page 1. In accordance with the Society's rules retired in rotation al the Annual General Meeting on 27 November 2024. Tliey offered Iheiiiselves for re-election and were duly elected. In accordance with the Society's rules, WIll retire in rotation al the next AGM and will offer themselves for re-election. When a new Executive Committee member takes up office they require appropriate induction training. Ongoing training is offered lo members of the Executive Committee as necessary. Organis8tional structure Organlsational structure The Society's Rules govern the appolnlment of the Executive Committee, which is charged with the management of the Society in furtherance of its principal activity, fund man8gement and financial affairs generally. The Executive Committee shall consist of no less than 7 and no more than 18 committee members The Executive Committee has the power to appoint committee members lo fill a casual vacancy, One third, or the nearest number thereto, of the Executive Committee members must retire by rotalion each year but are eligible for re-election. The Society is a member of the Abbeyfield Society by payment of an annual subscription.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED EXECUTIVE COMMITTEE, REPORT (INCLUDING DIRECTOR'S REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Key management personnel The Executive Committee members consider themselves to be key management personnel of the So¢iety. in charge of directing and controlling the Society and running and operating the Society on a day to day basis. All Executive Committee members give their time freely and no Executive Committee members, remuneration or expenses were paid in the year. Executive Committee members are required lo disclose all relevant interests and in accordance with the Society's policy withdraw from decisions where a conflict of interesl arises. Statement of Executive Commlttee. responsiblllties The Executive Committee, who are also the directors of Abbeyfield {Monifieth) Society Limited for the purpose of company law, are responsible for preparing the Executive Committee, Report and the financial statements in accordance Wlth applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requlres the Executive Committee to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the Society and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Executive Committee are required to.. select suitable accounting policies and then apply theni consislenlly. obserde the methods and principles in the Charities SQRP., make judgements and estimates that are reasonable and prudent., slate whether applicable UK Accounting Standards have been followed. subject lo any material departures disclosed and explained in the financial statements., and prepare the ftnancial statements on the going concern basis unless it is inappropnate to presume that the Society will continue in operation. The Executive Committee are responslble for keeping adequate accounting records that disclose with reasonable accuracy at any tlme the financial positlon of the Society and enable them lo ensure that the financial st81ements comply wlth the Companies Act 2006, the Charities and Trustee Investment (Scotlandl Act 2005 and the Charllies Accounts (Scotland) Regulations 2006. They are also responsible for safeguarding the assets of the Society and hence for taking reasonable steps for the preventlon and detection of fraud and other irregularities. Audltor In accordance with the society's articles, a resolution proposing that Murray Taylor Audit Limited be reappointed as auditor of the company will be put al a General Meeting. Flxed assets Delails of cost and depreciation of fixed assets are set out in note 7. Housing properties have been retained in the balance sheet at historical cost less depreciation. The Executive Committee, report was approved by the Board of Executive Committee. On behalf of the Executive Committee Date..
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT TO THE EXECUTIVE COMMITTEE OF ABBEYFIELD (MONIFIETH) SOCIETY LIMITED Opinion We have audited the financial slatements of Abbeyfield Imonifiethl Society Limited {the 'Society') for the year ended 31 March 2025 which comprise the statement of financial activities. the statement of financial position and notes to the financi81 statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards. including Financial Reporting Standard 102 T17e Fina17cial Reporting Slandard applicable in 11?e UK and Republic of Irela17d (United Kingdom Generally Accepted Accounling Practice), In our opinion, the financial statements.. give a true and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of resources, foi. the year then ended., have been property prepared in accordance with United Kingdom Generally Accepted Accounting Practi., and have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment {Scotlandl Act 2005 and regulation 8 of the Charities Accounts (Scotland} Regulations 2006. Basis for oplnion 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 Ihe Audilors responsibililies for the a(Idit ol the financial slateinents section of our report. We are independent of the Society in accordance with the ethical requirements that are relevant to our audit of the flnancial statements in the UK, including the FRC'S Ethical Standard, and the provisions available for small entities, in the circumstances set out in note 24 to the flnancial statements and we have fulfilled our other ethical responsibililles 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 Executive Committee, use of the )Ing concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have perfomied, we have not identified any material uncertainties relating to events or conditions that, individually or collectively. may cast significant doubt on the Society 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 Executive Committee with resped to going conc8rn are described in the relevant sections of this report. Other information The other information comprises the information Sncluded in the annual report other than the financial statements and our auditor's report Ihereon. The Executive Committee are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other Informalion and we do not express any form of assurance conclusion thereon. Our responsibility is lo 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 8udit, or othetwise appe8rs to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required lo determine whether this gives rise to a material misstatement in the financial statements themselves. If. based on the work we have performed. we conclude thal there is a material misstalemenl of this other information, we are required to report that fact. We have nothing to report in this regard.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE COMMITTEE OF ABBEYFIELD (MONIFIETH) SOCIETY LIMITED Matters on which we are required to report by exceptlon We have nothing lo report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 requires us to report to you If, in our opinion: the information given in the financial slalements Is inconsistent in any material respect with the Executive Committee, report., or proper accounting records have not been kept. or the financial statements are not in agreement with the accounting records., or we have not received all the information and explanations we require for our audit. Responsibllitles of Executive Committee As explained more fully in the slalement of ExeculSve Committee. responsibilities, the Executive Committee, who are also the directors of the Society for the purpose of company law, 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 Executive Committee determine is necessary to enable the preparation of financial slalements that are free from material misstatement, whether due to fraud or error. In preparing the financial slatemenls. the Executive Committee are responsible for assessing the Society's ability lo continue as a going concern, disclosing, as applicable, matters related lo going concern and using the going concern basis of accountlng unless the Executive Committee either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltorfs responslbllitles for the audlt of the flnanclal statements We have been appointed as auditor under section 4411 Ilcl of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misslatement, whether due to fraud or error. and lo 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 misslatemeiit when il 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. The extent to which our procedures are capable of detecting irregularities, including fraud, is delailed below.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE COMMITTEE OF ABBEYFIELD (MONIFIETH) SOCIETY LIMITED Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line wilh our responsibilities, oulllned above, lo detect material misstalemenls in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities. including fraud, is detailed below. 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 society through discussions with the Executive Committee and other management. 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 relevant legislation such as the Charity, taxation legislation, data protection, employment and heallh and safety legislation. we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence. We assessed the susceptibility of the society's financial statements lo material misstatement, including obtaining an understanding 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,. considering the internal controls in place lo mitigate risks of fraud and non-compliance with laws and regulation. 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 enlrTes lo identify unusual transactions., 'investigaled the rationale behind significant or unusual transactions In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, bul were not limited to: •agreeing financial statement disclosures lo underlying supporting documentalion.. 'enquiring of management as to actual and potential litigation and claims., There are inherent limitation5 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 limil 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.. https'.11 w frc.org uklauditorsresponsibililies. This description forms part of our auditor's report. Use of our report This report is made solely to the charity's trustees. as a body, in accordance with Regulation 10 of the Charities Accounts {Scotlandl Regulations 2006. Our audit work has been undertaken so that we might stale to the charity's trustees those matters we are required to state to them in an audilor's report and for no other purpose. To the fullest exteni permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work. for this report, or for the opinions we have formed.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE EXECUTIVE COMMITTEE OF ABBEYFIELD (MONIFIETH) SOCIETY LIMITED For and on behalf of M urray Taylor Audit Li miled, Statutory Auditor Chartered Certified Accountants 10 Murray Lane Montrose Angus DD10 8LF Date. Murray Taylor Audit Limited is eSigible for appointment as auditor of the Society by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Restricted funds funds 2025 2025 Total Unrestricted Restricted funds funds 2024 2024 Total 2025 2024 Notes Income from: Donations and legacies Charitable activities Investments 1,035 197,152 5,976 1.035 197,152 5,976 1.000 169,397 5,864 1,000 169,397 5.864 Total income 204.163 204,163 176,261 176,261 Expendlture on: Charitable activities 190,906 7.374 198,280 137,937 7,051 144,988 Total expenditure 190,906 7.374 198,280 137,937 7,051 144.988 Net Incomellexpenditure) and movement in funds 13,257 {7,3741 5.883 38.324 {7,051} 31,273 Reconcillation of funds: Fund balances at 1 April 2024 118.201 345,038 463,239 79,877 352,089 431,966 Fund balances at 31 March 2025 131,458 337,664 469,122 118,201 345,038 463,239 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED STATEMENT OF FINANCIAL POSITION AS AT31 MARCH 2025 2025 2024 Notes Flxed assets Property, plant and equipment 13 233.393 240,095 Current assets Trade and other receivables Investrnents Cash at bank and in hand 15 16 1,934 1.833 289.036 251,097 290,971 155,2421 252,931 {29,787) Current liabllities 17 Net current assets 235,729 223,144 Total assets less current liabillties 469,122 463,239 The funds of the Society Share capital Restricted income funds Unrestricted funds 19 20 21 27 337,864 131,431 27 345,038 118,174 469,122 463,239 The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2025. The director acknowledges her responsibilities for complying with the requirements of the Companies Act 2006 with respecl to accounting records and the preparation of financial statements. The members have not required the company to obtain an audit of its financial statements under the requirements of the Companies Act 2006, for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable lo companies subject to the small companies regime. The financi31 statements were approved by the Executive Committee on . l-l- On behalf of the ExeGUtive Committee On behalf of the Executive ommi ee Company registration number RS2203RS (Scotland)
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accountlng pollcies Charity information The Society is registered under the Co-operative and Community Benefit Societies Act 2014 (Registered Number 2203R(Sll and is a Scottish registered charity (Registered Number SC0002671. The Society is wholly engaged in hostel housing activities and the results relate to this sole continuing activily. 1.1 Basls of preparation The financial statements have been prepared in accordance with the Society's governing document, Ihe Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts {Scotland) Regulations 2006 {as amended), FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" {"FRS 102,1 and the Charities SORP Accounting and Reporting by Charities., Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021" leffeclive 1 January 20191 The Society is a Public Benefit Entity as defined by FRS 102. The Society has taken advantage of the provisions in the SORP for charities not to prepare a Slatemenl of Cash Flows. The financial statements are prepared in sterling, which is the functional currency of the Society. Monelary amounts in these fi nancial statements are rounded lo the nearest £. The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below. 1.2 Going concern The Executive Committee continue to monitor performance, particularly occupancy levels, post year end. Given the increased occupancy levels, level of reserves held and planned expenditure going forward. the Executive Committee consider that there are no malerial uncertainties about the Society's ability to continue as a going concern. Thus the Society Executive Committee continues to adopt the going concern basis of accounting i n preparing the financial statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Executive Committee in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as lo how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements, Endowment funds are subject to specific conditions by donors that the capital must be maintained by the Society. 1.4 Income Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant 15 recognised at the time of the donation. Legacies are recognised on receipt or othewise if the Society has been notified of an impending dEtribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. 10-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 1.5 Expenditure Expenditure is recognised once there is a legal or constructive obligation lo transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably, Expenditure is classified by aclivity. The costs of each activity are made up Df the lolal of dirÉct costs and shared costs, including support costs Involved in undertaking each activlty Direct costs attributable lo a single activity are allocated dlrectly to that activlty. Shared costs which contribute to more than one aolivity and support costs which are not attributable to a single activity are apportioned between those activitles on a basis consistent with the use of resources Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use, 1.6 Property, plant and equipment Property, plant and equipment are initially measured at cost and subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fittings 2,50h per annum reducing balance method 250/0 per annum reducing baSance method 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 the statement of financial activilies. 1.7 Impalrment of non-current assets At each reporting end date, the Society reviews the carrying amounts of ils 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 lif any). 1.8 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposils held al 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. 1.9 Financlal instruments The Society 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 Society's balance sheet when the Society becomes party to the contractual provisions of the instrument. Financial assets and liabilities are offsel, with the net amounts presented in the financial statements, when there is a legally enforceable right to sel 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 financia assets, which include trade and other receivables and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried at amortised cost U51ng 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 al a market rate of interest. Financial a55ets classified as receivable within one year are not amortised. 11
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies (Continued) 8asic financial liabilities Basic financial liabilities. including trade and other payables and bank loans are initially recognised at transaction price unless the arrangement conslilutes 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 melhod. Trade payables are obligations to pay for goods or Services that have been acquired in the ordinary course of operatlons from suppliers. Amounts payable are classified as currenl liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognltion of financlal liablllties Financial liabilities are derecognised when the Society's contractual obligations expire or are discharged or cancelled. 1.10 Employee beneflts 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 Society is demonstrably committed lo lerminate the employment of an employee or to provide termination benefits, 1.11 Retirement beneflts Payments to defined contribution retirement benef1t schemes are charged as an expense as they fall due. Critical accounting estlmates and judgements In the application of the Society's accounling policies, the Executive Committee are required to make judgements. estimates and 8ssumplions 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 Ihat are Gonsidered 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 i)nly that period. or in the period of the revision and future periods where the revision affects both current and future periods. Income from donatlons and legacles Unrestricted funds 2025 Unrestricted funds 2024 Donations and gifts 1,035 1,000 12-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Income from charitablè activities Unrestrlcted funds 2025 Unrestricted funds 2024 Charltable actlvities Residents, fees Respite care 194,802 2,350 168,297 1,100 197,152 169,397 Income from Investments Unrestrlcted Unrestrlcted funds funds 2025 2024 Rental income 5,976 5,864 13-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Expenditure on charitable activities Charltable activities 2025 Charitsble activlties 2024 Direct costs Staff costs Depreciation and impairment Food Cleaning Heat and light Telephone Repairs and maintenance Garden expenses General expenses Rates and insurance stationery Sundry expenses 79.439 6,703 21.214 3,261 33,802 2,724 25,988 2,020 3,426 4,641 881 10,781 69,039 7,115 18,483 2,702 17,510 2,787 10,374 1,560 3,278 4,204 361 4.875 194.880 142,288 Share of support and governance costs Ise8 note 7) Governance 3,400 2,700 198,280 144.988 Analysls by fund Unrestricted funds Restricted funds 190,906 7,374 137,937 7,051 198,280 144.988 Support costs allocated to actlvltles Charitable activitles 2025 Total 2024 Goveman 3,400 2,700 Net movement in funds 2025 2024 The net movement in fund5 IS stated after ¢hargingl{crediting)'. Fees payable for the audit of the charity's financial statements Depreciation of owned property, plant and equipment 3,400 6,703 2,700 7,115 14-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Auditorfs remuneration Fees payable to the charity's auditor and associates.. 2025 2024 For audit seNices Audit of the financial statements of the charity 3.400 2,700 10 Executlve Committee None of the Executive Committee {or any persons connected with them) received any remuneration or benefits from the Society during the year. 11 Employees The average monthly number of employees during the year was: 2025 Number 2024 Number Employment costs 2025 2024 Wages and salaries Other pension costs 78,800 639 68,431 608 79,439 69,039 There were no employees whose annual remuneration was more than £60,000. 12 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 15-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 13 Property, plant and equipment Freehold land Fixtures and and buildings fittings Total Cost At 1 April 2024 546,469 51,453 597,922 At 31 March 2025 546,469 51,453 597,922 Depr8ciatlon and Impalrment At 1 April 2024 Depreciation charged in the year 309,484 5,925 48,342 778 357,828 6.703 At 31 March 2025 315.409 49,120 384,529 Carrying amount Al 31 March 2025 231,060 2,333 233,393 At 31 March 2024 236,984 3,111 240,095 14 Flnancial instruments 2025 2024 Carrying amount of flnanclal assets Instruments measured al fair value through profil or loss 15 Trade and other recelvables 2025 2024 Amounts falllng due wlthin one year: Prepayments and accrued income 1,934 1,833 16 Current as8•t Investments 2025 2024 Unlisted investments 17 Current liabllities 2025 2024 Other taxation and social security Trade payables Other payables 2.116 52,881 245 1,248 28,294 245 55,242 29,787 16
ABBEYFIELD {MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 18 Retirement benefit schemes 2025 2024 Deflned contribution schemes Charge to profit or loss in respect of defined contribution schemes 639 608 The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund. 2025 19 Share capltsl 2024 Ordlnary share capital Issued and fully paid 27 Ordinary shares of £1 each 27 27 The Society has no fixed authorised share capital, and the liability of each member is limited to £1. 20 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At 1 Aprll 2024 Resources At 31 March expended 2025 other restricted funds Capital grants Garden fund 127,461 214.137 3.440 127,461 208,783 1.420 15,3541 12,0201 345,038 {7,374) 337.664 Prevlous year: At 1 AprAI 2023 Resources At 31 March expended 2024 other restricted funds Capital grants Garden fund 127.461 219,628 5,000 127,461 214,137 3.440 {5,491) {1,560) 352,089 17,051) 345,038 17-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 20 Restricted funds Icontinued The other restricted fund represents monetary donations made lo the Society. The capital grant was funding received for the development of freehold property. ere developments have been financed wholly, or partly, by SHG Ihe grant has been released to the income and expenditure over the useful life of the asset. The Garden fund relates to a donation rec8ived which is lo be used towards the mainlenance and upkeep of the Garden. 21 Unrestrlct8d funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subjecl to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been sel aslde out of unrestricted funds by the trustees for specific purposes. At 1 Aprll Resources At 31 March 2024 expended 2025 Incoming resources Building reserve General funds 21,267 96,907 21,267 110,164 204,163 (190.9061 118,174 204,163 (190,9061 131.431 Previous year: At 1 Aprll 2023 Incomlng resources Resources At 31 March expended 2024 Building reserve General funds 21,267 58,583 21,267 96,907 176,261 (137,937) 79.850 176,261 (137.9371 118,174 It is the Executive Committee's opinion that funds will be required for future cyclical and major repairs in the medium and long term. The amounts sel aside in the designated fund are based on the Society's obligation to carry out such works on a continuing basis for the future cyclical maintenance and repair of the properly, based on planned programmes of work for which social houslng granl (SHGI will not be claimed. The general fund is considered to be free and is not designated for any specific purpose. The Executive Committee considers Ihal this level of free reserve will provide an adequate. but not excessive, fund to meet un foreseeable exceptional expenditure or exceptional loss of income due to periods of room vacancies 18-
ABBEYFIELD (MONIFIETH) SOCIETY LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 22 Analysis of net assets between funds Unrestrlcted funds 2025 Restrlcted funds 2025 Total 2025 Fund balances at 31 March 2025 are r8presented by: Property. plant and equipment Current as5etsllliabilitiesl 24,$1 D 106,821 208,783 128,881 233,393 235,702 131,431 337,664 469,095 Unre5trlctèd funds 2024 Restrlcled funds 2024 Total 2024 Fund balances at 31 March 2024 are represented by: Property, plant and equipment Current asselsllliabililiesl 26,008 92,166 214.087 130.951 240,095 223.117 118,174 345,038 463,212 23 Related party transactlons There were no disclosable related party transactions during the year {2024 - none). 24 Non-audlt services provlded by audltor In common with many businesses of our size and nature we use our auditor to assist with the preparation of the financial statements. 19-