COMPANY REGISTRATION NUMBER: SP1879RS(Scotland) CHARITY REGISTRATION NUMBER: SC005720
Abbeyfield Helensburgh Society Limited Financial Statements 30 September 2024
XEINADIN AUDIT LIMITED
Chartered Accountants & Statutory Auditor 8[th] Floor Beckett House
36 Old Jewry London EC2R 8DD
Abbeyfield Helensburgh Society Limited
Financial Statements
Year ended 30 September 2024
| Page | |
|---|---|
| Trustees' annual report | 1 |
| Independent auditor's report to the members | 5 |
| Statement of financial activities (including income and | |
| expenditure account) | 9 |
| Statement of financial position | 10 |
| Notes to the financial statements | 11 |
| The following pages do not form part of the financial statements | |
| Detailed statement of financial activities | 24 |
Abbeyfield Helensburgh Society Limited
Trustees' Annual Report
Year ended 30 September 2024
The trustees, present their report and the financial statements of the society for the year ended 30 September 2024.
Objectives and activities
The principal activity of the Society is to provide accommodation and companionship for lonely or frail elderly people in accordance with the aims and principles of the Abbeyfield Society Ltd. This activity falls wholly within hostel housing activities as defined in the Housing Act 1974.
We are a registered Community Benefit Society, regulated by the Financial Conduct Authority (FCA). As such, we are required to submit annual returns and accounts in full compliance with all regulations concerning transparency and accountability. Additionally, we are a registered Charity overseen by the Office of the Scottish Charity Regulator (OSCR). This requires us to prepare and submit an annual report and accounts to OSCR while adhering to the governance standards set for charitable organisations. Furthermore, as a registered Charity, we comply fully with the provisions of the Charities and Trustee Investment (Scotland) Act 2005, ensuring our operations align with the highest standards of governance and integrity.
Our charity is dedicated to creating a holistic and nurturing environment for the elderly, where the challenges of daily living are eased, and support is readily available for personal care and everyday tasks. We strive to foster a sense of community by encouraging social interaction and meaningful involvement. Our commitment extends to ensuring access to appropriate healthcare, maintaining safe and secure surroundings, and promoting well-being through nutritious meals. Additionally, we are passionate about enhancing the emotional and physical health of our residents by organising engaging activities and programs designed to combat loneliness and isolation, helping them live fulfilled and connected lives.
Strategic report
The following sections for achievements and performance and financial review form the strategic report of the society.
Achievements and performance
This year has been a positive year; we have successfully managed to have all rooms occupied and are running at a 100% capacity.
For some time, we have been concerned about the level of care in the community, and the decision was made by the management and Trustees of Abbeyfield Helensburgh to look at the in-house, and long-term external community-based provision of personal care. We were approached by a member of the community that needed Personal Assistance for an elderly family member. The package of care provided was a great success for the family and for Abbeyfield Helensburgh. This positive outcome has encouraged us to pursue dual registration with the Care Inspectorate, enabling us to extend our provision of in-house personal care to our residents as well as to community members who meet our criteria.
In addition, we have carefully developed a comprehensive program of maintenance and upgrades, which we plan to implement in the near future. These upgrades include replacing worktops in the commercial kitchen, refreshing the dining room, updating carpeting, and enhancing the Wi-Fi infrastructure to ensure residents can enjoy access to modern connectivity.
We are excited about these developments as they represent significant steps forward for Abbeyfield Helensburgh and promise to enhance the experiences and well-being of our residents and the wider community.
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Abbeyfield Helensburgh Society Limited Trustees, Annual Report Year ended 30 Seplember 2024 Financial roVi•W Financial position The results for the year are disck)sed on kter pages. The trustees aim to maintan reserves at a levd that woukl enable improvements to the propety or t availabk9 to finar1aIty support any uneX[cled eMergers. R8SONos policy Tha trustees aim to maintain reSe8S at levels to enable funts to b8 availab when required to improvo th8 anvironmnl to maximise owJpanGy. We have emergency funds acC8ssib in our inveslm8nts and we maintain a heallhy bank balance lor lower cost emergenCS. Structure. governance and management Governing document The Society was incorp)raled on 1 st (ktc4Jer 1962 as a Company Limlled by Guarantee with the issued Shar8 Capttal rgstricted lo £1 per Trustee. is goVerd by ils Vernorandum arKI Artic$ of Association. The Society is registered uTrJer the VratIVe and Communty Benefit Societies Act 2014. Charty registrats'on number is SC005720. Recruitment and appointment of new tThtee$ Trustees are mernters of communty who volunteer their time aTrJ are prepared to accept app)intment. Resignations aThJ aFwintmenl ca a notice period detemiined in the chanty's conststution. Howeve resign8d on the 19-01-24 and 24-01-24 resFectNety aTrJ as appointed at an Executive Committee Meelin on 24-01-24. Due to ill heatlh. our airs n on 30 Novemt*r 2024. In the interim one of our nevly apwinled trustees, has assurred the role ol Acting Chair, whi ken on the role of Secretary as we continue trustee recnJTtnI. Compliance and Regulation Mg9ling health, safety, starKlards requires a rotwt approach that priorilises compliancg, risk manag9nl and th9 welkbeing ol indNiduals. Atteyfiald Helensburgh aChV9S this with comprehgnsive Hgath and Safety FL)liaes that align wtth regulations and kest practices and are ravwed arKI updatad rggulaty to adhgre wtth any 0rati)nal changes or changgs in gislatIOn. We conduct thorough risk as5essmgnls for 1 acliviligs and gnvironrnents, and wg gncourag9 our staff to idenlfy arKI addross risks pronylty to ènsura polantial hazards ar& mf(igatad aff&ctNaly. Rular monitoring of compliane& through audits and InsFrttnS further roinlorces the organisalion's commitmont lo maintaining high standards. Duo to the nature ol the business and tha busingss going foNard, complianco is crucial so wo hava aFvointed a Finance & ComFAkqnt Officer.
Abbeyfield Helensburgh Society Limited
Trustees' Annual Report
Year ended 30 September 2024
Plans for future periods
We are currently in the process of converting from a Community Benefit Society to a SCIO (Scottish Charitable Incorporated Organisation). As a SCIO is regulated solely by OSCR (Office of the Scottish Charity Regulator), this transition will streamline our compliance and reporting processes. Additionally, it will provide greater clarity and reduce personal liability for our trustees. As part of this conversion the management and Trustees of Abbeyfield have agreed that we will cancel our membership with the Abbeyfield Scotland and service will now be knows as Barclay-Smith House.
We are optimistic that our application for dual registration will be approved soon, enabling us to advance with our exciting ‘Care at Home’ plans. This marks a significant milestone for Abbeyfield Helensburgh and promises to bring positive changes for our residents.
The Trustees warmly invite volunteers to join our ‘Friends of Abbeyfield’ group. This initiative offers a wonderful opportunity for volunteers to engage in ongoing projects and build meaningful social connections with our residents. Together, we can make a lasting difference in our community.
Reference and administrative details
Registered society name
Abbeyfield Helensburgh Society Limited
Charity registration number SC005720 Society registration number SP1879RS
Principal office and registered Barclay -Smith House office 54 West King Street G84 8ED
The trustees
(Resigned 30 November 2024) (Resigned 19 January 2024) (Resigned 24 January 2024) (Appointed April 2024) (Appointed 27 March 2024) (Appointed 24 July 2024) Company secretary (Resigned 30 November 2024) Auditor Xeinadin Audit Limited Chartered Accountants & Statutory Auditor 8[th] Floor Beckett House 36 Old Jewry London EC2R 8DD
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Abbeyfleld Helensburyh Society Limited Trustees. Annual Report Year ended 30 September 2024 Trusteos. respOnbIlItIeS statement The Irus are resFwsible knr: irtsinitwJ wcper awJunlirMJ to ensu lh8 arate tr(ji oi di fmancial transactions. inGlu(liro IrK0. expenditure. assets, and Ikqt¥'lilies, while ts0 maintainirYJ up-to-date dctumwtation to a clear of the charity's financial posrtion, PreFoiing annual accounts in accordance wth Thè Chtrriies Acounts (Scotlandl Regulation8 2006 las afrendedl lor OSCFI and the cwrats.vo arKI Communty Benofft Sociotiès Aet 2014 for thè FCA The annual aco)unts must indLYe a Trustees, Afinl AeFQrt that othlir the charlS aclfft1il and hnts. Arrawing for acthunts lo be aled or in(ndenUy examined as requiTed by OSCR rJulationS and FCA guid8lines. Trust88s must also provid8 knll ccwratFon durina the scnjthny prc¢ess. The kn'm8ly submisston of amual rettJrr6 and Unts to OSCR within 9 months ol ttr financial year end aThJ to the FCA. guarant8eirvJ that all submitted (sOnIS are complete and accurale. Acting Mlh due care arKI d'lipnce. safeguw(Ing the chaty's ass8ts arKJ ensuring fur8 are used solety for chwilable purwses. Ensurirg Iransparen¢y aThJ awxtntabifty by makirKJ ffinancial information accessible lo mbws. Ihe wblt ano donus. arKJ resthng prm io any quenes arKI concems rais1 ty (ISGR or the FGA. The Tru6teos are 0)nItt to enwring that all decision8 adion8 alwn with the charity'8 purpo885. maInn wblic conlAlenc¢, arKI saltyuard its Eth 3landards are upheld ty aoting with integrity, trarwarency. and diligeno in all matlèrs rdatod to tha charty's oporation8. The trustees. annual report •KI th& stratwc rwt aFvo*d on JLme 2025 and $i8d on bghall of Ihe board ol trustees by:
Abbeyfield Helensburgh Society Limited
Independent Auditor's Report to the Trustees and Members of Abbeyfield Helensburgh Society Limited
Year ended 30 September 2024
Opinion
We have audited the financial statements of Abbeyfield Helensburgh Society Limited (the 'society') for the year ended 30 September 2024 which comprise the statement of financial activities (including income and expenditure account), statement of financial position and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the society's affairs as at 30 September 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Co-operative and Community Benefit Societies Act 2014, the Charities and Trustee Investment (Scotland) Act 2005 and regulations 6 and 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the society in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' 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 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 trustees with respect to going concern are described in the relevant sections of this report.
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Abbeyfield Helensburgh Society Limited
Independent Auditor's Report to the Trustees and Members of Abbeyfield Helensburgh Society Limited (continued)
Year ended 30 September 2024
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, 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 audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. 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.
Matters on which we are required to report by exception
We have nothing to report in respect of the following matters where the Co-operative and Community Benefit Societies Act 2014 and the Charities Accounts (Scotland) Regulations 2006 require us to report to you if, in our opinion:
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the information given in the financial statements is inconsistent in any material respect with the trustees’ report; or
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the society has not kept proper books of account, and not maintained a satisfactory system of control over its transactions, in accordance with the requirements of the legislation; or
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the revenue account, any other accounts to which our report relates, and the balance sheet are not in agreement with the society’s books of account; or
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we have not obtained all the information and explanations necessary for the purposes of our audit.
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees 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 it determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the society’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the committee of management either intends to liquidate the society or to cease operations, or has no realistic alternative but to do so.
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Abbeyfield Helensburgh Society Limited
Independent Auditor's Report to the Members of Abbeyfield Helensburgh Society Limited (continued)
Year ended 30 September 2024
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Charities and Trustee Investment (Scotland) Act 2005, the Co-operative and Community Benefit Societies Act 2014 and Regulation 8 of the Charities Accounts (Scotland) Regulations 2006, the Abbeyfield Quality Standard, the requirements of the Care Inspectorate and data protection laws (including UK General Data Protection Regulation (GDPR)).
We assessed the risks of material misstatement in respect of fraud by
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Making enquiries of management and those charged with Governance
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Reviewing fraud risk factors within discussion of related party relationships and transactions
Based on the results of our risk assessment, we designed our audit procedures to identify non-compliance with such laws and regulations identified above. The society's policies and procedures for compliance with those laws and regulations was obtained and discussed with management.
We corroborated our enquiries through review of Trustee meeting minutes and reports. No contradictory evidence was identified. We considered the risk of fraud through management override and, in response, we incorporated testing of manual journal entries throughout the year into our audit approach. Based on the results of our risk assessment we designed our audit procedures to identify and to address material misstatements in relation to fraud including a review of the accounting policies adopted by the society.
We have considered the extent to which the audit was considered capable of detecting irregularities. The society's internal control procedures have been designed to mitigate against this risk.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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Abbeyfield Helensburgh Society Limited
Independent Auditor's Report to the Members of Abbeyfield Helensburgh Society Limited (continued)
Year ended 30 September 2024
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.
Use of our report
This report is made solely to the society’s members, as a body, in accordance with Section 87 of the Co-operative and Community Benefit Societies Act 2014 and to the society’s trustees as a body in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the society’s members and the trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the society and the society’s members as a body and to the trustees as a body, for our audit work, for this report, or for the opinions we have formed.
(Senior Statutory Auditor)
For and on behalf of Xeinadin Audit Limited Chartered Accountants & Statutory Auditor 8[th] Floor Beckett House 36 old Jewry London EC2R 8DD
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Abbeyfield Helensburgh Society Limited
Statement of Financial Activities (including income and expenditure account)
Year ended 30 September 2024
| 2024 | 2024 | 2023 | ||
|---|---|---|---|---|
| Unrestricted | ||||
| funds | Total funds | Total funds | ||
| Note | £ | £ | £ | |
| Income and endowments | ||||
| Donations and legacies | 5 | 1,813 | 1,813 | 2,126 |
| Charitable activities | 6 | 186,854 | 186,854 | 128,521 |
| Investment income | 7 | 1,223 | 1,223 | 1,349 |
| Other income | 8 | 4,900 | 4,900 | – |
| ───────── | ───────── | ───────── | ||
| Total income | 194,790 | 194,790 | 131,996 | |
| ═════════ | ═════════ | ═════════ | ||
| Expenditure | ||||
| Expenditure on raising funds: | ||||
| Investment management costs | 9 | 542 | 542 | 720 |
| Expenditure on charitable activities | 10,11 | 202,365 | 202,365 | 151,551 |
| ───────── | ───────── | ───────── | ||
| Total expenditure | 202,907 | 202,907 | 152,271 | |
| ═════════ | ═════════ | ═════════ | ||
| Net gains/(losses) on investments | 12 | 6,916 | 6,916 | 5,945 |
| ───────── | ───────── | ───────── | ||
| Net expenditure | (1,201) | (1,201) | (14,330) | |
| Revaluation of fixed assets | 17 | (75,000) | (75,000) | – |
| ───────── | ───────── | ───────── | ||
| Net movement in funds | (76,201) | (76,201) | (14,330) | |
| ═════════ | ═════════ | ═════════ | ||
| Reconciliation of funds | ||||
| Total funds brought forward | 521,241 | 521,241 | 535,571 | |
| ───────── | ───────── | ───────── | ||
| Total funds carried forward | 445,040 | 445,040 | 521,241 | |
| ═════════ | ═════════ | ═════════ |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 12 to 23 form part of these financial statements.
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Abbeylield Helensburgh Society Limiled Stalemt ol Financial P05ilion 30 Seplember 2024 21f24 2023 Tangible fixed assets Inve31rnents 17 le 376.620 55.964 453.359 66,862 520,221 Curvent ass•ts Debiors Cash al bank arKI in IHnd 19 22.892 13.323 13.042 5.377 .215 18.419 Crodttors: om¢Junts lallng duowlthln y•ar Nrt curr•nt I•1# 23,759 12.4 17,399 1,020 T¢)tal 8•8•ts10•8 cuTrerrt bIlItI•8 521,241 521,241 Funds ol the SOC Unreslricled funds 521,241 521,241 Totsl socknty funds Th060 financul stalorngnts wwe apprwl by tho 4rd of tru#taoÈ aThJ author*od for i6$u9 on Jung 202S and arè sign•d on behal ol board by: 10
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements
Year ended 30 September 2024
1. General information
The society is a public benefit entity and a Co-operative and Community Benefit Society, registered with the FCA and a registered charity in Scotland. The address of the registered office is Barclay -Smith House, 54 West King Street, G84 8ED.
2. Statement of compliance
These financial statements have been prepared in compliance with applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the society's ability to continue.
Judgements and key sources of estimation uncertainty
The preparation of the financial statements requires management to make judgements, estimates and assumptions that affect the amounts reported. These estimates and judgements are continually reviewed and are based on experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the society's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds.
11
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the society; it is probable that the economic benefits associated with the transaction will flow to the society and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, non-charitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charitable society in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the society apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the society nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses. Any tangible assets carried at revalued amounts are recorded at the fair value at the date of revaluation less any subsequent accumulated depreciation and subsequent accumulated impairment losses.
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Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
3. Accounting policies (continued)
Tangible assets (continued)
An increase in the carrying amount of an asset as a result of a revaluation, is recognised in other recognised gains and losses, unless it reverses a charge for impairment that has previously been recognised as expenditure within the statement of financial activities. A decrease in the carrying amount of an asset as a result of revaluation, is recognised in other recognised gains and losses, except to which it offsets any previous revaluation gain, in which case the loss is shown within other recognised gains and losses on the statement of financial activities.
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Equipment - 20% reducing balance
Investments
All investments are carried at their fair value which is equivalent to the market value.
Investments in associates
Investments in associates accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in associates accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the associate arising before or after the date of acquisition.
Investments in joint ventures
Investments in jointly controlled entities accounted for in accordance with the cost model are recorded at cost less any accumulated impairment losses.
Investments in jointly controlled entities accounted for in accordance with the fair value model are initially recorded at the transaction price. At each reporting date, the investments are measured at fair value, with changes in fair value taken through income or expenditure. Where it is impracticable to measure fair value reliably without undue cost or effort, the cost model will be adopted.
Dividends and other distributions received from the investment are recognised as income without regard to whether the distributions are from accumulated profits of the joint venture arising before or after the date of acquisition.
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Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
3. Accounting policies (continued)
Impairment of fixed assets
A review for indicators of impairment is carried out at each reporting date, with the recoverable amount being estimated where such indicators exist. Where the carrying value exceeds the recoverable amount, the asset is impaired accordingly. Prior impairments are also reviewed for possible reversal at each reporting date.
For the purposes of impairment testing, when it is not possible to estimate the recoverable amount of an individual asset, an estimate is made of the recoverable amount of the cash-generating unit to which the asset belongs. The cash-generating unit is the smallest identifiable group of assets that includes the asset and generates cash inflows that largely independent of the cash inflows from other assets or groups of assets.
For impairment testing of goodwill, the goodwill acquired in a business combination is, from the acquisition date, allocated to each of the cash-generating units that are expected to benefit from the synergies of the combination, irrespective of whether other assets or liabilities of the society are assigned to those units.
Financial instruments
A financial asset or a financial liability is recognised only when the society becomes a party to the contractual provisions of the instrument.
Basic financial instruments are initially recognised at the amount receivable or payable including any related transaction costs.
Current assets and current liabilities are subsequently measured at the cash or other consideration expected to be paid or received and not discounted.
Debt instruments are subsequently measured at amortised cost.
Where investments in shares are publicly traded or their fair value can otherwise be measured reliably, the investment is subsequently measured at fair value with changes in fair value recognised in income and expenditure. All other such investments are subsequently measured at cost less impairment.
Other financial instruments, including derivatives, are initially recognised at fair value, unless payment for an asset is deferred beyond normal business terms or financed at a rate of interest that is not a market rate, in which case the asset is measured at the present value of the future payments discounted at a market rate of interest for a similar debt instrument.
Other financial instruments are subsequently measured at fair value, with any changes recognised in the statement of financial activities, with the exception of hedging instruments in a designated hedging relationship.
Financial assets that are measured at cost or amortised cost are reviewed for objective evidence of impairment at the end of each reporting date. If there is objective evidence of impairment, an impairment loss is recognised under the appropriate heading in the statement of financial activities in which the initial gain was recognised.
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Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
3. Accounting policies (continued)
Financial instruments (continued)
For all equity instruments regardless of significance, and other financial assets that are individually significant, these are assessed individually for impairment. Other financial assets are either assessed individually or grouped on the basis of similar credit risk characteristics.
Any reversals of impairment are recognised immediately, to the extent that the reversal does not result in a carrying amount of the financial asset that exceeds what the carrying amount would have been had the impairment not previously been recognised.
Defined contribution plans
Contributions to defined contribution plans are recognised as an expense in the period in which the related service is provided. Prepaid contributions are recognised as an asset to the extent that the prepayment will lead to a reduction in future payments or a cash refund.
When contributions are not expected to be settled wholly within 12 months of the end of the reporting date in which the employees render the related service, the liability is measured on a discounted present value basis. The unwinding of the discount is recognised as an expense in the period in which it arises.
4. Limited by guarantee
The Society is a Company Limited by guarantee. All members have agreed to constitute £1 in the event of the Society being wound up.
5. Donations and legacies
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Donations | |||||
| Donations | 1,813 | 1,813 | 2,126 | 2,126 | |
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 6. | Charitable activities | ||||
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Residential care | 186,854 | 186,854 | 128,521 | 128,521 | |
| ═════════ | ═════════ | ═════════ | ═════════ |
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Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
7. Investment income
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Dividend income | 1,209 | 1,209 | 1,339 | 1,339 | |
| Bank interest received | 4 | 4 | 8 | 8 | |
| Investment interest received | 10 | 10 | 2 | 2 | |
| ─────── | ─────── | ─────── | ─────── | ||
| 1,223 | 1,223 | 1,349 | 1,349 | ||
| ═══════ | ═══════ | ═══════ | ═══════ | ||
| 8. | Other income | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Other income | 4,900 | 4,900 | – | – | |
| ════ | ════ | ════ | ════ | ||
| 9. | Investment management costs | ||||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Administration of investments | 542 | 542 | 720 | 720 | |
| ════ | ════ | ════ | ════ | ||
| 10. | Expenditure on charitable activities | by fund type | |||
| Unrestricted | Total Funds |
Unrestricted | Total Funds | ||
| Funds | 2024 | Funds | 2023 | ||
| £ | £ | £ | £ | ||
| Residential care | 197,649 | 197,649 | 148,466 | 148,466 | |
| Support costs | 4,716 | 4,716 | 3,085 | 3,085 | |
| ───────── | ───────── | ───────── | ───────── | ||
| 202,365 | 202,365 | 151,551 | 151,551 | ||
| ═════════ | ═════════ | ═════════ | ═════════ | ||
| 11. | Expenditure on charitable activities | by activity type | |||
| Activities | |||||
| undertaken | Total funds | Total fund | |||
| directly | Support costs | 2024 | 2023 | ||
| £ | £ | £ | £ | ||
| Residential care | 197,649 | – | 197,649 | 148,466 | |
| Governance costs | – | 4,716 | 4,716 | 3,085 | |
| ───────── | ─────── | ───────── | ───────── | ||
| 197,649 | 4,716 | 202,365 | 151,551 | ||
| ═════════ | ═══════ | ═════════ | ═════════ |
16
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
12. Net gains/(losses) on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | |
|---|---|---|---|---|
| Funds | 2024 | Funds | 2023 | |
| £ | £ | £ | £ | |
| Gains/(losses) on other investment | ||||
| assets - realised | (61) | (61) | – | – |
| Gains/(losses) on other investment | ||||
| assets - unrealised | 6,977 | 6,977 | 5,945 | 5,945 |
| ───────── | ─────── | ───────── | ───────── | |
| Total Gains/(losses) | 6,916 ═══════ |
6,916 ═══════ |
5,945 ════════ |
5,945 ════════ |
13. Net expenditure
Net expenditure is stated after charging/(crediting):
| Net expenditure is stated after charging/(crediting): | ||
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Depreciation of tangible fixed assets | 1,739 | 1,739 |
| ═══════ | ═══════ | |
| Auditors remuneration | ||
| 2024 | 2023 | |
| £ | £ | |
| Fees payable for the audit of the financial statements | 4,050 ═══════ |
3,084 ═══════ |
14. Auditors remuneration
15. Staff costs
| The total staff costs and employee benefits for the reporting period are analysed as | The total staff costs and employee benefits for the reporting period are analysed as | follows: |
|---|---|---|
| 2024 | 2023 | |
| £ | £ | |
| Wages and salaries | 107,667 | 86,517 |
| Social security costs | – | – |
| Employer contributions to pension plans | 1,758 | 2,026 |
| Other employee benefits | 1,252 | 1,000 |
| ──────── | ──────── | |
| 110,677 | 89,543 | |
| ════════ | ════════ |
| The average head count of employees during the year was 11 (2023: 8), | analysed | below. The |
|---|---|---|
| average number of full-time equivalent employees during the year was 4.5: | ||
| 2024 | 2023 | |
| No. | No. | |
| Management | 2 | 1 |
| Domestic & Auxiliary | 9 | 7 |
| ──── | ──── | |
| 11 | 8 | |
| ════ | ════ |
No employee received employee benefits of more than £60,000 during the year (2023: Nil).
16. Trustee remuneration and expenses
No Remuneration was paid to any trustee during the financial period.
17
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
17. Tangible fixed assets
| Tangible fixed assets | |||
|---|---|---|---|
| Freehold | Fixtures and | ||
| property | fittings | Total | |
| £ | £ | £ | |
| Cost or valuation | |||
| At 1 October 2023 | 450,000 | 30,169 | 480,169 |
| Revaluation | (75,000) | – | (75,000) |
| ───────── | ──────── | ───────── | |
| At 30 September 2024 | 375,000 | 30,169 | 405,169 |
| ═════════ | ════════ | ═════════ | |
| Depreciation | |||
| At 1 October 2023 | – | 26,810 | 26,810 |
| Charge for the year | – | 1,739 | 1,739 |
| ───────── | ──────── | ───────── | |
| At 30 September 2024 | – | 28,549 | 28,549 |
| ═════════ | ════════ | ═════════ | |
| Carrying amount | |||
| At 30 September 2024 | 375,000 | 1,620 | 376,620 |
| ═════════ | ════════ | ═════════ | |
| At 30 September 2023 | 450,000 ═════════ |
3,359 ════════ |
453,359 ═════════ |
Tangible fixed assets held at valuation
In respect of tangible fixed assets held at valuation, the aggregate cost, depreciation and comparable carrying amount that would have been recognised if the assets had been carried under the historical cost model are as follows:
| under the historical cost model are as follows: | |
|---|---|
| Freehold | |
| property | |
| £ | |
| At 30 September 2024 | |
| Aggregate cost | 313,014 |
| Aggregate depreciation | – |
| ───────── | |
| Carrying value | 313,014 |
| ═════════ | |
| At 30 September 2023 | |
| Aggregate cost | 313,014 |
| Aggregate depreciation | – |
| ───────── | |
| Carrying value | 313,014 ═════════ |
Included in cost or valuation of land and buildings is freehold land of £120,000 (2023 - £120,000) which is not depreciated.
The land and buildings are included at fair value and were valued on a redevelopment basis on 23 April 2024 at £375,000 by Allied Scotland Chartered Surveyors. The Trustees confirm that the valuation remains at £375,000 at 30th September 2024.
18. Investments
| Investments | |
|---|---|
| Listed | |
| investments | |
| £ | |
| Cost or valuation | |
| At 1 October 2023 | 66,862 |
| Additions | 1,210 |
| Disposals | (19,085) |
| Fair value movements | 6,977 |
| ──────── | |
| At 30 September 2024 | 55,964 ════════ |
18
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
Impairment
At 1 October 2023 and 30 September 2024
| Impairment At 1 Otb 2023 d 30 Stb 2024 |
|
|---|---|
| coer an epemer | - |
| ════════ | |
| Carrying amount | |
| At 30 September 2024 | 55,964 |
| ════════ | |
| At 30 September 2023 | 66,862 ════════ |
All investments shown above are held at valuation.
Listed investments
The aggregate market value of listed investments is £55,963 (2023: £66,862).
Financial assets held at fair value
All investments are carried at their fair value which is equivalent to the market value.
The following investments represent 5% or more of the investment portfolio:
| 2024 % | 2023 % | ||
|---|---|---|---|
| £ | £ | ||
| Multi Asset Fund | 100 | 100 | |
| 19. | Debtors | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade debtors | 19,364 | 7,379 | |
| Prepayments and accrued income | 3,528 | 5,663 | |
| ──────── | ──────── | ||
| 22,892 | 13,042 | ||
| ════════ | ═══════ | ||
| 20. | Creditors: amounts falling due within one year | ||
| 2024 | 2023 | ||
| £ | £ | ||
| Trade creditors | 1,618 | 1,120 | |
| Accruals and deferred income | 18,680 | 13,384 | |
| Social security and other taxes | 3,091 | 2,790 | |
| Other creditors | 370 | 105 | |
| ──────── | ──────── | ||
| 23,759 | 17,399 | ||
| ════════ | ════════ | ||
| 21. | Deferred income | ||
| 2024 | 2023 | ||
| £ | £ | ||
| At 1 October 2023 | 7,670 | 8,360 | |
| Amount released to income | (7,670) | (8,360) | |
| Amount deferred in year | 11,199 | 7,670 | |
| ─────── | ─────── | ||
| At 30 September 2024 | 11,199 ═══════ |
7,670 ════════ |
19
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
22. Pensions and other post retirement benefits
Defined contribution plans
The amount recognised in income or expenditure as an expense in relation to defined contribution plans was £1,758 (2023: £2,026).
23. Analysis of charitable funds
Unrestricted funds
| At | Gains and | At 30 | ||||
|---|---|---|---|---|---|---|
| 1 Oct 2023 | Income | Expenditure | Transfers | losses | Sep 2024 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | 150,250 | 194,790 | (202,907) | 183 | 142,316 | |
| Share capital | 7 | – | – | – | – | 7 |
| Capital account | 91,891 | – | – | – | – | 91,891 |
| Investment | ||||||
| revaluation | ||||||
| reserve | (4,849) | – | – | (183) | 6,916 | 1,884 |
| Land and property | ||||||
| revaluation | ||||||
| reserve | 283,942 | – | – | – | (75,000) | 208,942 |
| ───────── | ───────── | ───────── | ──── | ─────── | ───────── | |
| 521,241 | 194,790 | (202,907) | – | (68,084) | 445,040 | |
| ═════════ | ═════════ | ═════════ | ════ | ═══════ | ═════════ | |
| At | Gains and | At 30 | ||||
| 1 Oct 2022 | Income | Expenditure | Transfers | losses | Sep 2023 | |
| £ | £ | £ | £ | £ | £ | |
| General fund | 171,281 | 131,996 | (152,271) | 188 | (944) | 150,250 |
| Share capital | 7 | – | – | – | – | 7 |
| Capital account | 91,891 | – | – | – | – | 91,891 |
| Investment | ||||||
| revaluation | ||||||
| reserve | (11,550) | – | – | (188) | 6,889 | (4,849) |
| Land and property | ||||||
| revaluation | ||||||
| reserve | 283,942 | – | – | – | – | 283,942 |
| ───────── | ───────── | ───────── | ──── | ──────── | ───────── | |
| 535,571 ═════════ |
131,996 ═════════ |
(152,271) ═════════ |
– ════ |
5,945 ════════ |
521,241 ═════════ |
20
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
23. Analysis of charitable funds (continued)
A current 12 months and prior 12 months combined position is as follows:
| At 01 | Net | At 30 | |
|---|---|---|---|
| October | movement | September | |
| 2023 | in funds | 2024 | |
| £ | £ | £ | |
| Unrestricted funds | |||
| General fund | 150,250 | (7,934) | 142,316 |
| Share capital | 7 | – | 7 |
| Capital account | 91,891 | – | 91,891 |
| Investment revaluation reserve | (4,849) | 6,733 | 1,884 |
| Land and property revaluation reserve | 283,942 | (75,000) | 208,942 |
| ───────── | ──────── | ───────── | |
| TOTAL FUNDS | 521,241 ═════════ |
(76,201) ════════ |
445,040 ═════════ |
24. Nature and purpose of funds
There are no restricted funds. All funds relate to the charitable objectives.
Share Capital is historic. In previous years trustees contributed £1 each when appointed. This practice ceased as Issued Share Capital is not required in respect of a Company Limited by Guarantee. This practice ceased in 2011.
The present trustees understand the Capital Reserve originates from when the Housing Property was gifted to the society. The last available record is the Accounts for the year ended 30 September 1998 which indicate the Capital Reserve existed at 30 September 1997.
25. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2024 | |
| £ | £ | |
| Tangible fixed assets | 376,620 | 376,620 |
| Investments | 55,964 | 55,964 |
| Current assets | 36,215 | 36,215 |
| Creditors less than 1 year | (23,759) | (23,759) |
| ───────── | ───────── | |
| Net assets | 445,040 | 445,040 |
| ═════════ | ═════════ | |
| Unrestricted | Total Funds | |
| Funds | 2023 | |
| £ | £ | |
| Tangible fixed assets | 453,359 | 453,359 |
| Investments | 66,862 | 66,862 |
| Current assets | 18,419 | 18,419 |
| Creditors less than 1 year | (17,399) | (17,399) |
| ───────── | ───────── | |
| Net assets | 521,241 | 521,241 |
| ═════════ | ═════════ |
21
Abbeyfield Helensburgh Society Limited
Notes to the Financial Statements (continued)
Year ended 30 September 2024
26. Controlling party
The ultimate controlling party is the Board of Trustees.
22
Abbeyfield Helensburgh Society Limited
Management Information
Year ended 30 September 2024
The following pages do not form part of the financial statements.
23
Abbeyfield Helensburgh Society Limited
Detailed Statement of Financial Activities
Year ended 30 September 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Income and endowments | ||
| Donations and legacies | ||
| Donations | 1,813 | 2,126 |
| ─────── | ─────── | |
| Charitable activities | ||
| Residential care | 186,854 | 128,521 |
| ───────── | ───────── | |
| Investment income | ||
| Dividend income | 1,209 | 1,339 |
| Bank interest received | 4 | 8 |
| Investment interest received | 10 | 2 |
| ─────── | ─────── | |
| 1,223 | 1,349 | |
| ─────── | ─────── | |
| Other income | ||
| Other income | 4,900 | – |
| ──── | ──── | |
| ───────── | ───────── | |
| Total income | 194,790 | 131,996 |
| ═════════ | ═════════ |
24
Abbeyfield Helensburgh Society Limited
Detailed Statement of Financial Activities (continued)
Year ended 30 September 2024
| 2024 | 2023 | |
|---|---|---|
| £ | £ | |
| Expenditure | ||
| Investment management costs | ||
| Administration of investments | 542 | 720 |
| ───────── | ───────── | |
| Expenditure on charitable activities | ||
| Food | 10,468 | 6,842 |
| Wages and salaries | 109,248 | 86,517 |
| Employer's NIC | – | – |
| Pension costs | 1,759 | 2,026 |
| Staff costs | 1,252 | 1,000 |
| Rates and water | 1,272 | 1,888 |
| Light and heat | 12,393 | 13,843 |
| Repairs and maintenance | 12,703 | 13,962 |
| Insurance | 6,628 | 5,422 |
| Sundries | 2,909 | 1,497 |
| Legal and professional fees | 7,757 | 5,447 |
| Audit fees | 4,716 | 3,085 |
| Telephone | 2,685 | 2,070 |
| Bad debts | – | – |
| Depreciation | 1,739 | 1,739 |
| Bank charges | 600 | 525 |
| Other interest payable and similar charges | 568 | 155 |
| Refurbishment | 19,929 | 1,602 |
| Affiliation fees | 2,999 | 2,938 |
| Postage and stationery | 165 | 692 |
| Television expenses | – | 48 |
| Computer costs | 2,575 | 253 |
| ───────── | ───────── | |
| 202,365 | 151,551 | |
| ───────── | ───────── | |
| ───────── | ───────── | |
| Total expenditure | 202,907 | 152,271 |
| ═════════ | ═════════ | |
| Net gains/(losses) on investments | ||
| Gains/(losses) on other investment assets - realised | (61) | – |
| Gains/(losses) on other investment assets - unrealised | 6,977 | 5,945 |
| ───────── | ───────── | |
| ──────── | ──────── | |
| Net expenditure | (1,201) | (14,330) |
| ════════ | ════════ |
25