2024-11-30-accounts - Abbeyfield Atholl Society Ltd

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CHARITY REGISTRATION NUMBER: SC007584

The Abbeyfield Atholl Society Limited Annual Report and Financial Statements

30 November 2024

The Abbeyfield Atholl Society Limited

Financial Statements

Year ended 30 November 2024

	Page
Reference and administrative details	1
Executive Committee’s report	2
Independent auditor's report	7
Statement of financial activities	12
Statement of financial position	13
Notes to the financial statements	14

The Abbeyfield Atholl Society Limited

Executive Committee’s Report

Year ended 30 November 2024

Reference and administrative details Registered charity name The Abbeyfield Atholl Society Limited Charity registration number SC007584 Principal office Executive Committee Senior Management Team Auditor PB Audit Limited Registered Auditors 18 North Street Glenrothes Fife KY7 5NA Solicitors J & H Mitchell WS 51 Atholl Road Pitlochry PH1 5JN

The Abbeyfield Atholl Society Limited

Executive Committee’s Report

Year ended 30 November 2024

The Executive Committee, who are also the Trustees of the society, present their annual report together with the financial statements for the year ended 30 November 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 2 to the financial statements and comply with applicable law 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) (effective 1 January 2019).

Objectives and activities

Objects and aims

The principal activity of the society, as determined by its rules, continues to be the provision of residential accommodation, support and companionship for elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. The society does not provide full-time nursing care, we do however provide facilities for carers to attend to the needs of residents.

Achievements and performance

Over the year we unfortunately did have some of our residents relocate to residential care homes that were better able to cater for their changing requirements and we were sad to see them leave our home. However, we do have the good fortune to have a modest waiting list and were able to fill the accommodation, once refurbished, quite quickly, to maintain our income stream.

Financial review

You may remember reading in the report for the financial review of November 2022 where we had to advise that we had to draw down from our reserves to cover potential cash flow problems. It is our objective to replenish these funds and build our reserves over the coming years.

Income from our residents increased by some 10.6% from £113k for 22-23 to £125k for 23-24, with donations, legacies and funding support improving from £1.2k for 22-23 to £11k for 23-24. Unfortunately, our positive news was met by the negative impact of utility costs jumping by 46% to £22k from £15k for 22-23.

Other costs that were of a significant impact apply to the maintenance of the fabric and fixtures and fittings of our old building and refurbishment of rooms and our somewhat tired central heating and hot water systems. Overall, our expenditure increased by some £14.1k or by 13% to £124.4k over 22-23. If we look at the relationship of expenditure to income over the past three financial years, we think that we can now see that costs are starting to stabilise.

The negative cash flow of 2022 was turned around in 2023 with a small surplus and an improved surplus during 2024. We are hopeful that the coming years will permit us to start to rebuild our finances and try to future proof the society.

The Abbeyfield Atholl Society Limited

Executive Committee’s Report

Year ended 30 November 2024

Financial review (continued)

Unfortunately, future proofing the society will mean that we’ll have to maintain a capital development margin within our annual fee reviews as our primary source of income is from the monthly fees that we charge our residents. Obviously, we’ll also seek to raise additional funding from outside sources and charitable funding, taking care that our actions do not have a negative impact on the name of the society or on the comfort of our residents.

Policy of reserves

It is our objective to rebuild our reserves over the coming years, either by applying for available funding/grants/gifts or by increasing fees (however this last point will probably prove to be most difficult). Obviously, we appreciate that we should also review our costs on a regular basis, this we are actively doing on a monthly review. However, the property ‘Sunnybrae’ was constructed in the latter half of the Victorian era and continually requires attention and investment.

Additionally, Government policy can have a strongly negative impact to build adequate financial reserves to absorb future shocks. We fully understand that politics has an overriding impact upon economics which in turn impacts social criteria.

It is the policy of the society that reserves, which have not been designated for a specific use, should be maintained at a level to provide sufficient income to allow the society to pursue its objectives. This reserve is considered to be free and is not designated for any specific purpose. The Executive Committee consider that this level of free reserve will provide an adequate, but not excessive fund to meet unforeseen exceptional expenditure or exceptional loss of income due to periods of room vacancies and potential government freezes to charges to residents. Non-designated unrestricted funds at the year-end were £169,571 (2023: £162,738).

The Executive Committee considers that the state of the affairs of the society is satisfactory but requires active and continuous monitoring as we are being impacted more and more by the legislative environment as well as the financial environment in which the society operates.

Plans for future periods

With a building now approaching 150 years of age we have to maintain a regular building and fabric maintenance programme, fortunately the building is constructed of high-quality materials and currently requires only a modest rolling programme of investment.

Structure, governance, and management

Nature of governing document

The Abbeyfield Atholl Society Limited is a registered society under the Co-operative and Community Benefit Societies Act 2014 and is recognised by HM Revenue & Customs as a charity, with the Scottish Charity Number SC007584.

The Abbeyfield Atholl Society Limited

Executive Committee’s Report

Year ended 30 November 2024

Structure, governance, and management (continued)

Recruitment and appointment of Executive Committee

The Rules of the society govern the appointment of the Executive Committee, which is charged with the management of the society in furtherance of its principal activity, fund management and financial affairs generally.

resigned as a Trustee on 17[th] September 2024 after six years of service and we alued support. The Executive Committee have been actively seeking to recruit additional trustees to complement the skills and experience of the current members. Unfortunately, we have not been successful in finding anyone willing to join us.

This has meant that we are one member short of the required seven members (Article 35b); however, this does not preclude us from being able to manage the society as the minimum number required to transact the business of the society is two (Article 43).

Arrangements for setting key management personnel remuneration

The Chairman, Treasurer and Secretary have responsibility for the day-to-day administration of operations of the society in accordance with instruction provided by the Executive Committee, who have formal meetings on a regular basis. Other meetings take place when required.

None of the Executive Committee receive remuneration.

Organisational Structure

The Executive Committee members have overall responsibility for ensuring that the society has appropriate systems of controls, financial and otherwise. The systems of financial controls are designed to provide reasonable, but not absolute, assurance against material misstatement. They include an annual budget approved by the Executive Committee, regular review of actual results against variances from budget and delegation of authority and segregation of duties as far as possible given staff levels.

The Executive Committee will continue to monitor risks and establish policies to mitigate them.

The committee shall consist of no less than 7 and no more than 18 committee members. The committee has the power to appoint Executive Committee members to fill a casual vacancy.

One third of the Executive Committee members must retire by rotation each year but are eligible for re-election. The Executive Committee of the society is listed on Page 1.

The society is a member of the Abbeyfield Society and also a member of Abbeyfield Societies in Scotland Ltd by payment of an annual subscription. However, the structure of the Abbeyfield Societies is currently under review by the governing council and a new country structure will be operational soon.

The Abbeyfield Atholl Society Limited

Executive Committee’s Report

Year ended 30 November 2024

Structure, governance, and management (continued)

Observation

As mentioned previously we are experiencing difficulty recruiting new members to serve on the Executive Committee. It is sometimes quite difficult, in the increasingly legislative environment we operate in, to combine the volunteer nature of serving on a committee with the administrative and bureaucratic requirements needed to function effectively.

Financial Instruments

Objects and policies

The society’s activities expose it to a number of financial risks including credit risk, cash flow and liquidity risk.

The Executive Committee reviews and assesses these risks frequently and are confident that they are managed effectively and controlled so as to mitigate them. The three primary risks are all complementary and constitute a rolling risk as to income from our residents versus outgoing expenses, which results in liquidity projections. Our Treasurer provides the Executive Committee with monthly reports and related projections. Potential major expenditure is factored into these liquidity projections which in turn help us to control our reserves over a longer period of time.

Our funds are kept in either a current account (noninterest bearing) at our bank for the day to day and monthly management of funds, whereas our reserves are maintained with a highly reputable investment fund on an instant cash account basis so as to take advantage of available higher rates of interest. No investments have been undertaken of a long-term nature.

Disclosure of information to auditor

Each member has taken steps that they ought to have taken as a member in order to make themselves aware of any relevant audit information and to establish that the society’s auditor is aware of that information. The Executive Committee members confirm that there is no relevant information that they know of and of which they know the auditor is unaware.

Executive Committee's responsibilities statement

The Executive Committee is responsible for preparing the Executive Committee’s report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Under Co-operative and Community Benefit Society legislation the members must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the society and the income and expenditure of the society for that period.

The Abbeyfield Atholl Society Limited

Executive Committee’s Report

Year ended 30 November 2024

In preparing these financial statements, the Executive Committee is required to:

select suitable accounting policies and then apply them consistently;

observe the methods and principles in the applicable Charities SORP;

make judgments and accounting 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 financial statements; and

prepare the financial statements on the going concern basis unless it is inappropriate to presume that the society will continue in business.

The Executive Committee is responsible for keeping adequate accounting records that are sufficient to show and explain the society's transactions and disclose with reasonable accuracy at any time the financial position of the society and enable them to ensure that the financial statements comply with the Co-operative and Community Benefit Societies Act 2014. They are also responsible for safeguarding the assets of the society and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Auditor

Each of the persons who is a member of the Executive Committee at the date of approval of this report confirms that:

so far as they are aware, there is no relevant audit information of which the society's auditor is unaware; and

they have taken all steps that they ought to have taken as a member to make themselves aware of any relevant audit information and to establish that the society's auditor is aware of that information.

Reappointment of auditor

A resolution for the re-appointment of PB Audit Limited as Auditors will be proposed at the forthcoming Annual General Meeting.

Approved by the Executive Committee of the society on 11 March 2025 and signed on its behalf by:

Chairman

Treasurer Secretary

The Abbeyfield Atholl Society Limited

Independent Auditor's Report to the Members of The Abbeyfield Atholl Society Limited

Year ended 30 November 2024

Opinion

We have audited the financial statements of The Abbeyfield Atholl Society Limited (the 'charity') for the year ended 30 November 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:

give a true and fair view of the state of the society's affairs as at 30 November 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
have been prepared in accordance with the requirements of the Co-operative and Community Benefit Societies Act 2014.

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 Executive Committee’s 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 Executive Committee with respect to going concern are described in the relevant sections of this report.

Independent Auditor's Report to the Members of The Abbeyfield Atholl Society Limited (continued)

The Abbeyfield Atholl Society Limited

Year ended 30 November 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 Executive Committee is 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

In the light of the knowledge and understanding of the society and its environment obtained in the course of the audit, we have not identified material misstatements in the Executive Committee’s report.

We have nothing to report in respect of the following matters in relation to which the Co-operative and Community Benefit Societies Act 2014 requires us to report to you if, in our opinion:

the society has not kept proper books of account or has not maintained a satisfactory system of control over its transactions; or
the financial statements are not in agreement with the society's books of account; or
certain disclosures of Executive Committee members remuneration specified by law are not made; or
we fail to obtain all the information and explanations which, to the best of our knowledge and belief, are necessary for the purposes of our audit.

Independent Auditor's Report to the Members of The Abbeyfield Atholl Society Limited (continued)

The Abbeyfield Atholl Society Limited

Year ended 30 November 2024

Responsibilities of the Executive Committee

As explained more fully in the Executive Committee’s responsibilities statement, the Executive Committee is 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 members determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, the Executive Committee is 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 members either intend to liquidate the society or to cease operations, or has no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

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

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:

Based on our understanding of the society and industry, we identified that the principal risks of non-compliance with laws and regulations related to breaches of UK regulations and prohibited business practices, and we considered that the extent to which non-compliance might have a material effect on the financial statements. We evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements (including the risk of override controls) and determined that the principal risks were related to the potential posting of inappropriate journal entries to manipulate financial results and management bias in accounting estimates.

Audit procedures performed by the engagement team included:

Enquiry of management, those charged with governance and the entity's solicitors around actual and potential litigation and claims.
Reviewing minutes of meetings of those charged with governance including the Board.
Evaluation and testing of the operating effectiveness of management's controls designed to prevent and detect irregularities.
Identifying and testing journal entries based on risk criteria.
Designing audit procedures to incorporate unpredictability around the nature, timing or extent of our testing.

The Abbeyfield Atholl Society Limited

Independent Auditor's Report to the Members of The Abbeyfield Atholl Society Limited (continued)

Year ended 30 November 2024

Testing transactions entered into outside of normal course of operation.
Investigated the rationale behind significant or unusual transactions.
Reviewed accounting estimates for evidence of bias.
Performed analytical review and sample testing of income.
Agreed financial statement disclosures to supporting documentation.

There are inherent limitations in the audit procedures described above. We are less likely to become aware of instances of non-compliance with laws and regulations that are not closely related to events and transactions reflected in the financial statements. Also, the risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error, as fraud may involve deliberate concealment by, for example, forgery or intentional misrepresentations, or through collusion.

As part of an audit in accordance with ISAs (UK), we exercise professional judgment and maintain professional scepticism throughout the audit. We also:

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.
Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the internal control.
Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Executive Committee.
Conclude on the appropriateness of the Executive Committee’s use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the society's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the society to cease to continue as a going concern.
Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

The Abbeyfield Atholl Society Limited

Independent Auditor's Report to the Members of The Abbeyfield Atholl Society Limited

(continued)

Year ended 30 November 2024

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. Our audit work has been undertaken so that we might state to the society's members 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, for our audit work, for this report, or for the opinions we have formed.

For and on behalf of PB Audit Limited Registered Auditors 18 North Street Glenrothes Fife KY7 5NA

PB Audit Limited are eligible to act as auditors under the terms of Section 1212 of the Companies Act 2006.

14 March 2025

The Abbeyfield Atholl Society Limited

Statement of Financial Activities (including income and expenditure account)

Year ended 30 November 2024

			2024		2023
		Unrestricted	Restricted
		funds	funds	Total funds	Total funds
	Note	£	£	£	£
Income and endowments
Donations and legacies	3	4,064	6,954	11,018	1,207
Charitable activities	4	124,982	–	124,982	113,073
Investment income	5	804	–	804	408
Other income	6	–	–	–	400
		--------------------------------------	---------------------------	--------------------------------------	--------------------------------------
Total income		129,850	6,954	136,804	115,088
		======================================	===========================	======================================	======================================
Expenditure
Expenditure on charitable activities	7,8	123,017	1,391	124,408	110,311
		--------------------------------------	---------------------------	--------------------------------------	--------------------------------------
Total expenditure		123,017	1,391	124,408	110,311
		======================================	===========================	======================================	======================================
		--------------------------------------	---------------------------	--------------------------------------	--------------------------------------
Net income and net movement in funds		6,833	5,563	12,396	4,777
		======================================	===========================	======================================	======================================
Reconciliation of funds
Total funds brought forward		172,678	–	172,678	167,901
		--------------------------------------	---------------------------	--------------------------------------	--------------------------------------
Total funds carried forward		179,511	5,563	185,074	172,678
		======================================	===========================	======================================	======================================

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 14 to 22 form part of these financial statements.

The Abbeyfield Atholl Society Limited

Statement of Financial Position

30 November 2024

		2024	2023
	Note	£	£
Fixed assets
Tangible fixed assets	14	124,425	111,266
Current assets
Debtors	15	441	664
Cash at bank and in hand		70,588	72,201
		---------------------------------	---------------------------------
		71,029	72,865
Creditors: amounts falling due within one year	16	10,380	11,453
		---------------------------------	---------------------------------
Net current assets		60,649	61,412
		--------------------------------------	--------------------------------------
Total assets less current liabilities		185,074	172,678
		--------------------------------------	--------------------------------------
Net assets		185,074	172,678
		======================================	======================================
Funds of the charity
Restricted funds		5,563	–
Unrestricted funds		179,511	172,678
		--------------------------------------	--------------------------------------
Total charity funds	18	185,074	172,678
		======================================	======================================

These financial statements were approved by the Executive Committee and authorised for issue on 14 March 2025, and are signed on behalf of the board by:

Chairman Treasurer Secretary

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements

30 November 2024

1. Statement of compliance

These financial statements have been prepared in accordance with the 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) (effective 1 January 2019) – (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended).

2. Accounting policies

Basis of preparation

The Abbeyfield Atholl Society Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost of transaction value unless otherwise stated in the relevant accounting policy notes.

The financial statements are prepared in sterling, which is the functional currency of the entity.

Going concern

The financial statements have been prepared on a going concern basis.

The Executive Committee assess whether the use of going concern is appropriate i.e. whether there are any material uncertainties related to events or conditions that may cast significant doubt on the ability of the society to continue as a going concern. The Executive Committee make this assessment in respect of a period of one year from the date of approval of the financial statements.

Taxation

The society is exempt from tax on income and gains falling within sections 471 - 571 of the Corporation Tax Act 2010 or s256 of the Taxations of Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects. No tax charges have arisen in the society.

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.

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

30 November 2024

2. Accounting policies (continued)

Fund accounting

Unrestricted funds are available for use at the discretion of the Executive Committee to further any of the society's purposes.

Designated funds are unrestricted funds earmarked by the Executive Committee for particular future project or commitment. The purpose and uses of the designated funds are set out in the notes to the financial statements.

Income and endowments

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:

voluntary income including donations, gifts, legacies and grants that provide core funding or are of general nature is recognised when the society has entitlement to the income, it is probable that the income will be received and the amount can be measured with sufficient reliability.
donations and legacies are recognised on a receivable basis when the receipt is probable and the amount can be reliably measured.
deferred income represents amounts received for future periods and is released to income resources in the period for which it has been received. Such income is only deferred when the donor specifies that the grant of donation must only be used in future accounting periods; or if the donor has imposed conditions which must be met before the society has unconditional entitlement.
investment income is recognised on a receivable basis.
charitable activities income comprises residents’ board income for the provision of their accommodation and support. This income is credited to the statement of financial activities on a receivables basis.

Expenditure

All expenditure is recognised once there is a legal constructive obligation to that expenditure, it is probable settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate similar costs to that category:

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

30 November 2024

2. Accounting policies (continued)

charitable expenditure comprises those costs incurred by the society in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature to support them.
support costs include central functions and have been allocated to activity cost categories on a basis which is consistent with the use of resources, for example, allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage.
governance costs are costs attributable to the society’s compliance with constitutional and statutory requirements, including audit, strategic management and Executive Committee’s meetings and reimbursed expenses.

Tangible assets

Individual tangible assets costing £100 or more are initially recorded at cost, less any subsequent accumulated depreciation and subsequent accumulated impairment losses.

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:

Land and buildings	-	Nil
Fixtures and fittings	-	20% straight line

No depreciation is charged on land and buildings because they are maintained in a state or repair such that the estimated residual value of land and buildings at the date of the balance sheet is not less than their net book value. The annual charge for depreciation would therefore be immaterial.

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.

Cash and cash equivalents

Cash and cash equivalents comprise cash on hand and call deposits, and other short-term highly liquid investments that are readily convertible to a known amount of cash and are subject to an insignificant risk of change in value.

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2024

2. Accounting policies (continued)

Other creditors

Other creditors are obligations to pay for goods or services that have been acquired in the ordinary course of business from suppliers. Other creditors are recognised at their settlement amount after allowing for any trade discounts due.

Financial instruments

The charity only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at their transaction value and are subsequently measured at their settlement value.

3. Donations and legacies

			Unrestricted	Restricted	Total Funds
			Funds	Funds	2024
			£	£	£
	Donations
	Donations		4,064	–	4,064
	Grants
	Abbeyfield Societies in Scotland		–	3,000	3,000
	Friends of Pitlochry Community Hospital		–	3,954	3,954
			---------------------------	---------------------------	---------------------------------
			4,064	6,954	11,018
			===========================	===========================	=================================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			£	£	£
	Donations
	Donations		1,207	–	1,207
	Grants
	Abbeyfield Societies in Scotland		–	–	–
	Friends of Pitlochry Community Hospital		–	–	–
			---------------------------	----------------	---------------------------
			1,207	–	1,207
			===========================	================	===========================
4.	Charitable activities
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Provision of accommodation and
	support for the elderly	124,982	124,982	113,073	113,073
		======================================	======================================	======================================	======================================

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2024

5. Investment income

		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Bank interest receivable	804	804	408	408
		================	================	================	================
6.	Other income
		Unrestricted	Total Funds	Unrestricted	Total Funds
		Funds	2024	Funds	2023
		£	£	£	£
	Other income	–	–	400	400
		================	================	================	================
7.	Expenditure on charitable activities	by fund type
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2024
			£	£	£
	Provision of accommodation and support for the
	elderly		111,019	–	111,019
	Support costs		11,998	1,391	13,389
			--------------------------------------	---------------------------	--------------------------------------
			123,017	1,391	124,408
			======================================	===========================	======================================
			Unrestricted	Restricted	Total Funds
			Funds	Funds	2023
			£	£	£
	Provision of accommodation and support for the
	elderly		100,928	–	100,928
	Support costs		9,383	–	9,383
			--------------------------------------	----------------	--------------------------------------
			110,311	–	110,311
			======================================	================	======================================
8.	Expenditure on charitable activities	by activity type
		Activities
		undertaken	Support	Total funds	Total fund
		directly	costs	2024	2023
		£	£	£	£
	Provision of accommodation and
	support for the elderly	111,019	11,169	122,188	108,061
	Governance costs	–	2,220	2,220	2,250
		--------------------------------------	---------------------------------	--------------------------------------	--------------------------------------
		111,019	13,389	124,408	110,311
		======================================	=================================	======================================	======================================

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2024

9. Analysis of support costs

9.	Analysis of support costs
		Provision of
		accommo-
		dation and
		support for
		the elderly	Total 2024	Total 2023
		£	£	£
	Communications and IT	796	796	794
	General office	7,151	7,151	3,381
	Governance costs	2,220	2,220	2,250
	Professional costs	3,222	3,222	2,958
		---------------------------------	---------------------------------	---------------------------
		13,389	13,389	9,383
		=================================	=================================	===========================
10.	Net income
	Net income is stated after charging/(crediting):
			2024	2023
			£	£
	Depreciation of tangible fixed assets		6,364	2,458
			===========================	===========================
11.	Auditors remuneration
			2024	2023
			£	£
	Fees payable for the audit of the financial statements		2,220	2,250
			===========================	===========================

Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
	2024	2023
	£	£
Wages and salaries	47,810	46,104
Employer contributions to pension plans	205	160
	---------------------------------	---------------------------------
	48,015	46,264
	=================================	=================================

The average head count of employees during the year was 3 (2023: 3).

No employee received employee benefits of more than £60,000 during the year (2023: Nil).

13. Executive Committee remuneration and expenses

No Executive Committee member, nor any person connected to them, have received any remuneration during the year.

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2024

14. Tangible fixed assets

		Freehold	Fixtures and
		property	fittings	Total
		£	£	£
	Cost
	At 1 Dec 2023	101,795	29,173	130,968
	Additions	–	19,523	19,523
		--------------------------------------	---------------------------------	--------------------------------------
	At 30 Nov 2024	101,795	48,696	150,491
		======================================	=================================	======================================
	Depreciation
	At 1 Dec 2023	–	19,702	19,702
	Charge for the year	–	6,364	6,364
		--------------------------------------	---------------------------------	--------------------------------------
	At 30 Nov 2024	–	26,066	26,066
		======================================	=================================	======================================
	Carrying amount
	At 30 Nov 2024	101,795	22,630	124,425
		======================================	=================================	======================================
	At 30 Nov 2023	101,795	9,471	111,266
		======================================	=================================	======================================
15.	Debtors
			2024	2023
			£	£
	Prepayments and accrued income		441	664
			================	================
16.	Creditors: amounts falling due within one year
			2024	2023
			£	£
	Accruals and deferred income		4,514	2,160
	Social security and other taxes		1,027	761
	Other creditors		4,839	8,532
			---------------------------------	---------------------------------
			10,380	11,453
			=================================	=================================
17.	Deferred income
			2024	2023
			£	£
	Amount deferred in year		2,064	–
			===========================	================

Deferred income relates to fees received in advance for the 2024/25 year.

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2024

18. Analysis of charitable funds

Unrestricted funds

Unrestricted funds
		At			At
	1	Dec 2023	Income	Expenditure	30 Nov 2024
		£	£	£	£
General funds		162,738	129,850	(123,017)	169,571
Cyclical maintenance and repairs		9,940	–	–	9,940
		--------------------------------------	--------------------------------------	--------------------------------------	--------------------------------------
		172,678	129,850	(123,017)	179,511
		======================================	======================================	======================================	======================================
		At			At
	1	Dec 2022	Income	Expenditure	30 Nov 2023
		£	£	£	£
General funds		157,961	115,088	(110,311)	162,738
Cyclical maintenance and repairs		9,940	–	–	9,940
		--------------------------------------	--------------------------------------	--------------------------------------	--------------------------------------
		167,901	115,088	(110,311)	172,678
		======================================	======================================	======================================	======================================

Each member holds one fully paid up share of £1 in the society, which is included in unrestricted reserves. As at 30 November 2024 there were 22 members (2023: 24 members).

The specific purposes for which the designated funds are to be applied are for the cyclical maintenance and repair of the property in future years.

Restricted funds

Restricted funds
	At			At
	1 Dec 2023	Income	Expenditure	30 Nov 2024
	£	£	£	£
Abbeyfield Societies in Scotland	–	3,000	(600)	2,400
Friends of Pitlochry Community
Hospital	–	3,954	(791)	3,163
	----------------	---------------------------	---------------------------	---------------------------
	–	6,954	(1,391)	5,563
	================	===========================	===========================	===========================
	At			At
	1 Dec 2022	Income	Expenditure	30 Nov 2023
	£	£	£	£
Abbeyfield Societies in Scotland	–	–	–	–
Friends of Pitlochry Community
Hospital	–	–	–	–
	----------------	----------------	----------------	----------------
	–	–	–	–
	================	================	================	================

Abbeyfield Societies in Scotland – grant funding towards the cost of new boilers.

Friends of Pitlochry Community Hospital – grant funding for the purchase of a new Telealarm system.

The Abbeyfield Atholl Society Limited

Notes to the Financial Statements (continued)

Year ended 30 November 2024

19. Analysis of net assets between funds

	Unrestricted	Restricted	Total Funds
	Funds	Funds	2024
	£	£	£
Tangible fixed assets	118,862	5,563	124,425
Current assets	71,029	–	71,029
Creditors less than 1 year	(10,380)	–	(10,380)
	--------------------------------------	---------------------------	--------------------------------------
Net assets	179,511	5,563	185,074
	======================================	===========================	======================================
	Unrestricted	Restricted	Total Funds
	Funds	Funds	2023
	£	£	£
Tangible fixed assets	111,266	–	111,266
Current assets	72,865	–	72,865
Creditors less than 1 year	(11,453)	–	(11,453)
	--------------------------------------	----------------	--------------------------------------
Net assets	172,678	–	172,678
	======================================	================	======================================

20. Related parties

No expenses were paid to Executive Committee members in the current or prior year.