**REGISTERED COMPANY NUMBER: 1880R (Scotland) REGISTERED CHARITY NUMBER: SC007636**
The Abbeyfield Bearsden Society Limited Report of the Trustees and
Unaudited Financial Statements for the Year Ended 31 October 2024
The Abbeyfield Bearsden Society Limited
Contents of the Financial Statements for the Year Ended 31 October 2024
|||Page|
|---|---|---|
|Chairman's Report||1|
|Report of the Trustees|2|to 3|
|Independent Examiner's Report||4|
|Statement of Financial Activities||5|
|Balance Sheet|6|to 7|
|Notes to the Financial Statements|8|to 12|
|Detailed Statement of Financial Activities||13|
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## The Abbeyfield Bearsden Society Limited
## Chairman's Report for the Year Ended 31 October 2024
As Chair of the Board of Trustees, I am pleased to present our annual report for the financial year 2023/24.
This past year has been one both of change and continuity for Abbeyfield Bearsden. We have continued to provide a warm, supportive environment for our residents, shaped by the core values that define who we are: Choice, Dignity, and Respect.These principles continue to guide every decision we make, and I remain committed to ensuring our residents feel safe, valued, and at home.
Reflecting on recent challenges, it is clear that the cost-of-living crisis continues to have a significant impact on our operations. Following the post-Covid period, the sharp rise in energy prices and overall inflation has placed pressure on our financial resources.We've had to make some very difficult decisions, including managing the substantial costs associated with essential infrastructure upgrades, However, I am proud of how the board and staff have risen to these challenges, remaining steadfast in out commitments to our residents.
Despite these pressures, Abbeyfield Bearsden has remained a highly desirable place to live. We continue to receive a strong level of enquiries and interest from prospective residents and their families. During the past year, we welcomed five new residents into our community.
A significant development over the past year has been the structural changes within the Abbeyfield family at a national and international level. The transition from the Abbeyfield Society to Abbeyfield World Council marks a pivotal shift in how Abbeyfield organisations across the globe will relate and collaborate. As of the time of writing, the new country agreement has yet to be finalised, which naturally created a degree of uncertainty. There is concern within our board and among others about the clarity and implications of this agreement. Nonetheless, we remain optimistic and are actively engaging in discussions to ensure Abbeyfield Bearsden's voice is heard and that any outcome reflects our values and the best interests of our residents.
Looking ahead, we are entering a new chapter with optimism. In the coming year, we are excited to welcome new trustees to our board-individuals who share our ethos and bring fresh perspectives.. Their expertise will further enhance our ability to meet both present and future challenges while keeping residents at the heart of everything we do.
Our strategic focus in the year ahead will include adapting to the implications of the Abbeyfield World Council agreement, further strengthening our governance, and ensuring that our financial and operational planning continues to be robust and resident-focused.
One again, I wish to express my deepest gratitude to my fellow Trustees. Their selfless contributions, diverse experience, and unwavering dedication are what make Abbeyfield Bearsden such a strong and resilient organisation. Together, we ensure that Abbeyfield remains a vital part of the local community, offering comfort, companionship, and care to those who call it home.
With warm regards,
Chair Board of Trustees
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## The Abbeyfield Bearsden Society Limited
## Report of the Trustees for the Year Ended 31 October 2024
The members of the executive committee present their report with the financial statements of the society for the year ended 31 October 2024.
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The principal activity of the society is provision of supported housing for older people.
The trustees will continue to promote Abbeyfield as an attractive alternative living choice to those no longer wishing to live alone.
## **ACHIEVEMENT AND PERFORMANCE**
## **Charitable activities**
Full details of the various activities which took place during the year are included in the Chairman's Report.
## **FINANCIAL REVIEW**
## **Reserves policy**
It is the policy of the trustees to retain surpluses to be available to offset deficits should they arise and to fund improvements.
The cash reserves held represent approximately six months costs should income from residents reduce or cease.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The society is registered as a non-profit making organisation under the Co-operative and Community Benefit Societies Act 2014. This Act came into force on 1 August 2014 and consolidates various enactments relating to co-operative societies, community benefit societies and other societies registered under the Industrial and Provident Societies Act 1965.
The society is constituted under its rule book, is a limited company, limited by guarantee, as defined by the Companies Act 2006 and is a Scottish Registered Charity. It is also registered with the Financial Conduct Authority.
## **Recruitment and appointment of new trustees**
The Trustees fill vacancies arising in the Committee using a variety of appropriate channels to recruit volunteers.
## **Organisational structure**
The trustees meet on a regular basis to manage the society's finances and affairs.
## **Induction and training of new trustees**
Volunteers are briefed in all aspects of the charity's work as part of their induction and encouraged to become involved immediately in those areas most appropriate to their talents. Training is ongoing, working with experienced fellow committee members.
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Registered Company number**
1880R (Scotland)
## **Registered Charity number**
SC007636
Page 2
The Abbeyfield Bearsden Society Limited
Report of the Trustees for the Year Ended 31 October 2024
Each member of the Executive Committee holds 1 share in the Society.
In accordance with the Rules of the Society themselves for re-election at the forthcoming Annual General Meeting.
retire by rotation, and being eligible, offer
**Independent Examiner** Bell Barr & Company Chartered Accountants 2 Stewart Street Milngavie Glasgow G62 6BW
Approved by order of the board of trustees on 12 May 2025 and signed on its behalf by:
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Independent Examiner's Report to the Trustees of The Abbeyfield Bearsden Society Limited
I report on the accounts for the year ended 31 October 2024 set out on pages five to twelve.
## **Respective responsibilities of trustees and examiner**
The charity's trustees are responsible for the preparation of the accounts in accordance with the terms of the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scotland) Regulations 2006 (as amended). The charity's trustees consider that the audit requirement of Regulation 10(1)(a) to (c) of the Accounts Regulations does not apply. It is my responsibility to examine the accounts as required under Section 44(1)(c) of the Act and to state whether particular matters have come to my attention.
## **Basis of the independent examiner's report**
My examination was carried out in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006. An examination includes a review of the accounting records kept by the charity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as trustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit, and consequently I do not express an audit opinion on the view given by the accounts.
## **Independent examiner's statement**
In connection with my examination, no matter has come to my attention :
- (1) which gives me reasonable cause to believe that, in any material respect, the requirements
- to keep accounting records in accordance with Section 44(1)(a) of the 2005 Act and Regulation 4 of the 2006 Accounts Regulations; and
- to prepare accounts which accord with the accounting records and to comply with Regulation 8 of the 2006 Accounts Regulations
have not been met; or
- (2) to which, in my opinion, attention should be drawn in order to enable a proper understanding of the accounts to be reached.
I confirm that the financial statements for the year ended 31 October 2024 are in agreement with the Society’s books and records as maintained under s75 of the Co-Operative and Community Benefits Society Act 2014 and that the Statement of Financial Activities and Balance Sheet at 31 October 2024 comply with the requirements of the Act.
## **Statement in Connection with the Preceding Year**
In my opinion the financial criteria for the exercise of power conferred by s84 of the Act were met in relation to the preceding year.
Bell Barr & Company (Eligible to act as auditors under section 1212 of the Companies Act 2006)
Bell Barr & Company Chartered Accountants 2 Stewart Street Milngavie Glasgow G62 6BW �������� Date: .............................................
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## The Abbeyfield Bearsden Society Limited
Statement of Financial Activities for the Year Ended 31 October 2024
|Unrestricted
funds
Notes
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
-
**Charitable activities**
Supported housing for older people
189,280
Investment income
2
216
**Total**
189,496
**EXPENDITURE ON**
**Charitable activities**
Supported housing for older people
205,256
**NET INCOME/(EXPENDITURE)**
(15,760)
**RECONCILIATION OF FUNDS**
Total funds brought forward
332,073
**TOTAL FUNDS CARRIED FORWARD**
316,313|Restricted
fund
£
-
-
-
-
-
-
-
-|31.10.24
31.10.23
Total
Total
funds
funds
£
£
-
1,000
189,280
202,500
216
875
189,496
204,375
205,256
201,208
(15,760)
3,167
332,073
328,906
316,313
332,073|31.10.24
31.10.23
Total
Total
funds
funds
£
£
-
1,000
189,280
202,500
216
875
189,496
204,375
205,256
201,208
(15,760)
3,167
332,073
328,906
316,313
332,073|
|---|---|---|---|
||||204,375|
||||201,208|
||||3,167
328,906|
||||332,073|
## **CONTINUING OPERATIONS**
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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## The Abbeyfield Bearsden Society Limited
Balance Sheet 31 October 2024
|Unrestricted
funds
Notes
£
**FIXED ASSETS**
Tangible assets
6
218,390
**CURRENT ASSETS**
Stocks
7
180
Debtors
8
11,166
Cash at bank and in hand
102,615
113,961
**CREDITORS**
Amounts falling due within one year
9
(16,038)
**NET CURRENT ASSETS**
97,923
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
316,313
**NET ASSETS**
316,313
**FUNDS**
10
Unrestricted funds:
General fund
Share Capital
**TOTAL FUNDS**|Restricted
fund
£
-
-
-
-
-
-
-
-
-|31.10.24
Total
funds
£
218,390
180
11,166
102,615
113,961
(16,038)
97,923
316,313
316,313
316,294
19
316,313
316,313|31.10.23
Total
funds
£
231,599
180
2,234
107,192
109,606
(9,132)
100,474
332,073
332,073
332,049
24
332,073
332,073|
|---|---|---|---|
The Society has opted out of audit under Section 84 of the Co-Operative and Community Benefits Society Act 2014.
The trustees acknowledge their responsibilities for
- (a) ensuring that the charitable company keeps accounting records that comply with Sections 75 of the Co-Operative and Community Benefits Society Act 2014 and
- (b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year and which comply with the requirements of the Co-Operative and Community Benefits Society Act 2014 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
continued...
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The Abbeyfield Bearsden Society Limited
Balance Sheet - continued
31 October 2024
The financial statements were approved by the Board of Trustees and authorised for issue on 12 May 2025 and were signed on its behalf by:
The notes form part of these financial statements
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The Abbeyfield Bearsden Society Limited
Notes to the Financial Statements for the Year Ended 31 October 2024
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. The financial statements have been prepared under the historical cost convention.
The trustees have reviewed the charity's operating costs for the next twelve months, and the sources of funds available, and are satisfied that the charity is a going concern.
## **Income**
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Residential charges are accounted for when receivable. Donations are accounted for when received. Legacies and similar income are recognised at fair value when the executor is satisfied that the gift will not be required to meet claims on the estate and any conditions have been met or are within the control of the charitable company.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Freehold property**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Improvements to property - 5% on cost Fixtures and fittings - 15% on reducing balance
Work on the existing Freehold Property is capitalised only to the extent that it provides an enhancement to its economic benefit.
## **Stocks**
Stocks are valued at the lower of cost or net realisable value.
## **Taxation**
The charity is exempt from corporation tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the executive committee.
Restricted funds can only be used for particular restricted purposes within the objects of the charity.
Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
## **Pension costs and other post-retirement benefits**
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
continued...
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The Abbeyfield Bearsden Society Limited
## Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
## **1. ACCOUNTING POLICIES - continued**
## **Cash at bank and in hand**
Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the account.
## **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 transaction value and subsequently measured at their settlement value.
## **2. INVESTMENT INCOME**
|Unrestricted
funds
£
Deposit account interest
216|Restricted
funds
£
-|31.10.24
Total
funds
£
216|31.10.23
Total
funds
£
875|
|---|---|---|---|
## **3. NET INCOME/(EXPENDITURE)**
Net income/(expenditure) is stated after charging/(crediting):
||31.10.24|31.10.23|
|---|---|---|
||£|£|
|Depreciation - owned assets|13,209|13,934|
## **4. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 October 2024 nor for the year ended 31 October 2023.
## **Trustees' expenses**
There were no trustees' expenses paid for the year ended 31 October 2024 nor for the year ended 31 October 2023.
## **5. STAFF COSTS**
The average monthly number of employees during the year was as follows:
||31.10.24|31.10.23|
|---|---|---|
|Residential house staff|11|10|
No employees received emoluments in excess of £60,000.
continued...
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## The Abbeyfield Bearsden Society Limited
## Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
## **6. TANGIBLE FIXED ASSETS**
|**TANGIBLE FIXED ASSETS**||||
|---|---|---|---|
|**COST**
At 1 November 2023 and 31 October 2024
**DEPRECIATION**
At 1 November 2023
Charge for year
At 31 October 2024
**NET BOOK VALUE**
At 31 October 2024
At 31 October 2023|Improvements
Freehold
to
property
property
£
£
352,337
51,041
156,500
42,676
6,547
2,552
163,047
45,228
189,290
5,813
195,837
8,365|Fixtures
and
fittings
£
122,655
95,258
4,110
99,368
23,287
27,397|Totals
£
526,033|
||||294,434
13,209|
||||307,643|
||||218,390|
||||231,599|
Included in cost or valuation of land and buildings is freehold land of £25,000 (2023 - £25,000) which is not depreciated.
Cost of £352,337 is represented by gross costs of £445,846 less grants of £93,509.
## **7. STOCKS**
|**7.**|**STOCKS**|||
|---|---|---|---|
|||31.10.24|31.10.23|
|||£|£|
||Stocks|180|180|
|**8.**|**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**|||
|||31.10.24|31.10.23|
|||£|£|
||Debtors and accrued income|10,771|593|
||Prepayments|395|1,641|
|||11,166|2,234|
continued...
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## The Abbeyfield Bearsden Society Limited
Notes to the Financial Statements - continued for the Year Ended 31 October 2024
## **9. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Tenant deposits held
Social security and other taxes
Accrued expenses
**MOVEMENT IN FUNDS**
**Unrestricted funds**
General fund
Share Capital
**TOTAL FUNDS**
Net movement in funds, included in the above are
**Unrestricted funds**
General fund
**TOTAL FUNDS**
**Comparatives for movement in funds**
**Unrestricted funds**
General fund
Share Capital
**TOTAL FUNDS**|At
1.11.23
£
332,049
24
332,073
332,073
as follows:|Net
movement
in funds
£
(15,760)
-
(15,760)
(15,760)
Incoming
resources
£
189,496
189,496
At
1.11.22
£
328,882
24
328,906
328,906|31.10.24
31.10.23
£
£
9,740
-
629
814
5,669
8,318
16,038
9,132
Transfers
between
At
funds
31.10.24
£
£
5
316,294
(5)
19
-
316,313
-
316,313
Resources
Movement
expended
in funds
£
£
(205,256)
(15,760)
(205,256)
(15,760)
Net
movement
At
in funds
31.10.23
£
£
3,167
332,049
-
24
3,167
332,073
3,167
332,073|
|---|---|---|---|
## **10. MOVEMENT IN FUNDS**
continued...
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## The Abbeyfield Bearsden Society Limited
## Notes to the Financial Statements - continued
for the Year Ended 31 October 2024
## **10. MOVEMENT IN FUNDS - continued**
Comparative net movement in funds, included in the above are as follows:
|**Unrestricted funds**
General fund
**TOTAL FUNDS**|Incoming
resources
£
204,375
204,375|Resources
Movement
expended
in funds
£
£
(201,208)
3,167
(201,208)
3,167|
|---|---|---|
## **11. RELATED PARTY DISCLOSURES**
During the year the charitable company incurred various repair and maintenance costs totalling £27,700 to MPE Design and Build, a business under the control of the former trustee At 31 October 2024 Debtors includes £7,156 due to the charity from M Esdaile.
## **12. SHARE CAPITAL**
The members each hold one share in the society.
The number of members, each of whose liability is limited to £1, was 19 at the year end.
## **13. ADDITIONAL REPORTING REQUIREMENT**
As the society is registered under the Co-operative and Community Benefit Societies Act 2014 and is also a Scottish Registered Charity, it is noted that the Independent Examiner's Report is carried out under Section 85 of the Co-operative and Community Benefit Societies Act 2014 in addition to examination in accordance with Regulation 11 of the Charities Accounts (Scotland) Regulations 2006.
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The Abbeyfield Bearsden Society Limited
Detailed Statement of Financial Activities for the Year Ended 31 October 2024
|Detailed Statement of Financial Activities
for the Year Ended 31 October 2024|||||
|---|---|---|---|---|
||||31.10.24|31.10.23|
||Unrestricted|Restricted|Total|Total|
||funds|funds|funds|funds|
||£|£|£|£|
|**INCOME AND ENDOWMENTS**|||||
|**Donations and legacies**|||||
|Donations|-|-|-|1,000|
|**Investment income**|||||
|Deposit account interest|216|-|216|875|
|**Charitable activities**|||||
|Residential Charges Receivable|258,380|-|258,380|234,420|
|Losses from Vacancies|(69,100)|-|(69,100)|(31,920)|
||189,280|-|189,280|202,500|
|**Total incoming resources**|189,496|-|189,496|204,375|
|**EXPENDITURE**|||||
|**Charitable activities**|||||
|Wages|88,166|-|88,166|84,956|
|Pensions|741|-|741|655|
|Insurance|4,858|-|4,858|4,849|
|Light and heat|31,177|-|31,177|27,275|
|Telephone|2,060|-|2,060|2,269|
|Advertising|803|-|803|216|
|Sundries|510|-|510|497|
|Garden Maintenance|350|-|350|550|
|Hourcare 24|1,943|-|1,943|2,031|
|Repairs & maintenance|33,391|-|33,391|30,875|
|Food & household costs|24,720|-|24,720|28,524|
|TV & music licences|244|-|244|190|
|Bank charges|319|-|319|183|
|Depreciation freehold property|6,547|-|6,547|6,547|
|Depn - property improvements|2,552|-|2,552|2,552|
|Depn - fixtures & fittings|4,110|-|4,110|4,835|
|Interest on paye|29|-|29|12|
||202,520|-|202,520|197,016|
|**Support costs**|||||
|**Governance costs**|||||
|Accountancy fees|1,790|-|1,790|1,772|
|Membership fee-Abbeyfield Soc|632|-|632|2,301|
|Health & Safety|314|-|314|119|
||2,736|-|2,736|4,192|
|Total resources expended|205,256|-|205,256|201,208|
|**Net income**|(15,760)|-|(15,760)|3,167|
This page does not form part of the statutory financial statements
Page 13