Charlty registration number.. SC008993 Co-operative and Community Benefit &)cieties Act No 1901RS Abbeyfield Perth Society Limited Annual Report and Flnanclal Ststements lor the Year Ended 30 September 2024
Abbeyfield Perth Society Limited Contents Refen and Administrauve Detalls Executyve Committee's Rewjrt 2to7 ststement of Execufjve Comrnittee's Responslbllldes Inéependent Auditors, Report 9t013 statement of Flnanttal Athvltles 14to15 Balance Sheet 16to 17 Cash Aow Statement 18 Notes to the Flnanclal Statements 19to34
Abbeyfield Perth Society Limited Reference and Administrative Detai15 Chainnan Executive Committee Secretary Treasurer Senior Management Teim Prfnclpal Office ViewlatKls House 25 Viewlands Rd Perth PHI IBL Soclety Reglstratlon Number SC008993 Investment advisors Auditor Morris & Young, Statutory Auditor Chartered Accountants 6 Atholl Crescent PERTH PHI 5JN Page I
Abbeyfield Perth Society Limited Executive Committee's Report The Executive Committee present its sixty-second annual report together with the finanoal ststements for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting pollaes set out in note I to the financial Statements and comply with the Sxiety's rules, the Co-operative and Community Benefit Societies Art 2014, the Charities and Trustee Investment (Scodand) Act 2005, the charleS Accounts (tland} Regulations 2006 and Accounting and Reporting by Charities.. Statement of Recommended Prattice applicable to charib'es preparing their accounts in accordan with the Financial Repon9 Stsndard applieable in the UK and Republic of Ireland (FRS 102) (effertlve l January 20191. Objectives and activitles Objerts andalms The prinapal ath'wty of the Soo'ety Is to provide accommodauon, care and companionship for lonely or frail e5derty people in accordance with the aims and prinaples of The Abbeyfield Society Limited. The rules of The Abbeyfield gKiety, of which the Perth society is an affiliated member, govem the aptx)intment of the Committee whith is tharged with the management of the Society in furtheran of its princlpal act'vity, fund management and financial affairs generally. Members of the Executsve committ are chosen by selection or elettion and each one becomes a member of the society upon payment of £1, "sharing the back-up of Member &)aettes, and of County, Regional and National Voluntrs and Stsff, fffte Abbeyrield &xiety, September 1997). Each member of the Execub"ve Committee is aPFM)inted for a term of the years following which he/she is required to retire but is eligible for relertion. The EXUtive Committee meets as and when required, including the necessary three monthly meets'ngs. The society is an affiliated member of The Abteyfield Society by payment ol an annual subscription. Page 2
Abbeyfield Perth Soaety Limited Executive Committee's Report Achievements and performance A surplus of £105,334 (2023 - £64,250 surplus) was achieved in the year. The occupancy rale at VieY4lands House was 31.7 (maxlmum 32) compared to 31.4 for 2023. Resldential care remalrs our pNmary fc(us, however nur51ng facillty continues to be successful. Resldents and Ihelr lamllles have welcomexj th15 Service as conuriulty frorn resldeiilial to nurslng are Is beneflcial. The management of staff resource5 acr055 the year has contbnued to be extremely thallenglng but by the stsff exerasing great flexlbility to t1r worklng rots5 and the Introduttbn of bank staff we have rnonaged to minimise the nood tr• call on agencv staff to flll in any gaps and have managed to continue to athieve the high level of care qtylred. Thbs 1$ evidenced by the Care Inspectorate's vlslt in the ye3r giving the Home a raong of 5 'Very Good, which an excellent result. The Sc£lety ha5 instigated all appropriate protocols and maintsined the testing regirne In Vlewlarmts House as rUIred by the legislab'on, turrent at the tlme. We are indebted to ow Manager with her deputy lor the effort and tsme they spend to maintain these high standarJs and trev continue avei e support of the Executtve Committee. staff and the residents, and their famllies continue lo express Ihelr appreclation of thelr managernent role within the Home. In Viewlands Court, set within the grounds ol Viewlands House, the Society has Six bungalows which are let, under Prlvate Re51denty"al Tenancy agreements, to elderty people who wlsh to 1Sve independentty. The slx bungalciws have been occupied 93.3% of the year12023 - 97.5Qh) and the tenants are all 15ited regularfy to ensure trol they are happy wlth tt)eir acccsmmodation. As the propertles become vacant, we have commenced a TUrbIShment programme reflttlng the kltchens, Ihe Eyecutive Committee acknowledges the contrbution of volunteers and "Friends" of the Sotiety who have proifjded valuable Serv[ over the year and arrange outing5 for the resldents wlth a full programme of events and outings. The Annexe is proving to te a very useful additional space f tivities lor resldents and now, being more accessible, wlll condnue to expand. Fin•n¢l•l r¢vlow At the balarte sheet date, the Society has funds avallatje for general use totslling £1,313,381 {2023 £1,208,047). In addition, the Sooety has a Development ReseNe ol £1,066,111 (2023 £1,066,111) and a Future Cydical and Major Repalrs Reserve of £IOO,000 (2023 EIOO,000) a5 detèiled in Note 23. The Executive Committee has overall responslblllLy for ensurlng that the Society has appropnate systems of controls. financial arQ othetwise. The systems of financial contrds are deslgned to provide reasonable, but not absolute, assurance aijainst material misstatement or loss. They irKIe an annual budoet, approved by the ExecuUve Committee, which is regularly reviewed against attual results and vanances from f0Cast, Systems for delegation of authority and segregaty'on of duts'es as far as possible gIn stafflng levels are also in place. PagE 3
Abbeyfield Perth Society Limited Executive Committee's Report The Society d$ not have a reseNes policy other than to mèintain a fund of at least ÉlOO,000 required for future cyclical and major repairs in the medium and l¢)ng term. The Society has free liquid reseNes well in excess of this amount with cash at bank and in hand of El,378,098 (2023 £1,359,285) but it is the Intentson of the Society to Use these reserye5 towards future expansion or investment opportunities as they arise. Prlnclpal risks The key to future finanaal surpluses is the level of occupancy at Viewlands House and the Viewlands Court bungalows. In past years Viewlands sidential OCCUPanLy has been maintained at reasonably high levels and as mitygation we are encouraged by the number CurntlY on our waiting list. In addib'on, the retention of stsff Is also a major conslderation and the availability of new staff remains diffiajlt to find. Falling Interest rates will also affett the turnS received from our investsnents. Page 4
Abbeyfield Perth Society Limited Executive Committee's Report Plans for future period$ AIn andkey objertlves forfi1tuperf0rfs Staff retention and development will remain a prfority of the Sxiety. Training programmes wlll continue to be prepared to meet the requirements of staff retention induding those required by regulab'on. Although inflation rates are falling, we must look at maintaining satisfartory levels of increase to staff wages as proper recompense for the work that they do. We have bud9eted in the year 2024 lo 2025 to pay all of our carers at or above the'Real Living Wage.. This will a55iSt in maintaining the retention of staff and attract others. With almost 80010 of the Society's operating costs being staff costs the consequence of this coupled wbth the Increased National Insurance costs coming Into effect In April 2025 wlll be that residents, fees will alsts need to be reviewed upwards. This will be carrled out with a dose scrub'ny of the Care Home market and the Society Is confident that this can be achieved and still remain highly competits.ve in the marketplace. Programmes to reduce operattng costs via energy efficiency improvements and energy savings will continue during the year. The installation of solar panels to the Home in the year has aladY demonstrated the benefit in savings to our energy bills. Altrough there is litNe opportLJnity to expand within the limits of the e$tIng grounds of Viewlands House the 5oo.ety will conb.nue to seek opportunities to expand the services offered for the care of the elderly in and around Perth. The policies and procedures of the Soaety will be reviewed on a regular basis to ensu that the residents continue to receive the best quality of care. A 'pad(' of infom)ation on the re5pon5ibilities of trustees has been distributed to all trustees and will be provided to all new trustees. Abbeyfidd Sooeties, in common with other care organisations, face d)ange in soclety, in particular, the national drive towards 'care at home, and IncaSing regulation. However, the Socbety believes there will be a conts"nuing need for high-quality Sidents"al and nursing rare to be provided by independent voluntary organisations as witnessed by our healthy waittng Ilst for new residents, and the kn.ety continue to invest in improvements to the facilibes. To this end the Society continues to monitor the developing market to ensure that the level of care and facilities provided remain relevant to the future development of care home provi5i0n. Page 5
Abbeyfield Perth Society Limited Executive Committee's Report strurturei governance and management The Society is regISted under the CO-OperaVe arKI Community B£erit Societies Act 2014 (Number 1901R(S}) and Is an exerrpt charity with solely CharItae obJett"ves. Thè Sooety is registered as a harity (SC008993}. The Executive Cornmittee who served durirg the year and up to the date of s¢gnature of the financial sL4tements were- In accordan with the registered rules of the Sodety. retired by rotats.on from the Execufjve Comrnittee. Botn orrereo crEmseive5 éna We d¢LÈPLe re-election. vf Retyultment andapwntment olExecutive Commlttee Trustees are recrbited by adverty"singi or word ol rr,outh. New Trustees rnust complete an applicab.on form, a PVG di5dosure, and hove 2 salisfactory references. New Trustees will be prowded with a trustee s infornkits'on p arKJ the papers and minutes of tre most rent meeting to bring them up to date. They 111 be inwted to the next Twstee meeting and intrcmjuced to the other members. Depending on their skills and experien, they may be invited to be Trustee preSentatsVe in their parts'cular fiekj of expertise. Arrnngeménts forsettlng key nagenntpersonnI remuneration The remunerab.on of key management personnd and all 5fAff Is discussed and agreed by the EKecuDce Commlttee. Flnanclal instrumffits Objertlves andpollcles The Soo"ety's ath'vities expose it to o number of financial risks induding credit risk, (ash flow risk and liquidity risk. The Executive Comrnittee have assessed the rnajor risks to which the SLtiety is exposed and are $3tisfied that systems are in place to mitigate its exposure to major risks irlduding arrarKJements to review the risks on a regukr basis.
Abbeyfield Perth Society Limited Executive Committee's Report Cash flowrfsk The Executive Commlttee has retained sufficient cash resour5 to t the immediate iequirLYnents ol the Society. Credlt rlsk The Society's principal finCial assets are bank balances, cash and fee incorne debtors. The Society's credit risk is primarily attributable to its fee Income debtors. The amounts presented in the balance $t are net of allowan5 for doubtful receivables. An allowan for impairrnent 15 made where there Is an Identified loss event whith, basea on prevlOUS expenence, Is eVIden of reduthon In the recoverabilicy ol the cash flows. Ihe credit nsk on liquid funds Is limited because counterpafdes are bants wlth hlgh credlt-ratlngs assigned t)y Intematlonal credit-ratyng agencie5. The kniety has no sgnifiGanl corKentrab"on of credit risl with exposure spyeèd over a large nLJmber of counterparties ar)d cUStor5. Liquidity 17sk In order to maintsin Ilquidity to ensure that sufficient funds are availatle for orKJoing operations future developtnents, the gxiety's liquid funds are kept in a combination of a nOn-inte5t-aNng bank account fDr serwcing the Society's everyday financial needs, Interest-bearing bank accounts and managa1 inveStmts balancing the need for ready access to those fund5 With long term future opportunity 10 maximise the return on those fvnds. Disclosure of Infomiatlon to auditor Each member has taken steps that they ought to have tsken as a member In order to Trke themselves aware r* any relevant audst information and to establish that the Soo'èty's 3udittr is aware L)f that information. The Executive Committee confimi that there is no relevant information that they know ol and of which t¥ know the auditor is unaware. The annual report wa5 approved by tre Executive Comrn1tt of the Scery on l ApMI 2025 anii signed on its behalf by.. Pa7
Abbeyfield Perth Society Limited ststement of Executive Committee's Responsibilities The Executive Committee are resp)n5ible for preparing the Executive Committee's Annual Report and e financial statements In accordance with the United Kingdom Accounty"ng Standards {Unlted Kingdom Generally Apted Accounong Prarticel and applicable law and regulations. The law appllcable to charib'es requires the Executive Committee to prepare financlal statements for each flnancial year which glve a true and falr view of the state of affairs of the Society and of the incomlng re50uffjes and application of resoUrS of the Society for that riod. In pparIng these financial statements, the Executive Commlttee a required to.. select sultsble accounb'ng polioes and then apply them consistenuyi observe the methods and princlples In the Charldes SORP. make Judgements and esllm43tes that are reasonable and prudent. State whether appllcatrAe accounting stsndards have been followed, subject to any material departures dlsclosed and explained in the flnancial statements,. and prepare the financial statements on the going concern basis unless It is Inapproprlate to presume that the charity will continue In bu51ness. The Executive Commlttee are responslble for keepln9 proper accounting records that disclose wlth asonable accuracy at any time the finandal position of the Society and enable them to ensure that the flnancial statements comply with the Charltie5 and Trustee Investment (Scotland) Act 2005, the Co.operaUve and Community Beneflt Societies Acr 2014, the Charltles Accounts (Scotland) Regulatlons 2006 {as amended} and the prov15ions of the Soclety's Constitutlon. The Execub've Committee are also rtsponslble for safeguardlng the assets of the g)clety and hence for taking reasonable steps for the pVenth"On and detertion of fraud other Irregularfles. Page 8
Abbeyfield Perth Society Limited Independent Auditor's Report to the Members of Abbeyfield Perth Society Limited Oplnlon We have audited the TInarla1 statements of Abbeyfield Perth Sc(iety Mited (the 'Society'l for the year ended 30 Septernr 2024, which comprise the Ststement of Finandal Actibe$, Balance Sheet, Cash Aow Ststement, and Notes to tr* Finanoal Stètements, [lUdIng a 9Jmmary of slgnlflcant accountrng policie5. The finanaal prtsng framework that has been applied in their pparation is applicable law and United ngorn Accountyng StarKlards. comprtsiThJ ChJrtties SORP (FRS 102} and Tr Financial Reporting Standard apICable in the UK arKI Reputlic of Iland, (FRS 102) (Unlted Kingdom Generally Accepted Accounting Prattl.). In our opinion the finanoal statements: give a true and fair view of ihe state of the Sco'ety's affaits as at 30 September 2024 and of Its results for the year then ended; have been prOY ppa In acCOrthn with Unlted KIld Genwally Acceptsj Accounong Prattl. and have been prepared In accordance wlth the requirements of the Co-operattve arKI Communlty Benefit $tIes Act 2014, the thanties and Trustee Invesbnent {ScoUand) Art 2005 and regulafjon 8 of the Charttyes AcCots (kollal) Regulatlons 2(K)6 {a5 amended). Basls for oplnlon We conducted our audlt In accordance with Intemabonal Standards on Auditrng {UK) IISAS IVKI) and appllcable law. Our responsstj'libes under those standards are further desthw In the Audbtorfs responsibility'es for the audit of the finanaal statements sect.on of our rep)rt. We are Independent of the sxiety In accordance with the ethal reqU1ments that a relevant to our audit of the flnancial statements In the UK, incIling the FRC'S Ethical Standard, and we have fulfilled otsr other ethlcal responsibilioes in accordarKe with these reqU1Ments. We believe that the aLMIIt evIdere we have obtained Is suffident and appropriate to prwoe a ba4s for our oplnth. Conduslon$ r¢latlng to golng concern In auditing the finanaal ststements, we have Cond that tre ExtsVe Committee's use of the going CtyKem tsas of accountsng in Preparati of the finarbjal Ststernts is approprtate. Based on the work we have f0M)e, y have not idenb.fied any material uncertsinbes relating to events or conditions that. individualty or cdlectively, may cast 9gnificant doubt on the &xlety's abillty to continue as a going concem lor a penod of at least twelve months from when the financlal statements are authorlsed for Is. Our reSp)nSilItIeS and the re5pon5itylib.es of the Executive Cmimittee with re¥ert to golrvJ ¢0M are described in relevart sectscffls of this reim) Other Inforniation The Executive Committee are 5)nsIble for the other information. The ofvr informats'on comprtses the informatbon induded in annual report, other than the finarKial 5tstements and our auditor's report thereon. Our Opmnion on the firkinoal 51atements does not cover the other InfOrMaOn and, except to the extent otherwise ex&4ltitty stated In cMJr we do rn)t express any fomi of assurance condugon therem. P•3e 9
Abbeyfield Perth Society Limited Independent Audltor's Report to the Members of Abbeyfield Perth Society Limited In connection with our audlt of the financial statements, our SponsIbl11ty is to read the other information and, in dolng so, conslder whether the other informabon is materially Inconsistent wlth the flnancial ststements or our knowledge obtained in the audit or otherwlse appears to be materiallv mlsstated. If we idenb'fy such material Inconsistencies or apparent materlal misstatement5, we are quired to detemiine whether there is a material misstatement in the financial statements or material misstatement of the other Information. If, based on the work we have performed, we condude that there is a materlal mlsststement of thls other Infomiation, we are required to pOrt that fart. We have nothlng to POrt in thls regard. Matters on whlch w¢ are requlr¢d to report by exceptlon In the Ilght of our knowledge and undersndIng of the Society and its envlronment obtalned In the course of the audiL we have not Identified material misstatements in the Executive Committee's Report. We have nothing to report in respect of the followlng matters where the Charitle5 Accounts {Scodand) Regulations 2006 las amended) requlre5 US to rewrt to you if, In our opinion.. proper books of accounts have not been kept In accordance with the requlrements of the legislatlon,. or the flnanclal ststements are not In agreement wlih the accounts.ng records and returns; or a savsfactory system of control over transactions has not been malntained by the Sodety In accordance wlth the requlrements of the legisladon,. or certaln él5closuS of Executive Committee members remUneraon specined by law are not made,. or we have not recdved all the infomiatson and explanations we requlre for our audit. Responslbllltles ol Executlve Commlttee As explained more fully in the Statement of ExecuNve Commlttee's Responslbilltyes (set out on page 81, the Executlve Comrnlttee are responsible for the preparation of the flnanciol statements and for bs'ng satlsfled that they glve a true and falr view, and for such Internal control as the Executtve Committee determine Is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. En preparfng the flnanoal statements, the Executive Committee are sponSible for assessing the Society's ability to conb'nue as a going concem, disclosing, as appllcable, matters lated to going concern and using the going concern basis of accounting unless the Executive Comrnittee either Intend to Ilquldate the Sodety or trj ase operations, or have no realistlc altematlve but to do so. Audltorfs responslbllltles for the audlt of the flnandal ststements Our objertives are to obtain reasonable assurance about whether the finanaal statements as a whole are free from material mi55tstement, whether due to fraud or error, and to Issue an auditorfs report that indudes our opinion. Reasonable assurance is a high level of a55urance, but is not a guarantee that an audit condurted In accordarKe with ISAS IUKI will always detect a material ml55tatement when it exlsts. Mi55tatements can arise from fraud or emr and are considered material If, individually or in the aggregate, they could reasonably be expeoted to influence the economic decisions of users taken on the basis of these financial Statements. Page 10
Abbeyfield Perth Society Limited Independent Auditor's Report to the Members of Abbeyfield Perth Society Limited Extent to which the audlt was considered capable of detecting irregularltles, Includlng fraud We Idenvfy and assess the risks of material misstatement of the flnanaal statements, whether due to fraud or eOr, and tt)en design and Ferform audit procedures $t)onSive to those risks, induding obtaining audit evidence that Is suffioent and appropriate to provide a basis for our opinion. Identifylng andassessingpotenbal risks lated to Irregularf&Yes Irregularities, induding fraud, are instances of non-complian with laws and regulations. We design procedures in line with our re5POn5ibilib'es, OUt15ned above, to detect rnaterial misstatements in respect of Irregulariues, including fraud. The extent to which our proureS are capable of detecbng irregularities, induding fraud Is detailed below: the nature of the regulated sector, control environment and understsnding of the entity induding. but not restricted to, the understanding that the Execubve Committee are not remunerated, and the prevalen of fraud In the settor especially in the current unrtain economic environment: results of our enquines of the Execub've Committee abc>ut their own Identsficats'on and a55e55ment of the risks of irregularities,. ny matters we identified having obtained and reviewed the 9xiety's' d¢xumentation of their polioes and procedures relating to- identifying, evaluating and complying with laws and regulations and whether they were aware of any Instsnces of non-compliance,. deterting and respond1ng to the risks of fraud arxl whether they have knowledge of any actual, susperted or alleged fraud; the internal contmls established to mitigate risks of fraud or non-c0mp1lan with laws and regulations,. the matters di5cussÈd among the audit engagement team regarding how and Whe fraud mlght occur in the financial 5tstements and any potential indicators of fraud. As a result of these procedures, we considered the opportunib.es that may exist within the organisation for fraud and idenb'fied the greatest potential for fraud in relats.on to revenue recognition. In common with all audits under ISAS (UK), we are also required to perform speafic procedures to respond to the risk of management ovemde. We also obtained an understanding of the legal and regulatory frameworks that the Society operates in, focu9ng on provisions of those laws and regulations that had a direci effeLt on the determination of material amounts and disclosures in the financial statements. The key laws and regulations we considered in this context induded the Society's Constitution, and various charity-specific legislation, including The Charitres and Trustee Investment (Scotland) Act 2005 and the Co-operative and Community Benefit Soaetie5 Act 2014. Page 11
Abbeyfield perth Society Limited Independent Auditor's Report to the Members of Abbeyfield Perth Society Limited Our procedures to respond to risks identsfied induded the following.. reviewing the flnancial statement disclosures and testing to SUppo.ng documentats.on to assess compliance wlth prov15ions of levant laws and regulabons described as having a dirett effect on the finanoal statements,. enquiring of the Executive Committee and legal advisors conceming actual and potential litjgation and daims,. perfomiing analytical procedures to idenb'fy any unusual or unexpected relatr"onships that may indicate risks of material misstatement due to fraud; reading minute5 of meetings of those charged with governance; proof in total of Residents, and Tenants, Charges income was condurted, and consideration given to revenue recognition accounting policies. Also reviewed the minutes of meetings for completenes5 of income,. in addressing the risk of fratjd throwh management override of controls, testing the appropriateness of joumal entries and other adjustments,. assessing whether the judgements made in making accounting estimates are indicative of a potential bias; and evaluats'ng the business rationale of any significant transactions that are unusual or outside the nomial course of business. We also communicated rdevant identified laws and regulakn'ons and potential fraud risks to all engbgement team members and remained alert to any indications of fraud or noncompliance wlth laws and regulations throughout the aLMlit. Due to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misststements in the financial statements, even though we have propedy planned and FErformed our audit in accordan with auditing standards. For example, as with any udit, there remained a higher risk of non-detection of irregularitie5, as these may Involve collusion, forgery, intenb'onal omissions, misrepresentstions, or the override of internal controls. We A not responsible for preventing fraud or non-compliance with laws and regulations and cannot be expected to detert all fraud and non-c0mpl1an with laws and regulations. A further description of our responsibilities for the audit of the finano'al statements is located on the Financial Reporting Counal's webslte at www.frc.org.uklauditorsp0n$lbll1kn.es. This de5cptiOn forms part of our auditor's report. Page 12
Abbeyfield Perth Society Limited Independent Auditor's Report to the Members of Abbeyfield Perth Society Limited Use of our report This rewrt is made solety to the kntety's ExecutNe Commlttee, as a In accordance with section 44 (1)(c) of the Charities arnl Trust Investment (Scotlané) Act 21x15 and Regulation 10 of the Charities Accounts IScotlaThl) ReguLith)ns 26 (as annCl). Our work has been undertsken so that we might state to the lety'S Executive Commrttee those matters we are required tc state to them in an auditors, [m)rt and for no other purpw)se. To the fullest extent Fwmitted by law, we do not ac or assun responsibility to anyo other than kKiety and its ExKutive CoMMrt as bcdy, for our audit work, far this rep)rt, or for the opini$ we have fom)ed. asanau or emis of sectkni 1212 of the Companks Act 2¢)06 Chartered Accountsnts 6 Atholl creSnt PERTH PHI 5JN L5 AwS12025 Page 13
Abbeyfield Perth Society Limited ststement of Financial Activities for the Year Ended 30 September 2024 Total 2024 Total 2023 Income and Endowments from: Donations and leg Charitsble artivities Other trading athvit Investment inc(Mne Other Income 3,139 1,552,481 2,933 62,474 3,139 1,552,481 2,933 62,474 4,668 1,454,641 1,905 33.110 Total Income 1623 229 1623 229 Expenditure on: Raising fijnds Charitable acbvities (3,286) 1533 329 (3.286) 1533 329 1430 947 Total Extenditure Gains/(losses) on investrwt assets 1536 615 1536 615 1430 947 333 Net movement in funds 105,334 105,334 64,250 Rec¢nollatlon of funds Totsl funds tyought foTh¥arKI 2 374 158 2 374 158 2 309 908 Totsl funds carried forward 2 479 492 2 479 492 2 374 158 Page 14
Abbeyfield Perth Society Limited Statement of Financial Act4Vities for the Year Ended 30 September 2024 Unrestricted funds 30 September 2023 Note Income and Endowments from: Donations and legacies Charitable acb'vities Other trading activikn'es Investment income other income 4,668 1,454,641 1,905 33,110 540 1,454,641 1,905 33,110 Total income 1494 864 1494 864 Expendlture on: Charitable artivities 1430 947 1430 947 Total expenditu Gains]{Ios5esl on investment assets (1,430,947) (1,430,947) 333 333 Net income Net movement In funds 64,250 64,250 Reconciliation of funds Total funds brought fotward 2 309 908 2 309 908 Total funds carried fomard 23 2 374 158 2 374 158 All of the Society's activikn'es derive from contlnuing operations during the above two periods. The funds breakdown for 2023 is shown in note 23. Page 15
Abbeyfield Perth Society Limited (Registration number: SC008993) Balance Sheet as at 30 September 2024 2024 2023 Fixed assets Tangible assets Lnvestments 14 15 812,099 315 565 770,691 292 169 1127 664 1062 860 Current assets stocks Debtors Cash at bank and hand 16 17 18 4.588 54,885 1378 098 5,295 44,671 1359 285 1,437,571 1,409,251 Credltors: Amounts falling due within one year 19 Net current assets 1376 828 1336 298 Total assets less current liabilities 2,504,492 2,399, 158 Creditors: Amounts falling due after more than one year 20 Net assets 2 479 492 2 374 158 Funds of the Society: Unrestrlcted income funds unrestn.cted 2 479 492 2 374 158 Total funds 23 2 479 492 2 374 158 Page 16
Abbeyfield Perth Society Limited (Registration number: SC008993) Balance Sheet as at 30 September 2024 The financial statements on paw 14 to 34 were a)proved by the Exute Committee. and 7) signal on their behall by: Page 17
Abbeyfield Perth Society Limited Cash Flow Statement for the Year Ended 30 September 2024 2024 2023 Note Cash flows from operatiTh9 actlvitie$ Net cash Income 105,334 64,250 Adjustments to cash flows from non-cash Items Depreciatyon Investment Income Revaluation of investments 14 4,515 162,474) 2,007 (33,1101 333 15 29,135 32,814 Working tapltal Jdjustments Decreasel(increase) in stock5 Increase in debtors {De(rease}lincrea5e in credito Net cash flows from Operang attivities Cash flows from Investing actlvltles Interest receivable and gmilar income Purchase of tsngible fixed assets Purthase of investments Sale of investments 16 17 19 708 110,214) 18991 (10,723) 62,474 (45,923) (25,8181 33,110 13,093) (68, 174) 14 15 Net cash flows from investing attbvities Net increasel{decrease) in cash and cash equivalents Cash and cash equivalents at l Ortober Gish and cash equivalents at 30 September 18,813 {10,980) 1370 265 1359 285 1378 098 1359 285 All of the cash flow5 are derived from conts"n*Jing oiErab"ons during the aljove riOdS. Page 18
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 l Accounting pollcies ststement of complian The financial statements have been prepared in accordance with Accounting and Reporb'ng by Charities.. Statement of Recommended Pracb'ce applicable to charib'es preparing their accounts in accordance with the Finanual Reportsng Standard applicable in the UK and Republic of Ireland (FRS 1021 (effective l January 20191 {Charibe5 SORP (FRS 102)), the Financial Reng Standard applicable in the UK and Republic of Ireland {FRS 102), the Co-operative and Community Benefit Society'es Act 2014, the Charities and Trustee Investment (Scotland) Act 2005 and the Charities Accounts (Scouandl Regulations 2006 {as arnended). Basls of preparation The Soo'ety is a Public Benefit Entity as defined by FRS 102, 7he finanaal statements have been prepared under the histoHcal cost convention, modified to indude certaln finanaal instruments at fair value. The finanaol statements are prepafftd in steding, which is the funrtional currency of the Sodety. Monetsry amounts in these financial statements are rounded to the nearest £. Golng concern At the time of approving the financial ststements, the Executive Committee have a reasonable expectation that the Society has adequate resources to conty'nue in operakn'onal existence for at least the next 12 months. Thus the Executive Committee contnue to adopt the g01r concern basis of accountr'ng in pparIng the financial ststements, Crrtl¢al accountlng estimates and judgements In the application of the Society's accounting policies, the Executive Committee are required to make Judgements, estimate5 and assumpb'ons about the carrying amount of assets and liabiliues that are not readily apparent from other Sour5. Tre estimates and associated assumpb'ons are based on historlcal experience and other factors that are considered to be relevant. Actual results may differ from these estimate5. The estbmates and underlying assumptions are reviewed on an ongoir¥J basis. Revigons to accounting estimates a recognised in the period in which the estimate is revised where the revision affects only that period, or in the perlod of the rewsion and future period5 where the VIsIon affects both current and future perioojs. The Executive Committee conwder that there a no ethmates and undedylng assumptions whlth has significant risk of causing a moterial adjustment to the carrying amount of assets and liabillties. Page 19
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Crltlcal Judgement - Residual value of housing propertles No depreciation is charged on housing properties because they are maintained in a state of repair such that management esumate the residual value of these assets at the balance sheet date is not less than their net book value. Income and endowments Income is recogni5ed when the Society Is enb'ded to It after any perf0rnan conditions have b*n met, the amounts can be measured rellabty, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the Soa"ety ha5 been nottfied of the donation, unle55 performan conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the 'me of the donation. Charftable adivities Charitable artivib.es Income indudes resldents, and tenants, charges. Residents, income is clted to the ststement of financial ath"vities ft)r the year In which it is receivable. 6rnntsrecelvable Grants relating to venue are recognised as income on a systematic basis over the penods in which the Society recognises the related costs for whith the grant 15 intended to compensate. A grant that becomes receivable as compensation for expenses or losses already incurred or for the purpose of giving immediate finanaal support to the Society with no ftjture related costs shall be recognised a5 income in the period In which it becomes receivable. other tradlnq aVItIeS Income from trading activities includes income from fundraisiro events. Incorne is received in exchange for supplying 9}5 and serS in order to raise funds and is cogniSed when entidement has Occued. Investfftnt Incon Investment income is recognised when receivable. Expendlture All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or construcbve obligab.on to make payments to third parties, it is probable that the settyement will be required and the amount of the obSigatson can be measurtd reliably. AII costs are allocated beeen the expendlture categories of the SOFA on a basls designed to reflect the use of resources. Costs relating to a particular acuvlty are allocated diredy, others are apport.oned on an appropriate bass. Page 20
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Rai*ng funds These are costs incurred in attracting voluntary income, the management of investsnents and those incurred in trading activits'es that raise funds. Chantable adTvities Charitable expenditure comprises those costs incurred by the Society in the delivery of its activitie5 and services for its benefioarie5. It includes both costs that can be allocated dirertly to such activities and those costs of an indirect natu necessary to supwrt them. Support costs Support costs indude ntral funth'ons and have been allc(ated to acbvity cost categories on a basis cgnsistent with the use of resources, for example, allocating prowty costs by flwr areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs Governance costs are those incurred in connection with the administration of the Society and in compliance with consiitullonal and statutory requirements. These costs are indudd within charitable artivib'es. Taxatlon As a registered charity with HMRC, the Soo'ety is exempt from corporats'on tax as all of its income Is charitable and applied for charitable purkx)ses. Tanglble fixed assets Tangible fixed assets are Initially measured at cost and subsequently measured at cost or valuatron, net of depreciation and any impabmient losses. The cost of minor additions or those costing below £1,000 are not capitalised. Depreciatlon and amortisation No depreciation is charged on housing propertles because they are maintsined in a state of repair such that the estimated residual value of land and buildings at the balance sheet date is not less than ther net book value. The annual charge for depreoatton would thef0 be immaterial. Depreciation is recognised $0 as to write off the cost or valuation of assets less their residual values over their useful lives on the fotlowing bèses.. Asset dass FehOld land and bubldlngs Fixtures and fitbngs Depreciation method and rate 200/0 StraSght Ilne Page 21
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Impaimient of fixed assets At each reporting end date, the Society review5 the carrying amounts of its tangible assets to detemine whether there is any indicatson that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detem)ine the extent of the impairment10ss (if any). Fixed asset Investments Fixed o55et investments are initially measured at tronsartion price excluding transath'on costs, an are sub5equendy measured at fair value at each repo.ng date. Changes In fair value are recognised in net incomellexpenditure) for the year. Transaction costs afft expensed a5 incurred. stock Stock5 are stated at thè lower of cost and estimated selling prf less Costs lo complete and sell. Cost comprises of direci materials and, where applicable, dirett labour costs and those overheads that have been incurred in bringing the stocks to their present I'on and condition. Items held for distribsjts'on at no or nominal consideration are measud the lower of rep1arnent cost and cost. Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits helé at c311 with tjanks, other short-tem) liquid investments with original maturities of three months or less. Trnde credltors Trade creditors are obligatrons to pay for goods or SeiCe$ that have been acquired in the ordinary course of operations from suppliers. Accounts phyable are classified a5 current liabilities if the ScKiety does not have an unconditional right, at the end of the porting period, to defer sethement of the creditor for at least twelve months after the ret)orting date. If there Is an uncondits'onal right to defer setdement for at least twelve months after the repoth.ng date, they are presented as non.current Fund 5trncture Unrestrirted funds are available for use at the dlscretion of the Executive Committee in furtherance of their charitable objeth.ves unless the funds have been designated for other purposes. Designated funds comprise funds which have been set aside at the discrety'on of the Execudve Committee for specific purposes. The purposes and uses of the designated funds are set out in the notes to the finanoal ststements. Leases Rentsls payat4e under operating leases, indudin9 any lease incentives received, a charged to expenditure (Y) a straight line basi5 over the temi of the relevant lease. Page 22
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Penslons and other post retlrement obllgatlons The Society operates a defined contribution penslon scheme which Is a wslon plan under which fixed contrlbutions are paid into a penslon fund and the Society has no legal or constructive obligation to pay further contnbub.ons even if the fund does not hold sufflcient assets to pay all employees the benefits relating to employee service In the thrrent and pAor periods. Conlributlons to deflned contribution plans a recognised in the ststent of Flnandal Activltles when they are due. If contribution ¥ments exceed the contributlon due for servlce, the excess 15 Cognlsed as a ppayment. Flnan¢lal InstNments Cthsslflcauon The Society has elected to apply the provislons of Sectlon 11 'Baslc Flnanclal Instruments, and Sertlon 12 '0ther financlal Instruments Issues, of FRS102 to all of Its flnandal Instruments. Financial instruments are recognised in the Sodety's balance sheet when the Soclety becomes pattr to the contractual provlsions of the Instrument. Rec¢wnldon andmeasurenMnt Baslc financlal assets, which include debtors and cash and bank balances, a measured at transaction price Including Iransattlon costs. Baslc flnanclal Ilabllltles, Includlng creditors and other loans are InIallY recognlsed at transartlon prf unless the arrangement constitutes a financiro transactron, where the debt Instrument is measured at the present value of the futu payments dlscounled at a market rate of Interest. Flnanclal Ilabilltles dassified as payable wlthin one year a not amortised. Debt instruments are subsequently carrled at amorNsed cost, uslng the effethve Inte$t rate method. Flnanaal Ilabllies are derecognlsed when the Sodety's contractual obllgatyons explre or are discharged or cancelled. Page 23
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 2 Income from donatlons and legacie$ Unrestrltted fund5 General Total 2024 Total 2023 Donatlons and legades,. Donauons and gifts Donations and gifts were all unrestricted In both the current and precedlNJ financial year. 3 Income from charltable artlvltles Unrestrlthd funds General Total 2024 Total 2023 Resldents, and tenants, charges 1552 481 1 552 481 1454 641 4 Income from other tradlng actlvltles Unrestrl¢ted funds General Total 2024 Total 2023 Fundralslng events Fundralsing Income was all unStrICted in both the current and precedlng flnanclal year, 5 Investment Income Vnrestrlrt funds General Total 2024 Totsl 2023 Inte$t recelvable and slmilar income. Interest receivable Income from listed investrnents 55,404 55,404 31,046 Page 24
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 6 Other Income Unrestricted funds General Total 2024 Total 2023 Other income Other income comprises Room Hire and Lunch & Refreshments income of £350 {2023 £540) and Perth & Kinross Counol Covid-19 fundlng of £1,852 {2023 £nil). 7 Expendlture on raising funds a) Investment management Costs Total 2024 Dirert costs Investment management costs Page 25
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 8 Expenditure on tharitsble artivlties . Artivlty Artivity undertaken support directly costs Governance costs Total 2024 Total 2023 Resident care 1421171 1533 329 1430 947 Unrestrirted funds General Total 2024 Total 2023 Stsff costs Depreciation and impalments Nursing supplles Stsff training Garden maintenance Food costs and deaning materfals Council rates Heating and lights'ng Day to day repairs Leasing of laundry equipment Digital care planning Covid-19 PPE 1,092,345 4,515 10,422 1,685 4,820 112,200 8,818 54,616 110,835 13,363 7,552 1,092,345 4,515 10,422 1,685 4,820 112,200 8,818 54,616 110,835 13,363 7,552 1,027,796 2,007 13,164 6,630 10,510 107,332 7,909 50,709 76,188 11,505 7,015 1421171 1421 171 1323 918 EI,533,329 {2023 £1,430,947) of the above expenditure wa5 attributable to unre5trirted funds and £Nil (2023 ÉNil) to restricted funds. Page 26
Abbeyfield Perth Society Limited Notes to the Finanaal Statements for the Year Ended 30 September 2024 9 Analysi5 of governance and support costs Support costs funds Total Totsl Basis of Ilocation Direct rect Genernl 2024 2023 Stsff costs Insurance 57.972 10.393 57,972 10,393 54,765 9,639 Membership fee to Abberfield Society Telephone Postsge and stationery Miscellaneous expenses Bank charges rect rect Direct Dirett Direct 3.245 3.376 3,245 3,376 3,959 3,167 I,iio 13,737 12.308 12,308 Governance Costs funds Genernl Totsl 2024 Total 2023 Audit fees Audit of the finanoal 5tstemts Legal fees Gire Inspectorate fee 3,810 10,536 13.780 13,780 10 Net Incomlngloutgoing resources Net incomiry resources for the year Ind.. 2024 2023 Audit fees Depw3tlon of fixed assets 4.000 3,810 Page 27
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 11 Executlve Commlttee remtsneration and expenses None of the ExwJb"ve Committee, any persons connectLYI with them, rtteived any mUneratiOn or benefits from the Society during the year. Expenses reimbursed to nil memters (2023 - nil Mernt5) of EKwJtive Committee amounted to Enil (2023 - £nil). 12Stsff c¢>sts The aggregate payroll costs were as follows: 2024 2023 Staff costs durlng the year were: Wages and salalles Sctial security costs Pension costs 1,046,756 69,034 986,392 62,384 1 150 317 1082 561 The monthly average numLw of persons (induding senior management team) emptyed by the Soo'ety during the y&ir expres as full time Uly31ents was as foll(yts: 2024 2023 No Totsl 55 56 43 (2023 - 44) of the ale employees paftiapated in Ihe Defin&l Contribubon Pengon hemes. No employee received emoluments of more than £60.0(M) during the year The totsl remuneration costs of the key mawement Frsonnet of the Scoety were £94,644 {2023 - E94,867), Page 28
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 13Taxation Soo'ety is a registered charity arKJ is therefore exempt from taxaOn. 14Tangible flxed assets Freehold land and bulldings Fixtures and fittings Total Cost At l October 2023 Additions 781,905 299,015 1,080,920 At 30 September 2024 781905 344 938 1126 843 Depreclatlon At i ortober 2Q23 Charge for the year At 30 September 2024 Net book value 19,207 291,022 310,229 295 537 At 30 Septernr 2024 762 698 812 099 At 30 September 2023 762 698 770 691 Page 29
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 15 Fixed asset investments 2024 2023 Other investments 315 565 292 169 Other investments Listed investments Cash deposlts Total Cost or Valuation At i ortober 2023 Revaluation Additions Disposals 277,795 18,240 25,818 14,373 292,168 18,240 25,818 At 30 September 2024 315 565 Net book value At 30 September 2024 At 30 September 2023 312 240 315 565 277 795 292 168 16Stock 2024 2023 Finished goods and goods for resale 17Debtors 2024 2023 Trade debtors PpaYMernts 11,765 10,941 18Cash and cash equivalents 2024 2023 Cash at bank 1378 098 1359 285 Page 30
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 19Credltors: amounts falllng due within one year 2024 2023 Trade creditors Other taxab'on and sodal security Accruals 30,226 J6,060 28,510 15,963 20 CreditOTS: amounts fallin9 due after one year 2024 2023 other loans The Forteviot Tnjst has standard security over numbers I to 5 Wewlands Court and adjacent ground. The loan from the Forteviot Trust is Inte$t free and only reVable In the event the premises cease to be used a5 a5SlSted liwng bungalows for the elderfy, or if the premises are disposed of to a third paity. 21 Obli9ations under leases and hire purchase contracts Operating lease commitments Totsl future minimum lease payments under non-caricellable oKrang leases are as follows.. 2024 2023 Other Within one year Beeen one and five years Over five years 13,551 54,204 12,552 50,209 The amount of lease payments recognised as an expense was £13,363 (2023 - £11,505) Page 31
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 22 Penslon and other schemes Defined contrlbutlon pen51on scheme The Society operates a defined contribub'on pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society In an independendy administered fund. The Fension cost charge for the year represents contributlons payable by the Soclety trj the scheme and amounted to £34,527 (2023 É33,785). 23Funds Balance at other 30 Incoming Resources recognlsed September resources expended galnsl{losses) 2024 Balance at l Ortober 2023 Unrestrlrted fvnds General General Funds 1,208,047 1,623,229 (1,536,615) 18,720 1,313,381 Dulgnated Future cydlcal and major repairs serveS Development reserve loo,000 1066 111 loo,000 1066 111 1 166 111 1166 111 Total tund$ 2374158 1623229 1536 615 2 479 492 Page 32
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Balance at 30 Incomlng Resources recognised September resources expended gal051(10s5¢s) 2023 Balance at l October 2022 Unre5trirted funds General General Funds 1,143,797 1,494,864 (1,430,947) 333 1,208,047 Deslgnatsd Future ryclical and major repairs reserves Development reserve ioo,ooo 1066 111 ioo,otrt) 1066 111 1 166 111 1166 111 Total lundj 2 309 908 1494 864 1430 947 333 2 374 158 Future cycllcal and major repalrs reserves It is the Executive Committee's opinion that amounts wlll requireil for future cyclical and major repairs in the medium and long term. As required, an annual provision is made for future Lrydical and major paIrS based on the Sw'ety's obligatlon to malntaln Sts propertles. Development reseTho The Soo'ety seeks opportunitie5 to expand the range of care servlces Offe to elderty people In and round Perth and has created a development reserve for this purpose. 24Analy$l$ of net assets between lunds Unrestrlrted fund$ General Deslgnated Total funds 2024 Tanglble fixed assets Fixed a55et Investments Current assets Current liablllties cdItOrS over l year 812,099 315,565 271,460 (60,743) 812,099 315,565 1,437,571 (60,743) 1,166,111 Total net assets 1313 381 1166 111 2 479 492 Page 33
Abbeyfield Perth Society Limited Notes to the Financial Statements for the Year Ended 30 September 2024 Totsl funds 2023 Unrestrlrted funds General Designated Tangible fixed assets Fixed a55et investments Current assets Current liabilities Creditors over l Year 770,691 292,169 243,140 (72,953) 770,691 292, 169 1,409,251 (72,953) 1,166,111 Totsl net assets 1208 047 1166 111 2 374 158 25Analy$l$ of net funds Ati Ortober 2023 At30 September 2024 Cash flow Gish at bank and In hand 1359 285 1378 098 Net funds 1359 285 1378 098 Ati October 2022 At30 Soptember 2023 Cash flow Cash at bank and in hand 1370265 1359 285 Net funds 1370 265 1 359 285 26 Related party tran$artlons There were no related party transactions in the year, Page 34