REGISTERED CONIPANY NUMBER: SP002100 REGISTERED CHAIUTY l¥u￿1BER. SC013$25 THE ABBEYFIELD KIRKCALDY SOCIETY LIMITED REPORT OF THE EXECUTIVE COMMITTEE AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024 Iiiu Abbeyfield House, 55 Meldrum Road KlP.￿-.L- Y HY Alldiiors Haines Watts ScoilaDd Viewforth House l89 Nicol Street Kirkcaldy Fife KYI IPF **THE ABBEYFIELD KIRKCALDY SOCIETY LTD** ## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** ||Page| |---|---| |Company information|1| |Report of the Executive Committee|2 to 5| |Report of the Independent Auditors|6 to 8| |Summary Income and Expenditure Account (Incorporating|9| |the Statement of Financial Activities)|| |Balance Sheet|10| |Statement of Cash Flows|11 to 12| |Notes to the Financial Statements|13 to 18| |**The following pages do not form part of the accounts and**|**are unaudited**| |Income and Expenditure Account|19| |Forecasts for 2024/25 & 2025/26|20| ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD** ## **COMPANY INFORMATION** CHAIRMAN HONORARY SECRETARY HONORARY TREASURER EXECUTIVE COMMITTEE EX OFFICIO REGISTERED OFFICE Abbeyfield House 55 Meldrum Road Kirkcaldy Fife KY2 5HY BANKERS Bank of Scotland 163 High Street Kirkcaldy Fife KY1 1LR SOLICITORS Andrew K. Price Ltd Solicitors and Notaries 18 Whytescauseway Kirkcaldy Fife KY1 1XF REGISTERED AUDITORS Haines Watts Scotland Business Advisors and Registered Auditors "Q" Court, 3 Quality Street Edinburgh EH4 5BP 1 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD** ## **REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 30TH SEPTEMBER 2024** The Executive Committee presents its report and the audited financial statements of The Abbeyfield Kirkcaldy Society Limited for the year ended 30 September 2024. ## **AIMS AND OBJECTIVES** The Society’s principal purpose and activity have remained unchanged: the provision of the highest quality care for the elderly in accordance with the philosophy and Guiding Principles of the Abbeyfield Society. To achieve these objectives the Society continues to operate its 29 bed residential care home located in Meldrum Road and its day care centre, which is again fully operational following closure occasioned by the covid epidemic of 2020, while continuing to provide outreach meals for around 30 clients within the Society’s catchment area. Success for the Society continues to be measured qualitatively by the positive response of residents and their relatives to the services and care provided and the waiting list for entrants to the care home and can be quantified once again by the 99% occupancy level achieved over the year. The high utilisation of available places in the day care centre mirrors this success although outreach number have fallen over the past two years. The Society measures its performance financially against the expectation of generating a surplus to enable reinvestment within the care home and related facilities. As can be seen from the ‘Report and Performance’ below, this has proved very difficult for a charity of Kirkcaldy’s size and ethos in the present economic and political environment and is reflected in the small deficit incurred in this most recent year. ## **ORGANISATION AND STRUCTURE** The Society is a Registered Society under The Co-operative and Community Benefits Act 2014. It is a member of both The Abbeyfield Society for the United Kingdom and The Abbeyfield Societies in Scotland Limited and is registered with the Financial Conduct Authority and with the Office of the Scottish Charity Regulator, OSCR, as a Scottish charity, with the charity registration number SC013525. The Society is governed by an elected Executive Committee whose members are noted on page 1 of these financial statements and all of whom, unless otherwise stated, have served throughout the current year. This Executive Committee, which comprises unpaid volunteers who act as trustees and directors of the Society, is responsible for the overall management, performance and strategy of the Society and takes all the major decisions affecting the home, such as the appointment of senior staff, determining staffing levels, approving financial budgets, implementing health and safety improvements and setting development strategy. The Committee also reviews on an ongoing basis the risks to which the Society is exposed, and seeks to eliminate these, whether they arise from new legislation or external financial constraints or internal issues, as quickly and unobtrusively as possible. The Committee is aware that with deaths and resignations in the period since covid additional members are now required. Members of the Executive Committee are elected by the Members of the Society at the Society’s Annual General Meeting. To be eligible for election a candidate must first be a member of the Society after having been identified as having both an interest in and contribution to make towards the running of the Society, its day care centre and its residential care home. Members are introduced to the Society through existing members and their induction to the Society’s activities is through participation in the Society’s committees. The Executive Committee aims to ensure the highest quality of care for its elderly residents and is mindful of its obligations under health and safety legislation. It is equally aware of its responsibility to maintain sufficient resources for the Society’s financial stability and future development. In this context salary awards are set at levels which are considered affordable to the Society, compliant with legislation and comparable with the local pay rates. Ongoing experience makes it fully conscious of its responsibilities for staffing matters, of the need to refresh membership of the Executive Committee, and of the requirement to ensure continuity of good practice and governance. The Executive Committee recognises these issues which is why it additional members are being sought. 2 THE ABBEYFIELD iaRKCALDY SOCIETY LTD REPORT OF EA￿CUTIVE CO1￿￿11T[EE FOR THE YEAR E￿DED 30TH SEPTEIVIBER 2024 {cont) SENIOR MANACEMENT TLIM Following the cojn amue of tbe assistant ￿M￿ser. . during 2024. the sellior mallasement of the Socie state re￿stered iiiu'sc iR"IIo LS the care hO￿e Jnanaser. and its fiJ]allcial nunager '.i"itkn colltwuins sw)port o . fonnerly the Society'5 acc4mntant alld admill￿trat01.. llie role pre110￿$1Y conducted by the assistaat I￿5 beeii i'eallocated atllon8 senior care staff. RESULTS AND PERFOR￿lAliCE s contillued to demonstrate her leadersbip qualities by ensuring fir￿ class care to residents and wkn.le 511pporiuig aiid inelltonllg staff. Ell￿mous credit is 0￿,ed to all the staff who hai"e contlliiied to work in thfficult circunlstallces ill & challenging ellNjroll￿ellt. The fillancial positioll becomes more difficult each year ihat passes. The effect of infiation caTh be best seell ill the 76Vts ￿n￿ease iu lieat and liglil costs in 2024 oN'er tlie preNuous year. HoWe￿"er. Ihe biggest alld recu￿]ng issue is the ullderfullding of care by local ￿ld central goN'erniDellt Ishere illcreases in the iiatiollal ￿]nIn1￿￿ ￿'age ate nol ieplicated by similat ￿n￿eaSeS grant awards for those M,ho canllot afford to pay foi their own care. Tlu"s position will be exaceibated in the Ye￿ aheadbythe illcrease ill employe1'snati￿￿l illsutance coiitribut1￿￿. partIcul￿lY tlie redI￿tIOn ill the startillg ibreshold to £5.000 M,lii£kn ill sI￿pIe tern￿ call be expected to add a further £37.000 to ellip10￿7]e1it costs foi tlie Society ￿'1th no on￿]enSi￿ale fulldiiig frolli goi'erntneiit. Tliis andearliei pay rises has forcedthe Society to itltroduce substalltsal illcieases iii roo￿ rates oi"eT tlie past two years. It is in this elli-irotllnent that the Society llICu￿ed a snThll deficit of £4,957 {2023 - £29.753). As at 30 SeptenibeT 2024 the Society's net assets stO(Kl at £1,680.996 (2023 - £1,685.953) of whicli £766,022 (2023 - £768,325) Iq)resents wuestsicted funds ￿]d £914.974 (2023- £917.628) restricted fi￿d5, the latteT eithei ini-esled in or eannatked for d￿-t10￿1]e1]t of the Society's property. Witliin tliese figures the S(Kiety's oi-erall cash position stood at £323.679 cOrn￿ed with £366,650 at the pteiious year end. HoweN"er, asnotedbelow itwas expected that £150.000 would be tequired to ¢￿i$l￿1ct a n￿. laundry. CU￿tAllY the Society has modesi expectations oier the next two accounting years but fe￿$ that it will incur small losses. Ho￿tI.er, the outcoiiie will depend very largely on die attiwde of tlie Scottish goiemment to funding of ihe Care sector and the longer tem) fith￿t does not look too encournging in thai respe¢i. In view of th¢ ¢ontinuiIig un¢¢rtainty as to the fiJtur¢ lei"¢l of 80I'¢minaii fimdiiig and tlie role of prii'ale and i'oILintary 0r8anisatl￿￿ ui th¢ proi.isi￿1 of Care services the ComllJitt¢e r¢Inau￿ cautio￿ in its overall approa¢h to the strate8ic dei'elopxneiit of tlie Sociery. The Society's principal source coiitinlled to be incoxne froxn tlie prokrysion of aceoxnnii)dation to residetits of the care 1￿Me and day care celltre which in 202312024 accoullted for 950/0 of totsl incoxne. Donations which in ￿epre￿i0￿$ year anKFUllted to £83.0(X) 8enerated ollly £880 in 2024. RESERVES The Society colltinlles to proiide a nutnber of care sen'ices ill exchan8e for consideration and illthis respeet acts as a llonllal bllsAness but Oll a charitable basAs where sllrplllses are reilliesied foI the benefit of the Society alld its users. Over time the Society mllst 8eiierate SUTpluses froxn its actii'ities in order to be able to rq)ay ￿￿Ow1n85. to re-illNest tbe fabrie of the property alld to illitiate in)proiemellts and Undertake fllrtbeK deNelopment. The Exeellliie Conjtnittee beliei.es it appropriate that the Selleratioll of slltylllses is tbe ultixnate benchnlark asainst M'hich to deterll)ille the Society's fJllanci81 perforjnallce and strell8th. HO￿,el.￿. at presellt the Society maintains si￿CIellt resources to maintain its properties throll4b Thhicb it proiides it care actiiities. to proi.ide Oll80illS hi￿ qua]ity care and to ellsure the Society is able to contill￿e for the foreseeable fiiture. Ill the event of a shortfall the Society is able to raise finallce tbrousb bottowin8. The EXeCUti￿e Con]mittee's aim is to senerate sut])luses from ils aetiNities and other s0￿ceS for the re-inNeslmellt of tlLese surpluse5 to in]proi"e its proi"ision of care for the eld￿ly. Ill Niew of the Society's net assets alld future projections. and despite its eurrellt year deficil. the ExeCuti￿.e COM￿Lttee is satisfied that the Society IMS the resource5 to continue the foreseeable fiiture alld its finallcial statejllellts call be prepared on the soin8 eoneern ba￿. ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD** ## **REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 30TH SEPTEMBER 2024 (cont)** ## **FUTURE DEVELOPMENTS** During 2024 the Executive Committee moved forward with its plans to replace its old laundry as part of a broader plan to develop the existing bungalow and enhance existing facilities within the care home. The laundry has now been constructed and is currently awaiting commissioning. The other immediate actions involve repairs to the gas supply and roof repairs for which partial external funding has been identified. ## **EVENTS SINCE THE BALANCE SHEET DATE** There have been no significant developments since the balance sheet date other than the construction of the new laundry building. ## **RISKS** The provision of care for the elderly is a high risk, low reward activity subject to significant and ever -changing regulatory overview and insufficient funding. Nothing has changed in this respect in recent years. To guard against perceived risks as best as possible the Executive Committee recognises the inherent risks involved in the provision of care for the elderly which requires strict recruitment practices, ongoing staff training, the detailed recording and monitoring of care and ongoing testing against coronavirus and similar viruses. Beyond the risks posed to health and care, the constant risk to the future of the Society remains insufficient funding for local authority funded residents with resultant pressure on the quality of care and ultimately on the Society’s ability to continue to remain viable. Year after year the cost of statutory wage increases has not being matched by increases in government funding of care. Despite these risks and obstacles, the Executive Committee remains committed to the Society’s providing the highest quality of care to the elderly embracing outreach, day and residential care and will make every effort to achieve and maintain these highest standards despite the financial and regulatory pressures under which it is required to operate. ## **STATEMENT OF EXECUTIVE COMMITTEE’S RESPONSIBILITIES** Law applicable to the Society requires the Executive Committee to prepare financial statements for each financial year, which give a true and fair view of the state of affairs of the Society and of the surplus or deficit of the Society for that period. In preparing those financial statements, the Executive Committee is required to: - select suitable policies and then apply them consistently; - make judgments and estimates that are reasonable and prudent; - 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 proper accounting records which disclose with reasonable accuracy at any time the financial position of the Society and to enable it to ensure that the financial statements comply with the Registered Social Landlords Accounting Requirements (Scotland) Order 2007 and are based, where appropriate and consistent with the foregoing, on the Scottish Housing Regulator recommended form of published accounts for housing associations **.** The financial statements have been prepared in accordance with the provisions of Financial Reporting Standard 102 “The Financial Reporting Standard applicable in the UK and Ireland” (FRS 102), “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS 102”, the Companies Act 2006 and with the Charities and Trustee Investment (Scotland) Act 2005 and associated Charities Accounts (Scotland) Regulations 2006. The Executive Committee is 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. 4 THE ABBEYFIF.LD KIRKCALDY SOCIF,TY LTD REPORT OFTHF. EXECLTIVE CO￿7m1TrEE FOR TIIE YEAR ENDED 30TII SEPTEMBER 2024 Icot)t) COMPLIANCE.4f*D GOVERNANCE Tlie Execuiive Coiiimi(ie¢ confirins thai ¢he finaiiiidl SLal#in¢n15 ¢oDiply wilh LurrLiII >tatutory requiremeiits, willi th¢ So¢icty'5 goverTh1￿8 doGuniciii and with thc Sitttcn)¢nt of R¢¢ornm¢ndcd Practic<"Accouniing ond Rcporfing b) Chftriiies" oppII¢Ablc its choritlcg prcwing rh¢sr fjccounts in a¢¢ordan¢¢ with ihc Finnncial Reporting Sthndard for Srnuller Entitiès. The Ex¢ciilive Conimitlee tslso conlirms thai it has kept under revitw throughout the year th¢ niajor rigks io whicli ihe Si)¢iety is exposed, of which the mogi signifitfini are ensiiring health and sAfer} £landards are msintsir*d tn the hi¥he81 qiialitv and seturing sufficiertt fiinding 10 211aw the g()cieiy's aeiivilies toconlinue iininte￿UpItd. The Fxecutive Commille¢ is sat15fied that tho.se risks have been addressed so far as is pracii¢ally possible and undenakgs lo monitor Ihese and oiher risks an ongoing basis. Tli¢ full Ex¢rutivc C.(Jmmitt¢¢ met Cl8ht iimcs gince Ihc dfttc of thc last report. In addition, the Choimi4n. Secret4TV ￿nd I'rellsurer iiYlividuDlly m¢d willi or discuss wilh the CSLre manager io montior developments on an onyoinu basis. There is no ALyJit eomrniltee. Ihe relevant responslbilities being discharyed bv the £.¥¢eulive Committee as a whole Aq at the dAie ot 8ppmi'AI nf th¢ F.xe¢utive C()rnmiiiet's Report. sn fiif 28 lis memher.% are 4twar£. there 1.% no relevoni audii information of ¥4'hich the Sncieiy's aiiditors are unaware and e&h m¢mber of Ihe E.iecutii¢ Coinmiiie¢ has iakL'n #ll neces$ary sieps that hc or shc OURhi 10 have thken in this rol¢ in order to makc himself or herself aware of any rel¢v8n¢ audi( informaiion and io ¢slabli5h thai thc Society's auditors are aware of ihai information. Dote.. ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD KIRKCALDY SOCIETY LTD** ## **Opinion** We have audited the financial statements of The Abbeyfield Kirkcaldy Society Ltd (the 'Society') for the year ended 30 September 2024 which comprise the income and expenditure account, balance sheet, statement of cashflows and notes to the financial statements, 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 Financial Reporting Standard 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 September 2024 and of its incoming resources and application of resources for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - - have been prepared in accordance with the requirements of the Co-operative and Community Benefits Societies Act 2014, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006. ## **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 Auditors 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 where 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. ## **Other information** The Executive Committee are responsible for the other information. The other information comprises the information included in the annual report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and 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, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Matters on which we are required to report by exception** We have nothing to report in respect of the following matters where the Charities Accounts (Scotland) Regulations 2006 (as amended) and Co-operative and Community Benefits Societies Act 2014 require us to report to you if, in our opinion: - the information given in the Report of the Executive Committee is inconsistent in any material respect with the financial statements ; or - a satisfactory system of control over transactions has not been maintained; or - 6 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD KIRKCALDY SOCIETY LTD (continued)** proper accounting records have not been kept; or - - - the financial statements are not in agreement with the accounting records and returns; or - we have not received all the information and explanations we require for our audit. ## **Responsibilities of Executive Committee** As explained more fully in the Statement of Executive Committee’s Responsibilities set out on page four, the Executive Committee are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the Executive Committee determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Executive Committee are responsible for assessing the Society's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Executive Committee either intends to liquidate the Society or to cease operations, or has no realistic alternative but to do so. ## **Auditors’ responsibilities for the audit of the financial statement** 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 a Report of the Auditors that include 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 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: - The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations; - We identified the laws and regulations applicable to the Society through discussions with directors and other management, and from our commercial knowledge; - We focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the Society, including taxation legislation, employment, data protection and charity regulations; - We assessed the extent of compliance with the laws and regulations identified above through making enquires of management and inspecting legal correspondence; - Identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit. We assess the susceptibility of the Society’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by; - Making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected and alleged fraud; - Considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations. - To address the risk of fraud through management bias and override of controls, we: - Performed analytical procedures to identify any unusual or unexpected relationships; - Tested journal entries to identify unusual transactions; - Assessed whether judgement and assumptions made in determining the accounting estimates were indicative of potential bias; and Investigated the rationale behind any significant or unusual transactions. 7 ## **REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD KIRKCALDY SOCIETY LTD (continued)** In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to: - Agreeing financial statement disclosures to underlying supporting documentation; - Reading the minutes of meetings of those charged with governance; - Enquiring of management as to actual potential litigation and claims; and - Reviewing correspondence. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at www.frc.org/auditorsresponsibilities. This description forms part of our Report of the Auditors. ## **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 auditors' 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. , Senior Statutory Auditor for and on behalf of Haines Watts Scotland Statutory Auditors Viewforth House 189 Nicol Street Kirkcaldy KY1 1PF Dated: 4th June 2025 8 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024 (INCORPORATING THE STATEMENT OF FINANCIAL ACTIVITIES )** |**Notes**
**Income resources**
Incoming resources from generated funds:
Donations
Bank interest
Net income from rents & service charges
Other income
Income from listed investments
**Total income**
**Charitable expenditure**
Net incoming resources before adjustments
Depreciation adjustment
Net incoming resources after adjustments
**Other recognised gains and (losses)**
Gain/(Loss) on revaluation of investments
Net movement in funds
Total funds brought forward
Total funds carried forward
**15**|**2024**
**2023**
**Restricted**
**Unrestricted**
**Total**
**Total**
**funds**
**funds**
**Funds**
**Funds**
**£**
**£**
**£**
**£**
-
880
880
83,000
-
3,296
3,296
1,900
-
1,701,445
1,701,445
1,567,338
-
29,342
29,342
28,733
6,539
-
6,539
1,908| |---|---| ||6,539
1,734,963
1,741,502
1,682,879
8,538
1,740,620
1,749,158
1,660,778| ||(1,999)
(5,657)
(7,656)
22,101
-
3,354
3,354
3,337| ||(1,999)
(2,303)
(4,302)
25,438
(655)
-
(655)
4,315| ||(2,654)
(2,303)
(4,957)
29,753
917,628
768,325
1,685,953
1,656,200| ||914,974
766,022
1,680,996
1,685,953| The notes form part of these financial statements 9 THE ABBEYFIELD KIRKCALDV SOCIETY LTD BALANCESHEET AT30TH SEPTEMBER1024 2024 2023 Notes TANGIBLE FIXED ASSETS Housing land and buildings ¢c61 Lxss.. Housing Ass￿1*10￿ Grn 415,In 365.268 49.905 415,173 365.268 49.905 Other 5cheme5 Furnishings, frtlIn￿ and equipmem M[￿(￿ vehicle5 Property improvemerts Buildin8 exiensi¢)Th and up8rndE TOTAL FIXED ASSETS 829.193 3&638 829,193 40.80) 166.970 185.326 1,372,225 1,381.586 CURRENT ASSETS Detrtc Investm￿1$ Abbeyfield Swiely fly Scotland Ltd- 15hare Cash 91 i*nk Ar￿ in haThl 64.768 43.050 28.501 43.705 323.679 366.650 TOTAL CURRENT ASSETS 431,498 43&857 CREDITORS AM0￿19 falli￿ due wiihin one year 10 NET CURRENT ASSETS 329 TOTAL ASSETS LESS CURREYT LIABILITIES 1.681.042 1.71Q999 CREDITORS Amounts fallin8 the after more than one year NET ASSETS FUNDS Share Capiial U#re5tricled fundi A￿UMUlated surplus Rtplacement rrscrve Capitsl reserve Pr(yerty equity" fL￿d Development fvnd RestriL*ed Fund5 New development fund 15 46 515,744 75,811 83.173 54.9)6 36,388 519,860 72.457 83.173 56.447 36,388 914 974 917628 TOTAL FUNDS The finiincial ￿tate111enI% were appi()I'ed hy ihe FxeLulii'e C()iiiiiiiltee on lid were si¥ned on Its behalf by-. The rrf)*s fomi part of these fb￿a￿￿1 ￿aterneThts ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** |Note
**Cash flows from operating activities**
1
Interest paid
**Net cash from operating activities**
**Cash flows from investing activities**
Purchase of tangible fixed assets
Interest and other investment income received
**Net cash from investing activities**
**Cash flows from financing activities**
Loan repayments in year
Loans taken out in the year
Shares issued
**Net cash from financing activities**
**Change in cash and cash equivalents in the reporting period**
**Cash and cash equivalents at the beginning of the**
**reporting period**
**Cash and cash equivalents at the end of the**
**reporting period**|**2024**
**£**
(19,934)
(150)
(20,084)
(32,722)
9,835
(22,887)
-
-
-
-
-
(42,971)
366,650
323,679|**2023**
**£**
9,901
(734)| |---|---|---| |||9,567
(55,740)
1,923| |||(51,932)
-
-
-| |||-| |||242,223| |||| |||409,015| |||| |||366,650| 11 **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**1**
**Cash flows from operating activities**
**2024**
**2023**
**£**
**£**
Surplus for the year
(4,958)
29,753
Depreciation
42,083
61,494
Finance costs
150
334
Investment income
(9,835)
(3,808)
(Gain).Loss in value of investments
655
(4,315)
28,097
83,458
(Increase)/Decrease in trade and other debtors
(36,267)
6,439
Increase/(Decrease) in trade and other creditors
(11,762)
(79,996)
(19,934)
9,901
**2**
**ANALYSIS OF CHANGES IN NET DEBTS**
At 1.10.23
Cash flow
At 30.9.24
£
£
£
**Net cash**
Cash at bank and in hand
366,650
(42,971)
323,679
366,650
(42,971)
323,679
**Debt**
Debts falling due within 1 year
-
(25,000)
(25,000)
Debts falling due after 1 year
(25,000)
25,000
-
(25,000)
-
(25,000)
**Total**
341,650
(42,971)
298,679|**1**
**Cash flows from operating activities**
**2024**
**2023**
**£**
**£**
Surplus for the year
(4,958)
29,753
Depreciation
42,083
61,494
Finance costs
150
334
Investment income
(9,835)
(3,808)
(Gain).Loss in value of investments
655
(4,315)
28,097
83,458
(Increase)/Decrease in trade and other debtors
(36,267)
6,439
Increase/(Decrease) in trade and other creditors
(11,762)
(79,996)
(19,934)
9,901
**2**
**ANALYSIS OF CHANGES IN NET DEBTS**
At 1.10.23
Cash flow
At 30.9.24
£
£
£
**Net cash**
Cash at bank and in hand
366,650
(42,971)
323,679
366,650
(42,971)
323,679
**Debt**
Debts falling due within 1 year
-
(25,000)
(25,000)
Debts falling due after 1 year
(25,000)
25,000
-
(25,000)
-
(25,000)
**Total**
341,650
(42,971)
298,679|**1**
**Cash flows from operating activities**
**2024**
**2023**
**£**
**£**
Surplus for the year
(4,958)
29,753
Depreciation
42,083
61,494
Finance costs
150
334
Investment income
(9,835)
(3,808)
(Gain).Loss in value of investments
655
(4,315)
28,097
83,458
(Increase)/Decrease in trade and other debtors
(36,267)
6,439
Increase/(Decrease) in trade and other creditors
(11,762)
(79,996)
(19,934)
9,901
**2**
**ANALYSIS OF CHANGES IN NET DEBTS**
At 1.10.23
Cash flow
At 30.9.24
£
£
£
**Net cash**
Cash at bank and in hand
366,650
(42,971)
323,679
366,650
(42,971)
323,679
**Debt**
Debts falling due within 1 year
-
(25,000)
(25,000)
Debts falling due after 1 year
(25,000)
25,000
-
(25,000)
-
(25,000)
**Total**
341,650
(42,971)
298,679| |---|---|---| ||(42,971)
(25,000)
25,000
-
(42,971)|| |||(25,000)
-
(25,000)
298,679| |||| |||| 12 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of accounting** The Financial Statements have been prepared in accordance with applicable accounting standards, the Co-operative and Community Benefits Act 2014, the Charities and Trustee Investment (Scotland) Act 2005 the Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and 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)'. ## **Turnover** Turnover represents rental and service charge income receivable. Donations and Investment Income are included when they are received. ## **Valuation of housing properties** Housing land and buildings are stated at cost. No depreciation is charged on housing properties as they are maintained in a state of repair such that the residual value of land and buildings at the balance sheet date is not less than their net book value. ## **Grants** Housing Association Grants (HAG) were made by the Scottish Government and were utilised to reduce the capital costs of an approved scheme to an amount of required loan finance, which it was estimated could be serviced by the net annual income of the scheme. The amount of HAG was calculated on qualifying costs of the scheme in accordance with instructions issued from time to time by the Scottish Government. HAG was repayable under certain circumstances. A grant was approved towards the residential element of the 2015 building extension. Part of the grant was (£95,661) received in financial year 2014/15 and the remainder (£27,500) was received in financial year 2015/16. Following housing regulation changes including the creation of The Scottish Housing Regulator, Abbeyfield Societies were not granted registration with the new body and therefore no longer qualify for such grants. In return it was accepted that no future repayment of grants would be sought should a Society cease to operate. ## **Depreciation** Depreciation is provided on a straight line basis at the following annual rates in order to write off the cost less residual value of each asset over its residual life: Fixtures and fittings - 10% to 33.33% Property improvements - 4% to 15% Vehicles - 10% ## **Taxation** The charity is exempt from corporation tax on its charitable activities. The Society is not registered for VAT. No VAT is therefore charged to residents and expenditure incurred is inclusive of VAT. ## **Leasing** Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease. ## **Investments** Current asset investments are stated at their current market value. The increase (decrease) in value is included in the SOFA as unrealised gains (losses) for investments still held. The increase (decrease) in value is included in the SOFA as realised gains (losses) for investments sold in the year. ## **2. NET INCOMING RESOURCES** Net resources are stated after charging/ (crediting): |Auditors’ remuneration
Depreciation - owned assets|**202 4**
**£**
7,700
42,083|**2023**
**£**
7,700
61,494| |---|---|---| 13 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2024** ## **3. REMUNERATION OF EXECUTIVE COMMITTEE** There was no remuneration, other benefits or expenses paid to any member of the Executive Committee for the year ended 30th September 2024 nor for the year ended 30th September 2023. is a partner in Sinclair Watt architects who are engaged by the Society to carry out the design work for its current development schemes. Fees of £7,260 have been paid to Sinclair Watt (£17,044 in 2022/23) ## **4. EMPLOYEE REMUNERATION** |**2024**
**£**
Salaries and wages
1,212,683
Social security costs
76,466
Pension costs
11,327
1,300,476|**2023**
**£**
1,041,491
70,488
13,655| |---|---| ||1,125,634| One employee received remuneration of more than £60,000 in the year ended 30th September 2024; none for the year ended 30th September 2023. The average number of employees in the year was 64 (2023 - 64). ## **5. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES** ## **6.** |**Restricted**
**Unrestricted**
**£**
**£**
**Incoming resources**
Donations
83,000
-
Bank interest
-
1,900
Net income
-
1,567,338

Other income
-
28,733
Income from listed investments
1,908
-
**Total income**
84,908
1,597,971
**Charitable expenditure**
28,127-
1,632,651
**Net incoming resources before adjustments**
56,781
(34,680)
Depreciation adjustment
-
3,337
**Net incoming resources after adjustments**
56,781
(31,343)
**Other recognised gains**
Gain on revaluation of investments
4,315
-
**Net movement in funds**
61,096
(31,343)
**HOUSING LAND AND BUILDINGS:HAG ASSISTED SCHEMES**
**Land and**
**buildings**
**En- suite**
**facilities**
**£**
**£**
**Cost**
At 1st October 2023 and 30 September 2024
297,804
117,369
**Housing Association Grant**
At 1st October 2023 and 30 September 2024
(297,804)
(67,464)
**NET BOOK VALUE**
At 30th September 2024
-
49,905
At 30th September 2023
-
49,905|**Total**
**£**
83,000
1,900
1,567,338
28,733
1,908
1,682,879
1,660,778
22,101
3,337
25,438
4,315
29,753
**Total**
**£**
415,173
(365,268)
49,905
49,905| |---|---| ||

| 14 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2024** |**7.**|**TANGIBLE FIXED ASSETS**|**TANGIBLE FIXED ASSETS**|||||| |---|---|---|---|---|---|---|---| |||**Heritable**|**Furnishings**|**Property**|**New Build**|**Motor**|**Total**| |||**Property**|**And**|**Improvements**|**Works &**|**Vehicles**|| ||||**Fittings**||**2015 Extension**||| ||**Cost**||||||| ||At 1stOctober 2023|829,193|412,944|363,882|310,610|42,725|1,959,354| ||Additions||13,299|5,485|13,938||32,722| ||Disposals|-|(8,466)|-|-|(3,500)|(11,966)| ||At 30thSeptember 2024|829,193|417,777|369,367|324,548|39,225|1,980,110| ||**Depreciation**||||||| ||At 1stOctober 2023|-|372,139|178,556|34,253|42.725|627,673| ||Charge for the year|-|15,466|23,841|2,776|-|42,083| ||Disposal adjustment||(8,466)|||(3,500)|(11,966)| ||At 30thSeptember 2024|-|379,139|202,397|37,029|39,225|657,790| ||**Net Book Value**||||||| ||At 30thSeptember 2024|829,193|38,638|166,970|287,519|-|1,322,320| ||At 30thSeptember 2023|829,193|40,805|185,326|276,357|-|1,331,681| **N.B.** Property expenditure now includes expenditure on earlier extension schemes so that the expenditure on the 2015 extension project can be seen separately. ## **8. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**2024**
**£**
Room rents – Council
50,954
Room rents – Private
2,760
Daycare - Other
660
Outreach services
3,404
Prepayments
6,990
64,768
**9.**
**CURRENT ASSET INVESTMENTS**
**2024**
**£**
Listed investments
43,050
Other (The Abbeyfield Society £1 share)
1
43,051
**LISTED INVESTMENTS HELD**
**Holding**
**Price(p)**
Murray Income Trust
Ord Shares @ 25p
5,000
861.00
Wincanton
Ord Shares @ 10p
0
274.00|**2023**
**£**
11,614
3,813
660
5,731
6,683
28,501
**2023**
**£**
43,705
1
43,706
**2024 Values**
**Value**
43,050
-
43,050| |---|---| 15 . ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2024** ## **10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR** |**2024**
**£**
Loans
25,000
Grant
-
Trade creditors
34,170
Taxation and social security
21,806
Accrued wages
23,365
Accrued audit fee
7,700
Replacement Minibus Fund
9,336
Other accruals
1,304
122,681
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
**2024**
**£**
Loans:
Due one to two years
Due two to five years
*
25,000
*
-
25,000
Included in current liabilities: Up to one year
£-|**2023**
**£**
-
-
43,450
15,510
27,816
7,700
9,336
5,632| |---|---| ||109,444| ||**2023**
**£**
25,000
-| ||25,000| ||£-| ## **11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR** * 1. £25,000 was borrowed from Pathhead Feuars Trust (January 2014). This was an interest only loan repayable after three years with an option to extend it for a further two years which the Feuars Trust took up and later extended again. A further three-year extension period was agreed until December 2024. After the date of these accounts a further three-year extension period has been agreed. . ## **12. OPERATING LEASE COMMITMENTS** The following operating lease payments are committed to be paid within one year |Expiring: Between one and five years|**2024**
**£**
2,542|**2023**
**£**
2,542| |---|---|---| 16 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2024** ## **CAPITAL COMMITMENTS** ## **13.** |Expiring: Between one and five years – Construction of New Laundry|**2024**
**2023**
**£**
**£**
£150,000
-| |---|---| ## **14. ANALYSIS OF NET ASSETS BETWEEN FUNDS** |Unrestricted
Funds
Designated
Funds
Restricted
Funds
**£**
**£**
**£**
Fund Balances at 30thSeptember 2024 as represented by:
Fixed assets
206,923
250,328
914,974
Net current assets
308,817
-
-
Long Term liabilities
-
-
515,740
250,328
914,974|Total
Funds
**£**
1,372,225
308,817
-
1,681,042| |---|---| **15. MOVEMENT IN FUNDS** |||**Net**||| |---|---|---|---|---| ||**At 1/10/23**|**movement**|**in**|**At 30/9/24**| |||**funds**||| ||**£**|**£**||**£**| |**Shareholders’ Capital**
46|||-|46| |**Unrestricted funds**||||| |General fund|519,860|(4,166)||515,694| |**Designated funds**||||| |Property equity fund|56,447|(1,541)||54,906| |Development fund|36,388||-|36,388| |Replacement reserve|72,457|3,354||75,811| |Capital reserve|83,173||-|83,173| ||768,325|(2,353)||766,022| |**Restricted funds**||||| |New Building fund|917,628|(2,654)||914,974| |**TOTAL FUNDS**|1,685,999|(4,957)||1,681,042| |**Notes regarding Funds**:||||| |General Fund:|Represents the Society’s uncommitted cumulative operating revenue||surplus|| Property Equity Fund: Represents the value of property improvements carried out using donated funds. Being written down at a fixed rate. Development Fund: Funds originally set aside towards minor general development schemes. Replacement Reserve: Fund set up to provide for the replacement of depreciated assets. The fund is being created by a provision equal to 10% of the in year fixed asset depreciation. Capital Reserve: Funding set aside for property enhancements New Building Fund: Set up using donated funds towards the Society’s major expansion programme. **N.B.** Since the bulk of the then accumulated and donated finance was used during the years 2008 and 2009 in purchasing and adapting the properties for the Day Care Centre and the planned Dementia Unit, the above funds are mainly represented by the Society’s fixed assets rather than by available cash. Further recent donations and grants increased bank balances pending being used on capital expenditure that will take place in future years. 17 ## **THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2024** ## **16. RELATED PARTY TRANSACTIONS** There were no payments made to any related parties during the financial year. Analysis of staff costs and remuneration by key management personnel: The Society considers its key management personnel to comprise of Care Manager, Deputy Manager, Administrator, Finance Manager and Accountant. Total employment pay and benefits including pension cost contributions for these were £164,820 (2023 £159,850) No employees had employee benefits in excess of £60,000 (2023 None) ## **17. HOUSING** ||**202**|**4**|**2022**| |---|---|---|---| |The number of bed spaces available during the year was|29||29| A room which is registered for double occupancy, was occupied by a couple for part of the 2022/23 financial year. The Society is registered for 30 places. ## **18. SHAREHOLDERS** Four new shareholders have joined the Society during the course of the year. One other has died while three have resigned their shareholding. ||**202 4**|**2023**| |---|---|---| ||46|46| |**SPECIAL INCOME & GRANTS**||| ||**2024**|**2023**| |Grants|-|83,000| |Staff pay costs|-|4,092| ||------|------| ||-|87,092| ## **19. SPECIAL INCOME & GRANTS** ## **Prior years** : PPE and Staff Pay Costs income was obtained from Scottish Government funding given towards the additional cost of these incurred because of Covid-19 A grant of £63,000 was received from The Robertson Trust towards the cost of the new laundry. Also £20,000 was received from the former Abbeyfield Paisley Society for the respite unit project. Both grants to be used for capital expenditure. N.B. Other Income shown in the Income and Expenditure account includes funding for Society’s work on Dementia Support. 18 ## **ABBEYFIELD KIRKCALDY SOCIETY LTD INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2024** |**Notes**
**Income**
Accommodation charges
Respite unit
Daycare services
Outreach services
Donations
Bank interest
Profit on revaluation of investments
Special income & grants
19
Other income
Income from listed investments
**Total income**
**Expenditure**
Management expenses:
Affiliation fees
Auditors’ remuneration
Legal and other professional fees
Staff expenses
Advertising
Repairs and maintenance
Service costs
Employee costs
**4**
Food costs
Other costs
Insurances
Heating and lighting
Water charges
Cleaning
Medical supplies etc.
Bank interest and charges
Postage and telephone
Registration fees
Waste disposal
Vehicle running costs
Sundry expenses
Depreciation
Course fees
Stationery and administration
Total expenditure
Net (deficit)/ surplus for the year|**2024**
**2023**
**Restricted**
**Unrestricted**
**Total**
**Total**
**funds**
**funds**
**funds**
**Funds**
**£**
**£**
**£**
**£**
-
1,511,882
1,511,882
1,372,154
-
-
-
-
147,288
147,288
137,280
-
42,275
42,275
57,904
-
880
880
83,000
-
3,296
3,296
1,900
(655)
-
(655)
4,315
-
-
-
4,092
-
29,342
29,342
24,641
6,539
-
6,539
1,908| |---|---| ||5,884
1,734,963
1,740,847
1,687,194
-
4,175
4,175
3,588
-
8,951
8,951
7,800
-
-
-
-
-
12,859
10,608
10,608
-
1,473
1,473
809| ||-
27,458
27,458
22,805| ||-
57,180
57,180
55,351
-
1,212,683
1,212,683
1,125,634
-
145,708
145,708
151,682| ||-
1,358,391
1,358,391
1,277,316| ||-
5,461
5,461
5,083
-
74,630
74,630
42,433
-
8,924
8,924
8,138
-
16,696
16,696
20,679
-
69,515
69,515
52,528
-
150
150
334
-
11,606
11,606
9,854
-
7,552
7,552
6,741
-
24,054
24,054
22,929
-
9,285
9,285
12,998
-
10,806
10,806
37,822
8,538
36,899
45,437
64,831
-
10,116
10,116
9,910
-
11,897
11,897
11,026| ||8,538
297,591
306,029
305,306
8,538
1,740,620
1,749,158
1,660,778| ||(2,654)
(5,657)
(8,311)
26,416| 19 ## **THE ABBEYFIELD KIRKCALDY SOCIETY** ## **Forecasts for the financial years to 30th September** |**INCOME**
Room Rents
Day Care
Outreach Services
Bank Interest Received
Dementia Support
Other Income
Total Income
**EXPENDITURE**
ADMINISTRATION
Professional fees
Registration fees
Affiliation Fees
Bank Interest & Charges
Staff Expenses
Admin & Stationery
Advertising
Course Fees
Sub Total Admin.
OTHER EXPENDITURE
Repairs & Maintenance
Care Managers Allowance:
Medical Supplies (CM)
Crockery/Furnishings (CM)
Uniforms (CM)
Care Systems
Pay Costs
Provisions
Insurance
Heating & Lighting
Cleaning
Posts & Telephones
Miscellaneous
Vehicle Costs
Water Charges
Waste Disposal
Residents' Recreational
Depreciation
Sub Total
Total Expenditure
Surplus (-)Deficit|**2024/25**
**2025/26**
1,588,500 1,652,000
151,000
154,000
44,000
45,000
1,400
1,500
25,600
26,000
3,000
3,500| |---|---| ||1,813,500 1,882,000
9,500
10,000
8,000
8,000
2,500
3,000
200
200
13,500
14,000
14,000
15,000
3,000
3,000
10,000
11,000| ||60,700
64,200
48,000
50,000
38,500
39,500
4,000
4,000
2,500
2,500
11,500
12,000
1,288,300 1,319,000
150,000
155,000
6,000
6,500
71,000
55,000
18,000
19,000
12,500
13,000
4,500
4,500
10,000
11,000
9,500
9,500
25,000
26,000
20,000
20,000
43,500
44,500| ||1,762,800 1,791,000| ||1,823,500 1,855,200| ||-10,000
26,800| N.B. The above figures include NCHC income & pay inflation from April 2025. Including the NHI & Threshold changes No estimate is included however for any statutory increase in wage rates or NCHC increases from April 2026 If Government continues to underfund care from April 2026 that will have a negative impact on the forecast position shown above for financial year 2025/26 20