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2025-09-30-accounts

REGISTERED COMPANY NUMBER: SP002100 REGISTERED CHARITY NUMBER: SC013525

THE ABBEYFIELD KIRKCALDY SOCIETY LIMITED

REPORT OF THE EXECUTIVE COMMITTEE AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025

Abbeyfield House, 55 Meldrum Road KIRKCALDY Fife KY2 5HY Telephone 01592 205491 Fax 01592 646725 Email: kdyabbeyfield@aol.com

Auditors

S&W Audit Statutory Auditor, Chartered Accountants 3 Quality Street Edinburgh EH4 5BP

THE ABBEYFIELD KIRKCALDY SOCIETY LTD

CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025

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 9
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 2025/26 & 2026/27 20

THE ABBEYFIELD KIRKCALDY SOCIETY LTD

COMPANY INFORMATION

CHAIRMAN Mr William Main
HONORARY SECRETARY Mr Peter Aitken
HONORARY TREASURER Mr Michael Symaniak
EXECUTIVE COMMITTEE Mr Iain Mitchell
Mrs Jennifer Sandilands
Mr Tony Sandilands (Vice Chairman)
Mrs Catherine Chalmers (appointed 11 February 2026)
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 S&W Audit
Statutory Auditor, Chartered Accountants
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 2025

The Executive Committee presents its report and the audited financial statements of The Abbeyfield Kirkcaldy Society Limited for the year ended 30 September 2025.

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 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 97% occupancy level achieved over the year despite delays created by the external approval process. The high utilisation of available places in the day care centre mirrors this success although outreach number have fallen over the past two to three 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. Despite this the Society has managed to generate a modest surplus 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.

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.

2

THE ABBEYFIELD KIRKCALDY SOCIETY LTD

REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 30TH SEPTEMBER 2025 (cont.)

SENIOR MANAGEMENT TEAM

The senior management team of the Society comprises Ms Heather Bethune, a state registered nurse who is the care home manager, and its financial manager, Mrs Elaine Simpson with the continuing support of Mr Peter Martin, formerly the Society’s accountant and administrator. While the role previously performed by the deputy has been reallocated among senior care staff this position is kept under review by the Executive Committee.

RESULTS AND PERFORMANCE

Heather Bethune has continued to demonstrate her leadership qualities by ensuring first class care to residents and while supporting and mentoring staff. Enormous credit is owed to all the staff who have continued to work in difficult circumstances in a challenging environment.

The financial position becomes more difficult each year that passes. The biggest and recurring issue is the underfunding of care by local and central government where increases in the national minimum wage are not replicated by similar increases in grant awards for those who cannot afford to pay for their own care. This position has been exacerbated in the year under review by the increase in employer’s national insurance contributions, particularly the reduction in the starting threshold to £5,000 which in simple terms can be expected to add a further £37,000 to employment costs for the Society with no commensurate funding from government. This and earlier pay rises has reluctantly forced the Society to introduce once again substantial increases in room rates.

It is against this environment that the Society generated a surplus of £34,741 in the year ended 30 September 2025 (2024 – deficit of £4,957). As at 30 September 2025 the Society’s net assets stood at £1,715,784 (2024 - £1,681,042) of which £805,748 (2024 - £766,068) represents unrestricted funds and £910,036 (2024- £914,974) restricted funds, the latter either invested in or earmarked for development of the Society’s property. Within these figures the Society’s overall cash position stood at £231,485 compared with £323,679 at the previous year end. The decrease in liquid funds reflects the Society’s investment in a new laundry.

Currently the Society has modest expectations over the next two accounting years based on an expected increase in income from the creation of an additional room in the care home but fears in the longer term if it increasingly has to rely on government funded placements. As in all recent years the outcome will depend very largely on the attitude of the Scottish government to funding of the care sector and the longer term future continues to look challenging.

In view of the continuing uncertainty as to the future level of government funding and the future role of private and voluntary organisations in the provision of care services the Committee remains cautious in its overall approach to the strategic development of the Society.

FUNDING

The Society’s principal source continued to be income from the provision of accommodation to residents of the care home and day care centre which in 2024/2025 accounted for 98% of total income.

RESERVES

The Society continues to provide a number of care services in exchange for consideration and in this respect acts as a normal business but on a charitable basis where surpluses are reinvested for the benefit of the Society and its users. Over time the Society must generate surpluses from its activities in order to be able to repay borrowings, to re-invest in the fabric of the property and to initiate improvements and undertake further development. The Executive Committee believes it appropriate that the generation of surpluses is the ultimate benchmark against which to determine the Society’s financial performance and strength. However, at present the Society maintains sufficient resources to maintain its properties through which it provides it care activities, to provide ongoing high quality care and to ensure the Society is able to continue for the foreseeable future. In the event of a shortfall the Society is able to raise finance through borrowing.

The Executive Committee’s aim is to generate surpluses from its activities and other sources for the re-investment of these surpluses to improve its provision of care for the elderly. In view of the Society’s net assets and future projections, and despite its current year deficit, the Executive Committee is satisfied that the Society has the resources to continue for the foreseeable future and its financial statements can be prepared on the going concern basis.

3

THE ABBEYFIELD KIRKCALDY SOCIETY LTD

REPORT OF THE EXECUTIVE COMMITTEE FOR THE YEAR ENDED 30TH SEPTEMBER 2025 (cont.)

FUTURE DEVELOPMENTS

During 2025 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 completed and after delays with the installing of utilities has finally been commissioned. The Society is now in the process of applying for consent to create a further bedroom in the area vacated by the former laundry. The other areas requiring attention are phased repairs to the care home’s roof.

EVENTS SINCE THE BALANCE SHEET DATE

There have been no significant developments since the balance sheet date other than the completion and commissioning of the new laundry building. The committee have agreed to the conversion of the former laundry into a new bedroom, to try and strengthen the Society’s financial position as well as assisting in meeting the constant the demand for its services.

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:

•

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 ABBEYFIELD KIRKCALDY SOCIETY LTD REPORT OF THE EXECUTIVE COMMirrEE FOR THE YEAR ENDF.D30TH SEPTEMBER 2025 (Cont.) COMPLLANCE AND GOVERNANCE Thc F:xccutivc ComTnittLL Lonfinn8 that the fin4mcial stalements coinply with ¢UJTent statutory requirements. with Ihe SoLirly'S governing docurnenl and with the Siaiemeni of ReLomm¢nded Practice"Accountingand Reporiing by C'.harilies applicable 10 chariiie5 preparing their accounts in acLordanc¢ wilh the Fillancial Rcportin8 Standard for Smaller Entiti¢s. The EKecutiwe CL7mmittcc also confjrms thot it has kepi undcr review throushliur the year the maj()r ri8ks to which the Society is exrA)sed. of which the mosi significant are ensuring health and safety siandards arL nia]n￿lll¢d to Ihe hitsThes1 gualjty and %ecuriJig sufficicnt funding to allow thL Soci¢iy's aciivjlies io continue unintcrrupted. The Ex¢cutive Commiiiee is satisfied ihat those risks have been addrc*scd so far as is praeiically possible and undertake5 to moi)iior Ili¢sc and other risks on 8n ongoing i)asis. The full Executive Committee met eight lim¢% S1￿Ce the date of (he last report. In uddition. the Chaimign, Secretury and Treasurer individually meet with or discuss willi ilic car¢ inanagcr 10 monitor dcvelopmeni% on an ongoiiig basis. Thcre is no Aiidit commirtce. the rclcvjni T¢5ponsibiliiies being discharbyed by the LxeLutive C()Inmitlec as a whole. A& ai Ilie dat¢ of approval of ¢h¢ l.'xccutive Lommilt¢c's Report. so far 88 Its members are 8warc. there is i)0 relevant audit inform8ti(Trn of which the Society's audiiar¥ are unuwarc euch meiiiber i)f Ihe Executive Commi¢iee has iakrn all necess8ry steps iliat he or 8hc OLighi to have taken in thi% r(>le in order lo make hiin¥elf or hcrsclf awore of any T¢lcvJrtt audii inf(Trrmation and io establLSh that the So¢ietv'8 auditors ar¢ awure of that informaiion. William Main Chairnian of Executive C¢)mmittce

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 2025 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).

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:

6

REPORT OF THE INDEPENDENT AUDITORS TO THE MEMBERS OF THE ABBEYFIELD KIRKCALDY SOCIETY LTD (continued)

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:

We assess the susceptibility of the Society’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur by;

To address the risk of fraud through management bias and override of controls, we:

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:

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.

Craig Hunter, Senior Statutory Auditor for and on behalf of S&W Audit Statutory Auditors Q Court 3 Quality Street Edinburgh EH4 5BP

Dated: 29/06/2026

8

THE ABBEYFIELD KIRKCALDY SOCIETY LTD SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025 (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		 2025
2025
2025
2024
Restricted
Funds
Unrestricted
Funds
Total
Funds
Total
Funds
£
£
£
£
-
6,509
6,509
880
-
1,718
1,718
3,296
-
1,809,774
1,809,774
1,701,445
-
26,820
26,820
29,342
2,000
-
2,000
6,539
2,000
1,844,821
1,846,821
1,741,502
8,538
1,808,065
1,816,603
1,749,158
(6,538)
36,756
30,218
(7,656)
-
2,923
2,923
3,354
(6,538)
39,679
33,141
(4,302)
1,600
-
1,600
(655)
(4,938)
39,679
34,741
(4,957)
914,974
766,022
1,680,996
1,685,953
910,036
805,701
1,715,737
1,680,996

The notes form part of these financial statements

9

THE ABBEYFIELD KIRKCALDY SOCIETY LTD BALANCF. SHF.F.T AT30 SEPTEMBER 21125 2025 2024 Notes TANGIBLK FIXED ASSETS Housing land and buildings ¢051 Less." Housing Associaiion Grant 415,173 415,173 49.905 Oiher schemes rurnishings, fittings and equipmenr Property improvemei)15 Building cxlen$ion and upgrnde TOTALFIXED A&SETS 829,193 27.871 150,335 470 896 1528 200 82Y,193 38.638 166.970 87 CURRENT ASSETS Debtors Investmcnls Abbcyficld Society for Swtl8nd Lid- I share Cdsli dl bank and in hJnd 26.800 44.650 64.768 4J,1150 TOTAL CURRKNT ASSETS 302,936 431.498 CREDITORS Aiiiounls lalling due within one ye8r 10 NET CURRF.NT ASSETS TOT AL ASSETS LESS CURRENT LIABII.ITIE8 1,740,784 1,681,042 CREDITUR AmL)unts Idllin¥ due after more Ihan onc 125,(KK)I ET ASSETS 1.715.784 1,681,Q42 FUNDS Sharc Cupilal unregtr1et￿ Fundj .Accuinulaied surplus Replacemcnl reserve C8Pital rescrve Propefty equity fiind Dcvelopmeni fund Restrlcted Fund$ New development fund 46 554,042 78.734 83,173 515.744 83.173 54,906 36.388 36,388 914974 T(yfAL FUNDS The fulancial statements w¢r¢ approved by the Executive Cornn￿ttee on 17 june 2026 and were signed on its behalf by.. Chaimian ofExeLutive Committee Secretsry ofExeculive Committee Th¢ notes fomi part of th¢8e financial staietnents

THE ABBEYFIELD KIRKCALDY SOCIETY LTD STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

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		 2025
£
100,129
(150)
99,979
(195,891)
3,718
(192,173)
-
-
-
-
(92,194)
323,679
231,485		 2024
£
(19,934)
(150)

(20,084)
(32,722)
9,835

(22,887)
-
-
-
-
(42,971)
366,650
323,679

11

THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 30 SEPTEMBER 2025

1
Cash flows from operating activities


Surplus for the year
Depreciation
Finance costs
Investment income
(Gain).Loss in value of investments


Decrease/ (increase) in trade and other debtors

(Decrease) in trade and other creditors
2
ANALYSIS OF CHANGES IN NET DEBTS
Net cash
At 1.10.24
£
Cash at bank and in hand
323,679
323,679
Debt
Debts falling due within 1 year
(25,000)
Debts falling due after 1 year
-
(25,000)
Total
298,679







2025
2024
£
£
34,742
(4,958)
39,918
42,083
150
150
(3,718)
(9,835)
(1,600)
655
69,492
28,097
37,967
(36,267)
(7,330)
(11,762)
100.129
(19,932)
Cash flow
At 30.9.25
£
£
(92,194) 231,485
(92,194)
231,485
25,000
-
(25,000)
(25,000)
-
(25,000)
(92,194)
206,485

12

THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 30TH SEPTEMBER 2025

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 20% 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
 2025
£

7,700
37,766		 2024
£
7,700
42,083

13

THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2025

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 2025 nor for the year ended 30th September 2024. Mr Mitchell 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 £3,815 have been paid to Sinclair Watt (£7,260 in 2023/24).

4. EMPLOYEE REMUNERATION

Salaries and wages
Social security costs
Pension costs		 2025
£

1,164,481
100,012
11,887
1,276,380		 2024
£
1,124,890
76,466
11,327
1,212,683

One employee received remuneration of more than £60,000 in the year ended 30th September 2025 (one for the year ended 30th September 2024). The average number of employees in the year was 63 (2024 - 64).

5. PRIOR PERIOD COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Restricted
Unrestricted
£
£
Incoming resources
Donations
- 880
Bank interest
-
3,296
Net income
-
1,701,445
Other income
-
29,342
Income from listed investments
6,539
-
Total income
6,539
1,734,963
Charitable expenditure
8,538
1,740,620
Net incoming resources before adjustments
(1,999)
(5,657)
Depreciation adjustment
-
3,354
Net incoming resources after adjustments
(1,999)
(2,303)
Other recognised gains
Gain on revaluation of investments
(655)
-
Net movement in funds
(2,654)
(2,303)		 Total
£
880
3,296
1,701,445
29,342
6,539

1,741,502
1,749,158
(7,656)
3,354
(4,302)
(655)
(4,957)

6.

HOUSING LAND AND BUILDINGS: HAG ASSISTED SCHEMES

Land and
buildings
En- suite
facilities

£
£
Cost
At 1st October 2024 and 30 September 2025
297,804
117,369
Housing Association Grant		 Land and
buildings
En- suite
facilities

£
£
Cost
At 1st October 2024 and 30 September 2025
297,804
117,369
Housing Association Grant		 Land and
buildings
En- suite
facilities

£
£
Cost
At 1st October 2024 and 30 September 2025
297,804
117,369
Housing Association Grant		 Total
£
415,173
At 1st October 2024 and 30 September 2025 (297,804) (67,464) (365,268)
NET BOOK VALUE
At 30th September 2025
At 30th September 2024		 -
-		 49,905
49,905		 49,905
49,905

14

THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2025

7. TANGIBLE FIXED ASSETS

Cost
At 1stOctober 2024
Additions
Disposals
At 30thSeptember 2025
Depreciation
At 1stOctober 2024
Charge for the year
Disposal adjustment
At 30thSeptember 2025
Net Book Value
At 30thSeptember 2025
At 30thSeptember 2024		 Heritable
Property
Furnishings
And
Fittings
Property
Improvements
New build
Works &
Extension
Total
£ £ £
£
£
829,193
417,777
369,367
324,548
1,940,885
3,734
7,450 184,707
195,891
-
(4,462)
-
-
(4,462)
829,193
417,049
376,817
509,255
2,132,314
-
379,139
202,397
37,029
618,565
-
12,351
24,085
1,330
37,766
(2,312)
-
-
(2,312)
-
389,178
226,482 38,359
654,019
829,193
27,871
150,335
470,896
1,478,295
829,193
38,638
166,970
287,519
1,322,320

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

2025
£
Room rents – Council
13,705
Room rents – Private
1,380
Daycare – Other
660
Outreach services
3,290
Prepayments
7,765
26,800
9.
CURRENT ASSET INVESTMENTS
2025
£
Listed investments
44,650
Other (The Abbeyfield Society £1 share)
1
44,651
LISTED INVESTMENTS HELD
Holding
Price (p)
Murray Income Trust
Ord Shares @ 25p
5,000
893.00		 2024
£
50,954
2,760
660
3,404
6,990
64,768
2024
£
43,050
1
43,051
Value
44,650

15

.

THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2025

10. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR

Loans
Trade creditors
Taxation and social security
Accrued wages
Accrued audit fee
Replacement Minibus Fund
Other accruals		 2025
£
-
30,803
21,073
19,118
7,700
9,336
2,322
90,352		 2024
£
25,000
34,170
21,806
23,365
7,700
9,336
1,304

122,681

11. CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR

Loans:
Due one to two years
Due two to five years		 2025
2024
£
£
25,000
-
-
-
25,000
-

£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 followed by a further three-year extension period to 2027.

12. OPERATING LEASE COMMITMENTS

The following operating lease payments are committed to be paid within one year

Expiring: Between one and five years 2025
£
1,560		 2024
£
2,542

16

THE ABBEYFIELD KIRKCALDY SOCIETY LTD NOTES TO THE FINANCIAL STATEMENTS - CONTINUED FOR THE YEAR ENDED 30TH SEPTEMBER 2025

13. CAPITAL COMMITMENTS

CAPITAL COMMITMENTS

Expiring: Between one and five years – Construction of New Laundry
Creation of additional Bedroom		 2025
£

-
£70,000		 2024
£
150,000

14. ANALYSIS OF NET ASSETS BETWEEN FUNDS

Unrestricted
Funds
Designated
Funds
Restricted
Funds
£
£
£
Fund Balances at 30thSeptember 2025 as represented by:
Fixed assets
367,836
250,328
910,036
Net current assets
212,584
-
-
Long Term liabilities
(25,000)
-
555,420
250,328
910,036
MOVEMENT IN FUNDS
At 1/10/24
Net
movement in
Funds
£
£
Shareholders’ Capital
46
-
Unrestricted funds
General fund
515,744
38,298
Designated funds
Property equity fund
54,906
(1,541)
Development fund
36,388
-
Replacement reserve
75,811
2,923
Capital reserve
83,173
-
766,022
39,680
Restricted funds
New Building fund
914,974
(4,938)
TOTAL FUNDS
1,681,042
34,742
Notes regarding Funds:
General Fund:
Represents the Society’s uncommitted cumulative operating revenue surplus

Total
Funds

£

1,528,200

212,584
(25,000)
1,715,784
At 30/9/25
£
46
554,042
53,365
36,388
78,734
83,173
805,702
910,036
1,715,784

15. MOVEMENT IN FUNDS

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 2025

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, Administrator, Finance Manager and Accountant.

Total employment pay and benefits including pension cost contributions for these were £131,794 (2024 £164,820).

One employee had employee benefits in excess of £60,000 (2024: 1).

17. HOUSING

202 5 2024 The number of bed spaces available during the year was 29 29

The Society is registered for 30 places.

18. SHARE CAPITAL

SHARE CAPITAL
2025 2024
Share Capital 46 46

18

ABBEYFIELD KIRKCALDY SOCIETY LTD INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 30 SEPTEMBER 2025

2025 2024
Restricted Unrestricted Total Total
funds funds Funds Funds
Notes £ £ £ £
Income
Accommodation charges - 1,610,542 1,610,542 1,511,882
Respite unit - - -
Daycare services - 161,635 161,635 147,288
Outreach services - 37,597 37,597 42,275
Donations - 6,509 6,509 880
Bank interest - 1,718 1,718 3,296
Profit on revaluation of investments - - - (655)
Other income - 26,820 26,820 29,342
Income from listed investments 2,000 - 2,000 6,539
Total income 2,000 1,844,821 1,846,821 1,740,847
Expenditure
Management expenses:
Affiliation fees - 2,556 2,556 4,175
Auditors’ remuneration - 7,200 7,200 8,951
Legal and other professional fees - 136 136 -
Staff expenses - 17,048 17,048 12,859
Advertising - 474 474 1,473
- 27,414 27,414 27,458
Repairs and maintenance - 90,827 90,827 57,180
Service costs
Employee costs 4 - 1,276,380 1,276,380 1,212,683
Food costs - 145,974 145,974 145,708
- 1,422,354 1,422,354 1,358,391
Other costs
Insurances - 6,213 6,213 5,461
Heating and lighting - 69,515 69,515 74,630
Water charges - 9,543 9,543 8,924
Cleaning - 10,731 10,731 16,696
Medical supplies etc. - 53,841 53,841 69,515
Bank interest and charges - 150 150 150
Postage and telephone - 8,684 8,684 11,606
Registration fees - 6,968 6,968 7,552
Waste disposal - 23,311 23,311 24,054
Vehicle running costs - 11,166 11,166 9,285
Sundry expenses - 16,315 16,315 10,806
Depreciation 8,538 32,151 40,689 45,437
Course fees - 9,054 9,054 10,116
Stationery and administration - 9,828 9,828 11,897
8,538 267,470 276,008 306,129
Total expenditure 8,538 1,808,065 1,816,603 1,749,158
Net (deficit) / surplus for the year (6,538) 36,756 30,218 (8,311)

19

The Abbeyfield Kirkcaldy Society FORECASTS FOR 2025/26 & 2026/27

INCOME
Room Rents
Day Care
Outreach Services
Bank Interest Received
Other Income
Total Income
EXPENDITURE
Management Expenses
Affiliation Fees
Auditors Remuneration
Professional fees
Staff Expenses
Advertising
Sub Total
Service Costs
Pay Costs
Provisions
Sub Total
Other Costs
Repairs & Maintenance
Medical Supplies & Equipt
Crockery & Furnishings
Uniforms
Care Systems
Insurance
Heating & Lighting
Cleaning
Posts & Telephones
Admin & Stationery
Registration fees
Bank Interest & Charges
Course Fees
Miscellaneous
Vehicle Costs
Water Charges
Waste Disposal
Residents' Recreational
Depreciation
Sub Total
Total Expenditure
Surplus/(Deficit)		 2025/26
£'s
1,685,800
167,700
34,400
1,000
37,100		 2026/27
£'s
1,773,000
179,000
37,000
1,000
35,000
1,926,000 2,025,000
3,270
8,600
1,100
18,439
3,000		 4,000
9,000
1,100
15,000
3,000
34,409
1,365,000
146,400		 32,100
1,495,000
151,000
1,511,400
43,700
28,000
6,400
2,400
11,300
7,000
65,000
13,600
10,300
10,100
7,500
100
10,000
5,000
12,500
9,000
22,300
17,000
36,000		 1,646,000
43,000
30,000
7,000
2,600
12,000
7,500
61,000
14,500
10,700
13,000
8,000
100
10,000
5,500
13,000
8,500
23,000
17,000
39,500
317,200 325,900
1,863,009 2,004,000
62,991 21,000

NB Statutory pay rates and the weekly income rate for state funded residents are set by governments(s) each fiscal year. While these figures for 2025/26 incorporate the April 2026 values, only estimates of what have been made for both from April 2027. Therefore, the forecasts for 2026/27 financial year will be subject to change by the effects of whatever levels both UK and Scottish governments set.

20