DocusNJn En¥ek)pe ID.. F2B2736A-2AAA4E6E46BF.7EDAE5E6A2C3 Charity Number: SC016446 Flnan¢ial Conduct Authority No. 1903R{SI THE ABBEYFIELD STEWARTRY SOCIEff LIMITED FINANCIAL STATEMENTS For the ar endgd 30 $0 m￿r 2024 Envelope ID." F2B2?3￿2w￿E8E-￿F-7EDAE¥E6A2G3 THE ABBEYFIELD STEWARTRY SOCIETY UMITED REPORT of the EXECLMVE COMMITTEE For the tember 2024 The Executiv* Committeo F*èsents its r¢pxl and audiw financial 5taternenls fcff the year ended 30 September 2024. fer￿ce and Administrative Inforniatlon Exe¢utl¥• Commltt•• Senlor Managenwnt Team Rogl8tered and opera¢lonal address AdminisLraiion Unit Bothwell House 72 Sl Andrew Street Casue Douglas DG71EN Audltor CT Audit Limited Ch8rtgr¢d A¢countant8 and StatyW Audrt 61 Dublln Slreei Edinburgh EH3 6NL Sollcltorn Coveys & Co 40142 Sl mary S1reet Kirkcudbri*kt DG6 4DN 3•nk•r• Bank ol Scouand 192 King Slr8el Cas119 Douglas DG7 1D8 harity Nurnb•r SC016446 Flnanclal Conduct Authorlty Numb•r I￿3R(S> t)o¢usvJn Envew ID.. F282736A-2AAME6E468F.7EDAE5EfjA THE ABBEYFIELD STEWARTRY SOCIETY LIMITED REPORT ol the EXECUTIVE COmMf￿EE {Continu•d For the ar ended 30 Se tember 2024 ObJ•¢tlve$ and Actlvities Tho Society's Objectiv98 To carry out for the benefft of the community the provNon 8nd management of Housing, Accommodation and assistance for lh8 relief and care of elderly person5 suffering from the disabilities ol old age or otherwise being in neetl and in furtheran￿ ol Ihe obj'ects the Socbety may.. . provide and maintain or assist in provKling and maintsiniNJ houses and homes for such eldgty persons,. and provide or assist in providing amenities or servkes lor Ihe benefrt of such eldedy persons. Th8 Sfxiety remains affilia18d to Tho Abtwfjekl s(￿ and Thè Abbeyfield Sctielles in So)118nd Ltd. The Provision and Management The Society currently provides Housin9 Accommodation in iwo loc4l*Jns (Castle Douglas and IUrkcudbrfvJhtl in 22 units, 18 of which are deS￿nated for single use and 4 suitable for coupl6s. In practice, these 4 rooms have single oc(XJP8ncy al a sllghuy h￿hOr rental than tho 0th8r 18. AchSevements and Pertorniance The annual informal review ol services with ow r•shJents ond Sponwrs has ￿)n￿rned once agoin the very high level of satisfaction being provided in both houses. Thi$ is renerted in the demand lor the Soclety's services continuing al its highe5l level for a nurnber of years with 811 rooms occupied and an active wailing list. In addition, a recent unannounced inspection by the Care Inspe¢lorate resulted in a "véry good" rating in the areas covered duTifig their ¥1￿1. Given Ihe drfKulkn'e5 experienced elsewhere in the care sector, this was a very pleasing outcome. Mandatory training has been prov*Jed at the wured levels and non-mandatory tralning lor some or all staff has been provK1ed where the￿ has been 0 th8rty defined benefft lo the qvalily of our services. Friend8 and other volunteer8 underpin the work of the Society by providing social and pastoral support to residgnts by visiting, organising outings and in-house events in liaison and QFoperation with the S￿lety's Stsff. The$0 activities are retuming lo normal after bging soverely lirnited by Covid regulallons. Followlng the successful reg1slratl￿ In Aprfl 2017 for the provlgbn of a ca￿ 81 Home seNlce for the Soclgty's resid8nis. this valu8bl• addiiional servica continuas to be appraclaled by th8 So¢lety's residents and provides a significant conlribulion lo the Bnnual finances. At the end ol September 2024, thi8 service was being provided by our own 31aff to thirteen re3idents and one non-resident. Flnanclal Revlow The Execuii've Commitlee coniinued lo review aryj monitor closety the Ilnanclal perf0m￿nCe of the Soclety tsking account of the monthty income anLI expenditu￿ 08ts for each house and the Care al Home service as well as regulady considering the besl investment options for the capital reserv8s. Total In￿Me for the year of £1,599,045 was con$hJeTably higher than budgeted and higher than the previous year due mainly lo the receipt of two donalions 8nd the major tranche of a legacy from a much loved 8nd r8SPèCted fom)er r8$K19nt totalling £877.249. Excluding these i18ms gives operating income of £721,796, higher than budgeted as a re5111t of higher interest income following 8 restructuring of the Society's invèstments. Expanditu￿ of £703.577 wss great8r than the budget sel al the beginning of the financAal year. This overspend was primarity the result of higher staff and food co8ts.Thi8 all resulted in an operating surplus of £18.219. and an overall suwus of £895,468. Docusi9n Env4op8 ID.. F2B2736A-2AWE6E468F_7EDAESE6A2C3 THE ABBEYFIELD STEWARTRY SOCIETY UMITED REPORT of the EXECUTIVE cOMMI￿EE (Continued) For thé éar •nd•d 30 Se mber 2024 Flnan¢lal Revlew Icontlnuedl Reserves at year-end aTnounted to £2,238.798 of which £357.165 were restricted, and £1,000,000 dasignated. leaving unrestricted general funds of £881.593. Of the total unrestricted goneral funds, £288,481 could only be realised by the disposal of fixe(l assels. The Executive Committee has feviewed the t￿TTent Cafrying values of the Gharity's hyo properties and has decided that no material adjuslments are necvdsary. Th9 Committeè consIde￿ that the value of the $uppJrt providod by the FrieThJs and voluntsers cannot bè quantified. and accortling￿ r￿ arNiunls hove been induded in the financkil stalemonls. Investment PollGy The funds of the Society may b8 Invested by Ihe Executive Committee in awordance with the rule5. Currently 8 conservative investment policy is follcrwed with surplus cash placed on deposll lo secure appropriate 19v¥ls ol rèturn balance(J wlth lulure need lo access lunds.To improve the return on investments the Society has movad 8 proportion of ils stght deposits io higher yielding term deposits not exceeding 18 months without athersdy affecting the need for liqu￿ fvnds. Ro$orvo8 Pollcy and Golng Concern The Society aims lo m8intsin genèral r8s81V8s lo an amounl dose lo Ihe annual turnover, an¢J lo build up, over 8 Period of time. a designated resefve for lulure capital projects. H8ving considèred the existing r8$erv8s and cash hald by thg Socigty. together with thè continulty of key Incom& slr88ms, the Committee is sabsfied that the ch8rsty remain8 a going concgm. Rl¥k P•lanagoment The Executive Committee conducts, IhroughcMJl the yeaf, regulir reviews ol th8 major risks lo which the charity is expose(l. Where appropriate. systems have been established to miligate the risks the harity laces including procedures for auth0risat￿Th of all transèrtions and prol8Cts, and for ansurlng mplianco wlh health and ￿fety of r8sidents, Staff. vdunleers. as well as vi8rtor8 to Ihe hou$9$. The main financial rlsk currenuy identified In the previ￿5 year w88 the possible loss of Supporting People fundlng. Thls lundlng Is subjed to a six monthly Tevbew with Durntries and Galloway Council. Thè Ilk81ihood ol losing this funding is not currently considered high. In fact. the Society received an increased amount of Contracted lunding in 202312024 and has assumed the $8mg amount for 202412025. The financial risk from voK1s cofttinues to be signifieanty lower than in prev￿US years as the Soclety cvrrenlly has a slrong and active wailing lisl. reflected in ihe CUTrenl low levels ol voids. The Management team continues to maintain dose links with Social Services, the Primary Health Care Team, and olhef professionals together wilh ongoing passive {word of moulhl and pro-aclive publicily and markellng. Noncompliance rlsk Ss redu¢ed by subscriblng to the Employment and Health & Safety servl provided lo Ihe Society by cila1￿￿ Ltd. Plans for Future Periods The Strategy Committee continued to meet regularty th￿￿ghout the year to consmler the strategic opttons for the Sodety. The Execut¢ve Committee agreed al its meeting on 6 2022 to Proceed with plans to develop third unil. One sile in the Stewartry met a significant number of the key elements required lo meet our specification based on the Society's Bothwell House in Castle Douglas. DocuswJn Envew ID.. F2B2f*A-2AAPAE6E46BF.7ED*E5E&42C3 THE A8BEYFIELD STEWARTRY SOCIEfY UPAITED REPORT of the EXECUTIVE COMMtrtEE (Continued) Fori ear ended 30 Se tem*￿ 2024 Plans for Fuiure Periods (continwd) Negotiations with the site owner hève ￿&he￿ a broad understanding and it is ant4cipated thal a cond1t￿nal agreemenl lo purchase will be Co￿4￿ded in earty 2025. Contact wilh a range of ¥xal and natlDn81 bcrtlie$ h8$ prthfju¢ed 8 high level ot suppcKI In prlnciple lo the Socttity's oxpansion plans. More detailed disCu￿onS will fdlow th6 conclusion of lh& purchase agreement. Stru¢tur•, G0￿M8￿C& and Manag•m•nt Gov•mlng Document Thg Society is a rgglsl&rèd Scottish Charlty, fèfor8ncè numb8r SC016446 and a règig18rèd soci8ty under the provisions of Ihe Co-operative and Community Benefrt Societies Act 2014. registered number 1 W3Rlsl. The Society is govem8d by its Ruks vA)id) were updaled in Auousl 2015. The Sctiety remains affiliated lo The Abbeyfiekl Socw arKI The AbbeYf￿￿j &*ielie5 in SEotl¥rKI Ltd. Rècrultmont and Appolntm•nt ol th• Exocutlv• Commbtt•• The members ol Iho Ex8cuIIv8 Committ8e are also charity Iruste8s lor th8 F4Jfpos8s of chartty law an¢J under the Society's Rules. Under the requirements ol the Rules of the Soclety one third of members of the Exeeulwe Commiltee SW retire bul are eligible lor at the nexl Annual General Meeting. rel*e by rothtkjn In 2025 aThY 3r0 eligiblo f¢y rg4g¢liw. Dunng Ihe year resigned as Trustees ol the SocÈely.The Commilleè wishes lo rècord ils Ilidllrtb ILV I1￿11 wiiliibulions lo the ongobng d8v8lopment ol the SDci8ly during ih6ir 18Tms in offic6. The Executive Committ88 conb'nues lo acb.vely segk lo slrenglhen the Board wrth the appointment of addilKJnd Trustees. The Ex8cutlV8 QJmmitt88 8￿kS to ensure that Ihe 8(*i8vement of Ihe aims and cknleclives ol the Society Is 8PPTopriatoty rell8ciod Ihrough tho divwsrty of Ihe trustee t>)dy. Lc¢al persons known lo have the relevant experience and qualrtleations are approached 4nd invited lo considor bocoming a volunlear TrLJ8tsè. Therè 18 ujrrentty a neod lo strenglhen the Exe¢)Jlive Committeè lo plan for 6u¢¢¥syion in key afeas and to oversee the development of a third property. Tru8t•• Inductlon and Tralnlng Trustees are appolnled In acc(Mdanc# wilh the ru￿ by n(xninallon and 8￿￿)n al the Annual General M¢6ting. Prior to 8ppJinlmenl prospeciive TN$tees are given 8 comprehensive Inductkin pack which provid68 Ihgm wrth sub51antial backgr￿n￿ lnlorn)atic￿ on Abbeyfield in genernl and the Stowortry SD¢ioty In partbjlar, os well as méèting Ihé Ch8irman and other Ex￿b¥* Commitlee Member5 prioi to making 8 tour of the houses to meet resldents and Stsff. Followinq appointment, Trustees may at¢end relgvanl seminars, COnferen￿S and training SesSi￿S offered by, Inleralla, LggiBl8liv8 bodies. the Local A￿th￿ty, the Scotush Govemment, thè local Counul for Volunt8er Services and Scottish Care a3 well as The Abbeyfigkl SoC￿ty Abbe￿ield Societies in Scotland. Organl8atlonal struC￿re The Executive Committ&& meets al least quarierfy and is responsible lor the prfndpal operatlonal, strategiG direc[￿n and wlicy matters aTrsing in conneCt￿n wrth thè S￿ietY s affairs. Al presenl Ihg Commlttee has six members from a varlely ol wofes5i¢)nal backgrounds relevant lo the work of the thaiity. Each member of the Executive Cornmittee hdds one fulty pa￿ share of £1 in the S¢xiety. The Operations Manager and Bugness Administrators alle￿1 m88tings of the Committee.. they hokj no Interest in the sharè capital an(J have no volry rights. The Op8ratiOn8 Manager (who is the Care InsKkrtorale Registered Manager) has responsibility for ensuring that the charity delivèrs thè sem￿$ to Ihe ￿Klerts by overseeing the day to day operational Manage￿nI of the houses. indtvidual supervision of ihe staff t9am and a180 ensuring that the team eonlinug io devekjp Iheir skilL8 aTrJ V￿rking in line wilh good pr*Ke. Tho Busin88s Admink%tralors are responsi1￿e ensuring ¢0m￿lanCe with relevant legislation, financial management and ajministrativo SUPFKTrrt for the Ex￿JtlYe Commstlg8. Dow$lgn EnsiÉlopè ID.. F2B27￿?￿A￿4E6E￿B￿7EOAEsE61x3 THE ABBEYFIELD STEWARTRY SOCIETY LIMtTED REPORT of the EXECUTIVE COMMfThEE Icontinued) For the ear ended 30 Se mber 2024 Key Management Personnel The ExecultV8 Comrnittee con￿der tlwt the Committee. Operations Manager and the Busine55 Admiiistrat¢)rs ￿MpriSe the key m￿gerne￿t personnel of the chaiity. No Comrnittee memtsr received any remunwatKJn In Ihe current or pnor y8ar. Dalails ol Committee èxpenses and the lotal remunerat¥)n of the kèy management personnel are dlsclosed In Notes 5 and 14 of the financial statèrn8n￿. ThB ' h d a Remuneth"on Committe8 comprisin9 the Cha*man, Hon Treasur8r and o advise the Exe£￿tive Commrtte8 on all aspwts ol romuneralion policy. The oGint& oai a'optcc Ihe minimum wage as advised by the Scottish Govemrnent for the care sector In Scotland 8s tho basè linè for dètermlning the wage structure all slaff. The aim of Ihe Munerati￿ tKJli¢y is to remain C￿Mp￿tIl1ve wthin th8 Stewartry area and to provide first class working con¢Jilions lo attract and retain a hgh quality stsff coM￿eMent. The soC￿Y has regisiered for th& Scottish Govfjmm•nY$ Fair Work AgeThJa and a Liviro Wage Empbyer. R08pon8lbllltles of the E)EO¢Utlve Commltt•• Tb¥ Exv¢uliv¥ Coinmillee arv r¥tswnsibltr lor p￿parIng ihe Rewjri ot the Execulive Commillee and the financial statements In a(£ordan¢e wllh appltable law anu Unlted Kino(Jom Accounting Slandards (United Kingdom Generally kntyed AccountirwJ P￿￿￿"r£I. Tho law applicablo lo charities in ScollarKI requires the &xe¢ulNe Committoe lo prepare financial 81alemenls for each financi￿ year which give a trnje and falr view of the stale of affairs of the charlty and ol Ihe incoming resourc￿ and applKation of resourL%S ol the charily for Ihat perSod. In weparing Ih8s8 financial statements, the Exacutive Commitlee are fequrnj lo.. sèlect 8Ultablè accounting ￿1cleS and then apply Iham ¢¢)nsi8lentty.' obseNe the methods and pn'nciples in the Chantstt SORP IFRS 1(r21 (second edIt￿n - October 20191., make ludgemènts and èsdmatès that are rea￿nable and WLsdèn¢ stole whether op￿deabl& 8¢¢￿um11n9 star￿0￿$ h8ve been followed, subject to any materigl departures dlsclosed and explain&1 in the financ181818tw*nl8', Pfepaie Ihtr finanGk81 slaLgmeriLs ￿ the golrbg G(K￿rn basis unl8ss li Is Inapwoprrdlo lo presume thal the Ghartty ￿￿11 ￿tInue In owa11￿. Th8 ExeculN8 C(ymrThtt8• 8re resrxytsible for keepw)g prw ¥ccountirvJ reccyds ihat di5d¢)sg wilh leas￿￿blo accuracy al any tsme the financial postbon of ￿ charily and en8￿C Ihcrn to cnsure that Ihe financial stAlèmenls comply with thè Chorit￿8 Bnd Tru8188 Inv88tm&nt (Scollandl Act 2005. the haritlgs Accounts Iscouandl Rogulalv)n$ 2006 las amended), the Co-operalNe and Communrty Benefit Soc*tie5 Act 2014, and Ihe provisk)ns of the charlty's constitu￿¢)n. Thay are 8180 réswnslble lor safeguarding the a5set5 of Ihe charity and her￿ for taking reasonable steps for the prevenlbn and detgctbn ol fraud and olhgr Kregulankn"66. Ch))JS￿n ÉnvelLV ID.. F282736A.ZAAA.4E6E-B66F-7EOAE5E6A2C3 THE ABBEYFIELD STEWARTRY SOCIETY UMITED REPORT of the EXECUTIVE COMmf￿EE Icontlnued) Forth• ear •nd•d 30 S• bor 2024 Slat•m8nt of disclosure of Inforniatlon to audltOfS The Executtve Committee 8nd executive officers who w8r8 in Off￿ on the dale of 8rwoval of Ihese rin8nciBI st8lemen15 have ￿n￿rrned, as taf as ihey 8re avrdre. that thfj￿ IÈ no r818V8nt audrt inlorrnalion of which th8 8uditors are unaware. Each ol the Executh Committee and aXeCLrtwe officgrs have confirmgd that they have taken all the $lep$ Ihat they ought lo have taken as Committee mombers and executive officers in order to make themselves aware of any relevant al￿11 inforinalK) and lo establish th81 it h8s been commun¢caled lo the audit(Y. Slgn•d on b•half of th• Ex•¢utlv• Commltte• Ghaiim4n Date'.21 January 2025 Envdope ID.. F28?736A.?￿E8E-B6BF-7EDhE5EGA2C3 INDEPENDENT AUDITOR'S REPORT TO THE MEPABERS OF THE EXECUTIVE COMMIThEE OF THE ABBEYFIELD STEWARTRY SOCIETY LIMITED CT: Opinlon We have audited the financial Ststements of The Abbeyf*ld Slew8rtry Swety Limited (the 'chaiity'l for the year ended 30 Seplember 2024 which (¥)mprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Fbws. aThY related notes. including a summary of significant accounb.ng policies. The financial repKJrting framework that has been applied in Iheir preparation is applicable law and United Kingdom Accounting Standards. induding FRS 102 'The Finan¢Sal Reporting Standard applicable in the UK and Republic of I￿￿?￿d. (United Kingdom Generally Accepted Accounting Practice}. In our opinion the financial stalemenls.. give 8 true and fair view ol th8 stale of the charity's affaits as at 30 September 2024 and of its incoming resources and appli¢alion of rosourc85 for the year then ended.. have been properly p￿parett in accordarKe with United Kingdom Generally Acceptsd Accounting Practice: and have been prepared in accordance with Ihe requirements of the Charftles and Truste Investment IScotland} Act 2005 and re9￿at￿ 8 of th8 Charits'es Accounts (Scotjand) Regulations 2006188 8mend8d). Basls for oplnion We conducted our audit in accordance with Intemational Standards on Audrting IUKI IISAS IUKII and appllcable law. Our responsikn'lities under those stsndaids a￿ further described in the Auditor's responsibilities lor Ihe audil of Ihe financial slalements section of our report. We are iTrJepèndent of Ihe charity in aCCOTdance with the elhical rgquiremenis that are relevant lo our audit ol the financlal statemènts in the UK, including the FRC'S Ethical Standard and we have fulfilled our other ethical responslbilltles In accordance wrth these requiremènts. We believe that th& audit evklence we h8Vg obtained is suificienl and appropnale lo provide a basis for our opinion. Conclu8lons r•latlng to golng con¢•rn In auditing Ihg financial stalam8nts, we have conduded that the Executive Commillee's use of thg going concem basis of accountsng in Ihe prèparation ol tht financial sto1oments 1$ appropriat9. Based on the work we have performed. we have Th)t identified any material uncertainties ralaling lo evenls or condltlons that, individually or collectivdy. may cast significant doubl on the charity's ability lo continue as 8 going ￿ncern for 8 ￿ri0￿ of al bgasl 12 monlhs from when the Ilnancial statements ara aulhoris8d for issue. Our responsibilities and tho resporbsibililies of the trustoos with respect to going concèm #rn described in the relevant sections of this report. Other Inform8tlon The Executive Committee are ￿sponsIb￿ for the olher information. The other infomi8tK)n ¢omprises the infomiation induded in the Report of the Executive Commtttee other than the flnanclal slalemenls and our auditorfs report thereon. OUT opinion on the financial 5tatemenis doos not Cover the other information and, except lo the extent other*ise explicty ststed in our rewt, we do not express any form of assurance condusion IheTron. In connection wth our audil ol the fin¥nei81 ststernents. our responsibilty rs to rèad thè other inft)rmalion and. in doing so. consider whethei the other information is materially inconsistent with thg financial slatemenls or our knO￿edge obtained in ihe audit or otherwise appears to be materialty mlsststed. If we identify such material inconsistencies or apparent malenal misstatements, we are required to determine whether there is a material misstatement in the financlal stalements or a material misstatement of the other infomialKin. If. based on the work we have perfomieij, we conclude that thefe is a material misstalement of this other information. we are required to report that fact. We have nothing to report in thi8 regard. D￿￿8vj1¥ Envelope ID.. F282736A-2AAA4E6E4EaF-7EDAE5E6N INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE CT: EXECUTIVE COMmI￿EE OF THE ABBEYFIELD STEWARTRY SO¢IErY LIMITED (Continued) Matters on vthich we are ￿qUIred to report by exception In the light of the knowledg8 and undèrsianding of the charity and rts environment obtsined in the course of the audit, we have not identrfied m8tsri81 misslatements in the Report of the Executive Commiltee. We have nothing lo report Sn respeGt of the following matteTS where the Charity Accounts {Scollandl Regulations 2006 las arnended} requires us lo rerK>rt lo you If. in our Opin￿n.. adequate and proper ac£ounting records hove not bean kept, or retums 8doqu8ts for our audr( have not been received from branches not visited by us: or the financial statements are not in 8greemenl wilh the accL￿ntIng records and retums.. or we have not received all the infomiatM)n and explanations we require for our audil,. or R••p•¢tlv• rosponslblllti•• of Ex•cutlvo Commltt As explained more fully in the Exe¢ulivè Committee's responsibilrties statement on page S, the Executive Committee are responsible lor the preparation of the financial statements which give a tru8 8nd fair view, and lor such internal control as Ihg Ex8culivo Committee determine is necessary lo enable tho preparation of financ￿ st*8mgnts that are tree trom rnateri￿ misstsiement. whgther due to fr8ud or error. In preparing thè financial statements, the Executivo Committee are respon8ible for a88e881ng the charity's ability lo continue as a going concem. disdosing. as applicable. mattels related lo going concern and uslng the going concem basis of accounting unless the truslees either intend lo Ilquidats the charity or to cease operations. or have no realisti¢ aliemative but to do so. Audltof s rnsponslbllltle8 lor the audlt of th• fln8n¢l•l slat•m•nts We hav8 beén appoinled auditor under seclion 44{1llcl of the Charitie5 and Trustee Inveglm8nl (Scotlandl Act 2005 and report to you in accordanGe with r￿ulat￿)n5 mad* undef that Act. Our objectives are lo obtain reasonablè assurance about whether the financial slatemenls as a whol8 are free Irorn material misslalement, whether due ¢0 fraud or error. and io is$ug an auditorfs report that includes our opinion. Reasonable assur8nce is a hryh level ol assurancg but is nol a guaTanlg9 that an audit condu¢le(I In accordancg with ISAS IUK) will ah¥ays dotect a malerial misstatement when il exists. Misslalements can arise from fraud or error and are considered materi81 il, individual or in the aggr&gale, they ¢ould reasonably be oxpKted to inlluonGe the 00￿¢>￿1¢ d￿l$lon8 of users taken on Ihe basis of these financial stslements. Irregularities. including fraud. are instances of non<¢ynpliance with laws and regUlat￿n$. We dgstgn procedures in line with our responsibilities, outlined above. to detecl material misstatements in respect of irregularities. including fraud. The exlenl to which our procedures are capabbe of delecling Ir￿gUlarities, incluijing fraud 15 detsiled t)ebw'. We gained an understanding of the IwJal and regulatory framework applicable lo the charity and the sector In which it operates and Conside￿ the risk of acts by the charity which were contrary to applicable laws and regulations. induding Iraud. We focused on laws and regulations Ihal could givg rise lo a material misstatement in the charity's financial sl8lements. Our lesls included, bul were not limitgd lo: 8greement of the finanGi81 statement di5rJosurès to und9dying supwxling do¢umenlation; enquiries of key management personnel and the directors; review of minutes of Executive Committee meeting5 throughout the period., obtaining an underS￿n￿lng ol lh8 ￿ntrol environmeni in Monitt￿rt9 complkgnce wilh 13ws and regulations. OoGU51gn Envek4E ID". F282736A.2WAE6E-8fjBF-7EDAE5E6A2C3 INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE EXECUTIVE COMIArrrEE OF THE ABBEYFIELD STEWARTRY SOCIEtY LIMITED Icontlnuedl CT: Aud[to￿8 rasponsSbllltles for the audlt of th• flnanclal statements (continued) There are inherenl limttalions in an audsl or rinancial 51alements and ihe further reroved non- cornplpnce wilh laws and regulations is frcm the events and Iransactson5 reflected in the financial statements. the less likely we would become aware of IL We 31so addiessÈd the risk of management ov8rrk4e of intemal controls, including tosting journals #nd 0va￿a￿n9 whether thero was evidonc8 of 'as by tho tru81ees that repre8enlad a rk8k of material misstatemènt due to Iraud. A further dèscription of our respKJn&bilities for the audit of the finanual stalements Ss Iccaied on Ihe Flnancial RetKsrty"ng Council's website at-. www.fr¢ txg.uklBUditorsres￿nS1tslIIlIes. This description fonns part of OUT audit￿S report. of our r•port This report Is made solely lo the Ex8￿11¥8 cr￿MIlee. as a tK*Jy. kn accordance with seclK)n 4411 Ilc) of the Charf¢ies and Trustee Investment Iscouand) Act 2005 and regulalion 10 of the Charities Accounts (Scolland) Regulations 20￿ las amended}. Our aL*Jit wort has i*en undertaken so ih81 we mKJhi sialg to tha Ex8CUtrve Committ99 ItK)sè mattérs wè ar6 requirod to state to them in an Buditor's report and for no other purpose. To Ihe luI￿s1 axlenl P8Tmitled by law, we do not accept or as¥ume responsibility lo anyone other than the charity the ExttutNe Committee as a body, lor our audit work. Ivi Iliis report, LY lor Ihe opinK>ns 7•Ye have formwj. CT Audit Lirnili)d Chartered Accountants and Sktutory Audil 61 Dublin Strèet Edlnburgh EH3 6NL Dale.. 05 February 2025 CT Audrt Limited ¢5 elvjibh lo act as an avdilor in torm$ of 1212 of tha Compan￿5 Acl 20(6. Docusign Envew ID". F2B2736A-MA4E6EthF.7EDAESE6A2C3 THE ABBEYFIELD STEWARTRY SOCIEfY UMITED STATEMENT OF FINANCIAL ACTMTIES For the ar ended 30 Se tembgr 2024 Un- Total re8trlctedRostrided Funds rèstrictèdRestrlcted Funds Funds 2024 Funds Fund$ Total Funds 2023 Note5 Incomé from: Donations and lega¢io$ 3 852.249 25.OCM) 877,249 450 450 Chantable arjivities 4 700.745 700,745 652.009 652.009 Investments bank Interest r8ceivable 21.051 21.051 5.882 5,882 Total Incomg 1.574.045 25.OLK) 1.599.045 658,341 658,341 ExpondSturg on- Charitable 8cllvhles 6 690.057 13.520 703.577 621,516 13,520 835.036 Total expendilurg 690,057 13,520 703,577 621.516 13,520 635,036 Net Incornollexpondlturtl and not mov•m•nt Sn funds 883,988 11.480 895,468 36.825 113.5201 23,305 Funds brought fgrward 12 997,645 345,685 1,343,330 960,820 359,205 1,320,025 Totsl funds carrled fonvard 12 1,681.633 357.165 2.238,798 997,645 345,685 1.343,330 Th8 statsment of financlal actlvities Indudes all gains and losses recognised in the year. All activities Ire continuing. The notes ¢)n pages 1310 21 1￿M part otthpse finanrAal statements 10 Do¢u$i9n En¥•kpw ID.. F28273&4.2WE6E46BF.7EDAESEWC3 THE ABBEYFIELD STEWARTRY SOCIETY UMITED BALANCE SHEET A at30Se tember 202 2024 2023 Fixed assets Taroible assets 614,597 657,787 Curr•nt a$$•ts Oebtors Cash 81 bank and in hand- current Cash at bank and in hand- leim de￿8￿3 20,878 1,065,936 583.451 4,919 250.875 474.691 1.670.265 730.485 CredltOrn- am￿nts falllng dye wllhin one year 10 146.0641 (44.9421 Ne¢ Gurreiit a¥¥•t¥ 1.624,201 685,543 Total ass•ts l•$$ curr•nt114bllltk• 2,238,798 1.343.330 a•s•t8 2.238.798 1.343.330 R•pr•$•nt¢d by: Sh8r8 C8Pltal Unrestri¢tsd Ggnoral Funds Unreslrtcled De￿gnated FurKIs R8slricled Fund5 40 12 881,593 12 1,000,000 12 357.165 977.609 20,000 345,685 2,238,798 1,343,330 Approved by the Executive Commillee and signed on its behalf ty.- Date-.21 January 2025 The notes on p8985 13 to 21 form part of these fin8ncig18talements 11 Dorusi911 Envdrp8 ID.. F282736A-2NAA4EfjE.B68F.7EDAE5E6A2C3 THE ABBEYFIELD STEWARTRY SOCIETY UMrrED STATEMENT OF CASHFLOWS For the ear •nd¢d 30 Se tember 2024 Not•s 2024 2023 C•$h Provid￿ by op•ratlng actlvlties 16 2.770 59,052 Cash flow8 from inve$tlng •rtfv1tt08 Bank interest received 21.051 5.882 Cash used in investing activities 21,051 5,882 Cash flows from flnanclng actlvltles Bank loan inlergst paid Bank loan repayments 11461 111,7651 Cash used in financing activil 111,9111 Increase in cash and cash equiv8lenis in the y8ar 923,821 53,023 Cash and Guh oqulvalents at the b•glnnlng of th• y••r 725,566 672.543 Cash and ¢•gh 8quI¥a￿nts at end ot the year 1.649.387 725.566 An•ly81• of ¢a$h and ca•h equlval•nts Cash 81 bank- currenl accounts Cash at bank- term deposits 1,065,936 583,451 250,875 474.691 1,649,387 725,566 At1 Non- At30 Cash Septomber Changes 2024 Cash Flows Analys1¥ ot chang•• In n•t d•bt 2023 Cash and cash equivalents C8¥h 725.586 923,821 1,649,38r Th8 notès on pages 13 to 21 form part of these finanaal slatemants 12 Do￿SIgn En¥dcy8 ID.. F2B2736A.2AAA4E6E-BfjBF.7EDAE5E6A THE ABBEYFIELD STEWARTRY SOCIEff UMITED NOTES to the FINANCIAL STATEMENTS For the ear ènded 30 Se tember 2024 1. Accountlng policies Basis of a¢￿UntIng Thg financial ststements are prepare(l under the historical cost o)nvention. as nK)dif￿d by the revaluation of certain fixed asseis. in accordance with tt)e Accounting and Reporting by Charities.. Stslement of Recommended Practice applicable to ctsritss preparing their financial statements in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Irgland IFRS 1021 18ffectiv8 1 January 20151 Charitie5 SORP IFRS 1021. the Financial Repofb'ng Standard applicable in th8 UK and Republic of Ireland {FRS 102). and the Cl￿peratiVe and Community Benefft Souglies Act 2014. The Abbeyfield Stewartry Society Limited n*ets the definit￿n ol a public bonefit entity under FRS 102. The charity's luncts'onal and presentstional curr8n¢y is Steding IGBPI. Golng concèrn Tha financial ststements have been p￿pared on a going ¢￿¢8M basis. The Executive Commiltee have assessed the Society's ability to conlinue as a going concem and have reasonable expectation that the Society has adequale ￿$OUrceS lo continue in op8ralional exislencg for the foreseeable lulure. Thus. they continue lo adopl the going con¢em basis ol accounting in preparing the financial staloments and a18 5alisfwl that no material uncartainties exist in resp9cI of going conc8rn. Slgnlficant Judgemènts and estlmatlon unc•rtalnty In tha application ol thè Society's accounting [K)lici￿, thè ExecAJlive Committ98 are raqulred lo make judgements. eslimatss and 8$$umplions about the ¢arrying amounts of assets and liabilities that 8ro not readily apparent from other sources. A6 the estimatos and associatgd a$$umpliong are based on hisloiical experience and other factors that a￿ ￿nSIdered lo be relevant. actual results may diffgr from thes8 8Stirnales. The estimates and underlying assumplions are reviewed on an ongoin9 basis. Thg estimates an¢J assumpllons that have a sKJnifrant risk of causing a material adjustment lo Ihtr Cafrylng amounts of 88891s and lIa￿lItIeS wllhNI thg nexl fina￿81 yèar are addressed below. Us•ful •¢onomlc Ilves of tanglbl• as￿3 The annual depreciation charge for tangible assets 15 sensrtive lo changos in lh8 eslimaled useful economi¢ lives and residual value$ of the assets. The ustful economic lives and residual values are re-assessed annually. They are a￿nded when necessary lo refle current èstimal•s, based on techrKilfyJical advancEmenl. future Inv¥strnenls, econom￿¢ ulilisalion and the physical condikn'on of the assets. See note 8 for earrylng amounls of tangible assets. Resldent lee Income, donatlons, legacles and ¥lmllar Incom• Donations and similar income are included in the year in which they are reGeivable. which is when the charlty becomes en(Itle¢J to Ihe f?sour¢e. Fee Income frThn Supponive Hou3e5 ar￿ Supporting Peoplo funding is accounted for in the p8riod to which rt relates and b8c(Mnes receivable. Invostment Incomo Interest on funds held on deposrt Is Indud8d when receN8ble an(J thè Bmount can be reliably measured by the charity; this is normalty when uFw)n noiificatson of the interest paid or payable by Ihe bank. Grants recelvable Gran15 ￿ceIved. includino capi￿1 grants. are reflected in Ihe Statement of Financial Activities when relevant conditions for entitlement have been met. it is probable they will be received and the amounts I￿n be r8liably measured. Where donors speufy thal gran15 are for partlcular ptjrposes. this income is includ8d in income within restricted funds when reCeivat￿e. 13 OooJ$9n ID.. F282736k2A4A4E6E￿F.7EDAEsEG￿2CJ THE ABBEYFIELD STEWARTRY SOCIETY UMITED NOTES to the FINANCIAL STATEMENTS {continued) For the ear endod 30 Se tèmbèr 2024 1. Aecountlng polklos {contlnued) Housing Ass¢¢latlon Grants {HAG) and OthoT grants HAG is made by the Scotb'sh Government and is utslised lo reduce the capital costs of approved schemes lo an amount of required loan finance whth il is ests"m8ted can be serviced by the net rental income of the scheme. The arrH)unl of HAG 1$ cakulated on qualifying costs of the scheme in accordance with instructions issued from time lo lime by Ihe S¢ollish Governmenl. In accordance with the FRS 102 Statement of Recommended Practice 2015 Accounting and Reporting by Chariti68, grants racWvab￿ are rocognised in the Stslemenl of Financial Activities in full when Ihe chBrity becomes enlilled lo them. HAG and other grants are repayable under certain circumstances. primarity following sale of propety, bul will noTmally b6 restricle