The Directors present their annual report and financial statements for the year ended 31 May 2025.
The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Society's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016)
The Society's objects are to provide accommodation, care and companionship for the lonely or frail elderly people in accordance with the aims and principles of The Abbeyfield Society Limited. There has been no change in these during the year.
The Directors have paid due regard to guidance issued by the Charity Commission in deciding what activities the Society should undertake.
Apart from the Trustees, the Charity does not rely on volunteers to help run its activities.
The information provided under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Directors to present a strategic report.
The board meets bi-monthly to review the society's financial position and review Key Performance Indicators. The figures for this year and last are:
| 2025 |
| 2024 |
| % |
| % |
|
|
|
|
Operating (deficit) as a percentage of income | (32) |
| (43) |
Overall occupancy rate | 72 |
| 64 |
Lost income through voids as a percentage of income | 28 |
| 36 |
Total staff costs as a percentage of income | 87 |
| 90 |
Food costs as a percentage of income | 5 |
| 6 |
During the period under review, marketing was improved and occupancy increased. However, the Society continued to suffer from insufficient residents to operate two care homes profitably.
Some financial improvement has been seen, but increase in occupancy level is the key to moving the Society to a profitable basis without reliance on the investment portfolio to cover operational losses.
The directors are hopeful that the improvement trend plus new services being introduced and marketing impetus will bring about the necessary financial recovery.
Post year end the decision was taken to close and dispose of Nicholas House and concentrate on Winton House, which is expected to be cash positive.
On 3 September 2025 the Board of Trustees took the decision to close Nicholas House. This was communicated to residents and staff on 8 September 2025 and the property is now being actively marketed for sale by Christie & Co.
The Society's investment portfolio is managed by Charles Stanley & Co. Limited on a discretionary basis. The Society seeks to produce the best financial return within an acceptable level of risk and therefore adopts the Charity Commission's guidance for a "total return" approach in order to give flexibility.
The broad policy set by Directors is to achieve long-term growth with an aim to maintain the real value of the portfolio and having readily realisable investments to cover contingency needs which will be necessary to cover the continuing financial losses.
It is the policy of the Society that unrestricted funds which have not been designated for a specific use should be maintained at a sufficient level. Sufficient reserves have been maintained throughout the year.
The current level of reserves is considered appropriate to meet the Society's needs for the foreseeable future. Details of the designated reserves and any movements therein are shown in the notes to the financial statements.
The Board has taken a strategic decision to continue to maintain adequate reserves for the purpose of supporting any future capital projects or expenditure.
The Directors have considered the need for designated reserves and at the year end are satisfied with the level of £570,000 split between a capital renewal fund £320,000 and an operational contingency fund of £250,000.
Where donations or legacies are received for specified purposes, the funds are held as restricted reserves.
Policies and internal control
The Directors have overall responsibility for establishing and maintaining the whole system of internal controls and for reviewing their effectiveness annually.
The Directors recognise that no system of internal control can provide absolute assurance or eliminate all risk. The system of internal control is designed to manage risk and to provide reasonable assurance that key business objectives and expected outcomes will be achieved. It also exists to give the reasonable assurance about the preparation and reliability of financial and operational information and the safeguarding of the Society's assets and interests.
In meeting their responsibilities, the Directors have adopted a risk-based approach to internal control which is embedded within the whole management and governance process. This approach includes the regular evaluation of the nature and extent of risks to which the company is, or could be, exposed.
As expectations and living standards generally in the community rise, so do those of residents, who are enjoying greater life expectancy than previously and in some cases can suffer increasing susceptibility to dementia, calling for higher standards of care; furthermore, the requirements of the regulatory authorities are becoming more demanding. With the support of our staff at all levels we are meeting these additional pressures. As a vacancy arises the room, once vacated, is redecorated. The standard of decoration is monitored very closely.
The Society is a private company limited by guarantee incorporated in England and Wales (company number 01051354) having no share capital and with charitable objectives. It is a registered charity (number 267984) and is registered with the Homes and Communities Agency as a Registered Provider (number H0062). The Society is governed by its memorandum and articles of association.
The Directors who served during the year and up to the date of signature of the financial statements were:
Directors are appointed by the Board in the event of a casual vacancy and then confirmed by the Members at an Annual General Meeting. Directors are volunteers who are or have been in business locally and whose experience can assist in the running of the Society.
None of the Directors has any beneficial interest in the company. All of the Directors are members of the company and guarantee to contribute £1 in the event of a winding up.
The Society's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).
The Society's current policy concerning the payment of trade creditors is to:
settle the terms of payment with suppliers when agreeing the terms of each transaction;
ensure that suppliers are made aware of the terms of payment by inclusion of the relevant terms in contracts; and
pay in accordance with the Society's contractual and other legal obligations.
The Society is organised under the control of its Directors, with day-to-day operations of the homes managed by registered managers supported by the general manager and the houses director. Overall control of finances is managed by the treasurer.
The Board meets six times a year.
The Society complies with the Governance and Financial Viability Standard Code of Practice.
The remuneration of key management personnel (House Managers and above) is set by the Directors annually. Pay rates are based on the prevailing market rate.
In accordance with the company's articles, a resolution proposing that Craufurd Hale Audit Services Limited be reappointed as auditor of the company will be put at a General Meeting.
The major risks to which the Society is exposed, as identified by the Directors, have been reviewed and systems have been established to mitigate those risks.
The Directors consider that the following are the key risks and uncertainties facing the Society:
Increased marketing effort required to restore occupancy to pre-Covid-19 pandemic levels.
Poor operational or care performance resulting in Care Quality Commission enforcement action, leading to damage to the Society's reputation and finances.
Increasing age at which new residents seek Care Home services, leading to higher cost of care.
High staff turnover and the Society's ability to recruit staff with sufficient knowledge, skills, expertise and experience to provide good care which could lead to higher use of agency staff and inconsistent care standards.
Failure to meet the current regulatory requirements of the Care Quality Commission and the Charity Commission or to identify and comply with any changes in legislation.
As part of the ongoing strategy to ensure value for money, the Directors have taken a number of actions to deliver their plans and to meet the required standard, embedding a 'value for money' culture throughout the Society. Getting best value from the resources is essential to ensure that the Society can continue to deliver quality care and invest in the accommodation offered to the residents where necessary to maintain the quality.
Key actions have been:
to have regular meetings with residents and by supervision from the Chairmen of the House Committees;
to manage staff resources to ensure a consistent approach;
to provide ongoing training to all staff to effect the delivery of the care service efficiently and at a high level;
to set budgets and monitor actual results against those budgets regularly; and
to engage with staff with appraisals and setting goals.
The Directors are committed to ensuring the value for money is considered in decision-making at all levels in order to meet and exceed the standard. This is reinforced through the Society's culture which strives, ultimately, to add value to Society through the provision of quality care to all the residents.
The Directors report, including the strategic report, was approved by the Board of Directors.
The directors, who also act as trustees for the charitable activities of The Abbeyfield (Maidenhead) Society Limited, are responsible for preparing the Directors Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company Law requires the Directors 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Company law requires the Directors 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 incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.
In preparing these financial statements, the Directors are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements; and
- prepare the financial statements on the going concern basis unless it is inappropriate to presume that the Society will continue in operation.
The Directors are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Society and enable them to ensure that the financial statements comply with the Companies Act 2006. They are 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.
Opinion
We have audited the financial statements of The Abbeyfield (Maidenhead) Society Limited (the ‘Society’) for the year ended 31 May 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the 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), 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) (as amended for accounting periods commencing from 1 January 2016). Reference has also been made to the Accounting Direction for Private Registered Providers of Social Housing 2019.
In our opinion, the financial statements:
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 Auditor's 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.
In auditing the financial statements, we have concluded that the Directors 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 when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the Directors with respect to going concern are described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Directors are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. 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 course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. 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.
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
the information given in the financial statements is inconsistent in any material respect with the Directors report; or
sufficient accounting records have not been kept; or
the financial statements are not in agreement with the accounting records; or
we have not received all the information and explanations we require for our audit.
As explained more fully in the Statement of Directors' Responsibilities, the Directors are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal controls as the Directors determine are 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 Directors 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 Directors either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
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 an auditor's report that includes 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 the 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.
Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including non-compliance with laws and regulations, was as follows:
the engagement director 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 company through discussions with management, and from our commercial knowledge and experience;
we focussed on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Care Quality Commission;
we assessed the extent of compliance with laws and regulations through making enquiries of management and inspecting legal fee expenditure; and
identified laws and regulations were communicated within the audit team and the team remained alert to instances of non-compliance throughout the audit.
We assessed the susceptibility of the company'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; and
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 judgements and assumptions made in determining the accounting estimates were indicative of potential bias; and
investigated the rationale behind significant or unusual transactions.
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 statements disclosures to underlying supporting documentation;
reading the minutes of meetings of those charged with governance; and
enquiring of management as to actual and potential litigation and claims.
There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of management and inspection of regulatory and legal correspondence, if any.
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s 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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
Craufurd Hale Audit Services Limited is eligible for appointment as auditor of the Society by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.
Investments
Social housing grant amortisation
The statement of financial activities includes all gains and losses recognised in the year.
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The Abbeyfield (Maidenhead) Society Limited is a private company limited by guarantee, having no share capital and with solely charitable activities. Incorporated in England and Wales. The registered office is Winton House, 51/53 Dedworth Road, WINDSOR, SL4 5AZ.
The Society is registered as a charity for tax purposes (No. 267984) and is a Registered Social Landlord with the Homes and Communities Agency (No. H0062).
The financial statements have been prepared in accordance with the Society's governing document, the Companies Act 2006 and “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)” (as amended for accounting periods commencing from 1 January 2016) and the Accounting Direction for Private Registered Providers of Social Housing 2019. The Society is a Public Benefit Entity as defined by FRS 102.
The financial statements are prepared in sterling, which is the functional currency of the Society. Monetary amounts in these financial statements are rounded to the nearest £.
The financial statements have been prepared under the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.
At the time of approving the financial statements, the Directors have a reasonable expectation that the Society has adequate resources to continue in operational existence for the foreseeable future. Thus the Directors continue to adopt the going concern basis of accounting in preparing the financial statements.
Unrestricted funds are available for use at the discretion of the Directors in furtherance of their charitable objectives.
Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.
Income is recognised when the Society is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.
Monetary donations are recognised on receipt. Other donations are recognised once the Society has been notified of the donation, unless performance conditions require deferral of the amount. Donations for specified purposes which are separately identified in the Statement of Financial Activities are then transferred as movements in restricted reserves.
Income includes rent and service charges receivable, net of losses from voids, together with income grants from local authorities and other agencies.
Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided in the normal course of business.
Central support and governance costs that do not relate directly to a single activity are wholly-apportioned to the sole activity undertaken, that of providing accommodation, care and companionship for lonely or elderly people.
The company is not VAT registered and irrecoverable input VAT is charged against the expenditure to which it relates.
Tangible fixed assets are initially measured at cost and subsequently measured at cost, net of depreciation.
Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:
The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.
Housing land and buildings are stated at cost less accumulated depreciation as tangible assets rather than fixed asset investments. The cost of properties is their purchase price or construction cost, which includes the incidental costs of acquisition. Assets in the course of construction are not depreciated until they are brought into use, at which point they are transferred to freehold or leasehold property as appropriate.
Surpluses of deficits on the sale of housing land and buildings are accounted for in the Statement of Financial Activities as the difference between the net sale proceeds and the carrying value.
Until 31 May 2023 housing properties were depreciated at 2% per annum. From 31 May 2023 housing properties were depreciated at 1.25% per annum. Although major components of the costs of buildings, such as kitchens and heating equipment, would be depreciated at higher rates, the Directors considered it impractical to identify those amounts incurred in earlier years. Until 31 May 2023 leasehold property was being written off at 2% per annum. From 31 May 2023 leasehold property is being written off at 1.25% per annum, rather than over the length of the lease.
Other tangible assets are stated at cost less accumulated depreciation. Minor equipment costing less than £500 and renewals of equipment under £1,000 are written off to the Statement of Financial Activities.
Tangible fixed assets received by way of donation are reflected in the financial statements at their estimated valuation at the date of receipt. An amount corresponding to the net book value is carried forward within restricted reserves.
Fixed asset investments are initially measured at transaction price excluding transaction costs, and if the shares are traded publicly or if their fair value can be measured reliably, are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in the Statement of Financial Activities. Transaction costs are expensed as incurred.
At each reporting end date, the Society reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).
Cash and cash equivalents include cash in hand and balances held with banks.
The Society has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.
Financial instruments are recognised in the Society's balance sheet when the Society becomes party to the contractual provisions of the instrument.
Basic financial assets, which include debtors and cash and bank balances, are measured at transaction price including transaction costs.
Basic financial liabilities, including creditors are recognised at transaction price including transaction costs.
Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities.
The Society has charitable status and is exempt from corporation tax on its income. It has no trading activities.
The Society is not registered for VAT. Accordingly, no VAT is charged to residents, and expenditure includes the relevant VAT.
The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.
Termination benefits are recognised immediately as an expense when the Society is demonstrably committed to terminate the employment of an employee or to provide termination benefits.
Social Housing Grants
In line with FRS 102 and the Housing SORP 2018 (Statement of Recommended Practice for Social Housing Providers), Social Housing Grants received as a capital contribution are shown separately as a creditor falling due after more than one year, unless the grant relates to a disposal of property and becomes recycled or repayable, in which case it is apportioned to creditors due in under one year.
The accruals method is applied as the company holds all social housing properties at their historic cost. Grants are made by the Homes and Communities Agency (formerly the Tenant Services Authority) and are used to reduce the amount of mortgage loan in respect of an approved scheme to the amount which it is estimated can be serviced by the net annual income of the scheme. The amount is calculated in accordance with instructions issued from time to time by the Homes and Communities Agency. The grants are paid direct to the lending institution and are reflected in the financial statements of the Society only when the payment has been made and the relevant mortgage loan reduced. In certain circumstances grants can become repayable or are recyclable.
During the previous year the directors considered the property deprecation rates with reference to the expected residual values and useful economic lives of the assets. The assessment was made that from 1 June 2023 the freehold property would have a useful economic life of between a further 60 and 65 years and the leasehold property would have a useful economic life of between a further 50 and 55 years.
The depreciation rate applied for the year ended 31 May 2024 has therefore been reduced to 1.25% per annum on cost from 2% per annum on cost applied previously. The new depreciation rate results in the leasehold property cost being depreciated over a further 51 years from 31 May 2023 and the freehold property cost being depreciated over a further 62 years from 31 May 2023. This change has not been applied retrospectively.
In the application of the Society’s accounting policies, the Directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
There are no estimates or assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities.
Accommodation
Accommodation
Rent receivable and service charge income gross of voids
Void losses (being rental income lost as a result of rooms not being let, although available for letting)
Investments
Accommodation, care and companionship for the elderly
Insurance
Telephone
Agency staff
Food and provisions
Household sundries
Cleaning materials
Rates, water and waste
Heating and lighting
Minor equipment
CQC Levy
Drugs and medical costs
Repairs and maintenance
Postage and stationery
Affiliation fees
The Society is considered to undertake a single activity, that of provision of accommodation, care and companionship for the lonely or frail elderly people. Therefore, support and governance costs have been treated as wholly-attributable to this activity.
Governance costs includes expenditure net of VAT to the auditors of £7,317 (2024 - £6,533) for audit fees and £5,368 (2024 - £4,137) for non-audit fees.
None of the Directors (or any persons connected with them) received any remuneration or benefits during the year, or were reimbursed expenses.
The average monthly number of employees during the year was:
The number of employees on a full time equivalent basis (based on a 38 hour week) was 80 (2024 - 74).
The society has charitable status and is exempt from corporation tax on its income.
In the opinion of the directors the market value of land and buildings was:
Listed investments are reflected at market value at balance sheet date. Capital and income account balances are included within the total investments.
The net movement in the investments revaluation reserve was (£307,607) (2024 - (£315,024)) in the year.
Creditors: amounts falling due after more than one year represents the unamortised balance of Social Housing Grants received in earlier years.
The Social Housing Grants are amortised at 2% per annum and released as income in the Statement of Financial Activities.
The entire balance of the Social Housing Grants is reflected as creditors: amounts falling due after more than one year.
An amount of £35,656 is expected to be released to the Statement of Financial Activities in the year ending 31 May 2026, £142,624 is expected to be released between two and five years and £681,757 is expected to be released in more than five years.
The Society operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Society in an independently administered fund.
The charge to profit or loss in respect of defined contribution schemes was £60,625 (2024 - £56,836).
The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.
Specific donations and legacies fund represents amounts held in respect of small donations or legacies given for specific purposes.
The occupational therapy unit fund was established by a donation from The Abbeyfield Egham & District Society to fund the construction of an occupational therapy unit. Depreciation on this expenditure is charged against the fund annually.
The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.
Revaluation of investments at market value reserve is represented by:
Balance brought forward 1 June 2024 £573,923 realised on disposal in 2024 (£252,453) unrealised in 2024 (£55,153) carried forward 31 May 2025 £266,316.
Balance brought forward 1 June 2023 £888,947 realised on disposal in 2023 (£465,812) unrealised in 2023 £150,788 carried forward 31 May 2024 £573,923.
Each member of the Society undertakes to contribute a figure not exceeding £1 to the assets of the Society to meet its debts and liabilities incurred while they were a member, in the event of its being wound up while they are a member or within one year of ceasing to be a member.
The guarantors do not have rights to a distribution in the event of a winding up. Members have equal voting rights.
At the reporting end date the company had £22,224 (2024 - £51,230) outstanding commitments for future minimum lease payments under non-cancellable operating leases.
On 3 September 2025 the Board of Trustees took the decision to close Nicholas House. This was communicated to residents and staff on 8 September 2025 and the property is now being actively marketed for sale by Christie & Co.
The remuneration of key management personnel including salaries and employers pension contributions is as follows.
During the year the Society entered into the following transactions with related parties:
The Society uses D M Cager (Insurance Brokers) Ltd, of which company director Mr D M Cager is a director and shareholder, to arrange its business insurances. The business insurance fees are agreed on an arms length basis.
The Society had no material debt during the year.