Chescombe Trust Limited (A company limited by guarantee)
Trustees' Report and Financial Statements for the Year Ended 31 March 2023
Registered number: 02585927
Charity number: 1002187
Chescombe Trust Limited
Contents
| Reference and administrative details of the charitable company, its Trustees and Advisers |
1 |
|---|---|
| Trustees' report | 2 to 9 |
| Statement of Trustees' Responsibilities | 10 |
| Independent Auditors' Report | 11 to 14 |
| Statement of Financial Activities | 15 |
| Balance Sheet | 16 to 17 |
| Statement of Cash Flows | 18 |
| Notes to the accounts | 19 to 33 |
Chescombe Trust Limited
Reference and administrative details of the charitable company, its Trustees and Advisers
Trustees
A J C Healy, Chair
D W J Anderson
D A Jones
G R Silver
D M Tremayne
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Company Registration Number
02585927
Charity Registration Number
1002187
Registered office
168 Gloucester Road Patchway Bristol BS34 5BG Secretary
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C M Panter
Chief Executive Officer
P Morris
Independent Auditors
Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB Senior Management Team
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J Pearce, Registered Manager and House Manager
C Horn, House Manager C Cook, House Manager
P Morris, Registered Individual
Page 1
C Panter, Finance Manager Page I
Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2022 to 31 March 2023. The Annual report serves the purposes of both a Trustees' report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors' Report) Regulations 2013 is not presented.
In setting objectives and planning for activities, the Trustees have given consideration to general guidance published by the charities commission relating to public benefit, including the guidance ‘public benefit: running a charity (PB2)’.
Chair’s Report:
We are finally moving back to normal service with residents and staff returning to a more sociable way of life. The Houses are celebrating Birthdays for each of the residents as a community as well as special celebrations such as the King's Coronation.
We have recommenced resident holidays as Chescombe believe that residents should always have the opportunity for a holiday.
The easing of COVID-19 regulations now means that staff can move between houses to provide further house flexibility and support. The infection control measures although still in place are not as severe as in the early stages of COVID.
Staff turnover has increased and we continually struggle to recruit replacements. The increase in the living wage plus competing with other sectors continues to be a challenge.
As in past years the Board and Managers continue to devote much time in discussions with the Local Authorities regarding the funding of Residents. As would be expected in the current climate, funding is difficult, however we are making progress and relationships with Local Authorities remain good.
Chescombe is now fully occupied with 19 residents and our financial position is reasonable. Despite the pressure on salaries, we remain confident about the future of our service.
Due to the pandemic, the past two years have had an inward looking focus, the protection and support of our residents and staff being paramount. We are now beginning to look at the long-term future of Chescombe.
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
1. Trust Aims & Objectives
Chescombe provides a comfortable, homely environment in which individuals are supported to develop their personal skills in a community living setting, whilst maximising their potential to live a safe, fulfilling and happy lifestyle. At our most recent inspection by the CQC we received ‘Good’ across the board for our care.
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We adhere to the above philosophies, and work with each individual using a person centred approach.
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We develop Personal Care Plans for each resident which identify each person's essential life style needs and aspirations.
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We then deliver the appropriate care in accordance with that care plan.
2. Chescombe History
Chescombe Trust has been providing a safe, comfortable and stimulating home environment for adults with severe learning disabilities since 1991. In 2011 we moved from a large Victorian building into our current purpose built facilities consisting of 3 homes and 3 self-contained flats. These smaller units provide an environment which is more like a home than was possible in the previous property.
3. Structure, Governance and Management
The company is registered as a charitable company, limited by guarantee and was set up by a Memorandum of Association on 27 February 1991.
Chescombe Trust is governed by a Board of 5 Trustees, from commercial business, industry, and healthcare, whose skills and experience benefit the Trust. It has executive control over finances and offers support to the CEO & Financial Manager with respect to business operations. All spends over an agreed amount must be put to the board for authorisation. Strategic guidance is also provided by the Board with respect to the changing environment in which the Trust has to operate.
The Board also provides support in respect of regulations as set out by the CQC and in developing the Care requirements of the Trust.
The Trustees hold board meetings every two months in which we discuss the operational and strategic needs of the Trust. An agenda is issued prior to the meeting and decisions made are recorded in the minutes. If needed the Board will vote to come to a decision, but usually a consensus is reached. Communication outside of the Board meeting is via email and telephone. Individual board members regularly visit the site to discuss various issues and adhoc meetings are held as required.
The management structure of the Trust is as follows:
Chief Executive Officer and Nominated Individual with CQC - Philip Morris, who has overall operational responsibility and line responsibility for the managers
Registered Manager with the CQC and Lead House Manager - Jo Pearce, House Manager of Treetops
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House Manager - Chris Cook, House Manager of Lavender Lodge House Manager - Clare Horn, House Manager of Orchard House
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
Financial Manager - Catherine Panter, Financial Manager started in April 2021
Pay and remuneration of key management personnel are set by reviewing the market place for posts within the care sector and taking appropriate decisions accordingly.
4. Governance and Quality Assurance
As a Registered Care Home, Chescombe Trust is required to meet the standards set out by the Care Quality Commission, is currently rated as 'Good' and works continually to maintain and improve the quality of care it provides.
Prospective Trustees are identified by existing Trustees. They are initially invited to a Board meeting as observers. The current Board members are introduced and policies and working practices explained. If agreed by the Board, they are then invited to this role. All the Trustees give their time voluntarily. Trustees may claim reimbursement of their travel expenses. There were no Trustees' expenses in the year. There is no time limit to service on the Board either as a Trustee or as Chair of Trustees, but all members need to stand for re-election every 2 years.
The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.
The Trust maintains a comprehensive Risk Assessment Review document which is reviewed on a regular basis and updated annually in February. Within the Risk Assessment Review document, a Risk Register is maintained covering 1. Strategic & Reputational Risk. 2. Operating Risk. 3. Compliance Risk and 4 Financial Risk.
The Trust’s insurances are reviewed by way of face to face meeting and site visit with an independent broker and cover is increased as necessary in line with current financial performance and assessed risks. This is backed up by visits from Ecclesiastical insurance who carry out a site survey and examine our records in respect of fire alarm testing, gas certification etc.
The Covid 19 pandemic has presented the Trust with significant challenges since the spring of 2020. The safety of our residents and staff remains an absolute priority. A specific set of risk assessments has been created to cover the additional risks presented by the virus and is adapted as governmental and local authority guidelines are changed. Sufficient PPE has been sourced and adequate stocks are being maintained. Stocks of test kits are also maintained and both residents and staff are being tested in line with guidelines.
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
5. Summary of Changes for 2022/23
COVID 19
- COVID - all staff and service users are up to date with vaccinations.
Residents
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We have had two new residents this year arriving in August 2022 and March 2023. Both have settled in well.
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Holidays have restarted and have been taken by many residents in Summer 2022 and Spring 2023, with further vacations planned in Summer 2023.
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Daily outings and visits home are all back to normal.
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Monthly singing sessions now happen with an external provider.
Site
• A major upgrade to the internet and Wi-Fi is has been completed, and this has seen improved access to the cloud-based documentation system used by Chescombe. Residents have also noticed improved performance in the streaming services they use.
• Each house has had the decorators in for repainting of rooms, doors, hallways, and stairs. Rooms for the new service users were completely redecorated and refreshed and some new furniture purchased. Treetops had a new wet room fitted to accommodate for the change in needs of the service user.
Staffing
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Several staff have left, and some have returned to the Trust. We have managed to recruit several new staff.
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Staff continue to undertake Diplomas in Health and Social care delivered by an external provider.
• To continue to stay ahead of the Living wage legislation and compete with other sectors vying for staff, there have been three salary increases: April 2022 (3%), August 2022 (3%) and March 2023 (8%)
- All staff received a Christmas bonus.
Local Authority
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Our managers continue to work hard on reviews for resident funding.
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We have had successful fee reviews including backdated income from North Yorkshire and Wirral local authorities.
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We are currently under negotiations with Bristol City Council regarding uplifts for our residents.
Fundraising
- This is being restarted with a Car boot sale planned and a potential sponsored walk in 2024.
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
6. Financial Review
The Trust has a financial regime that operates in accordance with modern working practices; all spending is fully transparent, accountable and attributable. The use of cash as a spending medium is limited. Management accounts are produced in house on a monthly basis and are reviewed in depth by the Trustees for accuracy and an external accountant on a quarterly basis. Access to residents' accounts is electronic and on an auditable basis, scrutinised by at least two but generally three officers of the Trust. The Trust is fully aware of its income and expenditure as it arises enabling complete understanding of its financial position on a monthly basis.
6.1 The financial highlights of 2022/2023 have been:
Fee Income from charitable activities: £1,820,630 up from £1,676,809 (2022). Costs: £1,776,802 up from £1,717,857 (2022).
Surplus before donations, COVID-19 grant and Personal Independence Payments (PIP) income £55,503 (2022 loss: £41,048). Total surplus £104,992 up £31,555 from a total surplus of £73,437 (2022).
It should be noted that during the Financial Year 2021/2022 the Trust had the benefit of COVID-19 sustainability income from Local Authorities of £52,385. These funds were spent on additional costs caused by COVID-19.
It is the Trustees' policy to ensure that the Trust is in a positive financial position based on fee income only, before voluntary donations are accounted for. Voluntary donations should be used to enhance the experience of our residents and The Trust should not be dependent on these to provide the basic needs of the residents.
Long term debt finance: Reduced by £10,753 (2022: £10,152 reduction) Donations and legacies income: £2,461 (2022: £11,652) PIP income: £47,028 (2022: £50,448)
The Trustees are aware that the introduction of the living wage presents a serious challenge to the financial stability of the Trust. The Trust is continuing to make progress agreeing new fees with local authorities in accordance with the wage increases and recognise that this process will take time to complete.
The Trust will continue with the policy of funding the care of the residents from fee income, and capital expenditure from donations or allocated capital within the reserves, thus ensuring the long term security, for the benefit of the current and future residents. Although we foresee interim periods where reserves may have to be utilised, these periods will be kept to a minimum.
6.2 Reserves
Free reserves (£536,793) are defined as unrestricted funds available for spending and are calculated by taking the total unrestricted funds of the charity (£2,672,896, 2022: £2,559,282) and deducting any balances not available for spending i.e. fixed assets of £2,136,103 (2022: £2,149,355).
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
For the purposes of short and medium term financial management, the trustees are concerned more with the management of working capital. The healthy working capital position is entirely in line with their policy of holding free resources sufficient to fund the eventuality of a material decline in incoming resources. The Trust have assessed the possible loss of income with a view to what the likely maximum loss could be in the short to medium term barring complete disaster. This has been assessed as a loss of one third of the residents with a commensurate drop in income of £51,000 per month. The Trust has also assessed the likely losses incurred during the period when the fee negotiations are being carried out, as well as any serious consequences of Covid 19. The Trust has a cash reserve policy to six months of reduced income (£306,000) with a variance of +/ £20,000, giving a total reserve of £286,000 to £326,000. This, in the opinion of the Trustees, would give adequate time to adjust the trusts costs, complete fee negotiations and/or fill some of the vacancies.
It is planned that any excess cash in the Trust's accounts will be used in one of three ways:
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Capital expenditure to improve the facility.
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Capital expenditure to improve the resident's life experience.
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To reduce the Capital Loan.
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To expand the offering of the Trust to more residents.
The Trustees review the reserves policy on an annual basis.
Total funds held by the charity at 31 March 2023 were £2,784,546 (2022: £2,679,554) of which £111,650 (2022: £120,272) was restricted. The majority of these funds, restricted and unrestricted, could only be realised by the sale of the property and other assets.
7. Goals and plans for the coming year
We have developed a comprehensive business plan for the next 5 to 10 years. The priorities within this plan, which will be the focus for the year, include: maintaining the high quality of care and planning for end of life care where appropriate; completing the staff grading and salary structure; ensuring appropriate and adequate funding for all residents from the Local Authorities; to use the funding to improve the life experience of our residents.
7.1 Maintaining the quality of care
The Trust will continue to provide stimulation and entertainment for its residents. Typical events are:
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Barbeques when the weather permits.
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Birthdays and parties for special events and celebrations.
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Monthly singing sessions.
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Local sports facilities also allow the offer of swimming.
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Weekly shopping trips, lunches out and cinema visits also run alongside daily outings for all residents.
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- We will continue to offer all residents the opportunity to take a summer holiday (subject to Government and CQC guidance) supported by the Trust. Several residents are also supported by the Trust to take home visits to their families in order to maintain family relationships with parents and siblings.
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
7.2 Staff Grading and Salary Review
Historical grading and salaries anomalies continue to be removed as staff turnover and pay rises permit. Senior staff salaries are compared against similar positions in the appropriate sector and by reviews with the managers. However, the annual increase in the 'living wage' with the financial constraints from Local Council funding means increases in salaries are limited.
The Board, along with the CEO and Finance Manager are trying to improve this situation, however, the response of the local Councils can take well in excess of a year to achieve additional funding.
7.3 Increasing Income
All staff are receiving above the ' living wage’. This will impact on 'salary' costs. Pension auto enrolment will also continue to impact our staffing costs. Increasing our income from donations and Local Authority funding, alongside continued cost effective planning, are therefore a priority for the coming year.
8. Fundraising
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As easement occurs fundraising events are being explored.
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Residents sponsored walk at Little Stoke Park
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Various Car Boot Sales
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Monies raised/donated by residents’ families
The events are organised and run by the staff and volunteers of Chescombe Trust. The Trust does not employ professional fundraisers.
The Trust has complied with fundraising standards and fundraising regulations.
Fundraising activity by the Trust from the Public is monitored by the Board of Trustees and the Trust’s Finance Manager. No complaints have been received by the Trust regarding its fundraising activities.
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Chescombe Trust Limited
Trustees' report For the year ended 31 March 2023
Disclosure of information to auditors
Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:
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So far as that Trustee is aware, there is no relevant audit information of which the charitable company’s auditors are unaware
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that Trustee has taken all the steps that they ought to have been taken as a Trustee in order to be aware of any information needed by the charitable company’s auditors in connection with preparing their report and to establish that the charitable company’s auditors are aware of that information.
In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.
Auditors
The auditors, Corrigan Accountants Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.
Approved by the Trustees on .................... and signed on its behalf by:
......................................... A J C Healy Chair of Trustees
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Chescombe Trust Limited
Statement of Trustees' Responsibilities For the year ended 31 March 2023
The Trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for preparing the Trustees' 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 Trustees to prepare financial statements for each financial year. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:
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select suitable accounting policies and apply them consistently;
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observe the methods and principles of the Charities SORP (FRS 102);
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make judgements and accounting estimates that are reasonable and prudent;
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state whether applicable UK Accounting Standards (FRS 102) have been followed, subject to any material departures disclosed and explained in the financial statements; and
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that charitable company will continue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
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Chescombe Trust Limited
Independent Auditor's Report to the trustees of Chescombe Trust Limited
Opinion
We have audited the financial statements of Chescombe Trust Limited (the 'charitable company') for the year ended 31 March 2023, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and the related notes including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 ' The Financial Reporting Standard applicable in the UK and Republic of Ireland' (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charitable company's affairs as at 31 March 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor’s responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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 Trustees’ 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 charitable company'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 Trustees with respect to going concern are described in the relevant sections of this report.
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Chescombe Trust Limited
Independent Auditor's Report to the trustees of Chescombe Trust Limited
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 Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, 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.
Matters on which we are required to report by exception
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:
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the information given in the financial statements is inconsistent in any material respect with the trustees' report; or
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the charitable company has not kept adequate accounting records; or
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the financial statements are not in agreement with the accounting records and returns; or
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we have not received all the information and explanations we require for our audit.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities (set out on page 10), the Trustees (who are also the directors of the charitable company for the purposes of company law) 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 control as the Trustees determine 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 Trustees are responsible for assessing the charitable company'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 Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.
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Chescombe Trust Limited
Independent Auditor's Report to the trustees of Chescombe Trust Limited
Auditor’s responsibilities for the audit of the financial statements
We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.
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 specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:
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We obtained an understanding of the legal and regulatory frameworks applicable to the charitable company and the sector in which it operates.
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We obtained an understanding of how the charitable company is complying with those legal and regulatory frameworks by making enquiries to management. We corroborated these enquiries through, where applicable, our review of the minutes of trustees' meetings.
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We assessed the susceptibility of the charitable company's financial statements to material misstatement, including how fraud might occur. Audit procedures performed by the engagement team included:
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identifying and assessing the design effectiveness of controls management has in place to prevent and detect fraud;
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understanding how those charged with governance considered and addressed the potential for override of controls or other inappropriate influence over the financial reporting process;
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challenging assumptions and judgements made by management in any significant accounting estimates;
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identifying and testing journal entries, in particular any unusual journal entries; and
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assessing the extent of compliance with the relevant laws and regulations.
Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities
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occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
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Chescombe Trust Limited
Independent Auditor's Report to the trustees of Chescombe Trust Limited
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/OurWork/Audit/Audit-and-assurance
/Standards-and-guidance/Standards-and -guidance-for-auditors/Auditorsresponsibilities-for-audit /Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company'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 charitable company's trustees 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 charitable company and the charitable company's trustees, as a body, for our audit work, for this report, or for the opinions we have formed.
......................................
Corrigan Accountants Limited, Statutory Auditor 1st Floor 25 King Street Bristol, BS1 4PB
Date:.............................
Corrigan Accountants Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.
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Chescombe Trust Limited
Statement of Financial Activities (incorporating income and expenditure account) for the Year Ended 31 March 2023
| Not e |
Unrestricte d funds £ Restricted funds £ Total funds 2023 £ Total funds 2022 £ |
|---|---|
| Income from: | |
| Donations and legacies 3 |
2,461 - 2,461 11,652 |
| Charitable activities 4 |
1,879,333 - 1,879,333 1,779,642 |
| Total Income | 1,881,794 - 1,881,794 1,791,294 |
| Expenditure on: | |
| Charitable activities 5 |
(1,768,180) (8,622) (1,776,802) (1,717,857) |
| Net income/ (expenditure) |
113,614 (8,622) 104,992 73,437 |
| Transfer between funds 15 |
- - - - |
| Net movement in funds | 113,614 (8,622) 104,992 73,437 |
| Reconciliation of funds | |
| Fund balances brought forward |
2,559,282 120,272 2,679,554 2,606,117 |
| Fund balances carried forward |
2,672,896 111,650 2,784,546 2,679,554 |
The Statement of financial activities includes all gains and losses recognised in the year.
The notes on pages 19 - 33 form part of these accounts.
Income and expenditure by fund is shown in note 15.
There are no recognised gains or losses other than the results for the year as set out above.
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Chescombe Trust Limited
Balance Sheet as at 31 March 2023
| Not e |
2023 £ 2022 £ |
|---|---|
| Fixed assets | |
| Tangible assets 11 |
2,136,103 2,149,355 |
| Current assets | |
| Debtors 12 |
92,847 65,853 |
| Cash at bank and in hand 18 |
815,452 708,417 |
| 908,299 774,270 |
|
| Current liabilities | |
| Creditors: Amounts falling due within one year 13 |
(99,324) (72,786) |
| Net currentassets | 808,975 701,484 |
| Total assets less current liabilities | 2,945,078 2,850,839 |
| Creditors: Amounts falling due after more than one year 14 |
(160,532) (171,285) |
| Total netassets | 2,784,546 2,679,554 |
| The funds of the charity: | |
| Unrestricted funds 15 |
2,672,896 2,559,282 |
| Restricted funds 15 |
111,650 120,272 |
| Total funds | 2,784,546 2,679,554 |
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Chescombe Trust Limited
Balance Sheet as at 31 March 2023
The notes on pages 19 - 33 form part of these accounts.
The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.
The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.
However, an audit is required in accordance with section 145 of the Charities Act 2011.
The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.
The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime.
The financial statements were approved and authorised for issue by the Trustees on .................... and signed on their behalf by:
......................................... A J C Healy Director
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Chescombe Trust Limited
Statement of Cash Flows for the Year Ended 31 March 2023
| Not e |
2023 £ 2022 £ |
|---|---|
| Cash fows from operating activities | |
| Net income | 104,992 73,437 |
| Adjustments for non-cash items | |
| Depreciation 11 |
19,551 23,836 |
| Loss on disposal of tangible fxed assets | 973 1,681 |
| 125,516 98,954 |
|
| Working capital adjustments | |
| Increase in debtors 12 |
(26,994) (10,081) |
| Increase/(decrease) in creditors 13 |
25,938 (23,899) |
| Net cash fows from operating activities | 124,460 64,974 |
| Cash fows from investing activities | |
| Sale of tangible fxed assets | - 16,910 |
| Purchase of tangible fxed assets 11 |
(7,272) (4,732) |
| Net cash fows from investing activities | (7,272) 12,178 |
| Cash fows from fnancing activities | |
| Repayment of loans and borrowings | (10,153) (9,564) |
| Net increase in cash and cash equivalents | 107,035 67,588 |
| Cash and cash equivalents at 1 April | 708,417 640,829 |
| Cash and cash equivalents at 31 March | 815,452 708,417 |
| The notes on pages 19 - 33 form part of these accounts. |
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
1 General information
The company is a private company limited by guarantee, and a charity registered in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.
2 Accounting policies
Summary of significant accounting policies and key accounting estimates
The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.
Basis of preparation
The financial statements have been prepared in accordance with 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.
Chescombe Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.
Going concern
The financial statements have been prepared on a going concern basis. There are no material uncertainties relating to events or conditions that may cast doubt on the charity's ability to continue as a going concern.
Income
All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from residential care fees is recognised as services are provided.
Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. All costs are allocated directly to the single activity of Care of Residents.
Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.
Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.
All expenditure is inclusive of irrecoverable VAT.
Interest receivable
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.
Tangible fixed assets and depreciation
Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.
Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.
Depreciation is provided on the following basis:
| Depreciation is provided on the following basis: | |
|---|---|
| Freehold property | No depreciation |
| Motor vehicles | 25% reducing balance |
| Fixtures and fttings | 20% reducing balance |
| Computer equipment | 25% on cost |
No depreciation has been provided on the freehold property as the charge would be immaterial due to the high residual value of the property and the length of its remaining useful economic life.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
Cash at bank and in hand
Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.
Liabilities and provisions
Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.
Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the services it must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.
Financial instruments
The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.
Operating leases
Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.
Pensions
The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.
Fund accounting
General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| 3 Income from donations and legacies | 3 Income from donations and legacies | 3 Income from donations and legacies | ||
|---|---|---|---|---|
| Unrestric ted |
Restricte d 2023 £ £ - 2,461 Restricte d 2022 £ £ 6,364 11,652 |
|||
| £ | ||||
| Donations | 2,461 | |||
| Unrestrict ed |
||||
| £ | ||||
| Donations | 5,288 | |||
| 4 Income from charitable activities | ||||
| Unrestric ted |
Restricte d 2023 £ £ - 1,879,333 Restricte d 2022 £ £ 52,385 1,779,642 |
|||
| £ | ||||
| Care of Residents | 1,879,333 | |||
| Unrestric ted |
||||
| £ | ||||
| Care of Residents | 1,727,257 | |||
| 5 Analysis of expenditure on charitable activities | ||||
| Summary by fund type | Restricte d 2023 £ £ 8,622 1,776,802 Restricte d 2022 £ £ 58,250 1,717,857 |
|||
| Unrestric ted |
||||
| £ | ||||
| Direct costs - Care of Residents | 1,768,180 | |||
| Unrestric ted |
||||
| £ | ||||
| Direct costs - Care of Residents | 1,659,607 |
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| 6 Analysis of income from charitable activities by type of income | 6 Analysis of income from charitable activities by type of income | 6 Analysis of income from charitable activities by type of income | 6 Analysis of income from charitable activities by type of income | 6 Analysis of income from charitable activities by type of income |
|---|---|---|---|---|
| Unrestrict ed |
Restricte d |
2023 £ 1,820,630 47,028 - 11,675 1,879,333 2022 £ 1,676,809 50,448 52,385 - 1,779,642 |
||
| £ | £ | |||
| Fee Income | 1,820,630 | - | ||
| Personal Independence Payments | 47,028 | - | ||
| Covid-19 sustainability income | - | - | ||
| Cost of living income | 11,675 | - | ||
| 1,879,333 | - | |||
| Unrestric ted |
Restricte d |
|||
| £ | £ | |||
| Fee Income | 1,676,809 | - | ||
| Personal Independence Payments | 50,448 | - | ||
| Covid-19 sustainability income | - | 52,385 | ||
| Cost of living income | - | - | ||
| 1,727,257 | 52,385 | |||
| 7 Analysis of expenditure by activities | ||||
| Activities undertak en directly |
Support costs |
2023 £ 1,776,802 2022 £ |
||
| £ | £ | |||
| Care of Residents | 1,660,820 | 115,982 | ||
| Activities undertak en directly |
Support costs |
|||
| £ | £ |
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Care of Residents
1,607,361 110,496 1,717,857
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| Analysis of direct costs | ||
|---|---|---|
| Care of Residents 2023 |
Care of Residents 2022 |
|
| £ | £ | |
| Staf costs | 1,325,437 | 1,323,294 |
Depreciation |
19,551 | 23,836 |
| Residents' food costs | 78,785 | 80,172 |
| Day and social care costs | 8,472 | 1,237 |
| Other residents' costs | 1,872 | 7,488 |
| Staf training and DBS checks | 13,781 | 4,848 |
Light and heat |
29,071 | 24,492 |
| Rates and water | 18,861 | 12,677 |
| Insurance | 35,022 | 34,070 |
| Cleaning and waste disposal | 20,790 | 18,769 |
| Repairs and maintenance | 64,226 | 35,138 |
| Mortgage interest | 10,509 | 11,099 |
| Sundries | 30 | 1,814 |
| Registration | 2,388 | 2,381 |
| Motor and travel costs | 11,646 | 7,577 |
| Postage and stationery | 2,392 | 2,773 |
| Telephone | 6,919 | 4,665 |
| Computer costs | 956 | 1,278 |
| Subscriptions | 8,071 | 7,042 |
| Bank charges | 1,068 | 1,030 |
| (Proft) / loss on disposal of fxed assets | 973 | 1,681 |
| 1,660,820 | 1,607,361 | |
| Analysis of support costs | ||
| Care of Residents 2023 |
Care of Residents 2022 |
|
| £ | £ | |
| Staf costs | 94,933 | 93,637 |
Legal and professional |
11,696 | 9,873 |
| Auditor's remuneration | 8,175 | 6,050 |
| Trustees' indemnity insurance | 1,178 | 936 |
| Trustees' expenses | - | - |
| 115,982 | 110,496 |
During the year, the company incurred the following Governance costs: £21,049 (2022 - £16,859) included within the table above in respect of Care of Residents.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| 8 Auditor's remuneration | |
|---|---|
| 2023 £ 2022 £ |
|
| Fees payable to the charitable company's auditor for the audit of the charitable company's annual accounts |
6,900 6,050 |
| 9 Staf costs |
The aggregate payroll costs were as follows:
| 9 Staf costs The aggregate payroll costs were as follows: |
|
|---|---|
| 2023 £ 2022 £ |
|
| Wages and salaries | 1,257,665 1,260,929 |
| Social security costs | 114,388 107,738 |
| Contribution to defned contribution pension schemes | 48,317 48,264 |
| 1,420,370 1,416,931 |
The average number of persons employed by the charitable company during the year was as follows:
| year was as follows: | |
|---|---|
| 2023 No 2022 No |
|
| Employees | 50 54 |
No employee received remuneration amounting to more than £60,000 in either year.
The total remuneration and benefits received by key management personnel during the year was £238,375 (2022: £229,535).
1 0[Remuneration of the Strategic Leadership Team]
During the year, no Trustees received any remuneration or other benefits (2022 - £NIL).
During the year ended 31 March 2023, expenses totalling £0 were reimbursed (2022 - £0).
Page 25
Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| 1 1 Tangible fxed assets |
1 1 Tangible fxed assets |
|---|---|
| Freehold property £ Motor vehicles £ Fixtures and fttings £ Computer equipment £ Total £ |
|
| Cost or valuation | |
| At 1 April 2022 | 2,068,780 78,951 135,344 13,738 2,296,813 |
| Additions | - - 7,272 - 7,272 |
| Disposals | - - (3,510) (2,787) (6,297) |
| At 31 March 2023 | 2,068,780 78,951 139,106 10,951 2,297,788 |
| Depreciation | |
| At 1 April 2022 | - 40,136 94,369 12,953 147,458 |
| Charge for the year | - 9,704 9,455 392 19,551 |
| Eliminated on disposals |
- - (2,537) (2,787) (5,324) |
| At 31 March 2023 | - 49,840 101,287 10,558 161,685 |
| Net book value | |
| At 31 March 2023 | 2,068,780 29,111 37,819 393 2,136,103 |
| At 31 March 2022 | 2,068,780 38,815 40,975 785 2,149,355 |
Included in freehold property is land purchased at a cost of £463,678 (2022: £463,678) which is not depreciated. Nor is the building depreciated. The Trust's premises were built to a high standard and completed in 2011. No depreciation has been provided on the freehold property as the charge would be immaterial due to the high residual value of the property and its remaining useful economic life. Freehold property also includes interest charges of £98,490 incurred during the period of construction of the property.
| period of construction of the property. | |
|---|---|
| 1 2 Debtors |
|
| 2023 £ 2022 £ |
|
| Due within one year | |
| Trade debtors | 85,263 58,491 |
| Other debtors | 6,737 4,623 |
| Prepayments and accrued income | 847 2,739 |
| 92,847 65,853 |
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| 1 3 Creditors: amounts falling due within one year |
|
|---|---|
| 2023 £ 2022 £ |
|
| Other loans | 10,704 10,104 |
| Trade creditors | 12,974 2,827 |
| Other taxation and social security | 32,356 26,241 |
| Other creditors | 14,429 14,236 |
| Accruals and deferred income | 28,861 19,378 |
| 99,324 72,786 |
| 1 4 Creditors: amounts falling due after one year |
|
|---|---|
| 2023 £ 2022 £ |
|
| Other loans | 160,532 171,285 |
| Included in the creditors are the following amounts due after more than fve years: | |
| 2023 £ 2022 £ |
|
| Between one and two years | |
| Other loans | 11,409 10,705 |
| 2023 £ 2022 £ |
|
| Between two and fve years | |
| Other loans | 38,541 36,336 |
| 2023 £ 2022 £ |
|
| Over fve years | |
| Other loans | 110,582 124,244 |
The above loan is secured on the freehold property of the charitable company.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
1 5[Statement of funds]
| 1 5 Statement of funds |
1 5 Statement of funds |
|---|---|
| Statement of funds - current year | |
| Balance at 1 April 2022 £ Income £ Expenditur e £ Transfers in/out £ Balance at 31 March 2023 £ |
|
| Unrestricted funds | |
| General funds 2,559,282 1,881,794 (1,768,180) - 2,672,896 |
|
| Restricted funds | |
| Land and Buildings Capital Fund 100,000 - - - 100,000 |
|
| Fixtures and Fittings Capital Fund 4,295 - (859) - 3,436 |
|
| Galloway Capital Fund 10,813 - (2,639) - 8,174 |
|
| Treetops House | 5,164 - (5,124) - 40 |
| Total restricted funds |
120,272 - (8,622) - 111,650 |
| Total funds | 2,679,554 1,881,794 (1,776,802) - 2,784,546 |
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
Details of funds
Land and Buildings Capital Fund
A grant of £100,000 was received from Future Builders England Ltd towards the land purchase and build costs associated with the new centre. A restriction is placed on this grant for 25 years from 16 October 2008.
Fixtures and Fittings Capital Fund
A grant of £50,000 was received from Future Builders England Ltd towards the cost of fitting out the new centre. A restriction is placed on this grant for 25 years from 16 October 2008.
Galloway Capital Fund
The Galloway Capital Fund represents donations received from a parent of one of the residents. The donations relate to the purchase of capital items such as a television and a motor vehicle.
Covid 19 Sustainability Income
Included within the 2022 grant income received to mitigate the impacts of Covid 19 was income totalling £52,386 from South Gloucestershire Council which was for specific costs relating to the pandemic. That income, and the related costs, have therefore been allocated to a separate fund.
Orchard House and Treetops House funds
These smaller funds relate to donations which are restricted to expenditure on one of the Charity’s three houses.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
Statement of funds - prior year
| Statement of funds - prior year | Statement of funds - prior year |
|---|---|
| Balance at 1 April 2021 £ Income £ Expenditur e £ Transfers in/out £ Balance at 31 March 2022 £ |
|
| Unrestricted funds | |
| General funds | 2,486,344 1,732,545 (1,659,607) - 2,559,282 |
| Restricted funds |
|
| Land and Buildings Capital Fund |
100,000 - - - 100,000 |
| Fixtures and Fittings Capital Fund |
5,369 - (1,074) - 4,295 |
| Galloway Capital Fund |
14,404 - (3,591) - 10,813 |
| Covid-19 Sustainability Fund |
- 52,385 (52,385) - - |
| Orchard House | - 1,200 (1,200) - - |
| Treetops House | - 5,164 - - 5,164 |
| Total restricted funds |
119,773 58,749 (58,250) - 120,272 |
| Total funds | 2,606,117 1,791,294 (1,717,857) - 2,679,554 |
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
1 6[Summary of funds]
Summary of funds - current year
| Balance at 1 April 2022 Income Expendit ure Transfer s in/out Balance at 31 March 2023 |
|
|---|---|
| General funds | 2,559,2821,881,794 (1,768,18 0) -2,672,896 |
| Restricted funds | 120,272 - (8,622) - 111,650 |
| 2,679,5541,881,794 (1,776,80 2) -2,784,546 |
Summary of funds - prior year
| Balance at 1 April 2021 Income Expendit ure Transfer s in/out Balance at 31 March 2022 |
|
|---|---|
| General funds | 2,486,3441,732,545 (1,659,60 7) -2,559,282 |
| Restricted funds | 119,773 58,749 (58,250) - 120,272 |
| 2,606,1171,791,294 (1,717,85 7) -2,679,554 |
1 7[Analysis of net assets between funds]
Analysis of net assets between funds - current year
| Unrestri cted funds |
Restrict ed funds |
Total funds 2023 |
|
|---|---|---|---|
| £ | £ | £ | |
| Tangible fxed assets | 2,024,49 3 |
111,610 | 2,136,10 3 |
Current assets |
908,259 | 40 | 908,299 |
| Creditors due within one year | (99,324) | - | (99,324) |
| Creditors due in more than year | (160,532 ) |
- | (160,532 ) |
| 2,672,89 6 |
111,650 | 2,784,54 6 |
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
| Analysis of net assets between funds - prior | Analysis of net assets between funds - prior | year | year | Total funds 2022 £ 2,149,35 5 774,270 (72,786) (171,285 ) 2,679,55 4 |
|
|---|---|---|---|---|---|
| Unrestri cted funds |
Restrict ed funds |
||||
| £ | £ | ||||
| Tangible fxed assets | 2,034,24 7 |
115,108 | |||
Current assets |
769,106 | 5,164 | |||
| Creditors due within one year | (72,786) | - | |||
| Creditors due in more than year | (171,285 ) |
- | |||
| 2,559,28 2 |
120,272 | ||||
| 1 8 Analysis of cash and cash equivalents |
|||||
| 2023 £ |
2022 £ |
||||
| Cash in hand | 815,452 | 708,417 | |||
| 1 9 Analysis of changes in net debt |
|||||
| At 1 April 2022 |
Cash fows |
Other non- cash change s |
At 31 March 2023 £ 815,452 (10,704) (160,532 ) 644,216 |
||
| £ | £ | £ | |||
| Cash at bank and in hand | 708,417 | 107,035 | - | ||
| Debt due within 1 year | (10,104) | (600) | - | ||
| Debt due after 1 year | (171,285 ) |
10,753 | - | ||
| 527,028 | 117,188 | - |
Income and expenditure by fund is shown in note 15.
There are no recognised gains or losses other than the results for the year as set out above.
Page 32
2
0[Pension commitments]
The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £48,317 (2022 - £48,264).
Contributions totalling £8,038 (2022 - £7,117) were payable to the fund at the balance sheet date and are included in creditors.
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Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2023
2
1[Assets held on trust]
The charity holds funds on trust for five residents (2022 - three residents). At 31 March 2023, the amount held on trust was £2,999 (2022- £1,492). These amounts are not included on the charity's balance sheet.
2 2[Operating lease commitments]
At 31 March 2023 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:
| 2023 £ 2022 £ |
|
|---|---|
| Within one year | 419 839 |
| In two to fve years | - 419 |
| 419 1,258 |
|
| 2 3 Related party transactions |
There were no related party transactions in the year other than the reimbursement of expenses disclosed in note 10.
Page 33