Charity Registratlon No. 1058769 Company Raglstratlon No. 03244113 (England and Wales) PETWORTH COTTAGE NURSING HOME (A COMPANY LIMITED BY GUARANTEE) ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 PETWORTH COTTAGE NURSING HOME LEGALAND ADMINISTRATIVE INFORMATION Trustses Mr C R Hubbard. Chaim)an Mr J RAtkins Dr A J Smoker Mr T J Barrington DrSPett MrAW Brooke Mr D H M Burrell Dr G M Lyons MrA M Hepworth (Appointed 1 January 2024} Secretary DrSPett The Lady Egremont Charfty number 1058769 Company number 03244113 Regl8t•red office Petworth Cottage Nursing Home Fittleworth Road Petworth Wesl Sussex GU28 OHQ Auditor Anova The Bam, Meadow Court Faygate Lane Faygate Horsham West Sussex RH12 4SJ Bankoys Natwest Bank PLC 5 East Street Chichester West Sussex P010 1HH SollcltOT8 Anderson Rowntree steria House Markel Square PebNorth West Sus8ex GU28 0 PETWORTH COTTAGE NURSING HOME CONTENTS Paga Trustees, report stat•ment of trustees, responsibilities Independent audltofs report 7-10 Statement of financial activities 11 Balance sheet 12 Statement of cash IIthY8 13 Notss to the financial stalements 14-25 PETWORTH COTTAGE NURSING HOME TRUSTEES, REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 DECEMBER 2023 The truste8s present the5r report and financial ststements for the year ended 31 December 2023. The financial statements have been prepared in accordan￿ with the accounting policies set out in note 1 to the ffinancial Statements and comply with the tharitable companys goveming document. the Memorandum and Artides of Association dated 30 August 1996 and 'Accounting and Reporting by Charities: Statement of Recommended Pra￿1￿ 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)" Obiectivas and activitles The Charity's objectives are the relief of sickness and infirmity through the provision of nursing care. and vmthout prejudice to the generality of the foregoing to provide a short stay nursing and convalescent home for the benefit of any disabled or sick person upon terms appropriate to their means, and to provide medical andlor nursing care of limited duration for any disabled or sick person upon terms appropriate to their means The Trustee Directors have had due regard to the Charity Commission guidan￿ on public benefjt whilst setting the objects and activities of the Charity. PCNH'S fees continue to refl8Ct its Charitable ststus as a non-profit Organisation. Fees Charged reflect the full nursing status of the Home and are generally well below that of similar Nursing Homes. Petsvorth Cottage Nursing Home has assisted 6 Residents with their fees during 2023 and has cared for a total of some 59 Residents during the year. It is the intention of the Trustees and Management to continue to monitor the contribution for the public benefit and should. conditions allow. to increase the number of Residents admitted who need assistance with their fees. AChiev￿1ents and perforniance Throughout the year the Charity has fulfilled the objectives set out above. The Residents continue to benefit from the continuing refurbishment of various areas of the Home induding the first floor Pantry used by visitors and staff, the staff room and the Volunteers kitchen, all three of which were funded by the proceeds from the Christmas Quiz. Residents rooms continue to be refurbished and enhanced by a team of members of staff with a very carefijl eye kept on expenditure. The result is charming and homely. PCNH has over a period of many years integrated itself within the local community and continues to benefit through its r8putation and the activities of the Friends resulting this year in a significant increase Compared with 2022. Results of Fund Raising Activities for 2023:. Christmas Quiz £29,086 WS Golf Club £12.557 Pelworth Christmas Fair £908 Blue Tins £275 White Horse Pub £1,344 Alfresco Lunch £9.291 Zimbabwe Quiz charity £500 Various £840 The Board is hugely appreciative of all these contributions. These gifts and some very generous legacies absolutely allow PCNH to fulfil its responsibilities as a Charity for the benefit of the community of Peiworth and beyond. PETWORTH COThAGE NURSING HOME TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Investrnent Pollcy and Parfornianco In last year's Accounts, it was reported that, following the decision by the Investrnent Committee on 14th February 2022 (which was later ratified by the Board) that our non-property investments should be placed under the managenient of Quilter Cheviot Investment Management (QCIM). the existing investments (in the form of two Ederrtree Amity Funds and two M&G Funds) were then sold in July and August 2022 with the proceeds handed to QCIM. In the course of setting up a new account with QCIM. the Investment Commitiee agreed a "Statement of IrNeslrnent Policy" which was essentially a5 follows:_ that QCIM should be authorised to aim for optimum "Total Retum" (meaning that the proportions of investment growth and revinvested income would be of no consequence). and that QCIM should manage the portfolio on the basis that PCNH has a medium tolerance for investment risk. and also work on the basis that the charity has a moderate abilty to bear investment losses during periods of volatilty and market weakness, and that investment i￿ome should be transferred to the capital account for rfrinvestmerrt, and that QCIM should be free to invest for the longer (indefinite) tiM&l￿ri10n. The investment director at QCIM who is responsible for managing PCNH'S investments is Ms Poppy Fox and the Investment Committee had its first annual review meeting with her on 6th September 2023 (when the value of the portfolio was stsnding at £787.182) and, after the meeting. the Investrnent Committee agreed that it was satisfied that she was {1) operating within our mandate. and (li) obtaining a respectable investment perfomiance. (It was then up 2.9% in the year to date) The total fvnds under QCIM'S management as at 31 December 2022 stood at £765,088 and a year later on 31 Decetnbei 2023, Ihis value had increased lo £830.455 aftei all fees - i.e. 8.5'A 4JP during the year as against a 3.6% rise in the FTSE100 Index over the same period. (No additional funds were placed under QCIM'S management and nor were any funds withdrawn during the period). Financial review In 2023. there was an operating deficit of £97.742 (2022.. £265,571) and an overall surplus of £46,938 (2022.. deficit £40,377) leading to an increase in the total reserves held. The income received from residents rose by 12.70k {2022.' 7.2%) with average o¢¢upancy of 27.5 residents12022. 28.5). Reserves Pollcy The financial policy of the charity Is to continue to hold reserve funds not only to cover the maintenance and renewal of the buildings and equipment of the charity but also lo ensure a strong balance sheet to mitigate the impact of any weakness in the market during the current and continuing recessionary period. It is considered politic and sound management to ensure that reserves do not fall below £800.000 in order to meet many months expenditure and Wential repairs to the property. Total unrestricted funds were £2,995.199 (2022: £2.948.262) and after taking acc<)unt of £1.933,900 {2022: £1,996.063) tied up in tangible fixed assets and investment property. uncommitted reserves at the year end were £1.061,299 (2022: £952,199). PETWORTH COTTAGE NURSING HOME TRUSTEES. REPORT (INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Rlsk Assessment The trustee directors are conscious of the need to review and determine the risks inherent in the management of the Home and to establish corrective actions and systems to mitigate the risks. The trustee directors continue to carry out risk assessment which is reviewed on an annual basis. Through these procedures. the trustee directors are satisfied that the major risks identified have been adequately mitigated where necessary. It is categorised under. Medium likelihoodlhigh impact Low likelihoodfftigh impact Low likelihoo(Vmedium impact Descri 'on of Risk Shortage of staffing in the Nursin home Sector Sudden1088 of senior staff at lanni and strate ies for mana in risk Redun of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's webslte aL' http:Ilw¥wi.frc.org.ukJaudltorsrespon8ibilities. This description forms part of our auditorfs report. PETWORTH corrAGE NURSING HOME INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF PETWORTH COThAGE NURSING HOME Usa of our report This report is made solely to the charity's trustees, as a body. in accordance with part 4 of the Charities (Acc￿nIS 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 auditors. report and for no other purpose. To the fullest extent permitted by law. we do not accept or assume responsibilty to anyone other than the tharity and the charity's trustees as a body. for our audit work. for this report. or for the opinions we have fonned. IAatth•w Cleghor for and on bohal FCA Bsc (Hons) IS of Anova lor Statutory Audltor) 1.9.fu!? ,ToZ(fr. Chartered Accou Statutory Auditor tants The Bam. Meadow Court Faygate Lane Faygate Horsham Wèst Sussex RH12 4SJ Anova is eligible for appointrnent a5 auditor of the charitable Company by virtue of its eligibilty for appointrnent as audrtor of a company under of sedion 1212 of the Companies Act 2006. 10- PETWORTH corrAGE NURSING HOME STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Gonoral Operating funds funds 2023 2023 Total General funds 2022 Operating funds 2022 Total 2023 2022 Notss Inc Donations and legacies Charitable aclivitie Patients, fees Investments 86,262 93.306 271,307 22.358 293.665 1.753.367 1.753,367 26.921 1,555,646 1.555.646 33,151 26.921 33,151 Total income 113,183 1,760,411 1.873.594 304,458 1,578,004 1,882,462 enditure Raising funds 23,543 23,543 13,251 13.251 ble activ Provision of a residential Ca￿ home Goveman 1.847,975 1,847,975 7,070 7,070 1,836,975 6,600 1,836,975 6,600 Totsl charitablè expenditure 1,855,045 1.855,045 1,843,575 1,843.575 other 10 3,108 3.108 Total rngources expondèd 23,543 1,858,153 1,881.696 13.251 1,843,575 1,856,826 Net gainsl(losses) on investments 14 55,040 55,040 (66,013) (66.013) Net Incomingl(outgoing) rasourcas before transfers 144,680 (97,742) 46,938 225.194 (285,571) (40.377) Gross transfers between funds (97,742) 97.742 (265,571) 265,571 Net movement in fund8 46,938 46,938 {40,377) (40,37n Fund balances at 1 January 2023 2,948,261 2.948.261 2,988,639 2.988.639 Fund balancgs at 31 December 2023 2,995,199 2,995,199 2,948,262 2,948.262 The statement of financial activities includes all gains and losses recognised in the year. AJI income and expenditure derive from continuing activities. The statement of financlal activities also complies with the requirements ftlr an income and expenditure account under the Companies Act 2006. 11 PETWORTH COTTAGE NURSING HOME BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Notes Flxed assèts Tangible assets Investrnent properties Invesknents 12 15 13 1,684,900 260,000 830,455 1.736.063 260,000 765.086 2,775,355 2.761.149 Currnnt assets 16 17 2.600 216,899 99.380 2,600 182,057 134,873 Debtors Cash at bank and in hand 318,879 319,530 Credltors: amounts falling due within one year 19 (99,035) 1132,417) Net ojrrent assets 219,844 187,113 Total assets less current liabilities 2,995. 199 2,948.262 Income funds Unrestricted fijnds 2.995.199 2,948,262 2.995.199 2,948.262 The company is entitled to the exemption from the audit requirement contained in Section 477 of the Companies Act 2006, for the year ended 31 December 2023. although an audit has been carried out under section 144 of the Charities Act 2011. The trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply wilh seLtion 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure. for th8 financial year in accordance with the requirements of seciions 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to finanaal statements, so far as applicable to the company. These fina tothes ial statements have been prepared in accordance with the provisions applicable to companies subject mpanies regime. Th Inancial statements We￿ approved by the Trustees on .... ... Mr C R Hubbard. Chaiman Trusts¢ Compary Reglstratlon No. 03244113 12- PETWORTH COTTAGE NURSING HOME STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operntlng actlvlli Cash (absorbed byygenerated from operations 23 (19.892) 70,687 Inv8sting activities Purchase of tangible fixed assets Proceeds fronvreinvestrnent in investrnents Dividends. interest and rents from investments (32.193) (10.329) 26.921 {286,973) 37.148 33,151 Not cash used in investing activities (15.601) (196.674) Net cash usgd In financing activitigs Not docreaso in cash and cash equivalents {35,493) (125,987) Cash and cash equivalents at beginning of year 134.873 260,860 Cash and cash equivalents at end of year 99.380 134.873 13- PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies Charity infomiation Petworth Cottage Nursing Home is a private company limited by guarantee incorporated in England and +Vales. The registered ¢)ffice is Petworth Cottage Nursing Home, Fittjeworth Road, Pelworth. West Sussex. GU28 OHQ. 1.1 Accounting convention The financial statements have been prepared in atxordance wilh the Charities SORP (FRS 102) - Accounting and Reporting by Charities.. Statement of Recommended Practice applicable to charitie5 preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2019) and the Companies Act 2006. Petworth Cottage Nursing Home meet8 the definition of a public benefit entity under FRS102. The finan¢ral statements are prepared in sterling. which is the functional currency of the charitable company. Monetary amounts in these financial ststements are rounded to the nea￿st £. The financial statements have been prepared under the historical c#)st convention, modified to indude investrnent properties and certain financial instnjments at fair value. The principal accounting policies adopted are set out bel¢)w. 1.2 Golng Concern At the time of approving the finanoal statements. the trustee5 have a reasonable expectation that the charitable company has adequate resources to continue in operational existence for the foreseeable future. Thus Ihe trustees continue to adopt the going con￿rn basis of accounting in preparing the financial ststements. 1J Charltabla funds General funds are unreslrided funds which are available for use at the discretion of the trustees in furthera1￿2 of their charitable objedives and which have not been designated for other purposes. 1A Incom¢ Income is recognised when the charitable company is legally entitled to it after any perfomiance conditions have been met, the amounts can be m8asured reliably, and it is probable that income will be received. Patients, fees include all fees receivable for the year. Legacies are recognised on a case by case basis following the granting of probate and based on when the tharity has been notified in writing of both the amount and the setuement date of the gift. Donations are recognised when the charity has been notified in writing of both the amount and settlement date. Investrnent income is eamed through holding assets for investment purposes such as shares and property. Interest income is re￿gnised using the effective interest method and dividend and rent income is recognised as the charity's right to receive payment is established. Grants, induding govemment grarrts, are induded in the Statement of Financial Activities on a ￿CeiVable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant funds on the Balance Sheet. Vthere income is received in advance of entitlement of receipt, ts recognition is deferred and induded in creditors as deferred income. Vthere entitlement occurs before incorne Is re￿ved, the incA)m8 is a￿rued. 14- PETWORTH corrAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Ac¢ounting policios (Continued) 1A 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 e¢orKKniG benefits will be required in settlement and the arnount of the obligation can be measured reliably. All costs have been allocated lo activities on a basis consistent with the use of the resource. Expenditure on raising funds indudes all expenditure incurred by the Charity to raise fvnds for its dlaritable purposes and indudes costs of all fijndraising activities events, Expenditure on tharitable activities is in¢urred on directly undertaking the adivities vthich further the Charivs objedives. as well as any associated sUPPOrt costs and governance costs. Support ¢x)sts are those costs inGurred directly in support of expenditure on the obie(ts of the Charity and indude project management carried out at Headquarters. Govemance costs are those incurred in Connection with administration of the Charity and compliance with constiiutional and statutory requirements. All expenditure is indusive of irrecoverable VAT. 1.6 Tanglble fixed a88ets Tangible fixed assets costing £100 or more are initially measured at cost and subsequently measured at cost or valuation. net of depreciation arKI any impairment losses. Tangible fixed assets are initially recognised at Cost. After recognition, under the co8t model, tangible fixed assets are measured at CL)St less accumulated dep￿CiatIon and any accumulated impaimient losses. All costs incurred to bring a tangible fixed as8et into its intended working condition should be indudad in the measurement of cost. Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the folknmng bases.. Fr88hold land and buildings Plant and equipment Fixtures and fittings Motor vehicles 5. 10 ar 20 years straight line BebHe8n 10-33% per annum on cost Between 10-50% per annum on cost 25% per annum reducin9 balance The gain or 1088 arising on the disposal of an asset is determined as the difference belween the sale proceeds and the carrying value of the asset, and is recognised in net incomel{expenditure) for the year. At eath balance sheet date the Trustee directors review the carying amounts of the Charitys tangible fixed assets to detemiine whether there is an indicab.on of impairment of those assets. If such an indication exists, the recoverable amount of the asset is estimated in order to assess whether any impaimient loss has arisen. The recoverable amount is the higher of fair value less costs to sell and value in use as determined by the trustee directors. If the recoverable amount of an asset is estimated to be less than its carying arnount. the carrying amount of the asset 15 reduced to its recoverable amount. 1.7 Investment propertles Investment properties are measured at fair value at each reporting date. 15- PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accounllng pollclas Icontlnued) 1.8 Fixed asget investments Fixed asset investments are initialty recognised at their transaction cost and subsequenuy measured at fair value at each reporting date, unless the value rAnnot be measured reliably in which case it is measure at cost less impairment. Gains and 108ses, whether realised or unrealised. are combined and presented as "Net gainsl(losses) on investments in the Statement of Financial Activities" 1.9 Impalrnient of fixed assets At each reporting end date, the charitable ￿MpanY reviews the carying amounts of its tangible assets to detemiine whether there is any indication that those assets have suffered an impaimient loss. If any such indication exists, the recoverable amount of the asset is estimated in order to detemiine the extent of the impaimient loss (if any). 1.10 Stocks Stocks are valued at the lower of cost and net realisable value after making due allowance for obsolete and slow-rnoving stocks. Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution. 1.11 Cash and cash equlvalonts Cash and cash equivalents include cash in hand, deposits held al call with banks, other short-term liquid investments wlth origlnal maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilit18S. 1.12 Financial ingtruments The charitable company has elected to apply the provisions of Section 11 'Basic Finanaal Instruments, and Section 12 '0ther FinancAal Instruments Issues, of FRS 102 to all of its financial instruments. The charitable company only has financial assets and financial liabilities of a kind that qualify as bas1¢ finanpial instruments. Basic ffinancial instruments of the charity are initially recognised at transaction value and subsequently measured at their settiemenl value. 1.13 Taxation The charity 15 an exempt charity within the meaning of schedule 3 of the Charities Act 2011 and is considered to pass the tests set out in Paragraph 1 Schedule 6 Finance Act 2010 and therefore it meets the definition of charitable company for UK Corporation Tax purposes. 1.14 Employee benefits lthen employees have rendered service to the Charity, short tern employee benefits, to which the employees are entitled, are ￿cOgnised at the undiscounted amount expected to be paid in exchange for that service. 1.15 Retirement benefits Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.16 Intern8t recelvable Inte￿st on funds held on deposit is included when receivable and the amount can be measured reliably by the Charity.. this is normally upon notiffication of the interest paid or payable by the institution with whom the funds are deposited. 16- PETWORTH corrAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Accountlng policie8 (Continued) 1.17 Company status The Charity is a company limited by guarantee. The members of the company are the TNStee directors named in the Trustees, report. In the event of the Charity being wound up. the liability in respect of the guarantee is limited to £10 per member of the Charity. Critical accounting 88tlmates and Judgom8nts Critical accounling estimates and assumptions: In the application of the charitable company's accounting policies, the trustees are required to make judgements, estimates and assumptions about the carying 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 Ihese estimates. The estimates and underfying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised vthere the revision affects only that peri¢xI. or in the period of the revision and future periods WA￿re the revision affects both current and future periods. Critical areas of Judgement: Expactod useful Ilfe and resldual value of freehold land and bulldlngs Tangible fixed assets are depreciated over their expected useful economic lives after taking into account the estimated residual value of the asset where si9nificant. The residual values and useful economic lives are reassessed annually and may vary depending on a number of factors such as future maintenance programmes, future market conditions and d)ange in legislation. Fair value of investment properties Investment properties are measured at fair value at each reporting date. The fair value of investment properties is assessed by the Trustee directors with reference to current market values. Donatlons and legacies Goneral Opgrnting funds fundg Total General Operating fvnd5 funds Total 2023 2023 2023 2022 2022 2022 Donations and gifts Govemment grants 86.262 86.262 271,307 271,307 22.358 7.044 22,358 86.262 93.306 271,307 22,358 293.665 Donations and gifts Donations and legacies Donations received via The Friends 24.246 24,246 223,580 223,580 62,016 62,016 47,727 47,727 86,262 86,262 271,307 271,307 17- PETWORTH corrAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Donallons and legacies {Continuod) Grants receivablo for core activlties Govemment grarrts 7,044 22.358 22,358 22.358 22.358 During the year. a total of £7.044 (2022". £22.358) was received in govemment grants These were received in relation to infection control". £Nil (2022: £8,800), support for social service residents: £7,044 (2022: £4.278). Workforce developmenl plan £Nil {2022: £9,280). Charitable activities Patients. fees 2023 Patlents, fees 2022 Sales within charitable activities 1,753,367 1.555,646 Investments Genoral funds 2023 General funds 2022 Rentsl income IncA)me from listed investments Interest receivable 8,962 23,751 438 15,924 1.3S1 26,921 33.151 Raising funds General funds 2023 General funds 2022 Fundraisin and ubli other fundraising costs 9.458 9.340 Inv stmen mana ement 14,085 3,911 23,543 13.251 18- r to In ¢0 (y oo (vj C) (W y In co In r ¢Q IP ts) ¥174 ¢7) 8 8 EIZI )(n￿o￿) Ci PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Audltoes remuneration The analysis of auditols remuneration is as follows- Fws payable to the charitable company's auditors and as8ociat•8: 2023 2022 Audit of the annual accounts 4.750 4,750 Other servicos to tho charitable company Non-audit services provided to the charitable company 2.320 1,850 Total audit foes 7.070 6.600 Employees Numb8r of gmployees The average monthly number of employees during the year was: 2023 Number 2022 Number 55 Employment ¢08ts 2023 2022 Wages and salaries Social secunty costs Other pension costs 1,203,111 112,140 23,780 1,234,983 107,658 22.786 1,339,031 1.365,427 The key management personnel of the charity comprise the financial controller, the home manager and her deputy. The total remuneration of key management personnel during the year was £180,031 (2022: £183.324). The number of employees whose annual remuneration was £60,000 or rnore were.. 2023 Number 2022 Number £70,001- £80,000 -20- PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 10 Other Operating funds Total 2023 2022 Net loss on disposal of tangible fixed assets 3.108 3,108 11 Th18tees None of the trustees (or any persons connected with them) received any remuneration or benefrts from the charitable company during the year (2022.. £Nil). Durfng the year ended 31 December 2023, no Trustee director expenses have been incurred (2022: £Nil). 12 Tanglble fixed assots Frgghold land and bulldlngs p￿nt and Flxturng and Motor v•hicl•s Bquipm8nt fittings Total Cost At l January 2023 Additions Disposals Transfers 1.643,599 420,970 15,543 (181,151) 5,237 42,835 2,107,404 32.193 (181.651) 16.650 (500) (5,237) At 31 Dec*mber 2023 1,837,862 16,650 260,599 42,835 1,957,946 Depro¢iation and Impalmient At 1 January 2023 Depreciation charged in the year Eliminated in respect of disposals 94.817 33.186 (500) 255,580 40,556 (178,043) 20,944 5,473 371,341 80.248 {178.543) 1,033 At 31 December 2023 127,503 1,033 118,093 28,417 273,046 Carrying amount At 31 De￿mber 2023 1.510,359 15,617 142,508 16,418 1.684.900 At 31 De￿rnber 2022 1.548.782 165,390 21,891 1,736.063 All of the tsngible fixed assets of the Charity are used diredy for charitable purposes, -21 PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 13 Flxed asset investments Listed Investments Cost or valuation At 1 January 2023 Valuation changes Dividendslcharges etc 765,086 55.040 10,329 At 31 December 2023 830.455 Carrying amount At 31 December 2023 830,455 At 31 December 2022 765,086 Flxed asset invo8tmènts revaluèd The historical cost of fixed asset investrnents at 31 December 2023 was £813,520 (2022.. £813.520). The fair value of listed Investments is detennined by the reference to market value. The listed investments are wholty comprised of an investment portfolio managed by Quilter Cheviot. 14 Net gainslllosses) on investments UnrestrlGted funds Un￿StrICted funds 2023 2022 Revaluation of investrnents 55,040 {66.013) 15 Invgstrnent proporty 2023 Falr value At 1 January 2023 and 31 December 2023 260,000 The 2023 valuation was made by the Trustee directors. on an open market value for existing use basis. The Trustee direciors Consider that the open market value equates for fair value. PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 16 Investrnont property (Continuod) 2023 2022 Freehold 260,000 260,000 16 Stocks 2023 2022 Medical supplies and food 2,600 2.600 17 Debtors 2023 2022 Amount8 falllng duo within one year: Trade debtors other debtors Prepayments and accrued income 163,407 138,064 2,183 41.810 52,216 216.899 182,057 18 Contingent Assets The charitable company has been legally gifted 10% of an eslate, the sum of which is d8pendant on the sale of property and is likely to be in the region of £64.000. The in11ow of economic benefits has teen considered as probable. however, the expected receipt date of the legacy is unknown. The charftable company has further been gifted a bequest of circa £200k, £180k of which was received in October 2022. The residual inflow of economic beneffts (circa £20k) from the bequest has been considered as probable. however. the expected receipt date of the remaining legacy is unknown. 19 Creditors: amounts falling due within ong year 2023 2022 Nots• Other taxation and social secunty Deferred income Trade creditors Other Creditors Accruals 34,032 1,311 36,366 5.508 21,818 35,844 2,467 34,546 8.724 53,036 99,035 132,417 IncL*me is deferred in respect of rèsident fees received in advance and income for fundraising events rwAived in advance. -23- PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 20 Dofarred Income 2023 2022 Other deferred incorne 1,311 2.467 Deferred income is induded in the finan(aal statements as follows: Balance at 1 January 2023: Released in year Income deferred in year Balance at 31 December 2023 2.467 (2.467) 1.311 21 Analysis of not assets boiwoan funds Unrestricted Rostrictèd funds fund 2023 2023 Total Unrestricted funds 2022 Restricted funds 2022 Total 2023 2022 Fiind balances at 31 December 2023 are represented by.. Tangible assets Investment properties Investments Current assetsl(liabilities) 1,684.900 260.000 830,455 219.844 1,684,900 260,000 830,455 219,844 1,736,063 260,000 765,086 187,113 1,736,063 260,000 765,086 187,113 2,995,199 2,995.199 2,948,262 2,948,262 22 Flnanclal commitmonts* guarantses and Contingent liabiliti08 At the reporting end date the charitable company had OLrtstsnding Commitments for firture minimum lease payments under norFcancellable operating leases amounting to £nil (2022: £1.759) -24- PETWORTH COTTAGE NURSING HOME NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 23 Cash generated from operatlons 2023 2022 Surplusl{defic4t) for the year 48,938 (40.378) Adjustrnents for: Investrnent income recognised in statement of financial adivities Loss on disposal of tsngible fixed assets Fair value gains and losses on investments Depreciation and impairment of tsngible fixed assets (26,921) 3,108 (55,040) 80,247 (33,151) 66.013 58,191 Movements in working Gapital". (Increase) in debtors (Decrease)lincrease in creditors (Decrease)lincrease in deferred income (34,842) 132,226) (1,156) (17,346) 36,594 764 Cash (absorbed by)Igenèrnted from operations 119,892) 70,687 24 Analysis of changes in ngt fvnds At 1 J•nuary 2023 Cash flows At 31 D•c•mber 2023 Cash at bank and in hand 134,873 135.493} 99.380 134,873 135.493) 99,380 25 Rotlrement benofit schomo8 Defined contrlbution schome8 The Charitable company operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charitable company in an independently administered fund. The charge to profit or loss in respect of defined contribution schemes was £23,780 (2022 - £22,786). Contributions totalling £5,248 were payable to the fund at the balance sheet date (2022.. £2.994). 26 Related party transactions During the year the Charity incurred propety management fees of £1.154 (2022: £1.077) from Barrington and Co. of which T Barrington, trustee. is a director. At the balance sheet date the amount due to Barrington and Co was £Nil (2022.. £Nil). There ￿pre no other related party transaction that require disclosure in 2023. 27 Controlling party The charitable company is Controlled by its tru8lee directors. -25-