REGISTERED COMPANY NUMBER: 03345230 (England and Wales) REGISTERED CHARITY NUMBER: 1068393
Report of the Trustees and Audited Financial Statements for the Year Ended 31 December 2023
for
Peacehaven House (A Company Limited by Guarantee)
Advance Audit Limited Statutory Auditor 71/73 Hoghton Street Southport Merseyside PR9 0PR
Peacehaven House
Contents of the Financial Statements for the Year Ended 31 December 2023
| Page | |
|---|---|
| Reference and Administrative Details | 1 |
| Report of the Trustees | 2 to 4 |
| Report of the Independent Auditors | 5 to 7 |
| Statement of Financial Activities | 8 |
| Balance Sheet | 9 |
| Cash Flow Statement | 10 |
| Notes to the Cash Flow Statement | 11 |
| Notes to the Financial Statements | 12 to 20 |
| Detailed Statement of Financial Activities | 21 to 22 |
Peacehaven House
Reference and Administrative Details for the Year Ended 31 December 2023
TRUSTEES D Edmondson H Sidebotham R I Foulkes A P Shandley (Chairman) D A T Wood C K Caton (Treasurer) L O'Malley J Sutton C A Rodwell T Coventry REGISTERED OFFICE 101 Roe Lane Southport Merseyside PR9 7PD REGISTERED COMPANY 03345230 (England and Wales) NUMBER REGISTERED CHARITY 1068393 NUMBER AUDITORS Advance Audit Limited Statutory Auditor 71/73 Hoghton Street Southport Merseyside PR9 0PR
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Peacehaven House
Report of the Trustees for the Year Ended 31 December 2023
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2023. The trustees have adopted the provisions of 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).
OBJECTIVES AND ACTIVITIES
Objectives and activities
The objectives of the Charitable Company are to relieve elderly or indigent persons in the Southport area regardless of sex or religious belief through the purchase of lease, furnishing, equipping and maintenance, of a home or homes and to carry out such charitable activities as the Trustees may determine. It is the Charity's practice to open the facilities of the home to a growing number of charitable organisations in the area.
Public benefit
In setting the objectives and planning activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit. The trustees have examined the major strategic and operational risks which the charity faces and confirm that systems have been established to mitigate risks.
ACHIEVEMENT AND PERFORMANCE Charitable activities
For Peacehaven house 2023 was fundamentally a year of restructuring within the Charity and the management team. Early in 2023, after much discussion and planning, the trustees decided to replace the role of a single deputy manager with two senior managers responsible for "clinical lead" and "care lead" with John Irvine being appointed to the former and Charlotte Ellison being appointed to the latter, both were previously existing members of the peace haven team.
A year on, I am pleased to report that this was one of the most successful and effective decisions that the board of trustees have made. It has made an enormous difference to the daily operations of the charity.
During the year there was also a continuing renovation and upgrading and reinvestment of the Derwent wing of the home, particularly the lounge and dining room.
We spent much of the year enrolling staff on training courses in order to enhance the number of staff qualified in NVQ leadership and apprentice courses. We believe that ongoing investment in our staff is critical to the delivery of quality care to our residents.
Our engagement with the local community is expanding, and we have developed our relationship with Norwood primary school significantly during the year Through our ongoing intergenerational club work.
Anybody who visits our care home will surely bear testament to the fact that there is a wonderful atmosphere within Peacehaven and this is primarily due to the amazing commitment and loyalty of our staff. During 2023 at our annual long service awards we celebrated two members of staff achieving 10 years service, two members of staff achieving 15 years service and one member of staff achieving 20 years service this is simply incredible and unprecedented in the care sector. The service and dedication of our staff is truly remarkable.
We also celebrated two residents achieving their 104th birthdays, and two others achieving 101 and 100 years of age!
The year was full of social events for the residents, most notably the King's coronation party and the summer fair which were a huge success.
From a financial perspective the charity finished the year broadly on target and made enormous financial investment into peace haven house to enhance the fabric of the building. I must thank Charlie Caton, our Treasurer, for his exceptional planning and budgets, which kept us on track!
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Peacehaven House
Report of the Trustees for the Year Ended 31 December 2023
I must pay credit to Lynne Nuttall and her incredibly dedicated team who deliver quality service and care to all the residents within Peacehaven.
Finally, an enormous thank you to all of my fellow Trustees, who generously give so much time to ensure that Peacehaven remains the wonderful charity that it is.
FINANCIAL REVIEW
Financial position
2023 was the first full year post Covid restrictions, which allowed the home to operate on a more 'normal' basis, however the general economic climate with rising inflation affecting major cost items did still provide a challenging year for both resident care and a financial perspective.
Peacehaven delivered a surplus on operations of £35,247, compared to a deficit in 2022 of £43,040. Fee income rose favourable because of room utilisation being much higher than previous years. The effect of opening rooms for short term respite care has been a major driver in new residents moving to permanent residency after sampling the excellent care on offer during their short stay.
We have seen major cost increases which will not reduce as we go forward. For example, insurance has increased by over 40% on the prior year with many insurers not wanting to quote for this type of business. Food has also seen substantial increase across all items resulting in double digit rise in costs. In addition the increase in minimum living wage has a major effect on driving up out labour costs as we ensure our key staff are remunerated accordingly.
The management restructure during 2022 has provide greater managerial depth and resilience and has assisted in the positive performance in 2023.
Investment in the infra structure of the house continued in 2023 with Derwent lounge being refurbished and new chairs added. Our commitment to the upkeep of the house via continuous ongoing maintenance is key to the residence enjoying the environment they call home.
The revaluation of our investments saw a capital appreciation of £30,609 resulting from rises in the stock market (2022: decreased by £56,766).
The Trustees have reviewed the valuation of the land and buildings and feel there is no adjustment required to meet today's market values.
The Trustees are pleased with the outcome for the year end. The charity remains in a very healthy financial position with a strong balance sheet and an excellent Manager and her new team delivering a first-class care home for both its residents and staff.
FUTURE PLANS
The Trustees have reviewed their business plan for the charity and will continue with expenditure on the fabric of the home and in ensuring its staff are fully trained to deliver a care home.
STRUCTURE, GOVERNANCE AND MANAGEMENT
Governing document
The charity is controlled by its governing document, a deed of trust, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
Policies
Policies and organisational structure of the charity are determined by the trustees who delegate powers of day-to-day operations to Lynne Nuttall, the Registered Manager. To assist in achieving the objectives of Peacehaven House, qualified personnel are employed, including managers, care workers and administrative staff. The charity relies on the voluntary help of the Trustees for the control and reporting requirements of the charity. Sufficient policies and set procedures and implemented to ensure effective control of the charity. During the year we have used the services of QCS to provide ongoing updates in all areas of legislation relative to our policies and procedures.
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Peacehaven House
Report of the Trustees for the Year Ended 31 December 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Recruitment and appointment of new trustees
Trustees are each allocated to a sub committee, where they have a role in overseeing the management and activities of the home. Any Trustee vacancy is filled by searching for a person best equipped to fill that vacancy in terms of the skills required to complement the Trustee team. Confirmation of appointment, after induction training, is by approval of existing Trustees.
Risk management
The trustees have a duty to identify and review the risks to which the charity is exposed and to ensure appropriate controls are in place to provide reasonable assurance against fraud and error.
Trustees have been reminded during the year of their responsibilities to review the risk elements of the business and to act to minimise those risks. A paper listing perceived risks and estimated levels of frequency and impact together with adopted methods of managing those risks was issued to the trustees as a catalyst to our ongoing review.
STATEMENT OF TRUSTEES' RESPONSIBILITIES
The trustees (who are also the directors of Peacehaven House for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland".
Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the Charity SORP;
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make judgements and estimates that are reasonable and prudent;
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prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business.
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to 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.
In so far as the trustees are aware:
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there is no relevant audit information of which the charitable company's auditors are unaware; and
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the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information.
This report has been prepared in accordance with the special provisions of Part 15 of the Companies Act 2006 relating to small companies.
Approved by order of the board of trustees on 19 June 2024 and signed on its behalf by:
A P Shandley - Trustee
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Report of the Independent Auditors to the Members of Peacehaven House
Opinion
We have audited the financial statements of Peacehaven House (the 'charitable company') for the year ended 31 December 2023 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'.
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 December 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, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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 Auditors' 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the 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.
Other information
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If 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.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the Report of the Trustees has been prepared in accordance with applicable legal requirements.
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Report of the Independent Auditors to the Members of Peacehaven House
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees.
We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees.
Responsibilities of trustees
As explained more fully in the Statement of Trustees' Responsibilities, 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.
Our responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors 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.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
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Enquiry of management and those charged with governance around actual and potential litigation and claims;
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Enquiry of entity staff in compliance functions to identify any instances of non-compliance with laws and regulations;
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Reviewing minutes of meetings of those charged with governance;
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Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations.
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Performing audit work over the risk of management override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for bias.
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 occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
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Report of the Independent Auditors to the Members of Peacehaven House
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed.
Jennifer Tobin FCCA (Senior Statutory Auditor) for and on behalf of Advance Audit Limited Statutory Auditor 71/73 Hoghton Street Southport Merseyside PR9 0PR
Date: .............................................
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Peacehaven House
Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2023
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Charitable activities 4 Activities undertaken directly Investment income 3 Total EXPENDITURE ON Charitable activities 5 Activities undertaken directly NET INCOME/(EXPENDITURE) BEFORE GAINS OR LOSSES Net gains/(losses) on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 10,160 1,892,427 4,050 1,906,637 1,871,390 35,247 30,609 65,856 2,116,411 2,182,267 |
Restricted fund £ - - - - - - - - - - |
2023 Total funds £ 10,160 1,892,427 4,050 1,906,637 1,871,390 35,247 30,609 65,856 2,116,411 2,182,267 |
2022 Total funds £ 49,571 1,634,837 30,925 1,715,333 1,758,373 (43,040) (56,766) (99,806) 2,216,217 2,116,411 |
|---|---|---|---|---|
The notes form part of these financial statements
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Peacehaven House
Balance Sheet 31 December 2023
| Notes FIXED ASSETS Tangible assets 11 Investments 12 CURRENT ASSETS Debtors 13 Cash at bank CREDITORS Amounts falling due within one year 14 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 17 Unrestricted funds TOTAL FUNDS |
2023 £ 1,453,476 524,170 1,977,646 98,289 207,191 305,480 (100,859) 204,621 2,182,267 2,182,267 2,182,267 2,182,267 |
2022 £ 1,453,476 596,129 2,049,605 89,915 123,590 213,505 (146,699) 66,806 2,116,411 2,116,411 2,116,411 2,116,411 |
|---|---|---|
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on 19 June 2024 and were signed on its behalf by:
C K Caton - Trustee
A P Shandley - Trustee
The notes form part of these financial statements
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Peacehaven House
Cash Flow Statement for the Year Ended 31 December 2023
| Notes Cash flows from operating activities Cash generated from operations 1 Net cash used in operating activities Cash flows from investing activities Purchase of fixed asset investments Sale of fixed asset investments Interest received Net cash provided by investing activities Change in cash and cash equivalents in the reporting period Cash and cash equivalents at the beginning of the reporting period Cash and cash equivalents at the end of the reporting period |
2023 £ (18,397) (18,397) (117,026) 217,026 1,998 101,998 83,601 123,590 207,191 |
2022 £ (64,500) (64,500) (178,911) 178,911 377 377 (64,123) 187,713 123,590 |
|---|---|---|
The notes form part of these financial statements
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Peacehaven House
Notes to the Cash Flow Statement for the Year Ended 31 December 2023
1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES
| Net income/(expenditure) for the reporting period (as per the Statement of Financial Activities) Adjustments for: (Gain)/losses on investments Interest received Management fees paid out of fund Dividends received Increase in debtors (Decrease)/increase in creditors Net cash used in operations |
2023 £ 65,856 (30,609) (1,998) 4,620 (2,052) (8,374) (45,840) (18,397) |
2022 £ (99,806) 56,766 (377) 5,125 (30,548) (18,755) 23,095 (64,500) |
|---|---|---|
2.
ANALYSIS OF CHANGES IN NET FUNDS
| At 1.1.23 | Cash flow | At 31.12.23 | |
|---|---|---|---|
| £ | £ | £ | |
| Net cash | |||
| Cash at bank | 123,590 | 83,601 | 207,191 |
| 123,590 | 83,601 | 207,191 | |
| Total | 123,590 | 83,601 | 207,191 |
The notes form part of these financial statements
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Peacehaven House
Notes to the Financial Statements for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The charity is a company limited by guarantee. 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. The address of the registered office is given in the charity information on page 1 of these financial statements.
The financial statements are presented in sterling which is the functional currency of the charity. The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
Going concern
The trustees consider that there are no material uncertainties about the Charity's ability to continue as a going concern. The financial statements have been prepared on the going concern basis which the trustees consider to be appropriate. Having considered the current and forecast results, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future and they continue to adopt the going concern basis in preparing the annual financial statements.
The financial statements do not include any adjustments that would result from the basis of preparation being inappropriate.
Income
Income is recognised when the charity has entitlement to the funds, any performance conditions attached to the item(s) of income have been met, it is probable that the income will be received and the amount can be measured reliably.
Where income has related expenditure (as with fundraising or contract income), the income and related expenditure are reported gross in the Statement of Financial Activities.
Donations, grants and gifts are recognised when receivable. In the event that a donation is subject to fulfilling performance conditions before the charity is entitled to the funds, the income is deferred and not recognised until it is probable that those conditions will be fulfilled in the reporting period.
Income from government and other grants, whether 'capital' grants or 'revenue' grants, are recognised when the charity has entitlement to the funds, any performance conditions attached to the grants have been met, it is probable that the income will be received and the amount can be measured reliably and is not deferred.
Bank and building society interest is included in the income & expenditure accounts on receipt. Dividends and fixed interest are included in the income & expenditure account when they are declared.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Tangible fixed assets
Assets are capitalised at their historical cost when purchased. Depreciation is not provided however the need for any impairment of a fixed asset write-down is considered if there is concern over the carrying value of an asset and is asses by comparing that carrying value against the value in use or realisable value of the asset when appropriate.
The charity has adopted the revaluation model to revalue items of freehold property whose fair value can be measured reliably. The revaluations shall be made with sufficient regularity to ensure that the carrying amount does not differ materially from that which would be determined using fair value at the end of the reporting period.
The fair value of land and buildings is usually determined from market-based evidence by appraisal that is normally undertaken by professionally qualified valuers.
Revaluation gains and losses are recognised in the Statement of Financial Activities and added to reserves in a separate Revaluation reserve.
Investments
Stocks and shares quoted on a recognised stock exchange are included in the balance sheet at market value.
Investments are a form of basic financial instrument and are initially recognised at their transaction value and subsequently measured at their fair value as at the balance sheet date using the closing quoted market price. The statement of financial activities includes the net gains and losses arising on revaluation and disposals throughout the year.
All gains and losses are taken to the Statement of Financial Activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year.
Unrealised gains and losses are calculated as the difference between the fair value at the year-end and their carrying value. Realised and unrealised investment gains and losses are combined in the Statement of Financial Activities.
The main form of financial risk faced by the charity is that of volatility in equity markets and investment markets due to wider economic conditions, the attitude of investors to investment risk, and changes in sentiment concerning equities and within particular sectors or sub sectors.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Debtors
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due.
Cash at bank and in hand
Cash at bank and cash 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.
Creditors
Creditors are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors are normally recognised at their settlement amount after allowing for any trade discounts due.
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
1. ACCOUNTING POLICIES - continued
Financial instruments
The charity 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.
Fund accounting
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Leasing
Rentals applicable to operating leases where substantially all of the benefits and risks of ownership remain with the lessor are charged against profits on a straight line basis over the period of the lease.
Pensions
The Charity operates a defined contribution pension scheme. Contributions payable to the Charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
2. DONATIONS AND LEGACIES
| Donations Grants Grants received, included in the above, are as follows: Other grants 3. INVESTMENT INCOME Income UK listed investments Deposit account interest |
2023 £ 10,160 - 10,160 2023 £ - 2023 £ 2,052 1,998 4,050 |
2022 £ - 49,571 49,571 2022 £ 49,571 2022 £ 30,548 377 30,925 |
|---|---|---|
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 4. INCOME FROM CHARITABLE ACTIVITIES Activity Income from residents Activities undertaken directly Sundry income Activities undertaken directly 5. CHARITABLE ACTIVITIES COSTS Activities undertaken directly 6. DIRECT COSTS OF CHARITABLE ACTIVITIES Staff costs Food costs Residents outings & ent Heat, light & water Repairs & maintenance Cleaning, infection control & PPE Household expenses Garden expenses Laundry Sundry and travel expenses Protective clothing Insurance Telephone Office expenses Registration expenses Training expenses Advertising Medical supplies and toiletrie s Council Tax PSA |
Direct Costs (see note 6) £ 1,848,903 |
2023 £ 1,889,465 2,962 1,892,427 Support costs (see note 7) £ 22,487 2023 £ 1,376,784 133,399 8,476 82,806 103,270 29,291 9,129 2,865 4,298 6,481 3,426 27,389 4,676 16,266 12,746 6,165 6,991 7,831 2,571 4,043 1,848,903 |
2022 £ 1,632,459 2,378 1,634,837 Totals £ 1,871,390 2022 £ 1,273,407 120,507 9,817 80,719 126,874 28,239 6,956 1,815 3,742 4,061 4,318 19,501 4,495 14,799 9,769 9,335 4,640 7,381 2,879 4,739 1,737,993 |
|---|---|---|---|
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
7. SUPPORT COSTS
| Activities undertaken directly 8. NET INCOME/(EXPENDITURE) Net income/(expenditure) is stated after charging/(crediting): Auditors' remuneration |
Governance costs £ 22,487 2023 2022 £ £ 5,375 4,620 |
|---|---|
9. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022.
Trustees' expenses
There were no trustees' expenses paid for the year ended 31 December 2023 nor for the year ended 31 December 2022.
10. STAFF COSTS
| STAFF COSTS | |||
|---|---|---|---|
| 2023 | 2022 | ||
| £ | £ | ||
| Wages and salaries | 1,294,726 | 1,196,437 |
|
| Social security costs | 82,058 | 76,970 | |
| 1,376,784 | 1,273,407 |
||
| The average monthly number of employees during | the year was as follows: | ||
| 2023 | 2022 | ||
| Average number of staff employed | 73 | 70 | |
| The number of employees whose employee benefits (excluding employer | pension | costs) exceeded | |
| £60,000 was: | |||
| 2023 | 2022 | ||
| £60,001 - £70,000 | 1 | - |
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
11. TANGIBLE FIXED ASSETS
| COST At 1 January 2023 and 31 December 2023 DEPRECIATION At 1 January 2023 and 31 December 2023 NET BOOK VALUE At 31 December 2023 At 31 December 2022 |
Freehold property £ 1,400,000 - 1,400,000 1,400,000 |
Fixtures and fittings £ 318,616 265,140 53,476 53,476 |
Totals £ 1,718,616 |
|---|---|---|---|
| 265,140 | |||
| 1,453,476 | |||
| 1,453,476 |
Freehold land and buildings were subject to independent professional valuation in May 2011. The valuation was undertaken by Eckersley Chartered Surveyors, Commercial Property Consultants and Valuers.
The trustees have considered the valuation of the land and buildings in the current year and no revaluation was considered necessary.
The historical cost of the land and buildings is £517,032.
12. FIXED ASSET INVESTMENTS
| FIXED ASSET INVESTMENTS | |
|---|---|
| Listed | |
| investments | |
| £ | |
| MARKET VALUE | |
| At 1 January 2023 | 596,129 |
| Additions | 117,026 |
| Disposal proceeds | (217,026) |
| Gain / (Loss) on disposal | 2,602 |
| Change in market value | 28,007 |
| Investment income received | 2,052 |
| Fund fees and charges | (4,620) |
| At 31 December 2023 | 524,170 |
| NET BOOK VALUE | |
| At 31 December 2023 | 524,170 |
| At 31 December 2022 | 596,129 |
| There were no investment assets outside the UK. | |
| Cost or valuation at 31 December 2023 is represented by: | |
| Listed | |
| investments | |
| £ | |
| Valuation in 2023 | 524,170 |
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
| 13. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade debtors 81,047 Other debtors 10,275 Prepayments 6,967 98,289 14. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 £ Trade creditors 12,576 Social security and other taxes 31,340 Other creditors 28,701 Accrued expenses 28,242 100,859 15. LEASING AGREEMENTS Minimum lease payments under non-cancellable operating leases fall due as follows: 2023 £ Within one year 7,051 Between one and five years 15,232 22,283 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Unrestricted Restricted Total funds fund funds £ £ £ Fixed assets 1,453,476 - 1,453,476 Investments 524,170 - 524,170 Current assets 305,480 - 305,480 Current liabilities (100,859) - (100,859) 2,182,267 - 2,182,267 |
2022 £ 76,260 7,999 5,656 89,915 2022 £ 2,410 44,043 37,149 63,097 146,699 2022 £ 6,118 5,440 11,558 2022 Total funds £ 1,453,476 596,129 213,505 (146,699) 2,116,411 |
|---|---|
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
17. MOVEMENT IN FUNDS
| Net movement At 1.1.23 in funds £ £ Unrestricted funds General fund 1,233,443 65,856 Revaluation Reserve 882,968 - 2,116,411 65,856 TOTAL FUNDS 2,116,411 65,856 Net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 1,906,637 (1,871,390) 30,609 TOTAL FUNDS 1,906,637 (1,871,390) 30,609 Comparatives for movement in funds Net movement At 1.1.22 in funds £ £ Unrestricted funds General fund 1,333,249 (99,806) Revaluation Reserve 882,968 - 2,216,217 (99,806) TOTAL FUNDS 2,216,217 (99,806) Comparative net movement in funds, included in the above are as follows: Incoming Resources Gains and resources expended losses £ £ £ Unrestricted funds General fund 1,675,512 (1,718,552) (56,766) Restricted funds Restricted funds 39,821 (39,821) - TOTAL FUNDS 1,715,333 (1,758,373) (56,766) |
At 31.12.23 £ 1,299,299 882,968 2,182,267 2,182,267 Movement in funds £ 65,856 65,856 At 31.12.22 £ 1,233,443 882,968 2,116,411 2,116,411 Movement in funds £ (99,806) - (99,806) |
|---|---|
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Peacehaven House
Notes to the Financial Statements - continued for the Year Ended 31 December 2023
17. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
| Unrestricted funds General fund Revaluation Reserve TOTAL FUNDS |
At 1.1.22 £ 1,333,249 882,968 2,216,217 2,216,217 |
Net movement in funds £ (33,950) - (33,950) (33,950) |
At 31.12.23 £ 1,299,299 882,968 2,182,267 2,182,267 |
|---|---|---|---|
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Restricted funds Restricted funds TOTAL FUNDS |
Incoming resources £ 3,582,149 39,821 3,621,970 |
Resources expended £ (3,589,942) (39,821) (3,629,763) |
Gains and losses £ (26,157) - (26,157) |
Movement in funds £ (33,950) - (33,950) |
|---|---|---|---|---|
Unrestricted funds are donations and other incoming resources receivable or generated for the objects of the charity without further specified purpose and are available as unrestricted funds.
Restricted funds are to be used for specific purposes as laid down by the donor. Expenditure which meets these criteria is charged to the fund.
18. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 31 December 2023.
Page 20
Peacehaven House
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| INCOME AND ENDOWMENTS Donations and legacies Donations Grants Investment income Income UK listed investments Deposit account interest Charitable activities Income from residents Sundry income Total incoming resources EXPENDITURE Charitable activities Wages Social security Food costs Residents outings & ent Heat, light & water Repairs & maintenance Cleaning, infection control & PPE Household expenses Garden expenses Laundry Sundry and travel expenses Protective clothing Insurance Telephone Office expenses Registration expenses Training expenses Advertising Medical supplies and toiletrie s Council Tax PSA |
2023 £ 10,160 - 10,160 2,052 1,998 4,050 1,889,465 2,962 1,892,427 1,906,637 1,294,726 82,058 133,399 8,476 82,806 103,270 29,291 9,129 2,865 4,298 6,481 3,426 27,389 4,676 16,266 12,746 6,165 6,991 7,831 2,571 4,043 1,848,903 |
2022 £ - 49,571 49,571 30,548 377 30,925 1,632,459 2,378 1,634,837 1,715,333 1,196,437 76,970 120,507 9,817 80,719 126,874 28,239 6,956 1,815 3,742 4,061 4,318 19,501 4,495 14,799 9,769 9,335 4,640 7,381 2,879 4,739 1,737,993 |
|---|---|---|
Support costs
This page does not form part of the statutory financial statements
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Peacehaven House
Detailed Statement of Financial Activities for the Year Ended 31 December 2023
| Support costs Governance costs Auditors' remuneration Legal and professional fees Investment fund management fee Total resources expended Net income/(expenditure) before gains and losses Realised recognised gains and losses Realised gains/(losses) on fixed asset investments Net income/(expenditure) |
2023 £ 5,375 12,492 4,620 22,487 1,871,390 35,247 2,602 37,849 |
2022 £ 4,620 10,635 5,125 20,380 1,758,373 (43,040) 36,661 (6,379) |
|---|---|---|
This page does not form part of the statutory financial statements
Page 22