OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator.

2022-12-31-accounts

Charity registration number 1071067

Company registration number 03524074 (England and Wales)

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees S Burstow K Yeo J Rabey R Anderson A Smith O Johns M Mallett A Bown A Jenkins L Duckham Charity number 1071067 Company number 03524074 Principal address Perran Bay Home St Pirans Road PERRANPORTH Cornwall TR6 OBH Registered office Perran Bay Home St Pirans Road PERRANPORTH Cornwall TR6 OBH Auditor RRL LLP Peat House Newham Road TRURO Cornwall TR1 2DP Solicitors Nalders LLP 12 Falmouth Road TRURO Cornwall TR1 2HX Investment advisors Brewin Dolphin Ltd Ashleigh Court Ashleigh Way Langage Business Park PLYMOUTH Devon PL7 5JX

(Appointed 1 March 2023)

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

CONTENTS

Page
Trustees' report 1 - 4
Statement of trustees' responsibilities 5
Independent auditor's report 6 - 8
Statement of financial activities 9
Balance sheet 10
Statement of cash flows 11
Notes to the financial statements 12 - 26

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees present their annual report and financial statements for the year ended 31 December 2022.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charity's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2019).

Objectives and activities

Charitable purpose

The purpose of the charity is to administer the Perran Bay Care Home, Perranporth, a home for the elderly, and to provide residential accommodation and day care facilities on a “not for profit” basis for persons who through age or infirmity need such care on terms appropriate to their needs.

Aims and intended impact

To continue providing residential accommodation and day care facilities on a “not for profit” basis for persons who through age or infirmity need such care on terms appropriate to their needs whilst maintaining a continuous programme of facility upgrading to meet forthcoming or anticipated regulatory requirements.

Objectives for the year

Operate Perran Bay Care Home in accordance with our charitable aims and CQC regulations

Continue staff development in line with CQC

Develop new and innovative ways of ensuring that our residents are physically and mentally stimulated

Continue Safeguarding training for all staff and members

Continue to work within the budgets

Continue to develop the Home to ensure the safety and comfort of all residents

Continue with aims to ensure that all resident’s rooms have en-suite facilities

Engage members with required training

To consider additional care options for the elderly in the community such as domiciliary care and sheltered apartments

Strategies to achieve the year’s objectives

Maintain strict financial control.

Regular training sessions for staff.

Monitor the building and development programme by regular meetings.

Public benefit

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. In particular the trustees consider how planned activities will contribute to its aims and objectives.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Achievements and performance

The charity continues to operate as a residential care home and, since the uplift of restrictions following the COVID pandemic, has offered Respite and Day-care.

We continue to improve our service to our residents and aim to achieve an outstanding CQC status.

Perran Bay continues to work with the NHS community practices and the local surgeries in providing residents’ needs.

We continue to ensure that all residents have COVID boosters when available.

Plans for future periods

Continued improvements to all the facilities available to residents within the Home.

Discussions will continue regarding the provision of sheltered apartments for the elderly and also domiciliary care.

Financial review

The financial activities and results for the year are shown in the statement of financial activities on page 10.

Reserves policy

In order that the charity can meet its objectives of managing and operating a home for elderly people the Trustees have considered its resources and commitments. The charity is responsible for the maintenance of the home and its surroundings. The Trustees consider that significant reserves need to be accumulated in the event of any major maintenance being required. Furthermore, with regard to funding the annual charitable expenditure, the charity is reliant on obtaining full occupancy of its residential accommodation and must therefore establish reserves in the event that this is not achieved in any year. The charity’s unrestricted general reserves currently stand at £1,209,558 which represents considerably less than a year’s operating costs.

Investment policy

The Trustees have considered the most appropriate policy for investing funds and believe that the current arrangements, of investing in low risk deposit-based accounts, are satisfactory.

The Trustees appointed Brewin Dolphin Financial Advisors during 2019 to manage funds and investments on a low/ medium risk basis.

Risk management

The trustees have considered the major strategic business and operational risks to which the charity is exposed and systems have been established to mitigate those risks. The trustees are responsible for monitoring risk strategies for their specific area and risk plans are reviewed periodically. Two trustees have been appointed to monitor the two key areas of risk, business and care. These trustees constantly monitor and review these activities and report back to the full Board at meetings throughout the year.

Structure, governance and management

The charity is a company limited by guarantee governed by its Memorandum and Articles of Association and registered with the Charity Commission. There are 29 (2021: 29) members, each of whom agree to contribute £1 in the event of winding up the charity.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

S Burstow

K Yeo

J Rabey R Anderson A Smith O Johns M Mallett A Bown A Jenkins L Duckham (Appointed 1 March 2023)

Appointment of Trustees

The charity is managed by the Trustees who may at any time appoint further Trustees from the membership either to fill a casual vacancy or as an additional Trustee.

Trustee induction and training

Newly appointed Trustees are provided with copies of the charity accounts, brochure and Memorandum and Articles of Association. Guidance on the charity’s ethos and activities is provided by the Chairman, Secretary and Treasurer.

Organisation

The charity is governed by the Trustees who meet regularly and consider all aspects of the Home’s affairs. The Trustees are responsible for the management of the Home and delegate the day to day running of the Home to the Care Home Manager.

Pay policy for senior staff

The directors consider the board of directors, who are the charity’s trustees, and the senior management team comprise the key management personnel of the charity, to be in charge of directing and controlling, running and operating the charity on a day to day basis. All directors give of their time freely and no director received any remuneration in the year. Details of the directors’ expenses and related party transactions are disclosed in notes 11 and 28 to the financial statements.

The pay of the senior staff is reviewed annually and normally increased in accordance with average earnings. In view of the nature of the charity, the directors benchmark against pay levels in other similar organisations.

Related parties

None of the trustees receive remuneration or other benefit from their work with the charity.

Any connection between a trustee or senior staff member with a resident or supplier of the charity is disclosed to the board of Trustees in the same way as any other contractual relationship with a related party.

In the current year no such related party transactions were reported, other than those disclosed in note 27.

Auditor

In accordance with the company's articles, a resolution proposing that RRL LLP be reappointed as auditor of the company will be put at a General Meeting.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

A Bown Trustee

18 May 2023

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 DECEMBER 2022

The trustees, who are also the directors of Cornwall Old People's Housing Society (Limited by Guarantee) for the purpose 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 which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charity 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 charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

Opinion

We have audited the financial statements of Cornwall Old People's Housing Society (Limited by Guarantee) (the ‘charity’) for the year ended 31 December 2022 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity 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 charity’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 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.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the charity for the purpose 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 charity’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.

Auditor's 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 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.

As part of our audit work, we obtained an understanding of the legal and regulatory frameworks applicable to the charity and the sector in which they operate. We determined that the laws and regulations surrounding the safeguarding of vulnerable groups were most significant to the charity as well as the laws and regulations that have a direct impact on the preparation of the financial statements such as the Charities Act 2011, the Companies Act 2006 and compliance with the Charities Statement of Recommended Practice.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

The specific procedures for this engagement and the extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below:

We also communicate relevant identified laws and regulations and potential fraud risk to all engagement team members and remain alert to any indications of fraud or non-compliance with laws and regulations throughout the audit.

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: https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance/Standards-andguidance/Standards-and-guidance-for-auditors/Auditors-responsibilities-for-audit/Description-of-auditorsresponsibilities-for-audit.aspx. This description forms part of our auditor's report.

Use of our report

This report is made solely to the company’s members, as a body, in accordance with section 391 of the Companies Act 2014. Our audit work has been undertaken so that we might state to the company’s members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the company and the company’s members, as a body, for our audit work, for this report, or for the opinions we have formed.

Mark Williams (Senior Statutory Auditor) for and on behalf of RRL LLP 24 May 2023

Chartered Accountants Statutory Auditor Peat House Newham Road TRURO Cornwall TR1 2DP

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2022

Unrestricted
Restricted
funds
funds
2022
2022
Notes
£
£
Income from:
Donations and legacies
3
51,109
7,550
Charitable activities
4
1,846,132
-
Other trading activities
5
1,573
-
Investments
6
8,330
-
Total income
1,907,144
7,550
Expenditure on:
Raising funds
7
3,198
-
Charitable activities
8
1,641,379
-
Total expenditure
1,644,577
-
Net gains/(losses) on
investments
13
(36,184)
-
Net movement in funds
226,383
7,550
Fund balances at 1 January
2022
2,171,843
12,166
Fund balances at 31
December 2022
2,398,226
19,716		 Total Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
58,659
58,036
34,325
1,846,132
1,620,312
-
1,573
2,102
-
8,330
7,162
-
1,914,694
1,687,612
34,325
3,198
3,160
-
1,641,379
1,479,784
28,175
1,644,577
1,482,944
28,175
(36,184)
35,894
-
233,933
240,562
6,150
2,184,009
1,931,281
6,016
2,417,942
2,171,843
12,166		 Total
2021
£
92,361
1,620,312
2,102
7,162
1,721,937
3,160
1,507,959
1,511,119
35,894
246,712
1,937,297
2,184,009

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

BALANCE SHEET

AS AT 31 DECEMBER 2022

Notes
Fixed assets
Tangible assets
14
Investments
15
Current assets
Stocks
17
Debtors
18
Cash at bank and in hand
Creditors: amounts falling due within
one year
20
Net current assets
Total assets less current liabilities
Creditors: amounts falling due after
more than one year
21
Net assets
Income funds
Restricted funds
23
Unrestricted funds
Designated funds:
Fair value reserve
Other designated funds
24
General unrestricted funds		 2022
£
£
1,318,551
305,915
1,624,466
7,600
73,579
1,258,964
1,340,143
(235,687)
1,104,456
2,728,922
(310,980)
2,417,942
19,716
874
1,187,794
1,188,668
1,209,558
2,398,226
2,417,942		 2021
£
£
1,375,020
343,141
1,718,161
6,900
52,194
865,418
924,512
(121,213)
803,299
2,521,460
(337,451)
2,184,009
12,166
39,386
1,255,972
1,295,358
876,485
2,171,843
2,184,009

These financial statements are prepared in accordance with special provisions of Part 15 of the Companies Act relating to small companies and constitute the annual financial statements required by the Companies Act 2006 and are for circulation to the members of the company.

The financial statements were approved by the Trustees on 18 May 2023

A Bown

Trustee

Company Registration No. 03524074

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 DECEMBER 2022

Notes
Cash flows from operating activities
Cash generated from operations
29
Investing activities
Purchase of tangible fixed assets
Purchase of investments
Proceeds from disposal of investments
Investment income received
Net cash generated from/(used in)
investing activities
Financing activities
Repayment of bank loans
Net cash used in financing activities
Net increase in cash and cash equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
£
415,698
(6,802)
(44,871)
45,913
8,330
2,570
(24,722)
(24,722)
393,546
865,418
1,258,964		 2021
£
£
266,919
(18,192)
(79,526)
81,303
7,162
(9,253)
(72,958)
(72,958)
184,708
680,710
865,418

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

Charity information

Cornwall Old People's Housing Society (Limited by Guarantee) is a private company limited by guarantee incorporated in England and Wales. The registered office is Perran Bay Home, St Pirans Road, PERRANPORTH, Cornwall, TR6 OBH.

1.1 Accounting convention

The financial statements have been prepared in accordance with the charity's memorandum and articles, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives unless the funds have been designated for other purposes.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

Endowment funds are subject to specific conditions by donors that the capital must be maintained by the charity.

1.4 Income

Income including grants received are recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Turnover is measured at the fair value of the consideration received or receivable and represents amounts receivable for goods and services provided in the normal course of business, net of discounts, VAT and other sales related taxes.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.5 Expenditure

All expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably. It is categorised under the following headings:

Irrecoverable VAT is charged as an expense against the activity for which expenditure arose.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold land and buildings 50 years - buildings only Plant and machinery 40 years Furniture and equipment 3 - 20 years Office Equipment 4 years Motor vehicles 4 years

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.9 Stocks

Stocks are stated at the lower of cost and estimated selling price less costs to complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured the lower of replacement cost and cost.

Net realisable value is the estimated selling price less all estimated costs of completion and costs to be incurred in marketing, selling and distribution.

1.10 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

1 Accounting policies

(Continued)

1.11 Financial instruments

The charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the charity's balance sheet when the charity becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

Derecognition of financial liabilities

Financial liabilities are derecognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.12 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.13 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

2 Critical accounting estimates and judgements

In the application of the charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

3 Donations and legacies

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
2,065
-
Grants receivable
49,044
7,550
51,109
7,550
Grants receivable for
core activities
Government grants
41,764
-
Workforce Development
Grant
-
7,550
Other
7,280
-
49,044
7,550		 Total
Unrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
2,065
6,791
-
56,594
51,245
34,325
58,659
58,036
34,325
41,764
40,275
28,175
7,550
-
6,150
7,280
10,970
-
56,594
51,245
34,325		 Total
2021
£
6,791
85,570
92,361
68,450
6,150
10,970
85,570

HMRC - grants have been received totalling £nil (2021: £2,276) to help with the furloughed staff whilst in a nationwide lockdown due to COVID-19.

HMRC - 'Infection Control' grants have been received totalling £4,934 (2021: £37,999) to help support adult social care providers whilst in a nationwide lockdown due to COVID-19.

Cornwall Council - one grant has been received for £10,808 (2021: 2 grants for £17,362 and £6,813). The LFD grant has been issued to support LFD testing in care settings during the national lockdown and COVID19 outbreak. The Workforce Capacity Grant has been issued to support social care providers to maintain safe staffing levels over the winter period.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

4 Charitable activities

5
6
7		 2022
2021
£
£
Residents fees
1,804,387
1,531,941
Respite fees
39,321
88,341
Day care income
2,424
30
1,846,132
1,620,312
Other trading activities
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Trading activity income: other
1,573
2,102
Investments
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Income from listed investments
6,832
7,008
Interest receivable
1,498
154
8,330
7,162
Raising funds
Unrestricted
Unrestricted
funds
funds
2022
2021
£
£
Investment management
3,198
3,160
3,198
3,160		 2021
£
1,531,941
88,341
30
1,620,312
3,160

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

8 Charitable activities

Staff costs
Depreciation and impairment
Training and other staff costs
Home registration fee
Repairs and maintenance
Rates (council tax)
Fuel, light, heat and water
Insurance
Provisions
Domestic supplies and equipment
Laundry and cleaning
Activities and amenities
Chiropody
Professional fees
Loan interest and charges
Motor expenses
Office expenses
Bad debts written off
Governance costs (see note9)
Analysis by fund
Unrestricted funds
For the year ended 31 December 2021
Unrestricted funds
Restricted funds		 2022
£
1,265,284
63,271
8,900
6,341
36,431
1,734
63,191
7,120
96,980
8,894
25,154
1,191
801
14,203
14,364
3,679
23,947
(5,207)
1,636,278
5,101
1,641,379
1,641,379
1,641,379		 2021
£
1,178,896
68,048
9,502
6,100
21,704
1,681
50,260
5,124
76,824
9,386
21,357
(981)
506
14,683
14,662
2,486
20,558
-
1,500,796
7,163
1,507,959
1,479,784
28,175
1,507,959

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

9 Support costs

Support
costs
Governance
costs
£
£
Audit fees
-
3,780
Legal and professional
-
917
Other financial costs
-
404
-
5,101
Analysed between
Charitable activities
-
5,101		 2022Support costs Governance
costs
£
£
£
3,780
-
3,670
917
-
3,060
404
-
433
5,101
-
7,163
5,101
-
7,163		 2021
Basis of allocation
£
3,670
Actual
3,060
Actual
433
Actual
7,163
7,163

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

10
Net movement in funds
2022
£
Net movement in funds is stated after charging/(crediting)
Fees payable to the company's auditor for the audit of the company's financial
statements
3,780
Depreciation of owned tangible fixed assets
63,271
Fees payable to the company's auditor for other services totalled £3,360 (2021: £3,000).		 2021
£
3,670
68,048

11 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year. None of the trustees were reimbursed for any expenses during the year (2021: None).

12 Employees

The average monthly number of employees during the year was:

Residential home staff
Administration
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2022
Number
62
4
66
2022
£
1,144,151
85,819
35,314
1,265,284		 2021
Number
63
4
67
2021
£
1,077,024
66,783
35,089
1,178,896

There were no employees whose annual remuneration was more than £60,000.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

13 Net gains/(losses) on investments
Unrestricted Unrestricted
funds funds
2022 2021
£ £
Revaluation of investments (43,137) 44,914
Gain/(loss) on sale of investments 6,953 (9,020)
(36,184) 35,894

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Tangible fixed assets

Freehold land
and buildings
£
Cost
At 1 January 2022
1,603,884
Additions
-
At 31 December 2022
1,603,884
Depreciation and impairment
At 1 January 2022
402,723
Depreciation charged in the year
31,052
At 31 December 2022
433,775
Carrying amount
At 31 December 2022
1,170,109
At 31 December 2021
1,201,161		 Plant and
machinery
Furniture and
equipment
£
£
129,621
332,333
-
-
129,621
332,333
12,647
285,436
3,879
19,830
16,526
305,266
113,095
27,067
116,974
46,897		 Office
Equipment
Motor vehicles
£
£
37,078
16,800
6,802
-
43,880
16,800
31,290
12,600
4,310
4,200
35,600
16,800
8,280
-
5,788
4,200		 Total
£
2,119,716
6,802
2,126,518
744,696
63,271
807,967
1,318,551
1,375,020

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

14 Tangible fixed assets (Continued)
Included in freehold land and buildings is land at cost of £51,266 which is not depreciated.
15 Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 January 2022 343,141
Additions 44,871
Disposals (38,960)
Revaluation (43,137)
At 31 December 2022 305,915
Carrying amount
At 31 December 2022 305,915
At 31 December 2021 343,141
The cost of the above investments at 31 December 2022 was £305,041 (2021: £303,755).
All fixed asset investments are held in the United Kingdom.
16
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss
17
Stocks
Consumables
18
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors		 2022
£
305,915
2022
£
7,600
2022
£
67,985
5,594
73,579		 2021
£
343,141
2021
£
6,900
2021
£
51,262
932
52,194

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

19
Loans and overdrafts
Bank loans
Payable within one year
Payable after one year
Amounts included above which fall due after five years:
Payable by instalments		 2022
£
322,622
23,643
298,979
210,405		 2021
£
347,344
21,894
325,450
274,312

The above bank loans are secured on property owned by Cornwall Old People's Housing Society and by a fixed and floating charge over the assets of the company.

20
Creditors: amounts falling due within one year
Notes
Bank loans
19
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
21
Creditors: amounts falling due after more than one year
Notes
Bank loans
19
Other creditors		 2022
£
23,643
21,357
46,984
97,215
46,488
235,687
2022
£
298,979
12,001
310,980		 2021
£
21,894
33,815
10,355
22,036
33,113
121,213
2021
£
325,450
12,001
337,451

Included in other creditors is a loan of £12,001 granted by Cornwall County Council in 1948 and is interest free with no fixed date for repayment.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

22 Retirement benefit schemes

Defined contribution schemes

The charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £36,948 (2021: £35,089).

23 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement
in funds
Balance at Income Expenditure Balance at Income Balance at
1 January 2021 1 January 2022 31 December
2022
£ £ £ £ £ £
Comic Relief Grant -
iCareiMove 2,684 - - 2,684 - 2,684
Workforce Development
Fund 3,332 6,150 - 9,482 7,550 17,032
LFD - 17,362 (17,362) - - -
Workforce Capacity Grant - 6,813 (6,813) - - -
CEV - 4,000 (4,000) - - -
6,016 34,325 (28,175) 12,166 7,550 19,716

The Comic Relief Grant is in regards to the iCareiMove Programme, which has been developed to provide a health and wellbeing digital platform specifically designed for the adult social care sector.

The Workforce Development Fund is funded by the Department of Health & Social Care to assist social care employers with the cost of developing their workforce and ensuring that workers have the right skills and knowledge to be confident and competent in their roles.

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

24 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Balance at
1 January 2021
Expenditure
£
£
Future
Building
Reserve
250,000
(21,704)
Capital Fund
1,004,574
(68,048)
Fair value
reserve
52,092
-
1,306,666
(89,752)		 Transfers
Balance at
1 January 2022
Expenditure
£
£
£
-
228,296
(36,431)
91,150
1,027,676
(63,271)
(12,706)
39,386
-
78,444
1,295,358
(99,702)		 Transfers
Balance at
31 December
2022
£
£
-
191,865
31,524
995,929
(38,512)
874
(6,988)
1,188,668		 Transfers
Balance at
31 December
2022
£
£
-
191,865
31,524
995,929
(38,512)
874
(6,988)
1,188,668
1,188,668

The Future Building Reserve Fund is to cover the cost of potential future repairs, renewals and capital projects.

The Capital Fund represents the net book value of fixed assets less any related borrowing.

The Fair Value Reserve represents the market value of investments held in excess of cost.

25 Analysis of net assets between funds

Unrestricted
Restricted
2022
2022
£
£
Fund balances at 31
December 2022 are
represented by:
Tangible assets
1,318,551
-
Investments
305,915
-
Current assets/(liabilities)
1,084,740
19,716
Long term liabilities
(310,980)
-
2,398,226
19,716		 Total
Unrestricted
2022
2021
£
£
1,318,551
1,375,020
305,915
343,141
1,104,456
791,133
(310,980)
(337,451)
2,417,942
2,171,843		 Restricted
2021
£
-
-
12,166
-
12,166		 Total
2021
£
1,375,020
343,141
803,299
(337,451)
2,184,009

26 Operating lease commitments

At the reporting end date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year

2022 2021
£ £
- 456

CORNWALL OLD PEOPLE'S HOUSING SOCIETY (LIMITED BY GUARANTEE)

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2022

27 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022 2021
£ £
Aggregate compensation 100,326 98,199

The son of a trustee controls Sharkfin Media Limited. During the year the charitable company paid Sharkfin Media Limited £720 (2021: £780) for website services. £Nil (2021: £Nil) was outstanding at the year end.

28 Analysis of changes in net funds

At 1 January
2022
£
Cash at bank and in hand
865,418
Loans falling due within one year
(21,894)
Loans falling due after more than one year
(325,450)
518,074
29
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations		 Cash flows At 31 December
2022
£
£
393,546
1,258,964
(1,749)
(23,643)
26,471
(298,979)
418,268
936,342
2022
2021
£
£
233,933
246,712
(8,330)
(7,162)
(6,953)
9,020
43,137
(44,914)
63,271
68,048
(700)
(1,400)
(21,385)
3,887
112,725
(7,272)
415,698
266,919		 Cash flows At 31 December
2022
£
£
393,546
1,258,964
(1,749)
(23,643)
26,471
(298,979)
418,268
936,342
2022
2021
£
£
233,933
246,712
(8,330)
(7,162)
(6,953)
9,020
43,137
(44,914)
63,271
68,048
(700)
(1,400)
(21,385)
3,887
112,725
(7,272)
415,698
266,919
936,342
2021
£
246,712
(7,162)
9,020
(44,914)
68,048
(1,400)
3,887
(7,272)
266,919