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2023-12-31-accounts

REGISTERED COMPANY NUMBER: 02770415 (England and Wales) REGISTERED CHARITY NUMBER: 1083810

Report of the Trustees and

Financial Statements

For The Period 1 October 2022 to 31 December 2023

for

Minchinhampton Centre For The Elderly Limited

Kingscott Dix Limited Chartered Accountants and Statutory Auditor Goodridge Court Goodridge Avenue Gloucester Gloucestershire GL2 5EN

Minchinhampton Centre For The Elderly Limited

Contents of the Financial Statements For The Period 1 October 2022 to 31 December 2023

Page
Reference and Administrative Details 1
Report of the Trustees 2 to 5
Report of the Independent Auditors 6 to 9
Statement of Financial Activities 10
Balance Sheet 11
Cash Flow Statement 12
Notes to the Cash Flow Statement 13
Notes to the Financial Statements 14 to 21
Detailed Statement of Financial Activities 22 to 23

Minchinhampton Centre For The Elderly Limited

Reference and Administrative Details For The Period 1 October 2022 to 31 December 2023

TRUSTEES D Buy
Marion Lady De Clifford
M Lewis
S H Moreland
C Price
A Hutchinson (appointed 1.10.22) (resigned 4.9.23)
C P Fisher (resigned 1.10.22)
REGISTERED OFFICE Horsfall House
Windmill Road
Minchinhampton
Gloucestershire
GL6 9EY
REGISTERED COMPANY 02770415 (England and Wales)
NUMBER
REGISTERED CHARITY 1083810
NUMBER
AUDITORS Kingscott Dix Limited
Chartered Accountants
and Statutory Auditor
Goodridge Court
Goodridge Avenue
Gloucester
Gloucestershire
GL2 5EN
BANKERS Lloyds Bank Plc
12 Rowcroft
Stroud
Gloucestershire
GL5 3BD

Page 1

Minchinhampton Centre For The Elderly Limited

Report of the Trustees For The Period 1 October 2022 to 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 period 1 October 2022 to 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 aims

The charity's principal object, in accordance with its constitution, continues to be the relief of the aged and disabled who are resident in and around Minchinhampton by the provision of facilities for rehabilitation, recreation and leisure time occupation.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Throughout the year, the charitable company served the local community by offering residential, domiciliary and day care to both privately funded and social service funded clients.

The purpose built Nursing Home has 44 beds, split evenly between General Nursing for the frail and elderly and Specialist Nursing for those with Dementia and other memory disorders. Along side this we can also offer:

The charity's staff are knowledgeable and highly trained allowing the charity to offer residents the required support and reassurance. Registered nurses are on duty 24 hours a day and all of the charity's Care Assistants are trained to levels 2 & 3 in Health and Social Care.

The Charity has a dedicated kitchen providing healthy, freshly cooked meals and able to cater for any dietary need.

ACHIEVEMENT AND PERFORMANCE

The Charity continuously assesses and monitors outcomes for users of all services in order to implement changes or improvements. The Charity does this through annual satisfaction surveys and audits of:

The Charity works closely with professional organisations to ensure that care is always in line with best practice and best meets the interests and needs of our users.

The Charity undergoes regulatory inspections of catering facilities by Environmental Health and has systematically maintained the highest level of Five Stars.

Page 2

Minchinhampton Centre For The Elderly Limited

Report of the Trustees For The Period 1 October 2022 to 31 December 2023

FINANCIAL REVIEW

Financial position

The objective continues to be to produce a modest surplus. As at 31December 2023, the charity made a surplus of £54,150 (2022:a deficit of £98,073).

Demand for the services that Horsfall House provides is undiminished and since Covid 19 testing can be undertaken on new residents, allied to strict risk assessments, they are being accepted into the Home. This has resulted in Horsfall House maintaining an excellent bed occupancy level.

During the year the Charitable company continued to receive additional funding from its parent charity. Income includes amounts totalling £336,488 (2022 - £317,872) from its parent charity giving financial support to residents of the Nursing Home who are unable to fund the full cost of their residential nursing care. It is anticipated that this support will continue going forward.

Reserves policy

The trustees current policy is that the free reserves are the unrestricted funds not invested in fixed assets. The trustees consider that the free reserves deficit at 31 December 2023, which amounts to £67,577 is satisfactory given that the Charitable company is supported by its parent charity, The Minchinhampton Centre for the Elderly.

The Trustees consider that due to the high level of retained reserves represented in cash and investments held by the parent charity, there are sufficient funds to maintain working capital. The continued support of the parent charity and a return to normal operations of the Dr Booth Day Centre is expected to allow the Charitable company to return to a surplus position.

Risk factors

The trustees have assessed the major risks to which the charity is exposed, and are satisfied that systems are in place to mitigate exposure to the major risks.

The external risks to funding are reduced by the diversification of the charity's funding sources. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. The trustees consider that by aiming to ensure a consistently high level of professionalism from a well trained staff reduces the risk of failure in the standard of care delivered. All procedures are periodically checked to ensure that they continue to meet the needs of the charity.

Procedures are in place to ensure compliance with Health and Safety for staff and residents. Control measures for risk management have been implemented by the charity to ensure that residents are not being put at unnecessary risk from harm or abuse

Going concern

The trustees have reviewed the reserves of the charity.

The trustees consider that this combined with the high level of retained reserves represented in cash and investments held by the parent charity, The Minchinhampton Centre for the Elderly, that there are sufficient funds to maintain working capital and accordingly it is appropriate to prepare the financial statements on a going concern basis.

FUTURE PLANS

The trustees intend to continue to improve the facilities within Horsfall House. The trustees will continue to place high importance on staff training and believe that, due to the training that has been carried out in recent years, the staff at Horsfall House offer a much higher level of expertise than is generally available in other care homes.

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.

Page 3

Minchinhampton Centre For The Elderly Limited

Report of the Trustees For The Period 1 October 2022 to 31 December 2023

STRUCTURE, GOVERNANCE AND MANAGEMENT

Recruitment and appointment of new trustees

The trustees are appointed either by resolution of the directors or by ordinary resolution (requiring a simple majority) of the company's members subject to a requirement that any new appointee be approved by a majority of the existing trustees and to a special notice requirement. There is presently no maximum number of trustees, but there is a requirement that there should be no less than four. One third of the directors are required to retire at each annual general meeting, being those who have been longest in office since their last appointment or reappointment, but they may offer themselves for reappointment. The names of those who were trustees at any point during the year are disclosed above.

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Organisational structure

The day to day management of the charity is delegated to the Operations Director, Clinical Director, Home Care manager and Day Centre Manager.

The board aims to have quarterly meetings and major decisions affecting the charity are passed on a majority vote of those present. The management accounts preparation is undertaken by an experienced management accountant and the accounts are presented at the board meeting.

The board is elected at the Annual General Meeting and all Trustees are briefed on their responsibilities as Trustees prior to their acceptance of the role.

The trustees are responsible for providing training, where this is necessary, to new trustees so that they are equipped to fulfil their duties properly.

Related parties

During the year the Charitable company received £336,488 (2022 - £317,871) from its parent charity giving financial support to residents of the Nursing Home who are unable to fund the full cost of their residential nursing care.

For administrative reasons the property comprising the land and buildings known as Horsfall House (together comprised in Land Registry Title Nos. GR132825, GR184300 and GR353447) was re-registered in the name of Minchinhampton Centre for the Elderly Limited and, pursuant to a Declaration of Trust dated 9 June 2011, is now held on trust for The Minchinhampton Centre for the Elderly (Charity number 287479) absolutely.

Accordingly, the property is included in the accounts of the Charity Group only and there is a annual rental charge raised to Minchinhampton Centre for The Elderly Limited that totalled to £197,051 for the period ended 31 December 2023 (2022: £150,967).

EVENTS SINCE THE END OF THE PERIOD

Information relating to events since the end of the period is given in the notes to the financial statements.

STATEMENT OF TRUSTEES' RESPONSIBILITIES

The trustees (who are also the directors of Minchinhampton Centre For The Elderly Limited 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".

Page 4

Minchinhampton Centre For The Elderly Limited

Report of the Trustees For The Period 1 October 2022 to 31 December 2023

STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued

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

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:

AUDITORS

The auditors, Kingscott Dix Limited, will be proposed for re-appointment at the forthcoming Annual General Meeting.

Approved by order of the board of trustees on 10 June 2024 and signed on its behalf by:

S H Moreland - Trustee

Page 5

Report of the Independent Auditors to the Members of Minchinhampton Centre For The Elderly Limited

Opinion

We have audited the financial statements of Minchinhampton Centre For The Elderly Limited (the 'charitable company') for the period 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:

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

We draw your attention to the reference to Going Concern in Note 1 to the Financial Statements. The company is dependent on the continued financial support of the Group to continue as a Going Concern. Our opinion is not modified in this respect.

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:

Page 6

Report of the Independent Auditors to the Members of Minchinhampton Centre For The Elderly Limited

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:

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.

Page 7

Report of the Independent Auditors to the Members of Minchinhampton Centre For The Elderly Limited

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:

In assigning the audit engagement team we ensured that collectively they had the appropriate competence and capabilities to identify non-compliance with laws and regulations, highlight areas of the financial statements particularly susceptible to fraud and conduct appropriate additional enquiries where suspicions or weaknesses became evident.

At the planning stage, we assessed the susceptibility of the entity's financial statements to material misstatement, including how fraud might occur. This involved preliminary planning discussions with management to obtain their assessment of fraud risk, to identify any incidences of fraud during the year and understand the measures and controls they had taken to combat the possibility of fraud.

Our transaction testing and assessment of controls during the audit provided further evidence as to the validity of this initial assessment with regard to material misstatement and fraud.

We identified areas of law and regulations that could reasonably be expected to have a material effect on the financial statements from our general commercial and sector experience, through discussion with the Directors, and inspection of the Company's regulatory and legal correspondence. The team were briefed with regard to laws and regulations and remained alert to any indication of non-compliance throughout the audit.

The company is subject to laws and regulations that directly affect the financial statements including legislation covering financial reporting including related companies, distributable profits and taxation and we assessed the extent of compliance with these laws and regulations as part of our procedures on the related financial statement items. In assessing this compliance, we evaluated the appropriateness of accounting policies used and the reasonableness of accounting estimates in the measurement and presentation of profit within the financial statements.

The company is subject to many other laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements, for instance through the imposition of fines or litigation. We identified the following areas as those most likely to have such an effect: Health and safety, Employment laws, GDPR, Care Act, Care, Support & Aftercare Act and Health & Social Care Act.

Audit procedures designed to identify non-compliance with these laws and regulations included enquiry of the Directors and other management and inspection of regulatory and legal correspondence. None of the procedures applied identified actual or suspected non-compliance.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. Where an irregularity is non-financial or has not reached a stage where its impact is financial, it is less likely to be identified by auditing procedures. In addition, to the extent that an irregularity involves collusion, forgery, intentional omissions, misrepresentations, or the override of internal controls, there remains a high risk of non-detection. We are not responsible for detecting all instances of non-compliance with laws and regulations and cannot be expected to do so.

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.

Page 8

Report of the Independent Auditors to the Members of Minchinhampton Centre For The Elderly Limited

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.

Mark Spashett (Senior Statutory Auditor) for and on behalf of Kingscott Kingscott Dix Limited Chartered Accountants and Statutory Auditor Goodridge Court Goodridge Avenue Gloucester Gloucestershire GL2 5EN

10 June 2024

Page 9

Minchinhampton Centre For The Elderly Limited

Statement of Financial Activities For The Period 1 October 2022 to 31 December 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
3
General
Total
EXPENDITURE ON
Raising funds
4
Charitable activities
5
General
Total
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Period
1.10.22
to
31.12.23
Unrestricted
funds
£
-
4,959,008
4,959,008
2,370
4,902,488
4,904,858
54,150
(121,727)
(67,577)		 Year Ended
30.9.22
Total
funds
£
37,954
3,596,595
3,634,549
-
3,732,622
3,732,622
(98,073)
(23,654)
(121,727)

The notes form part of these financial statements

Page 10

Minchinhampton Centre For The Elderly Limited

Balance Sheet

31 December 2023

31.12.23
Unrestricted
funds
Notes
£
CURRENT ASSETS
Stocks
11
7,640
Debtors
12
221,216
Cash at bank and in hand
391,551
620,407
CREDITORS
Amounts falling due within one year
13
(687,984)
NET CURRENT ASSETS/(LIABILITIES)
(67,577)
TOTAL ASSETS LESS CURRENT
LIABILITIES
(67,577)
NET ASSETS/(LIABILITIES)
(67,577)
FUNDS
15
Unrestricted funds
(67,577)
TOTAL FUNDS
(67,577)		 30.9.22
Total
funds
£
7,705
159,305
286,430
453,440
(575,167)
(121,727)
(121,727)
(121,727)
(121,727)
(121,727)

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 10 June 2024 and were signed on its behalf by:

S H Moreland - Trustee

The notes form part of these financial statements

Page 11

Minchinhampton Centre For The Elderly Limited

Cash Flow Statement

For The Period 1 October 2022 to 31 December 2023

Notes
Cash flows from operating activities
Cash generated from operations
1
Net cash provided by operating 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		 Period
1.10.22
to
Year Ended
31.12.23
30.9.22
£
£
105,121
75,782
105,121
75,782
105,121
75,782
286,430
210,648
391,551
286,430

The notes form part of these financial statements

Page 12

Minchinhampton Centre For The Elderly Limited

Notes to the Cash Flow Statement For The Period 1 October 2022 to 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:
Decrease in stocks
(Increase)/decrease in debtors
Increase in creditors
Net cash provided by operations		 Period
1.10.22
to
Year Ended
31.12.23
30.9.22
£
£
54,150
(98,073)
65
2,862
(61,911)
21,226
112,817
149,767
105,121
75,782

2. ANALYSIS OF CHANGES IN NET FUNDS

Net cash At 1.10.22
Cash flow
At 31.12.23
£
£
£
Cash at bank and in hand 286,430
105,121
391,551
286,430
105,121
391,551
Total 286,430
105,121
391,551

The notes form part of these financial statements

Page 13

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements

For The Period 1 October 2022 to 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.

The period respresents a 15 month period to 31 December 2023. The charity extended its year end to be consistent with the parent charity.

Going concern

The charity incurred a surplus of £54,150 for the period, and had net current liabilities of £67,577 and a deficit of £67,577 on unrestricted funds at 31 December 2023..

The trustees consider that the high level of unrestricted funds held in cash and investments by the parent charity The Minchinhampton Centre For The Elderly is sufficient to maintain the charity's working capital, so that the charity has adequate resource to continue in operational existence for the foreseeable future.

Accordingly, the trustees consider it is appropriate to prepare the financial statements on a going concern basis.

The financial statements do not include any adjustments that would be required if the going concern basis of accounting is not appropriate, including reducing assets to their recoverable amounts, and providing liabilities arising from the cessation of operations.

Incoming resources

All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.

Cash 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.

Resources expended

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. Irrecoverable VAT is charged against the category of resources expended for which it is incurred.

Support costs are those functions that assist the work of the charity but do not directly undertake charitable activities. Support costs include office costs, finance, personnel, payroll and governance costs which support the charity's programmes and activities. These costs have been allocated between cost of raising funds and expenditure on charitable activities. The bases on which support costs have been allocated are set out in the notes to the financial statements.

Stocks

Stocks comprise of catering, cleaning and medical supplies to be used by the charity, and are stated at the lower of cost and net realisable value.

Page 14

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

1. ACCOUNTING POLICIES - continued

Taxation

The charity is exempt from corporation tax on its charitable activities.

Charitable funds

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.

Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.

Pension costs and other post-retirement benefits

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

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.

Page 15

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

2. DONATIONS AND LEGACIES

Grants receivable
Grants receivable for core activities
Other Covid related grants
3.
INCOME FROM CHARITABLE ACTIVITIES
Activity
Nursing home
General
Day centre &
non-residential services
General
Homecare
General
Voluntary fee top up
General
Other income
General
4.
RAISING FUNDS
Other trading activities
Bad debts
5.
CHARITABLE ACTIVITIES COSTS
General		 Period
1.10.22
to
31.12.23
£
-		 Period
1.10.22
to
31.12.23
£
-		 Year Ended
30.9.22
£
37,954		 Year Ended
30.9.22
£
37,954
- 37,954
Direct
Costs
£
4,871,958		 Period
1.10.22
to
31.12.23
£
3,589,676
278,877
691,700
354,835
43,920
4,959,008
Period
1.10.22
to
31.12.23
£
2,370
Support
costs (see
note 6)
£
30,530		 Year Ended
30.9.22
£
2,456,161
175,595
645,763
317,871
1,205
3,596,595
Year Ended
30.9.22
£
-
Totals
£
4,902,488

Page 16

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

6. SUPPORT COSTS

SUPPORT COSTS
Governance
costs
£
General 30,530
Support costs, included in the above, are as follows:
Auditors' remuneration Period
1.10.22
to
31.12.23
General
£
3,100		 Year Ended
30.9.22
Total
activities
£
11,490
Legal & professional 27,430 19,952
30,530 31,442

7. NET INCOME/(EXPENDITURE)

Net income/(expenditure) is stated after charging/(crediting):

Auditors' remuneration Period
1.10.22
to
Year Ended
31.12.23
30.9.22
£
£
3,100
11,490
Operating lease charges 197,051
150,967

8. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the period ended 31 December 2023 nor for the year ended 30 September 2022.

Trustees' expenses

There were no trustees' expenses paid for the period ended 31 December 2023 nor for the year ended 30 September 2022.

9. STAFF COSTS

Wages and salaries
Social security costs
Other pension costs		 Period
1.10.22
to
31.12.23
£
3,348,069
230,262
56,609
3,634,940		 Year Ended
30.9.22
£
2,501,482
195,880
42,280
2,739,642

Page 17

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

9. STAFF COSTS - continued

The average monthly number of employees during the period was as follows:

Period
1.10.22
to
31.12.23
Care, domestic and administration
144
The number of employees whose annual employee benefit (excluding employer
exceeded £60,000 was:
31.12.23
£60,001 - £70,000
1
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
General
Total
EXPENDITURE ON
Charitable activities
General
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Period
1.10.22
to
31.12.23
Care, domestic and administration
144
The number of employees whose annual employee benefit (excluding employer
exceeded £60,000 was:
31.12.23
£60,001 - £70,000
1
10.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
General
Total
EXPENDITURE ON
Charitable activities
General
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Year Ended
30.9.22
141
pension costs)
30.09.22
1
Unrestricted
funds
£
37,954
3,596,595
3,634,549
3,732,622
(98,073)
(23,654)
(121,727)
31.12.23
1

Page 18

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

11. STOCKS

Stocks
12.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade debtors
Prepayments and accrued income
13.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Trade creditors
Amounts owed to group undertakings
Social security and other taxes
Other creditors
Deferred income
Accrued expenses		 31.12.23
£
7,640
31.12.23
£
124,058
97,158
221,216
31.12.23
£
70,952
278,346
44,294
19,857
137,421
137,114
687,984		 30.9.22
£
7,705
30.9.22
£
89,324
69,981
159,305
30.9.22
£
55,986
197,521
44,180
36,926
122,274
118,280
575,167

14. LEASING AGREEMENTS

Minimum lease payments under non-cancellable operating leases fall due as follows:

31.12.23
£
Within one year
10,680
Between one and five years
14,050
24,730		 30.9.22
£
9,480
23,700
33,180

The charitable company has an informal agreement with its parent charity, The Minchinhampton Centre for the Elderly, to lease the property known as Horsfall House. Rentals payable in the period are disclosed in the Related party transactions note. Other than operating lease commitments referred to above, the charitable company has no other financial commitments, guarantees or contingent liabilities (2022 - £nil).

Page 19

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

15. MOVEMENT IN FUNDS

Net
At
movement
1.10.22
in funds
£
£
Unrestricted funds
General fund
(121,727)
54,150
TOTAL FUNDS
(121,727)
54,150
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
4,959,008
(4,904,858)
TOTAL FUNDS
4,959,008
(4,904,858)
Comparatives for movement in funds
Net
At
movement
1.10.21
in funds
£
£
Unrestricted funds
General fund
(23,654)
(98,073)
TOTAL FUNDS
(23,654)
(98,073)
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
3,634,549
(3,732,622)
TOTAL FUNDS
3,634,549
(3,732,622)		 At
31.12.23
£
(67,577)
(67,577)
Movement
in funds
£
54,150
54,150
At
30.9.22
£
(121,727)
(121,727)
Movement
in funds
£
(98,073)
(98,073)

Page 20

continued...

Minchinhampton Centre For The Elderly Limited

Notes to the Financial Statements - continued For The Period 1 October 2022 to 31 December 2023

16. RELATED PARTY DISCLOSURES

During the year, the company paid rent of £131,250 (2022: £105,000) and an asset usage charge of £65,801 (2022: £45,967) to its parent undertaking, The Minchinhampton Centre for the Elderly, a registered charity. At the balance sheet date amounts owed to the parent charity totalled £278,345 (2022 :£197,521).The company also makes use of various other fixtures, fittings and equipment which are owned by its parent charity.

Income includes amounts totalling £336,488 (2022: £317,872) from its parent charity in respect of the charity providing financial support to residents of the Nursing Home who are unable to fund the full cost of their residential nursing care.

17. POST BALANCE SHEET EVENTS

A new charitable organisation Horsfall House has been registered with the Charities Commission in 2024. It is the trustees' intention that the activities and assets of the Charity are transferred to Horsfall House before the end of 2024.

18. ULTIMATE CONTROLLING PARTY

The ultimate controlling party is the parent charity, The Minchinhampton Centre for the Elderly, and its principal address is Horsfall House, Windmill Road, Minchinhampton, Gloucestershire, GL6 9EY.

Page 21

Minchinhampton Centre For The Elderly Limited

Detailed Statement of Financial Activities For The Period 1 October 2022 to 31 December 2023

INCOME AND ENDOWMENTS
Donations and legacies
Grants receivable
Charitable activities
Nursing home
Day centre & non-residential services
Homecare
Voluntary fee top up
Other income
Total incoming resources
EXPENDITURE
Other trading activities
Bad debts
Charitable activities
Staff costs
Social security
Pensions
Utilities
Insurance
IT & Telephone
Advertising, recruitment & training
Other direct costs
Agency staff
Catering
Cleaning & hygiene
Rent
Repairs & maintenance
Travel & motor expenses
Office expenses
Hire of equipment
Support costs
Governance costs
Auditors' remuneration
Legal & professional		 Period
1.10.22
to
31.12.23
£
-
3,589,676
278,877
691,700
354,835
43,920
4,959,008
4,959,008
2,370
3,348,069
230,262
56,609
98,213
30,295
81,150
20,615
33,452
254,964
147,089
127,891
197,051
102,776
67,425
39,016
37,081
4,871,958
3,100
27,430
30,530		 Year En
ded
30.9.22
£
37,954
2,456,161
175,595
645,763
317,871
1,205
3,596,595
3,634,549
-
2,501,482
195,880
42,280
62,889
22,596
55,719
14,041
51,359
202,145
97,005
90,385
150,967
90,681
61,099
34,910
27,742
3,701,180
11,490
19,952
31,442

This page does not form part of the statutory financial statements

Page 22

Minchinhampton Centre For The Elderly Limited

Detailed Statement of Financial Activities For The Period 1 October 2022 to 31 December 2023

Total resources expended
Net income/(expenditure)		 Period
1.10.22
to
31.12.23
£
4,904,858
54,150		 Year En
ded
30.9.22
£
3,732,622
(98,073)

This page does not form part of the statutory financial statements

Page 23