Charlty Reglstratlon No. 1106837 Company Registration No. 05273395 {England and Wales) BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FOR AGED PERSONS ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Lentells Chartered Certified Accounianis
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS LEGAL AND ADMINISTRATIVE INFORMATION Trustees M Snell A Rice I S J Dobbin P J Conrad (Chairl Se¢retary J Ackroyd Charity number 1106837 Company number 05273395 Raglst•r•d offle$ 12 Ponsford Road Minehead Somerset United Kingdom TA24 5DQ Independent examiner D A Thatcher FCCA Lentells Limited Ash House C(K)k Way Bindon Road Taunton Somerset TA2 6BJ Bankers National Westminster Bank PLC Minehèad Branch 9 The Parade Minehead Somerset TA24 5ZD TSB Bank PLC Minehead Branch 19 The Parade Minehead Somerset TA24 SLU Solicitors Messrs Risdon Hosegood 18 Fore Street Williton Taunton Somerset TA44QD
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS LEGAL AND ADMINISTRATIVE INFORMATION Investment advisors Investec Wealth and Investrnent Ltd 30 Gresham Street London EC2V 7QN
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS CONTENTS Page Trustees reKM)rt Independent examinevs report ststemenl of financial actiw.ties 10-11 Summary income and expenditure account Balance sheet 12-13 Statement of cash flows 18 Notes to the finanual ststements 14-29
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2022 The trustees present their annual and finan(ial ststements for the year ende(J 31 March 2022. The financial stsleTnenls have been prepared in accordan with the accounting policies sel out in note 1 to the financial ststements and comply with the charivs Memorandum and Arb"cles the Companies Acl 2006 and "Accounting and Reports"ng by Charities". Ststement of Recommended Practi applicable lo charities preparing their accounts in accordance with the Financial Reporting Stsndard applicable in the UK and Republic of Ireland IFRS 102} leffeclive 1 January 20191.. Ba¢kground infomiation Broadlands was established in 1945 to 'provide a home or homes for age(1 persons within the Minehead, Watchet and Williton aa... and although now in 2022 the language has changed, 'to provide supported living to the elderly retired.. ' the objective remains unchanged. Broadlands Homes Limited was incorporated as a charilable company on 29 October 2004 and took over the activities of Minehead, Watchel and Williton Homes forAged Persons (charity number 2301871 on 1 April 2006. The Chanty CommissioneTS for England and Wales issued an Order, dated 22 January 2007, under which Broadlands Homes Limited was appointed trustee of the charitable trnst Minehead, Watchet and Williton Homes for Aged Persons. Under the Order, title of the land and property known as Broadlands was also transferred to the charitable company to be held in trust for the charitable trusl. The land and property remains the permanent endowment of the charitable trust Minehead. Watchet and Williton Homes for Aged Persons. Under the Uniting Direction dated 22 January 2007 Ihe charitable Irust Minehead, Watchet & Williton Homes for Aged Persons is to be treated as forming part of Ihe charitable compaT)y Broadlands Homes Lirlliled for the purpose of accounting as described by Part Vl of the Charilies Acl 1993 (Part 8 of the Charities Act 20111 and these accounts incorporate the financial activities, liabilities and funds of both Broadlands Hornes Limf(ed and Minehead, Watchet and Williton Homes forAged Persons. The objectives of the charitable trust Minehead. Walchel and Williton Homes for Aged Persons, being provision of a home or homes for ageé persons within the Minehead, Watchet and Wlllrton area, fall within the objectives of Broadlands Homes Limited as detsiled below.
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Obl¢ctlves and a¢tlvitie$ The charity's objectives are to establish. operale and mainlain accommodation wilh full board for elderfy people within the district of West Somerset. Broadlands provides full board, entertainment. outings, laundry and cleaning in a homely and friendly atmosphere, whilst at the same time keeping all income and costs under constant review. Residents need to be capable of looking after theTnselves. but rf not, an outside registered care provider attends the home lo provide care, in the forTn of personal care and medication. which is paid for by the resident. When personal care reaches beyond a basic limit residerrts move on to other separate care homes or hospital. Achieverllenl of the charity's aims is measured in terms of the level of occupancy and length of stsy of our residents, together with feedback from staff and residents al regular meetings with the senior man8gemenl team. One of the trustees aims lo attend a meal al Broadlands on a rrnthlY basis wrth a view lo observing the running of the home, the Welfa of residents and the inlerath.on of stsff wth the residents. The charity does not use social investment or provide grants. All the ttuslees are volunteers. Publ1¢ Beneflt Thè long 8Stablish8d lègal prinuple is, that to enjoy charitable status Broadlands must exist for a purposè which is beneficial to the community and it achieves this by.. advanang health and assisting the agedldisabled.. The Iruslees have paid due regard to guidance issue(I by the Charity Commission of England and Wales in deciding what activities the charty should undertake and compty with the requirements of section 4 of the Charities Act 2011. Achievements and performance The Trustees have adopted a FK)licy to ¢x)ntinue wlh the improvement of facilities in residents, acwmmodab'on by replacing baths with showers ensuite to all rwms. Regular resident and staff meetings were held during the year to provide infornialion and re1ve comments. Residents were able to express their views and see their suggestions acted upon. Suggestions from staff lo help irnprove the object of providing a friendly, happy and homely residence were welcomed and where appropriate were irllplemenled. Broadlands is held in high regard in the local communty. Staff are all local people with a good knowledge of the area and are therefore able to share fully with residents memories of the places and people that they knew or know. In relation to the portfolio of investments managed by Investec. the Injstees have selected a balanced investment objective with moderate risk, the investments have shown a 32.4% increase over the year with changes being made within the porttolio.
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Flnan¢lal r¢vl¢w Total income for the year was £474,046 compared with £476,507 in the previous year and total expenditure was £498,070 compared with £495,701 in the previous year. Realised and unrealised gains on investments assets in the year were £2.017 compared to £8,220 in the previous year. Overall nel expenditure for the year was £21,838 induding net expenditure of £17,403 relating lo unrestricted funds with nel income of £9,803 relating to Teslricled funds and net expenditure of £14,238 relating to permanent endowment funds, Principal funding sources and expenses Broadlands. rnain source of income is from rent paid by residents. whith ha5 historically been kept low. The main expenses are w8ges Ithe Trustees have always tried to Pay the muGh valued staff a rale higher than support workers receive locally) also food provision and repairs and renewals on a building over 100 years old as well as general operating expenses. The charity received £1,236 under the Coronavirus Job Retention Scheme lo assist wvch the wst of wages in the year as a result of the pandemic. A Government backed 'Bounce Back. loan of £50.000 was introduced in December 2020 to assist the charity's cash flow as it was identified that there would be a shortfall from March 2021. Repayments have now started leaving a balance of £47,640 at the year end. Re5erve5 policy 11 is the policy of the charity Ihal unre5trrcted funds which have nol been designated for a specific use should be maintained al a level equivalent lo al least iwo months gros5 expenditure. The tru51ees considers that reserves al this levtsl will ensure that. in the event unexpected revenue requirements. they will be able to continue the charity's curnt activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintsined throughout the year. Net Current assets at the year end amounted to £99,833 and there a investments held, which could be sold rf needed, with a market value of £56,218 at 31 hAarch 2022. The amount of reserves held at the end of the year is considered to be consistent with the level of reserves identified by the truslees as appropriate given their plans for the fulure activities of the charity.
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Slgnlflcant events durlng the year Due to Ihe continued threat of the corona virus we have kept reful eye on keeping our residents safe by restri¢ting visits from relatives and carers and inskntuknng stricl infeclion control measures. Again this year, the dedication of all the staff was exemplary and the irustees are indebted to the whole staff team. Due lo the pandemic nothing of significance happened in Ihe year as it was a case of making sure that all the residents were as safe as possible. Occupancy rates are budgeted for at 88% bul due to the pandemic as rooms emplied there was not any opportunity to fill those rooms. Moving forwards this is something that will try to be rectified as there are 14 rooms empty at present. Older people are now encouraged to stay in their own home wtih suppM)rt from the wmmunty services and by the lime that they are ready to give up their home their health issues require mowng into a care home rather than supported living at Broadlands. Advertising and promotion at community events are ongoing, ahoUgh this has been difficult due lo the pandemic. Broadlands rents are very competitive and the trustees are l(M)king into raising rents over a four year period so that by 2024 all rooms wll be at a rent of £400 a5 will all new 0panCIeS from now on. The local mentsl health service5 regu18rfy want to pla dienls wth mental issues in Bro¥dl8nds bul the manager interviews 811 potential Clients with a view lo ensuring that behaviours do not adversely affect other residents. Investment policy and objectives The trustees, investment policy is lo maintain and enhance the real value of their investments by investing in a portfolio comprising equities, fixed income stocks and cash. The portfolio has been plad in the name of the stockbrokers Inveslec nominees and is managed by them in an advisory role. The trustees have selected a balanced investrnenl objective wth rrK)derale risk which wll be rewewed on a regular basis. The Iru51ees operate an ethical investment policy in relation to the chariws Portfolio of investrnenls managed by Investec. Principal risks and uncertainties The trustees has assessed the major risks lo which the charity is exposed, and are satisfied that systems are in place lo mitigate exposure to the major risks. The trustees and senior members of the staff tske great care lo ensure the operation of the home conforms to health and safety legislation and there is regular monttoring in this connection. The trustees are sats"sfied that there are adequate systems lo minimise financial risks. There 15 an annu81 budgeting process and meetings are held bi- annually lo review income and expenditure and if appropriate take remedial action.
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Plans for fvture perlods AITMS and key objectives ft)r future periTods Broadlands has provided supported living for over 75 years and will continue to do so. The charity will continue to provide affordable accommodation, excellent meals and faalities whilst at the same lime keeping all income and costs under constant review to ensure the long lemi future of Broadlands. The charity aims to fill the unoccupied rooms and then Icw)k to enhan the Broadlands experience wf(h the decor and maintenance. Structure, govemance and management The charity is a company limtted by guarantee govemed by its Memorandum and Articles of Asswiation dated 11 October 2004. 11 is registered as a charity with the Charity Commissione. 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= M Snell A Rice E Stacey I S J Dobbin Rev D Crou¢her P J Conrad (Chairl {Resigned 18 June 20211 {Resigne(111 November 20211 Recruitment and appointment of trustees New trustee appointments a proposed by existing twstees and aprx)inted by vote at a general meeting. Trustees are not reqLJired lo be members of the ¢harity. The minimum number of Irustees is five and the maximum number 818vèn. Under certain circumstancès a member. who is not a trustèe. may also propos& a person for appointment as a trustee. One third of the trustees retire by rotation at èach annual general meeting along with any trusteas appointed since the previous annual general meeting. Retiring trustees may then be re-elected by the meeting. Qualifying third party indemnity provisions The charity maintains a third party indemnity Insuran policy for the benefit of the trustees. The policy was in for during the year and remains in for at the time of approval of this report. None of Ihe truslees has any beneficial interest in the company. All of the trustees are members of the wmpany and guaranlee to contribLJte £10 in the evenl of a winding up. Organisational structure The manager. S Cutler. is responsible for the day-t(aY running of the home. assisted by the administrator, J A¢kroyd. They meet with a trustee member at least monthly. consulting about any issues arising. All major decisions regarding the home, including the aprN)intment of senior stsff are made by presentiveS of the trustees. The Chaim)an and Vice Chaim)an are available to be conts¢ted by the manager or administrator at any reasonable time to deal ¥Mth Ljrgent issues. Both live locally.
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS TRUSTEES REPORT {INCLUDING DIRECTORS. REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Trustees are asked to make two wsits eath year to Broadlands, as well as Board meetings. to spend time with residents and staff and to complete a questionnaire on their visit. This means one of the trustees will be visiting the home ea¢h month. With this being an unusual year due to the global pandemi¢, visiis have not been regular, trustees have been kept up to dale by staff. Bi monthly meets'ngs of the trustees are held with the Senior Management Team lo review the financial report and discuss r[)M occupancy. building and equipment maintenan. staff and residen issues. The Chair and VI of the Board meet with the management team monlhly to review the above issues. This has been difficult due to Covid, but regular contact has been made even rf not with a physical presence. Inductlon and tralnlng Of trustses Following appointment all tnjstees are referred to Ihe infomiation available on the Charity Commission website page hltps.'IlwwN.gov.uklgovernmenVpublicationslthe-essential-Irustee-what-you-need-tO-know-cc3 in order to appraise them of their dulles and restK)nsibilities as trustees. They are also encouraged to discuss the affairs of the charity with other trustees in order to obtain a full understanding of the objectives of the charity and how these are met. Remuneration of the ¢harity's key management petsonnel Pay and remuneration of the ¢hariVs key management personnel is detemiined by the trustees 8$ part of an annual budgeting pro¢ess that in¢ludes a review of pay and conditions for all members of staff within the organisab'on. The Trustees report was approved by the Board of Trustees. @ 20".08 P J Conrad (Chairl Trustee Date..
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF TRUSTEES RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2022 The trustees, who are also the directors of Broadlands Homes Limited for the purpose of company law, are responsible for preparing the Trustees Report and the financial statements in a¢¢ordan¢e with applicable law and United Kingdom A¢¢ounting Siandards (United Kingdom Generally Aepted Accounting praCti1- Company Law requires the irustees to prepare financial sialements for each financial year which give a true and fair view of the slate of affairs of the charily and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year. In preparing these finanaal statements, the trustees are required to.. select suitable accounting policies and then apply them consistenlly.. - observe the methods and prinaples in the Charities SORP.. make judgements and estimates that are reasonable and prudent- slate whether applicable UK Accounting Standards have bn followed. subject to any material departures disclosed and explained in the financial statements., and prepare the financial ststements on the going ¢xJncem basi5 unless tt is inappropriate lo presume that the charity will continue in operation. The trustees are responsible for keeping adequate 8¢counb"ng records that ¢Jisclose with re8s0nable 8¢¢ur8cy al any time the financial position of the ¢harty and enable them to ensure that the financial slalemenls comply with the Companies Act 2006. They are also sponsible for safeguarding the assets of the ¢harily and hence for taking reasonable steps for the pventiOn and deteth.on of fraud and other irregularities.
DA Thatcher - Lentells Ltd Countersigned on 09/08/22 @ 06:24
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS SUMMARY INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2022 All Incom¢ fund$ 2022 2021 Gross income Gains on investrnenls 474,046 2.017 476,507 8,220 Total income in the reporting period 476,063 484.727 Totsl expenditu from income funds 483.663 480,635 Net lexpenditure)lincome for the year 17.6001 4,092
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2022 Current financlal year Unrestricted Restricted Endowment funds funds nds 2022 2022 2022 Total Total 2022 2021 Income from- Donatlons. grants and legacies Charitable activities Other trading activities Investments 1.236 454,310 7,161 713 10,626 11,862 454,310 7.161 713 3.681 464,702 7,186 938 Total income 463,420 10.626 474,046 476,507 nditure on= Raising funds Charitable activities Other 588 476,871 5,381 588 477,694 19,619 778 474,429 20,494 823 12 14,238 Total resources expended 482,840 823 14,238 497.901 495,701 Net gainslllossesl on investments 11 2.017 2.017 8,220 Net movement In funds 117,4031 9.803 (14,238) 121,8381 110,9741 Fund balances brought forward 159,285 2.653 289,385 451,323 462,296 Fund balances carried forward 141,882 12,456 275,147 429,485 451,322 The stslemenl of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities. The comparative figures forthe pri peri(xl ale shown on the next page. 10-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Prlor financlal y$ar Unrestricted Restricted Endowment funds nds funds 2021 2021 2021 Total 2021 Noles Income from- Donatlons. grants and legacies Charitable activities Other trading activities Investments 3.484 464.702 7.186 938 197 3.681 464,702 7,186 938 Total income 476.310 197 476,507 nditure on= Raising funds Charitable activities Other 778 470,959 5,428 778 474,429 20,494 3.470 12 15,066 Total resources expended 477.165 3,470 1 S.066 495,701 Net gainslllossesl on investments 11 8.220 8,220 Net movement In funds 7.365 {3,273) 115,0661 110,9741 Fund balances brought forward 151,920 5,925 304,451 462,296 Fund balances carried forward 159.285 2,652 289,385 451,322 The statement of financial activities incfudes all gains and10&8es recognised in the year. All income and expenditure derive from continuing activities. 11
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS BALANCE SHEET ASAT31 MARCH2022 2022 2021 Flxed assets Tangible assets Investments 13 14 311,485 56,218 330,669 42,460 367,703 373,129 Current a$$et$ Stocks Debtors Cash at bank and in hand 17 16 1,600 8,595 126.420 1,600 7,151 135,638 136,615 144,389 Creditor5.' amounts falling due within one year 19 {36,7821 119,5291 Net current assets 99,833 124,860 Total assets les$ ¢uront liabilities 467,536 497,989 Creditors.. amounts falling due after more than one year 20 {38,0511 146,6671 Net assets 429,485 451,322 Capital funds Endowment funds Income funds Restricted funds Unrestricted funds 21 275.147 289,385 22 12,456 141.882 2,652 159,285 429,485 451,322 12-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS BALANCE SHEET (CONTINUED) ASAT31 MARCH2022 The company is entitled to the exemption from the audil requirement Contsined in section 477 of the Companies Act 2006. for the year ended 31 March 2022. The directors acknowledge their responsibil"eS for ¢x)mplwng wrth the requirements of the Companie5 Act 2006 with respect lo accounting recor¢J5 and the preparation of financial statements. The members have not required the company lo obtain an audrt of its financial statements for the year in question in accordance with section 476. These financial statements have been prepared in accordance with the provisions applicable to companies subject to Ihe small companies regime. Thtr financial ststemenls were approved by the Trustees on .--- .-.--.-.--- .----.-. ..&w&1DrLn810£r @ 20".08 P J Conrad (Chairl Trustee Company Registration No. 05273395 13-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022 Accounting poli¢ies Charity infomiation Broadlands Homes Limited is a private company limited by guarantee incorrK>rated in England and Wales. The registered offi¢e is 12 Ponsford Road, Minehead, SomerseL TA24 5DQ, United Kingdom. Each of the trustees is liable to tt>ntribute an amount not exceeding £10 towards the assets of the charity in the event of liquidation. 1.1 A¢¢ounting convention The financial stalemenis have been prepared in accordan with the charity's tgoverning documentl, the Companies Act 2006, FRS 102 °The Finanual Reporting Standard applicable in the UK and Republic of Ireland" I"FRS 102.1 and the Charities SORP -Accounting and Repong by Charities.. Siatement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021" (effective 1 JanLJary 20191. The charity is a Public Benefit Entity as defined by FRS 102. The finan¢ial statements are ppared in steding. which is the fvn¢tional currency of the ¢harily. Monetsry amounts in these finanual ststements are rounded to the neare* £. The financial stslements have been prepared under the historical cost convention, Imodified lo include the revaluation of freehold properties and lo indude investment properties and certain financial instruments al fair valuel. The principal accounting policies adopted are Sel out below. 1.2 Going concern Al the lime of approving the financial statements. the trustee5 have a reasonable expectation that the charity has adequate resources to conb.nue in operational existence for the foreseeable futu. Thus the trustees continue to adopt the going con¢em basis of accounting in preparing the finan¢ial ststemenls. 1.3 Charitable funds Unrestricted ftjnds are available for use at the discrebon of the trustees in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by dor)ors as to how they may be used. The purposes and uses of the restricted fvnds are set out in the notes to the financial statements. Endowment funds are subject to spectfic corvjitions by donor5 Ihal the caprtal musl be maintsined by the charity. 1.4 In¢ome Income is recognised when the charity is legally entiued lo it after any petfomiance conditions have been met, the amounts can be measured reliably. and it is probable that income will be received. 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 reiVed under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwse rf the charity has been notified of an impending dislribulion, the amount is known, and reipt Is expecte(l. If the amount is not kn¢)wn. the legacy is Irealed as a conlingenl asset. 14-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (Continued) 1.5 Expenditur All expenditure is recognised once there is a legal or constructive obligation to that expenditure, it is probable that settlement is required and the amount can be measured reliably. All costs are allocated to the applicable expenditure heading that aggregate sirnilar cL)sts to that category. Where costs can not be directly attributed to particular headings they have been allocated on a basis consistent wtth the use of resources, with central staff costs allocated on the basis of time spent, and deprecjation charges allocated on the proportion of the assefs use. Other supports costs are allocated based on the spread of staff costs. Raising funds These are costs incurred in attracting voluntsry income. the management of investments and those incurred in trading adivities that raise funds. Charltabl• actlvltlès Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It indudes both costs that can be allocated direcily to such activities and those costs of an indirect nature necessary to suptK>rt them. Support costs Supports costs include central functions and have been allocated to activity cost categories on a basis consistent with the use of resources, for example. allocating property costs by floor areas, or per capita, staff costs by the time spent and other costs by their usage. Governance costs These indude the costs attributable lo the Charits mplIance wtih constf(utional and statutory requirements including independent examination, strategic management. trustees meetings and reimbursed expenses. 1.6 Tangible fixed assets Tangible fixed assets are inits'ally measured at cost and subseouenuy measured at cost or valLJation, net of depreciation and any impairment losses. Individual fixed assets costing £200 or more are capitalised. Depreaation is recognised so as to wrile off the cost or valualion of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Fixtures and fitting5 Furniture and equipment Computers Straight line 25 to 50 years Straight line 10 to 20 years No depreciation Straight line 4 years The gain or loss arising on the disposal of an asset is deterrnined as the drfFeren between the sale proceeds and the carrying value of the asset, arHJ is recognised in the statement of financjal actmties. No depre¢i81ion is ¢h8rged on general furnrture and equipment 85 replacements of those rtems are treated as revenue expenditure and written off in the year they are irujrred. 1.7 Fixed asset investments Fixed asset investments are initially measured at transaction Pri exduding transaction costs, and are subsequently measured at fair value at each rew)rbng date. Changes in fair value are recognised in net incomellexpenditurel for the year. Transaction costs are expensed as incurred. 15-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (Continued) 1.8 Impairmont of fixed assets Al each reporting end date, the charity reviews the carying amounts of its tangible assets lo determine whether there is any indication that those assets have SLrffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimaled in order to detemiine the extent of the impairment loss Irf any). 1.9 Stocks Stocks are ststed at the lower of Cost and estimated selling pri less Costs to Complete and sell. Cost comprises direct materials and, Whe applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their presenl location and condition. Ilems held for distribution at no or nominal consideration are measured the lower of replament cost and cosl. Net realisable value is the estimated selling pri less all estimaled ujsts of completion and costs to be incurred in marketing, selling and dislribution. 1.10 Cash and cash oqulval•nts Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-temi liquid investments with original maturities of Ihree months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.11 Flnan¢lal Instruments The charity has elected to apply the provisions of Section 11 'Basic Finanual Instnjments, and Section 12 'Olher Financial Instruments Issues. of FRS 102 to all of its financial instnJments. Financial instruments are recognised in the chariWs balan sheet when the charity becomes party lo the contractual provisions of the instrument. Financial assets and liabilibes are offset. wth the net amounts presented in the financial slaterllenls, when there is a legally enforceable right to set off the rec(KJnised amounts and there is an intention to setue on a nel basis or lo realise the asset and settle the liabilty simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including Iransactron costs and are subsequently carried at arriorti5ed cost using the effective interest method unless the arrangement constitlrtes 8 financing transaction, where the transaction is measured al the present value of the future reip1S discounted al a market rale of interest. Financial assets Classified 85 receiv8ble wthin one year are not amorb"5ed. Basic financial liabilities Basic financi81 liabilities. in¢lu¢Jing creditors and bank 108ns are initially recognised al transaction price unless the arrangement constrtutes a financing Iran5adion. where the debt instrument is measured al the present value of the future payrnen15 discounted al a market rate of intere51. Financial liabilities ¢lassified as payable within one year are not amortised. Debt instruments are subsequenlly carried at amortised cost. using the effective interest rale 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 dalfied as ¢urtent liabilities if payment is due within one year or less. If not, they a presented as non-¢urrent liabilities. Trade ¢reditors are re¢ognised initially at transaction price and subsequenuy Measu al amorbsed cost using the effective interest method. 16-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Accounting policies (Continued) Derecognition of financial liabilities Financial liabilities are derecognised when the charity's conlractual obligations expire or are discharged or cancelled. 1.12 Employee bgnefits The cost of any unused holiday entiuement is recognised ir) the period ir) which the employee's ServIS are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo lerminale the employment of an employee or to provide termination benefits. 1.13 Retirement benefits Payments to defined contn"bution retirement benefit herneS are tharged as an expense as they fall due. 1.14 Fund structure General funds are unrestricted income funds which are available for use at the discretion of Trustees in furtherance of the general objectives of the charity which have not been designated for other purposes. 17-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2022 2022 2021 Cash flows from operating a¢tivltles Cash generated from operations 26 4,303 1,729 Investlng a¢tlvitie$ Purchase of tangible fixed assets Purchase of investments Proceeds on disposal of investments Investment income reiVed 11331 158,3951 46,654 713 118,1241 16,7781 9,271 938 Net cash used in investing activitie5 111,1611 114,6931 Financing activities Repayment of bank loans 12,3601 50,000 Net cash (used inllgenerated from rinancing activities 12,3601 50,000 Nét Id•erèasèlllner•as• In Cash and cash equivalent$ 19,2181 37.036 Cash and cash equivalents at beginning of year 135,638 98,602 Cash and cash equivalents at end of year 126,420 135,638 18-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Crltlcal a¢countlng ¢$timat¢$ and Judgements In the application of the charty's accounting policies. the trustees are required to rllake judgements, eslimales and assumptions about the carrying amount of assets and liabilrties that are not readily apparent from other sources. The estimate5 and as50cialed as5UmPtiOns are based on historical experience and other factors that ale considered to be relevant. Actual results may ¢Jiffer from these esbmates. The estimates and undedwng assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are re¢ognised in the period in whi¢h the estimate is revised where the revision affects only that period, or in the period of the revision and futu riods Whe the viSion affects tK>th Current and fvture periods. Donations, grants and legacies Unrestricted Restricted funds funds Total Unrestricted funds Restricted funds Total 2022 2022 2022 2021 2021 2021 Donations and gifts Coronavirus Job Retention Scheme grants 10,626 10.626 197 197 1,236 1.236 3,484 3,484 1,236 10,626 11.862 3,484 197 3,681 Charitable activities Fees from residents Fees from residents 2022 2021 Accommodation and welfare Outsourced ServIS for residents 432,525 21,785 434,329 30,373 454,310 464,702 Other trading activities Unrestricted Unrestricted funds funds 2022 2021 Sales of goods and ServIS to residents 7,161 7,186 19-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Investm¢nts Unrestricted Unrestricted funds funds 2022 2021 Income from listed investments Interest receivable 707 914 24 713 938 Charitable activities 2022 2021 Staff costs Provisions Outsourced servi5 for residents Rent. water and rates Heat and light Insuran Propety paIrS and maintenance Telephone Equipment repairs and renewals Hire of equipment Gardening, laundry and cleaning Advertising Bank charges Residents welfare and sundry Printing, postage and stationery Legal and professional fees 307,454 29,191 19.565 9,899 25,760 4.538 21.990 1,609 37,368 2.315 5,706 2,370 614 3,694 432 1,589 327,202 30,940 28.221 9,769 26,775 4.209 10,823 1,151 11,182 2,132 5,422 2,072 525 7,586 697 2,123 474,094 470,829 Share of governance costs {see note 8) 3,600 3,600 477,694 474,429 Analysis by fund Unrestricted funds Restricted funds 476,871 823 470,959 3,470 477,694 474,429 -20-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Support $ts Support Govemance costs costs 2022Support costs Govemance costs 2021 Independent Examination fees Accountancy Companies House filing fee 720 2.867 720 2.867 720 2,867 720 2,867 13 13 13 3,600 3,600 3,600 Analysed between Charitsble a¢tivities 3,600 3,600 3,600 Trustees None of the trustees lor any persons connected wth them) received any remuneration or benefits from the charity during the year. 10 Employees The average monthly number of employees during the year was: 2022 Number 2021 Number 20 22 Employment costs 2022 2021 Wages and salaries Social security costs Other pension costs 274,602 19.186 12,889 298,957 15,259 12,434 307.454 327,202 Wages and salaries indudes £77712021.. £552) in respecl of slaff training and DBS checks. There were no employees whose annual remuneration was MO than £60,000. 21
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 11 Net galnsl{loss¢$} On inv¢$tments Unrestricted Unrestricted funds funds 2022 2021 Revaluation of investments Gainlllossl on sale of investments {2,1771 4,194 5,854 2,366 2,017 8,220 12 Other Unrestricted Endowment funds funds general 2022 Total Unrestricted Endowment funds funds general 2021 Total 2022 2022 2021 2021 Nel loss on dispos81 of lamgible fixed assets Depreciab'on of tangible fixed assets Financing costs 382 382 5,079 302 14.238 19.317 302 5,046 15,066 20,112 5,381 14238 19.619 5,428 15,066 20,494 -22-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 13 Tangible fixed assets FreÈhold land FixiurÈs and Furniture and and bulldings fittings e4UiPrnÈnt C¢)mputsr6 Total Cost At 1 April 2021 Additions Disp0s81s 605.916 4.974 195,695 1,937 133 14501 808,522 133 14501 Al 31 March 2022 605.916 4.974 195,695 1,620 808,205 Depreciation and impaimient At 1 April 2021 Depreaation charged in the year Eliminated in respect of disposa15 324,523 14.238 151.486 5,015 477,853 19,317 14501 14501 At 31 March 2022 338.761 156,501 1,458 496,720 Carrying amount At 31 March 2022 267.155 4.974 39.194 162 311,485 Al 31 March 2021 281.393 4.974 44,209 93 330,669 14 Fixed asset investments Listed investments Cost or valuation Al 1 April 2021 Additions Valuation changes Disposals 42,460 58.395 12,1771 142,4601 At 31 March 2022 56,218 Carrying amount At 31 Mar¢h 2022 56,218 Al 31 March 2021 42,460 Lisld investments induded above.. 2022 2021 Lisld investments Carrying amount 58,218 42,460 -23-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 14 Fixed asset investments (Continued) Fixed asset investments revalued The listed investment as included at the market value per the valuation report from Inveslec Wealth and Investment Ltd at the balan sheet date. 15 Financial instruments 2022 2021 Carrying amount of financial assets Instruments measured at fair value through profit or loss 56.218 42,460 16 Debtors 2022 2021 Amounts falling due within one year: Trade debtors Prepayments and accrued income 4.152 4.443 4,424 2,727 8.595 7,151 17 Stocks 2022 2021 Provisions and other consumables 1.600 1,600 18 Loans and overdrafts 2022 2021 Bank loans 47,640 50,000 Pay8ble within one ye8r Payable after one year 9,589 38,051 3,333 46,667 The 108n relates to a Govemmenl b8¢ked 'Bounce Bad(, loan which has 8 totsl repayment period of 6 years, with no capital or interest repayments falling due in the first year. Interest 15 charged on the loan a12.5%. -24-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 19 Credltors: amounts falllng du¢ wlthln one year 2022 2021 Notes Bank loans Other tsxation and Sla1 security Trade creditors Accruals and deferred income 18 9.589 12 21,312 5.869 3,333 12 10,668 5,516 36,782 19,529 20 Creditors: amounts falling due after more than one year 2022 2021 Notes Bank loans 38,051 46,667 21 Endowment funds Endowment funds represent assets which must be held perrnanently by the charity. In¢J)me arising on the endowrnenl funds be used in accordan wth the objects of the charity and is included a5 unrestricted inwme. Any ¢8pilal g8ins or losses arising on the assets forTn part of the fun¢J. Balance at 1 April 2020 Resourcgs expended Balance at 1 April 2021 Resources Balance at expended 31 March 2022 Permanent endowments Propety 304.451 {15.0661 289,385 114,2381 275,147 304,451 {15,0661 289,385 114.2381 275.147 The perTn8nent endowment fund repTe5ents the original property and land purchased with donations lo the charity Minehead. Walchel and Williton Homes for ages persons and the subsequent 8ddilions and improvements lo that property. This remains the property of Minehead. Walchel and Willilon Homes for Aged Persons and is included in these a¢¢ounts under the unib.ng DI¢b"on dated 22 January 2007. -25-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 Restrlct¢d funds The in¢x>me funds of the charity include restricted fund5 comprising the following unexpended balanS.. Movement in funds Incomlng Resour¢8s Balance at expendod 1 April 2021 Movement in funds Incoming Resources Balan¢8 at resources expended 31 March 2022 Balance at l April 2020 Residents funds 5.925 197 {3,4701 2,653 10,626 18231 12,456 Restricted funds are funds th81 are lo be used in 8ccordan¢* with 5pecifi¢ restricb.ons Imposed by donors or which have been raised by the charity for parb"cular purposes. The costs of raising and administering any such funds are charged against the fund in question. The 'Residents funds, fund is wnaintsined for the purpose of hokling funds donated spe¢ifically for funding activities for the residents at BroadlarKIs. -26-
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BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 24 Op¢rating lease commitments At the reporting end date the charity had outstanding commitmenls for future minimum lease payments under non-cancellable operating leases, which fall due as follows= 2022 2021 Within one year Betreen two and five years In over five years 2,236 8.755 2,006 2,606 8,755 4,195 12,997 15,556 25 Related party transactions Remuneration of key management personnel The remuneration of key management personnel is as follows. 2022 2021 Aggregate compensation 62.871 63,215 26 Cash generated from operations 2022 2021 Deficit for the year 121,8381 110,9741 Adjustments for.. Investment income recognised in stalemenl of finanual acbvities (Gainyloss on disposal of tangible fixed assets Gain on disposal of investments Fair value gains and losses on investments Depreaation and impaiment of langible fixed assets 17131 19381 382 12.3661 15,8541 20,112 14,1941 2,177 19,318 Movements in working capital= Ilncreasel in stocks Ilncreaselldecrease in debtor5 Increasellde¢reasel in Creditors 14001 5,360 13,5931 11,4441 10,997 Cash generated from operations 4,303 1,729 -28-
BROADLANDS HOMES LIMITED INCLUDING MINEHEAD, WATCHET & WILLITON HOMES FORAGED PERSONS STATEMENT OF CASH FLOWS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2022 27 Analysis of ¢hange$ in net fvnds At 1 April 2021 Cash flowsAt 31 March 2022 Cash al b8nk and in h8nd 135,638 19,2181 126,420 Loans falling due wthin one year Loans falling due after more than one year 13,333} 146,667) 16,2561 8,616 19,5891 138,0511 85,638 16,8581 78,780 -29-