THE METHODIST HOMESTEAD (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 COMPANY NO 8295082 REGISTERED CHARITY NO. 1150018 THE METHODIST HOMESTEAD (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31°, DECEMBER 2023 COMPANY NO 8295082 REGISTERED CHARITY NO. 1150018 CONTENTS Legal and Administrative Details Report of the Directors Independent Examiners, Report ststement of Financial Activities Balance Sheet 7-12 Notes to the Financial Statements THE METHODIST HOMESTEAD (A company limited by guarantee) REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 COMPANY NO 8295082 REGISTERED CHARITY NO. 1150018 LEGAL AND ADMINISTRATIVE DETAILS LEGAL STATUS A Company limited by guarantee incorporaled 15 November 2012. A Registered Charity Number 1150018 appointed the sole Corporate Trustee of The Methodist Homestead (19291 Registered Charity Number 1150018-1 DIRECTORS S R Edmonds Chair Mrs E McAteer Vice chair Mrs K Brown Mrs S Dorman A Robinson JA Smith Mrs C Baldwin Mrs H Davies- appointed 1. October 2023 COMPANY SECRETARY Mrs J Talarek REGISTERED OFFICE 14 The Methodist Homestead Homestead Way Northampton NN2 6JH BANKERS Barclays Bank plc Northampton Group POBox23 Northampton NN14YD INDEPENDENT EXAMINERS CVS Northamptonshire 32-36 Hazelwood Road Northampton NN1 1LN SOLICITORS Shoosmiths The Lakes Northampton NN4 7SH THE METHODIST HOMESTEAD REPORT OF THE DIRECTORS The Directors present their annual report and financial statements of the Company for the year ended 31 December 2023. OBJECTIVES OF THE CHARITY To relieve poverty and advance the Christian Faith by providing homes in a caring. Christian environment primarily for'.- Members of Methodist Churches in the Northampton Circuit Retired Methodist Ministers and their Spouses Persons of limited means who are Christians of any denomination PUBLIC BENEFIT STATEMENT Independent living accommodation is provided lo elderly persons who have a financial or welfare need that can be met through occupancy of a single or double occupancy cottage at the Homestead. REVIEW OF DEVELOPMENTS, ACTIVITIES AND ACHIEVEMENTS DURING THE YEAR The Directors continued lo run the Homestead in accordan￿ with the objedives of the Charity, providing independent living accommodation for its residents. Necessary decoration, refurbishment and improvement works have continued to be carried out during the year. The capital improvement programme of extending the older type of homes has continued during the year. REVIEW OF THE CHARITY'S FINANCIALACTIVITIES Residents, contributions remained stable in comparison to the previous year. The Directors continued the policy of focussing expenditure on necessary repairs, refurbishments and improvements including security to the homes and the estate. This is reflected in the level of expenditure on repairs and renewals and continued capital improvements. Other expenditure continued to be well controlled although the year ended with Total Net Outgoing Resources amounting to £110,775) {2023 £43,760). The Directors are satisfied with the level of income generated for the year and are of the opinion that adequate funds are being maintained for the continued satisfactory operation of the Homestead. DIRECTORS Directors are recruited from time to time taking into account the profile of the Board and elected on the approval of Board members. No Directors are in receipt of any benefits from the charity. The following Directors retire by rotation and seek re-election at the Annual General Meeting to be held on 20°August 2024. S R Edmonds Mrs C Baldwin A Robinson STATEMENT OF DIRECTORS. RESPONSIBILITIES Legislation requires the directors to prepare financial statements for each financial year which give a true and fair view of the slate of affairs of the charity and of its financial activities for that period. In preparing those financial statements the directors are required to.. select suitable accounting policies and then apply them consistently., make judgements and estimates that are reasonable and prudent.. THE METHODIST HOMESTEAD REPORT OF THE DIRECTORS- CONTINUED state where the policies adopted are in accordance with the Charities Act 2011 Statements of Recommended Practice and with appli¢able accounting standards, subject to any material departures disclosed and explained in those financial statements. prepare the financial statements on the going con￿rn basis unless it is inappropriate lo assume that the charity will continue to operate. The Directors are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time. the financial position of the charity and lo enable them to ensure that the financial statements comply with the Charities Act 2011. They are also responsible for safeguarding the assels of the charity and hence for taking reasonable steps for the prevention and detection of fraud or other irregularities. POLICY ON RESERVES The directors consider that the unrestricted fund of £235,739 at 31. December, 2023 is sufficient to sustain Ils operations should income generating activities be curtailed unexpectedly over the forthcoming year. RISK MANAGEMENT The directors have assessed the major risks to which the charity is exposed, in particular those related to the operations and finances of the charity, and are satisfied Ihat systems are in pla￿ to mitigate our exposure lo the major risks. TRAINING OF DIRECTORS Directors undergo an induction when they are first appointed lo the Board. Directors are kept up to dale throughout the year with notifications from the Charity Commission by the Company Secretary INDEPENDENT EXAMINERS A resolution in accordance with Section 144 of the Charities Act 2011 to appoint cvs Northamptonshire will be put to the directors at the Annual General Meeting. This report was approved by the directors on 20 August 2024 and signed on Iheir behalf by:_ {6ci S R Edmonds Director JA Smith Director THE METHODIST HOMESTEAD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31st DECEMBER 2023 Buildlng and Equipment Fund Capitsl Fund Restrlcted Designated 2023 total Buildlng and Equipment Fund Capital Fund Restrictèd Designated 2022 total G•n•ral Fund Gen•ral Fund Income & Expenditure Income from.. Donalions and legacies Charitable activities Investments Other 9SO 168.092 8,784 950 168,092 8,784 6(X) 150.827 6.567 150.827 6.567 Totsl incomè 177.827 177.827 157,997 157,997 Expendlturè on-. Raising funds Charitable activities Other 188,602 188.802 114,237 114,237 Total expènditurè 188.602 188.602 114.237 114,237 Net incomellexpenditurel 110.7751 110,7751 43.760 43.760 Net gainslllossesl on investments 8,973 8.973 127,7241 127,7241 Transfer between funds 748 17481 110,4721 10.472 Nèt movement of fund 110,0271 17481 8,973 11,8021 33,288 10,472 127,7241 16,036 Reconclllation of funds Tot81 ftJnd5 blfv Totsl fund$ ¢lfwd 245.766 2,041,156 235 739 2 040 408 184,287 2,471,209 193 260 2 469 407 212,478 2,030.684 245 766 2 041 156 212,011 2.455,173 184 287 2 471 209 All income and expendituie derives from continuing activities. The statement of financial activiti'85 include5 all 9ains and losses recognised during the year. THE METHODIST HOMESTEAD BALANCE SHEET AT 31ST DECEMBER 2023 2023 2022 Note Fixed Asset$ Tangible assets Investments 2,040.408 193.260 2,233,668 2,041,156 184.287 2.225,443 Current Assèts Debtors 8 Accrued income Money on short notice Cash al bank and in hand 9,131 72.275 184.110 265,516 7,789 69,188 196.873 273,850 Creditors.. Amounts falling due within 1 year Net current assets 129,777 128.0841 235,739 245.766 Nèt assets 2 469 407 2 471 209 Represented by.. Unrestricted funds.. General FLJnd Designated fund8'. Capital Fund Restricted funds.. Permanent endowFnenl 235,739 245,766 193,260 184,287 2.040,408 2,041.156 2 469 407 2 471 209 Fof the Financial Year end￿ 31$t Decomber 2023 the Company was entstled to Èxemption from Audit under Section 477 of the Companies Act 2006 . The members have not required the Company to obtain an Audit in accordance with Section 47S of the Companies Act 2006 . These financial statements were approved by the Dirèctors on 20th August 2023. and 51gnéd oll their behalf by'.- - S R Edmonds- Director - J A Smith- Director The notes on pages 7 to 12 fomi part of these finanaal statements THE METHODIST HOMESTEAD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31" DECEMBER 2023 ACCOUNTING POLICIES Accounting convention The financial statements of the Char*table Company. which is a public benefit entity under FRS102, have been prepared under the historical cost convention and in accordance with the Companies Act 2006, and the Statement of Recommended Practice SORP {FRS102) issued on 1 sl October 2019, applicable UK Accounting Standards and the Charities Act 2011. Linked Charity The Methodist Homestead is the Sole Corporate Trustee of the Melhodi5t Homestead 119291 charity registered number 1150018-1. The Charity Commission have confirmed that the two charities can be treated as Linked Charities for accounting purposes. The Methodist Homestead 119291 is dormant and its sole purpose is to hold the Permanent Endowment represented by the Freehold Land and Buildings for the benefit of the activities of the Methodist Homestead. Depreclation Depreciation is provided on tangible fixed assets, at rates calculated to write off the cost, less eslimaled residual value, of each asset over ils expected useful life as follows'.- Freehold18nd and buildings Depreciation is not charged because the assets have a very long useful life and the estimated residual value is not materially different from the carrying value. 250/0 Straight line per annum 200/0 Straight line per annum 6.670/0 Straight line per annum 12.SO/u Straight line per annum Equipment Furnilure and utensils Bungalow fixtures Call care system Expenditure is capitalised when it is tTuly of a capital nature and only rf it exceeds £5,000. Incorning Resources All incoming reSoUr￿S are included in the Statement of Financial Activities when the charity is legally entitled to the income and the amount can be quantified with reasonable accuracy. Donations and legaclès Donations, legacies and voluntary In￿Me are included in the Statement of Financial Activities as they are received. The value of voluntary help is not included in the financial statements. Investment Income Interest on investment funds and cash on deposit is included in the Statement of Financial Activities when received, at an amount which includes any tax credits recoverable from Ihe Inland Revenue. Cashflow Statement The financial slalements do not include a cashflow statement because the Charity, as a small reporting entity is exempt from the requirement to prepare such a statement under Financial Reporting Standard 1. THE METHODIST HOMESTEAD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31ST DECEMBER 2023 ACCOUNTING POLICIES lcont. Pensions Current members of staff are enrolled in a workpla￿ Pension Scheme, with an employer's contribution of 5.10. Investments These are included in the balance sheet al the value ruling on the balance sheet date and are staled al the average of the bid and offer price as at that date. General Fund Sums of cash at any time belonging to the charity and not needed for immediately working purposes shall be invested in the name of the Charity, whilst the general fund consists of all the working capital used for the day to day running of the charty- Designated Funds These are amounts which have been set aside at the discretion of the directors for specific. but not legally binding purposes. Restricted Fund The restricted fund is the pemianenl endowment of the linked charity the Methodist Homestead {19291 Registered Charity Number 110018-1 and is only available for the specific use as defined by the permanent endowment. THE METHODIST HOMESTEAD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDEO 31st DECEMBER 2023 {CONTINUED) FIXED ASSETS Freehold Land and 6uildings Equipment Fumiture and utensils Bungalow Fixtures Call Car8 System Gar8gel workshop Totsl Cost or valuation Al 1st January 2023 Additions 2,030,684 22,077 8,194 3,289 13,587 11,220 2,089.051 Al 31 December 2023 2.030,684 22,077 8,194 3,289 13.587 11,220 2,089.051 Dèpreciation: Al 1 st January 2023 Charged lor the year 22,077 8,194 3,289 13,587 748 748 47,895 748 At 31 Decernber 2023 22.077 8.194 3,289 13,587 1,496 48.643 Net book amount.. At 31 De￿mber 2023 2.030,684 9,724 2,040,408 Al 31st D8eÈtnber 2022 2,030,684 10,472 2.041,156 The freehold land and buildings a￿ a perm8nenl endowment of the linked charity the Methodist Homeslead119291 Registered Charity Number 1150f)18-1, and as a restricled fund are therefore only available for the specific use as defined by the permanent endtswrnenl. INVESTMENTS 2023 Cost 2022 Cost No.Shares Valuation No.Shares Valuation At commencement ofyear At 181 Jariuary 2023 36,623 41.514 184,287 36,623 41.514 212,011 Disposals Realised gain Unrealised Ilossllgain 8,973 127,7241 At 31 Decernber 2023 193 260 184287 THE METHODIST HOMESTEAD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2 CONTINUED 10 23 DEBTORS 2023 2022 Trade debtors Prepayments Accrued income 7.274 1.857 6,060 1,729 MONEY ON SHORT NOTICE 2023 2022 Melhodisl Church Fund deposit CFB No. 1 account CFB No. 2 account CFB Building Fund a￿oUnt 1,022 59,863 11,390 978 57,306 10,904 CASH AT BANK AND IN HAND 2023 2022 Current Account Cash In hand 184,010 100 184110 196,773 100 196873 CREDITORS: Amounts falling due within one year 2023 2022 Trade creditors Accruals 2,506 27,271 921 27,163 THE PJIETHODIST HOMESTEAD 11 NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023 CONTINUED FUNDS MOVEMENT Bulldlng and Equipment Capital Fund Fund Restrlcted Designated General Fund Total Funds brought forward at 1 sl January 2022 Additions In year 212.479 2,030,684 {10,4721 10,472 212,011 2,455,174 Net Incominglloulgoingl resources for the year 43,760 43,760 Nel investment gains Realised Unrealised 127,7241 127,724} Funds carried forward al 31 sl December 2022 245,767 2,041,156 184,287 2,471,210 Funds brought fOn￿ard at 1 st January 2023 Additions in year 245,767 2,041.156 748 (7481 184.287 2,471,210 Nel incominglloutgoingl reSoUr￿S for the year 110.7761 110.7761 Net investment gains Re21ised Unrealised 8,973 8,973 Funds carried forward at 31st December 2023 235,739 2,040,408 193,260 2,469,407 The general fund represents the free funds of the charty whi¢h are not designated for particular purposes. The Building and Equipment Fund has been set up to assist in identifying the restricted fund of the permanent endowment of the linked Charity, and it represents the net book value of the tangible fixed assets. VALUE OF FUNDS BY CATEGORY Bulldlng and Equipment Capital Fund Fund Rgstricted Designated General Fund 2023 2022 Value held in"_ Tangible fixed assets Fixed asset investment Current assets Current liability 2,040,408 2,040.408 2,041.156 193,260 184,287 265,516 273,850 129,7771 128,0831 193,260 265.516 129,7771 Total value of funds 235,739 2,040,408 193,260 2,469,407 2.471.210 THE METHODIST HOMESTEAD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31st DECEMBER 2023 ICONTINUEDI 12 10 DIRECTORS REMUNERATION AND REIMBURSED EXPENSES The Directors were not paid any remuneration from the charity during the year. No expenses were reimbursed lo the Directors during the year. The charity paid Directors indemnity insurance being £48412022 - £4841 11 WAGES AND SALARIES 2023 2022 Wages and salaries Pension contributions 52,423 1,704 33,273 988 The average number of employees during the year was'.- No. No. Warden Gardener Clerk 12 INDEPENDENT EXAMINERS REMUNERATION A provision lor remuneration has been made within these financial statements amounting lo £65012022 - £520} 13 CONTROLLING PARTY The charity is controlled by the Directors of the charity. 14 PROVISIONS AVAILABLE FOR SMALL ENTITIES In common with many other charities of our size and nature, we ¥Jse our auditor lo assist us with the preparation of the final stalemenls.