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2021-05-31-accounts

Charity Registration No. 1158481

THE ROSEMOUNT HOME CIO

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MAY 2021

THE ROSEMOUNT HOME CIO

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Florence Wilson
Avril Rowbotham
Brian Bell
Marie Carr
John Colquhoun
Kathleen Grogan
Charity number 1158481
Principal address 79 Medomsley Road
Consett
County Durham
DH8 5HN
Accountants Westwood Accountancy Ltd
Office 6, Consett Innovation Cenre
Ponds Court Business Park
Genesis Way
Consett
DH8 5XP
Independent examiner RMT Accountants & Business Advisors Ltd
Gosforth Park Avenue
Newcastle upon Tyne
NE12 8EG
Bankers HSBC Bank plc
42 Middle Street
Consett
County Durham
DH8 5QL
Solicitors Ward Hadaway
Sandgate House
102 Quayside
Newcastle upon Tyne
NE1 3DX

THE ROSEMOUNT HOME CIO

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 4
Statement of financial activities 5
Balance sheet 6
Statement of cash flows 7
Notes to the financial statements 8 - 19

THE ROSEMOUNT HOME CIO

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MAY 2021

The Trustees present their annual report and financial statements for the year ended 31 May 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's constitution , the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016).

Objectives and activities

Aims

The Charity's purpose is to provide a residential home and associated amenities for the benefit of aged and infirm people who have need of the facilities provided at the home. An individual’s economic status, gender, ethnicity, race, religion or disability does not form part of our assessment.

Objectives

Rosemount Home has been established since 1984 and has a well respected name in our area. Our objective is to continue to provide:

O ur Volunteers are valued by the residents for their friendship and assistance with shopping.

Public benefit

The trustees confirm that they have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to the public benefit guidance published by the Charity Commission in determining the activities undertaken by the charity. All applications from elderly persons who meet the Home’s admission criteria are considered and equal merit is given to all such applicants. Applicants who are unable to meet the Home’s residential charges are able to make application to the local authority to meet all or part of them.

Achievements and performance

As our residents continue to age and require extra care we have seen the increase in two members of staff not only to care but to cover for other staff due to the Covid crisis.

Since the beginning of lockdown we have been vigilant with staff and residents and we have no Covid cases in the home. We have received grants which have supported us with the extra PPE and costs related to building a pod where the residents and their relatives may speak one to one in a secure environment.

Our fundraising has reduced due to the lack of communication with the families and supporters not being able to access the home. We continue to upgrade the home and redecorating and updating of rooms at suitable times.

Our entertainment has continued with more in house activities, but our regular entertainers have visited when possible kept the staff and residents uplifted. All of the ladies and staff are now vaccinated and we look forward to re-opening the home as soon as it is safely possible.

THE ROSEMOUNT HOME CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

COVID-19 risk

The ongoing COVID-19 pandemic continues to generate a significant level of uncertainty in the global economy. The management team and Board regularly assess the likely effects on the charity's operations in an attempt to mitigate the risk as far as possible.

Financial review

The Charity made a surplus of £ 26,135 (20 20 : £ 879 ) for the year.

Reserves

The Charity holds reserves to enable it to meet future maintenance and the eventual replacement of the lift. It also maintains the reserves to cover the costs of the redundancy payments should they ever become necessary if bed occupancy or revenues were to fall below the levels required to maintain the charity in its present condition. At the year end the level of free reserves (being those not tied up in fixed assets) was £ 70,991 (20 20 : £ 34,683 ).

Investment powers and policy

The Charity hold investments in accordance with the Trustees powers at a level which they believe would sustain the charity in the medium term and protect it against any unexpected events which may occur. £15,328 (2020: £1 5 , 309) was held in the Charities Aid Foundation high interest account at the year end.

Structure, governance and management

The Rosemount Home CIO is a registered charity under the Charities Act 2011. It is governed by its foundation model constitution dated 1 July 2014.

The Rosemount Home CIO was registered on 8 September 2014 as a Charitable Incorporated Organisation. Prior to this date the charity was registered as an unincorporated charity under the same name (registration number 515464); this charity has now been removed from the Charity Commission register. On 3 December 2014 the funds of the unincorporated charity were transferred into the new Charitable Incorporated Organisation.

In all respects the charity operation and organisation of The Rosemount Home remains the same.

Trustees

The Trustees who served during the year were: Florence Wilson Avril Rowbotham Brian Bell Marie Carr John Colquhoun Kathleen Grogan

Recruitment of trustees

New Trustees are identified and appointed by the existing Trustees. The Chair of Trustees is responsible for the induction of new trustees which involves an explanation of the history and objectives of the charity. New trustees are encouraged to familiarise themselves with the guidance provided by the Charity Commission.

Organisational structure

The charity is managed by the Board of Trustees who meets at regular intervals, normally monthly, to discuss the running of the home with senior staff. A sub-committee is responsible for the detailed monitoring and supervision of the financial affairs of the Charity.

Government and internal control

The Trustees regularly carry out reviews of the major risks facing the Charity and discuss them at regular Trustee meetings. The Trustees have taken steps where possible to mitigate the impact of any such risks. The Trustees will continue to monitor risks and formalise their approach to risk as outlined in the Charity Commission’s publication on Risk Management.

THE ROSEMOUNT HOME CIO

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

Related parties

The property used as the home was owned by L S Barnett, and is vested in the executors of his estate. The Executors are the legal owners of the property and they lease it to The Rosemount Home for the purpose of using it as a residential home as outlined in the Objects of the Charity. The Executors are Allan Lawrence, Florence Wilson (Trustee of The Rosemount Home CIO and daughter of L S Barnett), Stewart Barnett (brother of Florence Wilson and son of L S Barnett), and W M Crumbley (solicitor). The rent paid by the charity was £1 5 ,000 for the year and has been authorised by the Charity Commissioners.

Statement of Trustees' responsibilities

The Trustees are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

The law applicable to charities in England and Wales requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources of the charity for that year.

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

The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The Trustees' r eport was approved by the Board of Trustees.

Avril Rowbotham Trustee

Dated: 9 March 2022

THE ROSEMOUNT HOME CIO

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE ROSEMOUNT HOME CIO

I report to the Trustees on my examination of the financial statements of The Rosemount Home CIO (the charity) for the year ended 31 May 2021.

Responsibilities and basis of report

As the Trustees of the charity you are responsible for the preparation of the financial statements in accordance with the requirements of the Charities Act 2011 (the 2011 Act).

I report in respect of my examination of the charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the charity’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Institute of Chartered Accountants in England and Wales , which is one of the listed bodies.

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with Accounting and Reporting by Charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) in preference to the Accounting and Reporting by Charities: Statement of Recommended Practice issued on 1 April 2005 which is referred to in the extant regulations but has now been withdrawn.

I understand that this has been done in order for financial statements to provide a true and fair view in accordance with Generally Accepted Accounting Practice effective for reporting periods beginning on or after 1 January 2015.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Stephen Slater (FCA)

Member of the Institute of the Chartered Accountants in England and Wales for and on behalf of RMT Accountants & Business Advisors Ltd Gosforth Park Avenue Newcastle upon Tyne NE12 8EG

Dated: 14 March 2022

THE ROSEMOUNT HOME CIO

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MAY 2021

Unrestricted Unrestricted
funds
funds
2021
2020
Notes
£
£
Income and endowments from:
Donations and legacies 3 2,669
6,744
Charitable activities 4 470,626
465,575
Other trading activities 5 175
125
Investments 6 26
107
Other income 7 56,822
14,897
Total income 530,318
487,448
Expenditure on:
Charitable activities 8 504,183
486,569
Net income for the year/
Net movement in funds 26,135
879
Fund balances at 1 June 2020 110,970
110,090
Fund balances at 31 May 2021 137,105
110,969

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

All income and expenditure derive from continuing activities.

THE ROSEMOUNT HOME CIO

BALANCE SHEET

AS AT 31 MAY 2021

Notes
Fixed assets
Tangible assets
13
Current assets
Stocks
14
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds
18		 2021
£
877
29,078
85,850
115,805
(44,814)		 £
66,114
70,991
137,105
137,105
137,105		 2020
£
855
20,596
54,916
76,367
(41,684)		 £
76,286
34,683
110,969
110,969
110,969

The accounts were approved by the Trustees and authorised for issue on 9 March 2022

Avril Rowbotham Trustee

THE ROSEMOUNT HOME CIO

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MAY 2021

Notes
Cash flows from operating activities
Cash generated from operations
23
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash used in investing activities
Net cash used in financing activities
Net increase/(decrease) in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2021
£
(6,187)
26		 2020
£
£
£
37,095
22,131
(29,282)
107
(6,161)
(29,175)
-
-
30,934
(7,044)
54,916
61,960
85,850
54,916

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MAY 2021

1 Accounting policies

Charity information

The Rosemount Home CIO is a charitable incorporated charity. The principal place of business is 79 Medomsley Road, Consett, County Durham, DH8 5HN.

1.1 Accounting convention

The accounts have been prepared in accordance with the charity's governing document, the Charities Act 2011 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (as amended for accounting periods commencing from 1 January 2016). The charity is a Public Benefit Entity as defined by FRS 102.

The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only to the extent required to provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charities applying FRS 102 rather than the version of the Statement of Recommended Practice which is referred to in the Regulations but which has since been withdrawn.

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

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

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements. This includes taking into account the potential impact of COVID-19 to ensure that cashflow is positively managed and the impact to the charity’s operations are mitigated. The Board has concluded that the going concern assumption is appropriate in preparing these financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

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

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

1.4 Incoming resources

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

Income from charitable activities is measured at the fair value of the consideration receivable and represents amounts receivable for services provided to residents of the care home.

Donation income is received by way of grants, donations and gifts and is included in full in the statement of financial activities when receivable. Grants where entitlement is not conditional on the delivery of a specific performance by the charity, are recognised when the charity becomes unconditionally entitled to the grant.

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

1 Accounting policies

(Continued)

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

Donated services and facilities are included at the value to the charity where this can be quantified. The value of services provided by volunteers has not been included.

Gifts donated for resale are included as incoming resources within activities for generating funds when they are sold.

Grants, including grants for the purchase of fixed assets, are recognised in full in the statement of financial activities in the year in which they are receivable.

Income from investments is included in the year in which it is receivable.

1.5 Resources expended

Expenditure is recognised on an accrual basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is reported as part of the expenditure to which it relates.

Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them.

Support costs are those costs incurred directly in support of expenditure on the objects of the charity and include project management.

1.6 Tangible fixed assets

All assets costing more than £100 are capitalised.

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

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

Leasehold land and buildings The shorter of the expected life of 25 years or the remaining life of the lease. This is charged on a straight-line basis. Plant and equipment 15 years straight line Fixtures and fittings 10% reducing balance Office equipment 3 years straight line

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

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

1 Accounting policies

(Continued)

1.7 Stocks

Stocks are stated at the lower of cost and net realisable value.

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

1.8 Cash and cash equivalents

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

1.9 Financial instruments

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

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

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

Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors 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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

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

1.10 Employee benefits

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

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

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

1 Accounting policies

(Continued)

1.11 Retirement benefits

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

1.12 Leases

Rentals payable under operating leases, including any lease incentives received, are charged as an expense on a straight line basis over the term of the relevant lease.

2 Critical accounting estimates and judgements

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

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

Critical judgements

The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements.

Assessing indicators of impairment

In assessing whether there have been any indicators of impairment of assets, the trustees have considered both external and internal sources of information such as market conditions and experience of recoverability. There has been no valuations carried out by external surveyors to report.

Key sources of estimation uncertainty

The estimates and assumptions which have a significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows.

Determining residual values and useful economic lives of tangible fixed assets

The charity depreciates tangible fixed assets over their estimated useful lives. The estimation of the useful lives of assets is based on historic performance as well as expectations about future use and therefore requires estimates and assumptions to be applied by management. The actual lives of these assets can vary depending on a variety of factors, including technological innovation, product life cycles and maintenance programmes.

Judgement is applied by trustees when determining the residual values for tangible fixed assets. When determining the residual value trustees aim to assess the amount that the company would currently obtain for the disposal of the asset, if it were already of the condition expected at the end of its useful economic life. Where possible this is done with reference to external market prices.

3 Donations and legacies

2021 2020
£ £
Donations and gifts 2,669 6,744

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

4
Charitable activities
Charges to residents
Day care fees
5
Other trading activities
Fundraising activities
6
Investments
Interest receivable
7
Other income
Government grants receivable		 2021
£
470,626
-
470,626
2021
£
175
2021
£
26
2021
£
56,822		 2020
£
464,765
810
465,575
2020
£
125
2020
£
107
2020
£
14,897

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

8 Charitable activities

Staff remuneration
Purchases
Resident entertainment
Other staff costs
Sundry expenses
Share of support costs (see note 9)
Share of governance costs (see note 9)
Analysis by fund
Unrestricted funds		 2021
£
311,071
22,333
311
2,791
124
336,630
145,459
22,094
504,183
504,183		 2020
£
292,312
20,047
1,817
2,650
130
316,956
148,531
21,082
486,569
486,569

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

9
Support costs
Support
costs
Governance
costs
£
£
Staff remuneration
57,364
15,135
Depreciation
16,359
-
Rent and utilities
37,731
1,986
Other establishment costs
5,501
-
Repairs and maintenance
18,170
-
Insurance
2,613
137
Communication and IT
3,746
96
Miscellaneous office
expenses
797
42
Home registration
2,388
-
Sundry expenses
790
199
Independent examination
fees
-
1,440
Accountancy
-
3,059
145,459
22,094
Analysed between
Charitable activities
145,459
22,094		 2021
Support
costs
Governance
costs
£
£
£
72,499
55,655
14,093
16,359
18,354
-
39,717
38,889
2,047
5,501
6,816
-
18,170
16,626
-
2,750
1,639
213
3,842
6,276
142
839
649
34
2,388
2,388
-
989
1,239
167
1,440
-
1,440
3,059
-
2,946
167,553
148,531
21,082
167,553
148,531
21,082		 2020
£
69,748
18,354
40,936
6,816
16,626
1,852
6,418
683
2,388
1,406
-
1,440
2,946
169,613
169,613

The charity initially identifies the costs of its support functions. It then identifies those costs which relate to the governance function. Having identified its governance costs, the remaining support costs together with the governance costs are allocated to the charitable activity undertaken in the year.

10 Independent examiner's fees

The analysis of the independent examiner's remuneration is as follows:

The analysis of the independent examiner's remuneration is as follows:
Fees payable to the charities' independent examiner 2021 2020
£ £
Independent examination of annual financial statements 1,440 1,440

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the charity during the year.

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

12 Employees

Number of employees

The number of employees (excluding the trustees) during the year, includes the actual number of staff employed in that category during the year and was not calculated on the basis of full time equivalents.

The numbers were as follows:

Care workers
Cooks
Domestics
Management
Administration
Employment costs
Wages and salaries
Social security costs
Pension costs		 2021
Number
23
1
4
2
1
31
2021
£
371,172
10,073
2,325
383,570		 2020
Number
23
2
5
2
1
33
2020
£
348,828
11,050
2,182
362,060

Part time care workers comprise staff who are employed on a occasional basis as well as regular part time staff.

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

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

13 Tangible fixed assets

Leasehold
land and
buildings
Plant and
equipment
Fixtures
and fittings
Office
equipment
£
£
£
£
Cost
At 1 June 2020
102,117
27,822
229,891
1,201
Additions
3,790
-
2,397
-
At 31 May 2021
105,907
27,822
232,288
1,201
Depreciation and impairment
At 1 June 2020
71,951
1,726
209,989
1,079
Depreciation charged in the year
2,186
1,855
12,199
119
At 31 May 2021
74,137
3,581
222,188
1,198
Carrying amount
At 31 May 2021
31,770
24,241
10,100
3
At 31 May 2020
30,166
26,096
19,902
122
14
Stocks
2021
£
Food and medical supplies
877
15
Debtors
2021
Amounts falling due within one year:
£
Trade debtors
21,093
Other debtors
10
Prepayments and accrued income
7,975
29,078
16
Creditors: amounts falling due within one year
2021
£
Trade creditors
11,235
Other creditors
578
Other taxation and social security
2,273
Accruals
30,728
44,814		 Total
£
361,031
6,187
367,218
284,745
16,359
301,104
66,114
76,286
2020
£
855
2020
£
10,842
1,266
8,488
20,596
2020
£
10,231
472
-
30,981
41,684

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

17 Retirement benefit schemes

Defined contribution schemes

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

The charge to profit or loss in respect of defined contribution schemes was £2,067 (2020 - £1,939).

At the balance sheet date contributions payable of £568 (2020 - £462) were outstanding.

18 Movement of funds

Current financial year

Current financial year
Movement in funds
Balance at 1 Incoming Resources Balance at 31
June 2020 resources expended May 2021
£ £ £ £
Unrestricted funds 110,970 530,318 (504,183)
137,105
Prior financial year
Movement in funds
Balance at 1 Incoming Resources Balance at 31
June 2019 resources expended May 2020
£ £ £ £
Unrestricted funds 110,090 487,448 (486,569)
110,969

Purposes of unrestricted funds

The funds are held for the maintenance and eventual replacement of the lift and to meet the costs of redundancy, should it ever become necessary.

19 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
Unrestricted
funds
funds
2021
2020
£
£
Fund balances at 31 May 2021 are represented by:
Tangible assets 66,114
76,286
Current assets/(liabilities) 70,991
34,683
137,105
110,969

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

20 Operating lease commitments

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

Within one year
Between two and five years
In over five years		 2021
£
17,342
61,031
120,000
198,373		 2020
£
17,342
63,372
135,000
215,714

21 Related party transactions

Remuneration of key management personnel

Key personnel are the Manager and Deputy Manager of the home .

The remuneration of key management personnel is as follows.

Aggregate compensation
No guarantees have been given or received.		 2021
£
41,148		 2020
£
42,631

22 Indemnity insurance

The charity paid for the insurance premiums to indemnify trustees and senior staff from any loss arising from neglect or defaults of trustees or staff and any consequent loss.

23
Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in stocks
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Cash generated from operations		 2021
£
26,135
(26)
16,359
(21)
(8,482)
3,130
37,095		 2020
£
879
(107)
18,354
(78)
7,694
(4,611)
22,131

THE ROSEMOUNT HOME CIO

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MAY 2021

24 Analysis of changes in net funds

The charity had no debt during the year.