COMPANY REGISTRATION NUMBER.. 09544512 CHARITY REGISTRATION NUMBER.. 1163539 The Elmhurst Foundation Company Limited by Guarantee Financial Statements 31 March 2023 HARPER SHELDON LIMITED Chartered accountants & statutory auditor Midway House Staverton Technology Park Herrick Way. Staverton Cheltenham. Glos. GL516TQ 'ACHXF2VS' 0811212023 COMPANIES HCXJSE A15
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The Elmhurst Foundation Company Limited by Guarantee Financial Statements Year ended 31 March 2023 Page Trustees, annual report {incorporating the directors. report) Independent auditorfs report to the members Statement of financial activities (including income and expenditure accounti 10 statement of financial position 11 Statement of cash flows 12 Notes to the financial statements 13
The Elmhurst FoundatFon Company Limited by Guarantee Trustees. Annual Report {Incorporating the Directors. Report) Year ended 31 March 2023 The Irus¢ees, who are also the directors lor the purposes of company Law. present their re{ and the financial statements ol the charity lor the year ended 31 March 2023. Reference and administrative details Registered charily name The Elmhurst FoundatK)n Charlty Teglstratlon number 1163539 Company règistration number 09544512 Principal office and registered 37 Si. Georges Road offic• Cheltenham Gk)ucestershire GL50 3DU The trustÈes MrDCox Mr S Waterfiek1 Miss H Ayh¥ard-Smith Audi¢or Harper Shekyon Limited Charted accountants & slatLrtory auditor Midway House Stsverton Technology Pa He¥rick Way, Slaverton Cheltenhèm, Glos. GL51 6TQ Stnjcture, govemance and managernent The Chariws goveming document is 'K4emorandum and Articles. which was incorpordled on 15th April 2015. The charity maint8¢ns accounting records and reconciles the bank for the Incorpor8ted Gharitable Company. The Charity Commission self assessment checklist is used on an annual basis to evaluate the charity's performance_ The charity aLso assesses its purpose. missK)n and values against the Charity Commission's'hallmarks, ofa g¢))d charty. Helen Aylward-smrth oversees the day-to-day management of the charity, no deasions are delegated to non-trustees but some administratfon is. The charity adopts a policy in respèct of reasonable expenses in relation to duties tArried out by the Trustees and others in respect ol Trust affairs. To date no Trustee expenses have been daimed or paid_ The trustees Theet on a re9u18r bas15. Wrth rninutes taken of the meetings to record matters discussed and decisions made. An annual financial review meeting is held, where the acctyjnts. annual retum and annual report are discussed. The chartty aLso reassèsses its purrK)se and achièvèments each year at Ihat meeting.
The Elmhurst Foundation Company Limiteil by Guarantee Trustees. Annual Report (Incorporating the Directors. Report)l¢ontinued} Year ended 31 March 2023 Objectives and activities The Gharily s governing document Memorandum and Arb"¢les, incorporated 15th April 2015 sets the objects as being "to further such charity Of charities or such charitable purpDses a5 the trustees shall from lime lo time in their ab501iJte dis¢retion determine." The Trustees determine to align the objects of the ICC with the Elmhursl Foundation Chartsble Tru51 charity no 1126479 In MarGh 2017 the TIu51ee5 of the Elmhurst Foundation ICC received funds by way of a grant from the Elmhurst Foundation Charitable Trust. to pufchase the assets and business known as Combe Grove Manor Hotel in Bath, England This pioperty wll enable both charities to fvlfil the aims of the Charitable Trust which are stated.. To provKle a range of apprenteshipS for the local community. in a choice of disciplines including business subjects, hospitality subjeGt5 and eslate and grounds management subjects. Creating these apprenticeships deteimines the need to draw on the local community to engage and reGnJrt mentors with extensive experience in their chosen field. to mentor apprentices in their subjects. To advance the education ol the public in health and wellbein9-wellness. through traditional. holi511 therapies and practices. including yoga. To share its ¢apacity an(5 learning for public benefit wilh its Community locally., speGifically neighbouring charities with similar purposes, to ¥Yhorn thi5 would be helpfvl. Strdtegic report The following 5e¢tion5 achievements and performarrE and financial review form Ihe strategic report of the charity. Achievements and performance The Charity remained relatively inactive until 2nd March 2017 when the charity purchased the assets and business known as Combe Grove Manor in Bath, which will enable it to deliver the Charity's obje¢tives. The charty has not made any donats"on5 in the year but ha5 considered èvery request made for paymenurelief. Finan¢ial rèview These accounts Include a fvll yearfs activity at Combe Grove. a surplus of£589,19412022'. £30,4201 after all trading activities and donations received. The chaiity had assets of £10,336.196 12022." £9.706.7281 and liabilities of £5.008.888 {2022." £4.968.6141 at the balance sheet date.
The Elmhurst Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors, Report)IcontinuedJ Year ended 31 March 2023 Plans for future periods The Combe Grove estate operd its Heatth and Wellbeing cenlre, specialising in metabolic health support. in the spring of 2023. A variety of course5 are offered and there has been a great deal of interest from Ihe general public and very positive publicity in both local and national wess. There is ontinuing marketing and PR and enquiry levels and bookings contsnue to 9row. The Coach House club continues strongly wrth an increasing number of eour5Ès being offered alongside the gym, tenni5 and swimming pool facilities and growng local membership. There has been a strong locus on the charitable objective5 with an increasing number of appienliceships being offered and taken up and conlinuing engagement with the local communty arKI especialty the NHS Work on improving the land and building continues, wlh as aKvays. a strong fo¢us on using local craftsmen and materials. Trustees, r•sF)onsibilities statsm8nt The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees, report and the finaftGral statements rn aGcordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Pracb'cel. Company law requires the charty trustees to prepare finanGi31 statements lor eath year which give a true and fair view of Ihe slate of affairs of the charitable company and the incoming resources and application of resource5. including the income and expendilure, for Ihal period. In preparin9 these financial statements, the trustees are required Eo.. select 5uilable acGounb"ng poIleS and Iherh apply them Gonsi51entty: observe the methods and principles in the appli¢abk Charities SORP". make judgments and accounling eslimates that are reasonable and prudent,. slate whether applicable UK Atcounts"ng Standard5 have been lollowed. subject to any material departures disclosed and eXained in the financkal statements.. prepare the finanGi31 stalernenls on the going Goncem basis unless il 15 inappropriate to presume that the charity wll conlinue in business. The twstees are responsible for keepin9 adequate accountsn9 records thal are svfficienl to show and explain the Gharity's transactions and disclose reasonable a¢curacy al any ts.me the finan¢ial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for salegvarding the assets of Ehe charity and hence for taking reasonable Steps for the prevention and delecty.on of fraud and other irregularrties.
The Elmhurst Foundation Company Limited by Guarantee Trustees. Annual Report (Incorporating the Directors. Report) (¢ontrnuthSJ Year ended 31 March 2023 Auditor Each ol the persons who is a trustee at th8 dat8 of approval of this repL¥t confims that". so far as they are aware. there is no rekvant audit information of which the charitys auditor is unaware", and they have taken all steps thal they ought to h8ve tsken as a trustee to rnake themsefves aware of any relevant audit infornialion and lo establish that the charivs auditor is aware of that information. The trustees. annual report lincorpting Ihe ¢Jire¢iors' repm) and Ihe strategic were approved on 61h Nove r 2023 and signed on behalf of the t#)ard of trustees by.. -miss pfAyfwaré-"Smilh Trustee
The Elmhurst Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of The Elmhurst Foundation Year ended 31 March 2023 Opinlon We have audited the financial statements of The Elmhvrsl Foundation Ithe'chariWI for the year ende 31 March 2023 wh¢Gh wmprise the statem8nl of finawal activities lincluding inwme and expenditure ac¢ounll. statement of financial posiuon. strtement of cash flows and the related notes. including a summary of significant accounting Oicies. The financial reporting framework that has been applied in their preparation is applicable law and Uniied Kingdom Accounling Standards, incjuding FRS 102 The Financial Reporting Standard applicable in the UK and Repub¢ of Ireland (United Kingdom Generally Accepted Accounting Practice). In our OPinKJn the financial statements.. give a true and fair wew of the slate of Ihe charitys affairs as at 31 Flarch 2023 and of i¢5 intA)ming resources and applicatson of sourCes, induding.its income and expenditure. for the year then ended., have been property prepared in ac&irdanrE wth Uniled Kingdom Generally Accepted Accounting Practice.. have b1 prepared in accoidartt the requireff*nt5 of the Cornpanres Act 2006. 8a$is for opinion We conducled <MJr au(Jit in accordance wilh Intemational Siandar(55 on Auditing IUKI IISAS IUKII and applicable law. Oui rèsFM)nsibil1ti under those standards are further described in the audilorfs re5pwsibilities for the audit of the financial statements section of our retKYt. We are independent ol the charity in aw)rdan¢e with the ethir31 requirements that are relevant io our atjdit of the financial stalernenls in the UK, induding the FRC'S Ethical Stan¢Sar¢J. and we have fulfilled our other elhical responsibilitses in acciydance wth these requiremenis. We believe that the audit evidence we have obtained is sufficient and appiopriale lo prowde a ba$ cMJr opinK)n. Conclusions relating to goin9 concem In auditing the financtal stalements, we have conduded thai the trusiees, use of the gcing concern basis of accounting in the preparation of the finanual statements is appropriate. Based on the work we have perf<xrned. we have not identified any maierial uncertainties relating to events or ¢orKlitions th8t. individually or collectivety. may cast SnIfICant doubt on the charty's ability to continue as a going concern foi a period of at leasi e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilitie5 of Ihe trustees wth respect to gn9 concern are described in the relevant sectK)ns of Ihis report.
The Elmhurst Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of The Elmhurst Foundation (contlnue Year ended 31 March 2023 other Infomiatlon The olher inf0mtion comprises the inform8tKJn included in the annual pOrt. other than the financial ststemenls and our auditor's report (hereon_ The tnJstees a reswnsible for Ihe other inlomiation. Our opinion on the f1nanaal ststements does not cover the other inlomation and, except to the exlent OtheSe explicilly staled In our report. we do not express any form of assurènce condusion Ihereon. In CnectIon with our audit of the financial statements. our respsIbI.1ty is to read the other infomiation and, in doing so, consider whether the other infomiation is mateiially inconsislenl with the financial stalernents or our knowledge obtained in the audit or otherwise appears to be materially misstated. 11 we i(Sentily such material inconsistencies or apparent material misstatements, we are required lo determine whether there Trs a rnaterial mi5Statement in the ffinancial 5tatemenlS or a material rnisslalement of the olher infornation_ If. based on Ihe work we have performed. we conclude that there is a material misslalement of this other information, we are iequired to report thal facl. We have nothing to report in this regard. Opinions on other matters prescribed by the Companies Act 2006 In our opinion. based on the wort undertaken in the course ol the audit". Ihe infomiation given in the trustees. report for the finanoal year for which Ihe financial statements are prepared is consistent with the financial slatements," and Ihe twsiees. report has been piepared in accordance wilh applicable legal requirements. Matters on which we a required to report by exception In the light ol ihe knowledge and understanding of the charity and its enviiontnent obtained in the coursè of the audit. we have not Ktentified matenal misstatements in the trustees. report. We have nothing to repNt in respect of the mattas in reLation to whh the Companies Act 2006 requires us to report to you il. in Ouf Onion.. adequate accounting records have not been kept. or rebjms adequate for our audit have not been received from branches not visiled by us.. or the financial ststemenis are nol in agreement wlh the accounting records and retums. or certain sjiscjosures of wstees. remunerati Spe1 by law are not made.. ( we have not received all the inf0mt)n and expianati(M)s we QUI for our audit.
The Elmhurst Foundation Company Limited by Guarantee Independent Auditorfs Report to the Members of The Elmhurst Foundation fconliTrueLI) Year ended 31 March 2023 Responsibilities of trustees As explained more fulty in the trustees, res[s1"11es statement. the trustees (who are also the directois loi the purSeS of company18wI are responsible forthe pparatIQrb of the financial statements and for being satisfied Ihal they give a true and fair view. ar>d for suth intemal conlrol as the trustees determine is necessary to enable the preparation of financkql statements that are free from rnaterial mi5Statement, whether due to fraud or error. In preparing the fi.nancial statements. the trustees are TesrK)nsTble for assessing the charity's ability to continue as a going concem. disd05ing, as appluNe, matters lated to going concem and using the going Conrn basis ol a¢couniing unless the truslees either intend to liouHJate the charty or io ¢ease operations, or have no realistic alternative but to do so. Auditols responsib51itles for the audit of Ihe financial statements Our obieotives are obtain reasonable assurance al)(xrt whether the financial statements as a wholè are free from material missialement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a hHJh level of assijrance, but is not a guarantee that 8n audit conducted in accordance with ISAS (UK) will always detect a material misstatement when il exists. Misstslements can arise from fraud or error and are Conside material rf, individually or in the aggregate, they coulj reasablY be expected to influence the economic decisions of users taken on the ba&s of these finanual statements. Irregularities. including fraud, are instances of non-complia with laws and regulations. We desiyn procedures in line with our responsibilitses. outlined al>)ve. to delect material Misstatements in respect of irregularities. including fraud. The extent lo which our procedu$ ale capable of detecting irregularities. induding fraud i8 detailed beknw= Our apwoach was as folk)ws-. We obtained an understanding ol the legal and regulatory reqU1MentS applicable lo the charity and considered the rnost signrficanl 8re the Companies Act 2006 and UK Financial repo.ng Standards. We obtained an understanijing of howthe company ¢ornplies wth these regulations by diswsstons wth rnanagernent. We assessed the risk of material misslatement ol the finanaal ststements, induding the risk of material missslatement due to fraud and how it m69ht cc¢)Jr. by hokjing discussions with managemenl. We inquired of rnanagemenl as to any krKNn instsn of non-compliance or suspecteil non- compliance wlh laws and regulations. Based on this undèrstanding. we deskgned specrfic audit prwlures to identify instanGes of non- compliance with laws and regLJlations. This included making enquiries of management and obtaining corroborative evi¢Jence as required.
The Elmhurst Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of The Elmhurst Foundation (Gontinuet Year ended 31 March 2023 As part of an audit in accordance with ISAS IUKI. we exercise profess#)nal judgmenl and maintain professional SCept$M throughoul the audrt. We also-. Identify and assess the nsks of material missialement of the financial staiemenls, whether due to fraud or error, design and perform audil procedures re$rSive to those risks. and obtain audi¢ evidence that is sufficient and appropriate to prO¢Je a basis foi our opinion. The risk of not (letecting a material misstatement resulting from fraud is higher than for one resulting trom error. as fravd may involve collusion. forgery, intentional omissions. misrepsentat1Ons, or the override of internal control. Obtain an understanding of internal control relevantto the audit in order to design audit procedures that are appropiiate in the circumstances. but not for the purpose ol expTessing an opinh)n on the effectiveness of the inlemal control. Evaluate the appropriaieness of accounling policies used and the reasonableness of accounting estimates and related tjisdosures made by the trustees. Conclude on the approtxiateness of Ihe trusiees, use of the going Goncem basis of accounling and. based on the audit evidence obtsined. whether a material uncertainty exists reL4ted to events or Conditions that may cast significant doubt on ihe charity's ability lo continue as a going Conrn. If we conclude that a material uncertainty exists. we are required to draw atrenlion in our auditor's rert to the related disch)sures in the finanual siaiemenis or. rf such disclosures are inadequate, to modify our opinion. Our conclusions are base(J on the audit evidence obtained up to the dale of our auditor's report. However, fubJre events or condttions may cause the charity to cease to continue as a going concern. Ev81uate the overall presentabon. strvctvre and content of the financial stalement5, including the disclosures. and whether the financial statements represeni the underfying transactions and events in a manner that athieves lair presentstion.
The Elmhurst Foundation Company Limited by Guarantee Independent Auditor's Report to the Members of The Elmhurst Foundation (continued) Year ended 31 March 2023 We communicate with those charged governance regardM)g. among oiher matters. the planned scope and timing of the audit and s¢gnificant audit firKlings. dud1{ any signfficant deficiencies in internal control that we Identsfy during c4Jr audit. USÈ ol our rèport This report is made soldy to the charivs members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Aci 2006. Our audrt work has been undertaken so that we might state to the charity's members ihose matters we are reqL•ired to state to them in an audilorfs report and for no other purpose. To the lullesl exlent pernitted by law, we do not accept or assume responsibility to anyone other than the d)arity and thÈ charivs members as 8 bDdy. for our audit work, for this report, or for the op'nions we have formed. James Harpe {Senr Statutory Auditor) For and on behatt of Harper Sheldon Limiteil Chartered accountsnts & statutory audit¢x hAidway House Stsverton Technology Park Herrick Way, Slaverton Cheltenharn. Glos. GL51 fjTQ 06 11
The Elmhurst Foundation Company Limiled by Guarantee Statement of Financial Activities {includlng income and expenditure account) Year ended 31 March 2023 2023 Unreslricted fv$ Total.fvnds Total funds 2022 Note Income and endowments Donaltons and legaues Other trading activities Other income 2.391.277 913,9U9 1.750 2.391,277 913,909 1,750 1,789,725 605.335 145,303 2.540.363 Total income 3.306.936 3,306,936 Expenditure Expenditu on raising funds". Costs of other trading a¢tivities Total expendlture 2.717.742 2,717,742 2,509,943 2,717,742 2.717,742 2,509,943 Net income and net movement in funds 589,194 589,194 30,420 Reconclliation of fund5 Total funds brought forward Total funds carried forward 4.738,114 5.327,308 4.738,114 4,707,694 4,738,114 5.327,308 The statement ol financial ac¢iviiies indudes all gain5 arml Itysses recognised in the year. All income and expenditure derive from continuing activiiiès. The notes on pages 13 to 21 fom part of these financlal ststements. 10
The Elmhurst Foundation Company Limited by Guarantee Statement of Financial Position 31 March 2023 2023 2022 Note Fixed assets Tangible fixed assets 12 10.029,524 9,$40.236 Current assets Slacks Debtors Cash at bank arKI in hand 13 14 9,975 105.826 1.871 13,558 97.786 S5.148 306.672 166,492 Creditors.. amount$ falling due within one year Net eurrent liabilities 15 3.070.798 2,754,268 2,764.126 2.587,776 Total assets less current liabilities 7,265,398 6,952,460 Creditors.. amounts falling due after rn0 than one year NÈI assets 16 1,938,090 2,214,346 5,327.308 4.738,114 Funds of the charity Unrestricted funds 5,327,308 4.738,114 4,738,114 Total charity funds 18 5,327,308 These fin eial stale ents wer approved by the board of1nJ5tees and atjlhorised for issue on Ih Nov er 202 are si ned on behalf of the board by.. Miss H Aylward-smith Trustee The notos on pages 13 to 21 f4¥m part of these financial staiern8nts. 11
The Elmhurst Foundation Company Limited by Guarantee Statement of Cash Flows Year ended 31 March 2023 2023 2022 Cash flows from operating activities Net income 589,194 30.420 Adjustmenls for.. Depreciation of t3ngible fiyed assets Accrued expensesllincomel 282,788 53,257 364.372 {98,127) Changes An_. Siocks Trade and other deblors Trade and other creditors 3,583 18,0401 105,987 16,6811 751,083 112,7381 828,329 Cash generated from operations Net cash from operating activities 1,026,769 1,026,769 828.329 Cash flows from investing a¢ti¥ities PLJrcha5e ol tangible assets Nel cash used in investing a¢ti¥rties 1772.076} 11.487,2891 1772.076} (1.487,2891 Cash flows from financing activities Proceeds from borrowings Paymenis of finance lease liabilities Net r3sh (used Irbyfrom financing activibe5 1131,4721 12,502 539.768 39.323 {118,9701 s79.1 Net increaselldecreasel in cash and cash equNalents Cash and cash equivalents at beginning of year Cash and cash equivalents at end of year 135.723 55,148 179,8691 135.017 190.871 55,148 The notes on payes 13 to 21 forni part ofthese financial statements. 12
The Elmhurst Foundation Company Limited by Guarantee Notes to the Financial Statements Year ended 31 March 2023 General information The charity is a public benefit entity and a private company limrted by guarantee, iegistered in England an(1 Wales and a registered charity in England and Wales. The addre55 of the registered office is 37 St. Georges Road, Chertenham. Glou¢estefshiie. GLSO 3DU. Ststsment of compli•n¢e These financial statements have been pfepared in compliance wth FRS 102, 'The Financial. Reporting Slandard applicable in the UK and the Republic of Ireland,, the Statement of Recommended Practice applicable to charities prepanng their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 Icharities SORP IFRS 1021} and the Companies Acl 2006. Accounting policies Basis of preparation The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expendsture. The financial 5tstements are prepared in stediny. wliili i¥ Iliv luftcl¥)17al CuencY of the entity. Going concem The charrty ¢ontinues to rely on the donations received from Ms H Aylward-smith. Ms H Aylward- Smith has indicated her wllingness lo continue to support the charity for the foreseeable fLrture, that being a period of not less than 12 months from the dale of signing the financial statements. Judgements and key source5 of estimation uncertainty The preparalion of the finan¢ial statements requires management to Make judgements. estimates and assumptions that affect the amounts reported. These esb'mates and judgements are continually reviewed and are based on expertence and other factors, Including expectab.ons of future events that are believed to be reasonable under the Cifcumst3nces. Fund a¢¢ounting Unreslricled funds are available for use at the dr6cretion of the truslees to fvrther any of the charrty's purposes. Designated funds are unrestricted funds earmarked by the tnJstees lor pathcular future project or commitmenl. ReslrTGled funds are subieGled lo re5tridions on iheir expenditure declared by the donor or through the terms of an appeal. and fall into one of sub-classes.. restricted income funds or ern0ent nds.
The Elmhurst Foundation Company Limited by Guarantee Noles to the Financial Statements {conrin) Year ended 31 March 2023 Accountin9 policies Iconfvnu Incomin9 resources All incomin9 resources are induded in thè statement of financial activities when entitletnent has passed to the challly", it is probable that Ihe economic benefrts assoaated with thts iransaction wll flow to the chaThty and the amount can be reliably measUd_ The following specific 5x)liues ale applied io parbcular categories of Incne.. income friyn donah.ons or gntS is COUn1$e when there is ewdence of entitMent to the gfft, receipt is probable and its amount can be MeaSud reliabty. acy income is recognised when receipt is probable and entiilemenl is established. Incorne from donated gocxjs is measured at the fair value of the goods unless this is impractical to measure reliably, In which case Ihe value is derived from the cost to the donor or the estimated resale value. Donated faalit$ and seryices are recognised in the accounts when received il ihe value can be reliably measured. No amounts are included for the contribution of general volunteers. income from contracts for the supply of services is recognise(I with the delivery of the cL¥)tracted service. This is classified as unrestricted fijnds unle55 there is a contractual requirement lor il lo be spent on a partKular purpose and retumed rf unspent, in which case it may be 93rded as restricied. Resources expended Expenditure is recognised on an accruaLs basis as a liability is inCUe{l. Expenditure includes any VAT which ¢anr1 be fully recovered, and is classffjied under headngs of the ststemenl of financial activities to which it rektes.. expenditure on raising fijnds indtjdes the costs of all fvndraigng activities. events, non- charitable trading acknvib"es. and the sale of donated goods. expenditure on d)arit3ble aclivities Indudes all cosis incurred by a charity in undertaking activities ihat further its th3ritable aims lor the benefit of its beneficiaries, inGluding th058 support cost5 and costs relating to the governance of the charity aPFK)rrioned to charitable activitiès. otherexpenditUTe includes all expendiiurethat is ntherrekted to raising funds lor the charrty nor part of its expenditure on charitable acliwties. All costs are allocated io expenditufe categories rellects'ng the use ol the resource. Direct costs attntsutable lo a single activity are alk)cated directty to that aGtivity. Shared costs are apwtionÈd befvrfeen the activities they con¢ribute to on a reasonable. jusltfiable and consisient basis. Tangible assets Tangible assets are inilk911y recorded atcost. and subseouently state£l alcost less any accumulated depreciation and impairment losses. Any iangible assels carried at revalued amounts are recorded at Ihe fair value at the dale of revaluation less any subsequent accumulated dèpreaation and subsequent accumulated impairmerrt losses. 14
The Elmhurst Foundation Company Limited by Guarantee Notes to the Financial Statements icontrnod) Year ended 31 March 2023 Accounting policies (contrAuédJ Tangible assets IcvntiNJedl AJ) increase In the carrying arnovnl of an assel as a result of a revaluation. is recognised in other recognised gain5 and kb5ses, unless IE reverses a charye for impairment Ihal has previously been rec(yJnised a5 expenditure within Ihe statement of financial activities. A decrease in the e8rying amounl of an asset as a result ol revaluation. is recognised in other recognised gatns and Ios588. except lo which it offsets any prewous revalualion gain. in which case the loss is shown within other reco9nised gains and losses the statement of financial activities. Depreciation Depreaation is cakulated so as io wriie off ihe cost or vahJation of an assei. less its residual value, over the usefvl economic lrfe of Ihat asset as follows". Fieehold property Motor vehicles Fixturès, fittings and èquipment 2% 5trajht line 25% straighl line 10%- 25% strauht linè Impaimient of fixed assets A rewew for indicators of Impalmnt is carried out at Èath reporting date. with thè rèeoverèble amunt being eslimated where svch indicattrs exist. Where the carying value èxceeds the ie¢overable amouni. thÈ asset is impaire¢J accordingly. Prior lmpairnntS are also reviewed for FX)ssible reversal at each reporling date. For the purposes of impairmeni testing, when it is not posstble to estimate the recoverable amount of an indiwdual asset. an ests.mate is made of the recoverable amount of the cash4eneraling unit to which Ihe asset belongs. The cash-generaiing unrt is the smallest identifiable group ol assets that inclu¢Jes the asset and generates cash infiows that largely indépendènt ol the cash inflows from other assets ty groups of a&sets. For impairmenl lesting of goodwill, the goodswll ac4uired in a business combination 15. from Ihe acquisition date. allocated to each of the cashenerating vnits that are expected to benefit from the synergies of the combination, iffespective of whether other assets oi liabilities of lhe charity are assigned to those units. Stocks Stocks are rneasured at the lower of cost and estimated selling price less costs to complete and sell. Cost indudes all costs ol purchasè. cosis ol conversion and olher costs incurred in bringing thè stock to rts prèsent ICtaty. and condition_ Finance leases and hire purchase contracts Assets held under finance leases and hire purchase tracts are recognised in the 5tatemeNt ol financial position as asseis aThJ liabiltbes at the lowei of Ihe fati value ol the assets and the pre5enl vakne of the minimum lease paymenls. which is detemined at the inception of the lease term. Any initial direct costs of the lease are added to the amo¢Jnt recognised as an asset. 15
The Elmhurst Foundation Company Llmited by Guarantee Notes to the Financial Statements {contintd) Year ended 31 March 2023 Accounting policies (coniinue Ftnance leases and hire purchase contracts fcontinuedj Lease PayFnents are apportioned belween the finance charges and reduction ol the oulStandTng lease liability using Ihe effective interest fflethixl. Finance chaige3 are allorated to eath period $0 as to produce a cx)n5tanl rale of interest on the remaining balance of the liability. Financial instwments A finanGi81 asset or a finanual liability is recogniseil onty the charity becornes 8 Party to the contractual provisions of Ihe inslrument. 8asic financial instruments are initialty recognised at the arTK)unt receivable or payable incJudin9 any related transaction costs_ Current assets and current liabilities are subwuently measured al the cash or other consideration expected to be paid or received and not discounted. Dèbt instruments are subsequentty measured ai amortised cost. Where investments in shares a publicty traded or Ihwr fair value can otherwse be measured reliably, the investment Is subsequeniiy measured at fair value with changes in fair value recognised in income and expendiiure. All other such investsnents are sub5equentfy measured at cost less impaimient. Other financial inslruments, including derrvatNes. are initially recogntsed at fair value. unless payment for an asset is deferred beyon¢J nomial business temis or financed al a rate of interest that is not a rnarket rale. in which case the asset is measured at the present value ol the future payments discwnted at a market rate of Interest Iw a similar debt Instrumenl. Other financial instruments are subsequentty measured at fair value. with any chan9es recognised in rhe statetnent of financial activities. with the exception of hedging instruments in a designated hedging relationship. Financial assets that are measured at cost or amortised cost are reviewed lor objective evidence of ilnpairmént at the end of each reporting dale. If there Is objective evidence of Ipairent, an Impairmenl loss Is recognIs under the appropnate heading in the statement of f1nanual activities in which th8 initial gain was recognised. For all equity instruments regardless of signifi¢ane£. and other finanual assets that are indwidually significant, these are assessed indivUally for impairmeni. Oiher financial assets are either assessed indNK5ualty or grouped on the basis of similar credit n5k characlerisbc5. Any reversals of impainrenl are recognised irnmediatèly. to the exienl Ihat the revèrsal does not resutt in a carying amount of the financial asset Ihat exceeds whal the carrying amount woul(S have been had Ihe impairnient not pvIOuslY been recognised. Limlted by guarantee Every membw has guaranteed the contribub.ons of an amount. exceedirKJ £1 per member, lo the company's assets in the event that the Company shId bè woun¢J up. 16
The Elmhurst Foundation Company Limited by Guarantee Notes to the Financial Statements (coniinu• Year ended 31 March 2023 Donations and legacies Unreslricted Total Funds Unreslricied Total Funds Funds 2023 Funds 2022 Donations Donalions 2.391,277 2,391.277 1.789.725 1.789,725 Other trading activities Unrestricted Total Funds Unrestricted To181 Funds Funds 2023 Funds 2022 Other incorne frc¥n other trading activrt]"es 913. 913.909 605.335 605.335 Other income Unrestricted Totzl Funds Uniestricted Total Funds Funds 2023 FvThJs 2022 Furlough daims Giants received 139.053 6.25Ql 139,053 6,250 1.750 1,750 1.750 1.750 145.303 145,303 Costs of other trading activities Unrestricted Total Funds Unrestricted Total Funds Funds 2023 Funds 2022 Costs of olher trading acliv1es- Operating trading company 2.717.742 2.717,742 2,509,943 2.509.943 Net income Net income is stated aftw chargi@{crediling)= 2023 2022 Depreaation of tangible fixed asseis 282.788 164.372 17
The Elmhurst Foundation Company Limited by Guarantee Notes to the Financial Statements fconithued) Year ended 31 March 2023 10. Staff costs The total staff costs and emOYee ben8fiis for repNNbng peri¢xl are analy5ed as folk)ws." 2023 2022 Wages and salaries Other employee benefits 1.188,324 21,840 1,384.410 28.915 1.210,164 1,413,325 The average head c(yJnt of empktryees during the year was 5112022". 551. The average number ol full-lime equivalenl empkjyees during the year is 3natysed as follows.. 2023 2022 Number of stsff - client faong Number of staff - adfflinistration Numbèr of slaff - managemenl 31 31 11 15 51 ss No empk)yee received empbyee benefits of ne than £60.( during the year12022". Nlll. 11. Trustet remuneration and expenses No trustee recewed any remuneration or any other benefits from employment with the charity or 8 rebted enlrty. 12. Tangible fixed assets Freehold property Motor vehicles Equiprnent Total Cost At 1 April 2022 AddOnS 9,345.746 661,646 4.970 36.865 1,026.402 10.377,118 73.565 772,076 1,099.967 11.149.194 Al 31 March 2023 10.(KJ7.392 41.835 Depreciation At 1 April 2022 Charge for the ar At 31 March 2023 261.454 148.6) 4.970 3.294 570.458 130.804 836,882 282,788 410,144 8,264 701.262 1.119,670 Carrying amount At 31 Mar¢h 2023 9.597.248 33,571 398.705 10.029.524 Ai 31 Mar¢h 2022 9.084.292 455.944 9.540.236 18
The Elmhurst Foundation Company Limited by Guarantee Notes to the Financial Statements {COntinu•4) Year ended 31 March 2023 13. Stocks 2023 2022 Finished goods and goods for resa 9,975 13,558 14. Debtors 2023 2022 Trade debtors Piepayments and accrued income Other debtors 3,445 79,727 22,654 80,773 17,013 105,826 97,786 15. Creditors.. amounts falling due wthin one year 2023 2022 Bank loans and overdrafts Trade credltors Arnounts owed to urKJertakings in which the charity has participating interest Accruals and deferred income Social security and other taxes Obligations under finance leases and hire purchase contracls Other cre¢ilors Other creditors 321,5<X) 240.144 261,364 129,277 2.204,000 142,843 36,687 23,640 25.015 76.969 2.114.000 89.586 60,251 16,490 9,860 73,440 3,070.798 2,754,268 The bank loans are secured on Ihe assets of Ihe Charity. known as Combe Grove. Brassknocker Hill, Monk¢on Hill. Bath.BA2 7HU. 16. Creditors.. amounts falling due after more than one year 2023 2022 Bank bans and overdrafts Obligations undei finanfje leases and hire purchase Gtra¢a5 1.909.905 28.185 2,191,513 22.833 1.938.090 2.214.346 Thè bank loans are 5erJJred on the assets of the Charity, known as Combe Grove, Brassknocker Hill, Monklon Hill. Bath.BA2 7HU. 19
The Elmhurst Foundation Company Limited by Guarantee Notes to the Financial Statements {conknu4dJ Year ended 31 March 2023 17. Finance leases and hi purchast contracts The to[ future minimum lease payrnents under finance kases and hwe purchase contrads are as'fdlow5'. 2023 2022 Not laler than 1 year Latei than 1 year and not later Ihan S years 23.640 28,185 16,49) 22,833 51,825 39.323 18. Analysis of charitable funds Unrestricted funds At 31 March 202 1 April 2022 Income Expendilure General fijnds 4.738,114 3.306.936 {2,717.7421 5,327,308 At 31 March 202 At 1 2027 Income Expendrlure General funds 4.707.694 2.540.363 12,509,943) 4.738.114 19. Analysis of net assets betwoen funds Unreslricted Total Funds Funds 2023 Tangible fixed assets Current assets Creditors less than 1 year Creditors greater than 1 year Net assets 10,029,524 10.029.524 306,672 306.672 {3,070,7981 13.070.798) {1.938,0901 11,938,090) 5,327,308 5,327,308 Unrestricted Tolal Funds Funds 2022 Tangible fix8d assets Current assets Creditors less than 1 year Creditors greater than 1 year Nel assets 9.540.236 9.540,236 166.492 166,492 {2,777,1011 12,777,101) (2.191,5131 12,191.5131 4,738.114 4,738,114 20
The Elmhurst Foundation Company Llmiled by Guarantee Notes to the Financial Statements fcontinuedj Year ended 31 March 2023 20. Financial instruments The carrwng amount fry each catw of financk81 instrument is as folbws.. 2023 2022 Loan commitments measured at cost less impairment Loan comrnttments measured at cost less impairment 2,283,229 2,492.2Tr) 21. Analysis of changes in net debt At Al 1 Apr 2022 Cash flows 31 Mar 2023 Cash al bank and in hand Debt due wlhin one year Debt due after 0 year 55,148 135.723 190,871 12.391,8541 1157.2861 12.549,1401 12,214,346) 276.256 (1.938,0901 14.551.052) 254.693 {4,296,3591 21