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← W J Yapp Bequest

2024-03-31-accounts

Charity registration number 1167524 (England and Wales)

W J YAPP BEQUEST - DERBYSHIRE HOUSE ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

W J YAPP BEQUEST - DERBYSHIRE HOUSE

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr T Kelly (Chair and Registered Provider) Mrs G Raffle (Vice Chair) Mr J Hooley Mrs P Burns (Appointed 31 October 2023) Mrs J Spencer (Appointed 31 October 2023) Mrs R Pharaoh (Appointed 31 October 2023) Executive Staff Mrs S Smith (Registered Manager) Miss A Remzi (Administrator) Charity number 1167524 Principal address Derbyshire House Station Road East Leake Loughborough Leicester LE12 6LQ Auditor Rogers Spencer Newstead House Pelham Road Nottingham NG5 1AP Bankers Lloyds Bank plc 12-16 Lower Parliament Street Nottingham NG1 3DA Investment advisors Brewin Dolphin 1st Floor Waterfront House Waterfront Plaza 35 Station Street Nottingham NG23DQ

W J YAPP BEQUEST - DERBYSHIRE HOUSE

CONTENTS

Page
Trustees' report 1 - 6
Statement of Trustees' responsibilities 7
Independent auditor's report 8 - 10
Statement of financial activities 11 - 12
Balance sheet 13
Statement of cash flows 14
Notes to the financial statements 15 - 27

W J YAPP BEQUEST - DERBYSHIRE HOUSE

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply 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)

Objectives and activities

The object of the Charity is to provide residential accommodation for anyone over the age of 65 in need of physical, and/or emotional care and support. We are also able to support some people with mental health frailty providing this is not assessed as a primary need.

This object is achieved by the provision of residential care in Derbyshire House at East Leake, Loughborough, Leicestershire. The Trustees have referred to the guidance contained in the Charity Commission’s general guidance on public benefit when reviewing the aims and objectives of the Charity and in planning future activities. In particular, the Trustees consider how planned activities will contribute to the aims and objectives they have set.

Activities undertaken by the charity to further its charitable purposes for the public benefit can include social events, often inviting members of the local community; provision of trips, exercise activities, Christmas gifts etc at no extra charge to residents. Staff have undertaken extra training to facilitate provision of ear irrigation and some phlebotomy services within the home.

Our aim is to encourage a life that is normal and individual where freedom to make choices and decisions about daily living is afforded and independence is encouraged. This is achieved by providing a residence without unnecessary rules and regulations and a regard for people’s needs so that each person can feel valued as individual human beings. We believe the home should be a place where companionship and positive social interactions flourish.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Achievements and performance

W J Yapp Bequest is a non-profit making Charitable Incorporated Organisation, operating Derbyshire House, a purpose-built residential care home. Derbyshire House is registered to provide single occupancy accommodation for up to 31 older people requiring physical, emotional and some mental health support and care to meet individuals’ whole needs.

Details about the home and the facilities that it provides are available on the web-site www.derbyshirehouse.org.uk or, in current times, more recent up to date information from the registered manager registeredmanager@derbyshirehouse.org

The home receives Quality Audits from the Local Authority, CQC and Infection Control. As well as inspections from the Environmental Health, Fire Officer and Health and Safety Executive.

We also pride ourselves on additional awards achieved through High Standards which include GSF (Gold Standards Framework), Cinnamon Trust, Investors in people and the DQM (Dementia Quality Mark).

Our up to date Quality Audits and Inspections are:

W J YAPP BEQUEST - DERBYSHIRE HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

In addition to this the home has received the following awards:

Dementia Quality Mark (DQM) – for our approach to feelings-based care, interaction and support to people who have a dementia – we received a score of 25/25 outcomes 2022 - 2024. We have submitted our Assessment for 2024/25 and are waiting to hear the outcome.

GSF (Gold Standards Framework) – for our approach to end of life care and support and helping people to live well until they die – we were awarded the Platinum status in August 2022 and a nominee for care home of the year 2022.

Investors in People – In March 2022 we received a Gold Award against the new and higher standards of Investors in People which recognises standards in people management and defines what it takes to lead, support and manage people as well as measuring how we champion the business within the local community and the benefits of working for the home using benchmarking and feedback. The award was subject to periodic review in March 2024, where the level was maintained.

Cinnamon Trust – the home holds 5 stars for its approach and care of pets and animals and how we use animals as therapy for people. This is reviewed yearly and we have been shortlisted twice for best home.

There have been and are going to be many changes for the care sector. This includes the way that homes are inspected, changes to regulations, and laws and frameworks that set the minimum standards we have to meet. Currently there is a national shortage of care workers, and our staff turnover after the pandemic was high. We have worked hard to build up our rotas and have had to retrain all new staff. This is still ongoing. Management and Senior staff have completed up to date Leadership courses; new opportunities have arisen for the limited feelings-based trained staff that we have kept helping to train other new staff in non-task-based care. This was a challenge first time around, but we achieved it with the same dedication that we have now. The new inspection processes have highlighted some areas of improvement regarding Fire and we are currently working through those. Our rotas reflect good staffing levels, and we have been able to bring back the “frills” within the home, reintroduce some day care, and provide outside social activities as well as the role of the “butterflies” (staff who are on shift and provide activities daily). Our inspection with Environmental Health, Investors in People, Health & Safety and the Local Authority have all taken place this year and we have maintained our high standards. We are hopeful and determined to build back staff knowledge in feelings-based care with the right support and training. To date our rotas reflect full staffing as we have many bank/cover staff. Should people apply that wish to work full time we would have vacancies for 2 day-staff (Part time and full time) and 1 night staff (full time).

W J YAPP BEQUEST - DERBYSHIRE HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Financial review

Derbyshire House maintained a good level of occupancy, generating fee income of £1,637,093 (2023: £1,410,885). Taking into account grants and donations received, operating income amounted to £1,644,608 (2023: £1,419,115). Operating expenditure was £1,622,846 (2023: £1,378,878) giving an operating surplus of £21,762 (2023: £40,237).

Total overall income of £1,683,645 (2023: £1,445,252) includes investment and rental income. Total expenditure of £1,627,184 (2023: £1,383,676) includes investment management costs. When gains on investments of £39,852 (2023: losses of £41,775) and property revaluations of £17,500 (2023: £nil) are taken into account, the overall net surplus for the year is £113,813 (2023: £19,801).

The balance sheet shows a satisfactory position with total funds of over £3.5m (2023: £3.4m) of which £2.2m (2023: £2.2m) relates to the freehold building of Derbyshire House.

Fees are set to cover operating and maintenance costs and take account of investment income. A reserve is maintained in order to cover against the risk of not meeting the Trustees’ target occupancy rate. The residents are expected to meet the fees from their own funds or, if eligible for funding by the local authority, with a third party top up if required. Where circumstances are such that a resident may not longer be able to fund their stay to a required rate the Trustees may be able, in accordance with our charitable status, to help a limited number of residents each year The percentage of residents during the year that were part funded by the local authority was 17.65%.

The Trustees are given unlimited investment powers under the governing Document. The investments held by the charity are held by Brewin Dolphin on a discretionary management basis. The Trustees’ policy on investments is to equate capital growth with the need for income. Allowing for the movement of funds realised the value of the investments under management has shown a small increase over the year. The Trustees monitor the investment portfolio regularly.

The value of the investment property at Old Hall Gardens stands at £137,500 (2023: £120,000), which is the agreed selling price pending completion at the end of December 2024.

In the opinion of the Trustees the market value of the freehold property included within tangible fixed assets at 31st March 2024, exceeds the value at which it is stated in these accounts. The Trustees do not believe themselves adequately qualified to quantify this surplus nor do they consider the costs of a professional valuation are justified.

Reserves Policy

The Trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) held by the charity should be between 3 and 6 months expenditure, which equates to £400,000 to £800,000 in general funds. At this level, the Trustees feel that they would be able to continue the current activities of the charity in the event of a significant drop in income. The free reserves amount to £1,128,959 (unrestricted reserves less tangible fixed assets) and therefore meet the required level of reserves.

Risk management

The Trustees undertake ongoing review of the major risks to which the charity is exposed and systems have been established to mitigate those risks. Significant external risks to income are continually reviewed to ensure that occupancy levels are maintained and that local authority requirements are met. Internal risks are minimised by the implementation of procedures for authorisation of all transactions to ensure consistent quality of delivery for all operational aspects of the charity. These procedures are periodically reviewed to ensure that they still meet the needs of the charity. Risk assessments have been amended as necessary according to prevailing current guidelines.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Plans for future periods

The intention of the Trustees is to maintain full occupancy of the home, which is currently 30 residence and up to 5 day care residents. Out staffing rota reflects the dependency calculator for needs and the rooms occupied. We aim to keep a healthy waiting list, general interest levels in the home and all the current high inspection ratings.

To maintain high standards, we have made progress so far with the new regulations and frameworks and we continue to build on this. This involves training support and dedication to enable us to continue to provide a quality standard of living for people in our care.

As part of Investors in People and feedback from residents and families, the Manager needed to be more accessible and an office downstairs had been created to achieve this. This meant losing one resident bedroom. The Fire Risk Assessment deemed that the 2 upstairs rooms are a risk, and that we should consider moving those residents to the ground floor. We are planning to build 3 more rooms on the lower floor within our business plan.

The home has a healthy pending applications list and day care has been reintroduced and is proving to be popular.

Derbyshire House has always prided itself on providing residents with social and emotional support and activities that benefit the holistic overall care needs of our residents. We plan to continue the work hard to build up the rotas and training staff in the feelings-based care approaches that we feel make the foundations of best practice.

We are working towards updating the Home's heating system. The current system is comprised of boilers, tanks and pumps which are located in a cellar; and while it provides adequate heat and hot water it is both old and in need of relocation to a more appropriate purpose-built boiler house. We have approached heating installation firms who are preparing proposals for the project.

Structure, governance and management

The undertaking and assets of The WJ Yapp Bequest, an unincorporated charity number 232860, was transferred to this charity (Charitable Incorporated Organisation registered number 1167524) on 1 April 2017.

The W J Yapp Bequest is a registered Charity, No.1167524, being a Charitable Incorporated Organisation, registered as a Foundation on 7 June 2016. The Trust's Trustees, and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the Trust on a day to day basis. All Trustees give their time freely and no Trustee received remuneration in the year. There were no Trustees expenses and/or related party transactions as stated in note 7 of the accounts.

At present there are 6 Trustees. On appointment new Trustees will become familiar with the practical work of the charity after reading the Annual Report and will have received a copy of the governing document and the latest financial reports. They will also meet with the Registered Manager, Administrator and existing Trustees as well as being offered opportunities to talk to the staff.

The Trustees who served during the year and up to the date of signature of the financial statements were: Dr T Kelly (Chair and Registered Provider)

Mrs G Raffle (Vice Chair) Mr J Hooley Mrs L Hallam (Resigned 9 September 2024) Mrs P Burns (Appointed 31 October 2023) Mrs J Spencer (Appointed 31 October 2023) Mrs R Pharaoh (Appointed 31 October 2023)

W J YAPP BEQUEST - DERBYSHIRE HOUSE

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

Additionally, they are invited to attend induction training which covers the following areas:

All Trustees are signposted to any other relevant training throughout the year.

The pay of the senior staff is reviewed annually and increased accordingly. In view of the nature of the charity, the Trustees may benchmark against pay levels in other Charitable, comparable residential homes of a similar size.

The Trustees' report was approved by the Board of Trustees.

Dr T Kelly (Chair and Registered Provider) Trustees

3 January 2025

W J YAPP BEQUEST - DERBYSHIRE HOUSE

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2024

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.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF W J YAPP BEQUEST - DERBYSHIRE HOUSE

Opinion

We have audited the financial statements of W J Yapp Bequest - Derbyshire House (the ‘charity’) for the year ended 31 March 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

In auditing the financial statements, we have concluded that the Trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

Our responsibilities and the responsibilities of the Trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:

W J YAPP BEQUEST - DERBYSHIRE HOUSE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF W J YAPP BEQUEST - DERBYSHIRE HOUSE

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https:// www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

Other matters

Your attention is drawn to the fact that the charity has prepared financial statements in accordance with "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) 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.

This has been done in order for the financial statements to provide a true and fair view in accordance with current Generally Accepted Accounting Practice.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF W J YAPP BEQUEST - DERBYSHIRE HOUSE

Use of our report

This report is made solely to the charity’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity’s trustees those matters we are required to state to them in an auditor’s report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Melvin Bailey FCCA DChA (Senior Statutory Auditor) for and on behalf of Rogers Spencer

14 January 2025

Chartered Accountants Statutory Auditor

Newstead House Pelham Road Nottingham NG5 1AP

Rogers Spencer is eligible for appointment as auditor of the charity by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Current financial year
Unrestricted
Restricted
funds
funds
2024
2024
Notes
£
£
Income from:
Donations and legacies
3
3,425
4,090
Charitable activities
4
1,637,093
-
Rental income
5,125
-
Investments
5
33,912
-
Total income
1,679,555
4,090
Expenditure on:
Raising funds: investment management fees
4,338
-
Charitable activities
6
1,620,124
2,722
Total expenditure
1,624,462
2,722
Net gains/(losses) on investments
10
39,852
-
Net incoming resources
94,945
1,368
Other recognised gains and losses
Revaluation of tangible fixed assets
17,500
-
Net movement in funds
112,445
1,368
Fund balances at 1 April 2023
As originally reported
3,341,350
30,754
Prior year adjustment
26
42,125
-
As restated
3,383,475
30,754
Fund balances at 31 March 2024
3,538,045
32,122		 Total
Total
2024
2023
as restated
£
£
7,515
8,230
1,637,093
1,410,885
5,125
6,075
33,912
20,062
1,683,645
1,445,252
4,338
4,798
1,622,846
1,378,878
1,627,184
1,383,676
39,852
(41,775)
96,313
19,801
17,500
-
113,813
19,801
3,414,229
3,436,553
42,125
-
3,456,354
3,436,553
3,570,167
3,456,354

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

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024

Prior financial year

Prior financial year
Unrestricted Restricted Total
funds funds
2023 2023 2023
as restated
Notes £ £ £
Income from:
Donations and legacies 3 1,353 6,877 8,230
Charitable activities 4 1,410,885 - 1,410,885
Rental income 6,075 - 6,075
Investments 5 20,062 - 20,062
Total income 1,438,375 6,877 1,445,252
Expenditure on:
Raising funds: investment management fees 4,798 - 4,798
Charitable activities 6 1,375,486 3,392 1,378,878
Total expenditure 1,380,284 3,392 1,383,676
Net gains/(losses) on investments 10 (41,775) - (41,775)
Net incoming resources 16,316 3,485 19,801
Other recognised gains and losses
Net movement in funds 16,316 3,485 19,801
Fund balances at 1 April 2022
As originally reported 3,409,284 27,269 3,436,553
Prior year adjustment - - -
As restated 3,409,284 27,269 3,436,553
Fund balances at 31 March 2023 3,425,600 30,754 3,456,354

W J YAPP BEQUEST - DERBYSHIRE HOUSE

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
13
Investment property
12
Investments
14
Current assets
Debtors
15
Investments
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
The funds of the charity
Restricted income funds
20
Unrestricted funds
21		 2024
£
£
2,409,086
-
646,615
3,055,701
29,256
137,500
498,937
665,693
(151,227)
514,466
3,570,167
32,122
3,538,045
3,570,167		 2023
as restated
£
£
2,335,335
120,000
611,101
3,066,436
17,040
-
564,772
581,812
(191,894)
389,918
3,456,354
30,754
3,425,600
3,456,354		 2023
as restated
£
£
2,335,335
120,000
611,101
3,066,436
17,040
-
564,772
581,812
(191,894)
389,918
3,456,354
30,754
3,425,600
3,456,354
3,066,436
389,918
3,456,354
30,754
3,425,600
3,456,354

The financial statements were approved by the Trustees on 3 January 2025

Dr T Kelly (Chair and Registered Provider) Mrs G Raffle (Vice Chair) Trustees Trustees

W J YAPP BEQUEST - DERBYSHIRE HOUSE

STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 25 37,178 230,256
Investing activities
Purchase of tangible fixed assets (166,649) (196,840)
Purchase of investments (116,607) (74,489)
Proceeds from disposal of investments 146,331 68,433
Investment income received 33,912 20,062
Net cash used in investing activities (103,013) (182,834)
Net (decrease)/increase in cash and cash
equivalents (65,835) 47,422
Cash and cash equivalents at beginning of year 564,772 517,350
Cash and cash equivalents at end of year 498,937 564,772

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

W J Yapp Bequest is a Charitable Incorporated Organisation in the United Kingdom. The address of the principal office is Derbyshire House, Station Road, East Leake, Loughborough, Leicester, LE12 6LQ.

1.1 Accounting convention

The financial statements 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 are prepared in sterling, which is the functional currency of the charity. Monetary amounts 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.

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 or grantors 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.

1.4 Income

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.

Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Grants are recognised when the charity has an entitlement to the funds and any conditions linked to the grants have been met. Where performance conditions are attached to the grant and are yet to be met, the income is recognised as a liability and included on the balance sheet as deferred income to be released.

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, it is probable that a transfer of economic benefits will be required in settlement, and the amount of the obligation can be measured reliably.

Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

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.

1.6 Tangible fixed assets

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:

Freehold land and buildings 1% and 10% straight line Fixtures and fittings 20% reducing balance Motor vehicles 25% reducing balance

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.

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

Investment property held for sale is measured at fair value at the reporting end date.

1.8 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.9 Impairment of fixed assets

At each reporting end date, the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any).

1.10 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.

1.11 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.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

Basic financial assets

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

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

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

Derecognition of financial liabilities

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

1.12 Taxation

The charity is considered to pass the tests set out in Paragraph 1 Schedule 6 of the Finance Act 2010 and therefore it meets the definition of a charitable company for UK corporation tax purposes. Accordingly, the charity is potentially exempt from taxation in respect of income or capital gains received within categories covered by Chapter 3 Part 11 of the Corporation Tax Act 2010 or Section 256 of the Taxation of Chargeable Gains Act 1992, to the extent that such income or gains are applied exclusively to charitable purposes.

1.13 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.

1.14 Retirement benefits

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

1.15 Government grants

Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.

A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

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.

3 Donations and legacies

Unrestricted Restricted Total Unrestricted Restricted Total
funds funds funds funds
2024 2024 2024 2023 2023 2023
£ £ £ £ £ £
Donations and gifts 3,425 4,090 7,515 1,353 6,877 8,230

4 Charitable activities

Local authority
Fees receivable		 2024
2023
as restated
£
£
356,000
187,377
1,281,093
1,223,508
1,637,093
1,410,885		 2024
2023
as restated
£
£
356,000
187,377
1,281,093
1,223,508
1,637,093
1,410,885
1,410,885

5 Income from investments

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Income from listed investments 14,330 14,705
Interest receivable 19,582 5,357
33,912 20,062

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6 Charitable activities

Staff costs
Depreciation
Residents activities
Catering
Motor expenses
Administration fees
Light and heat
Equipment hire and rental
Rates and water
Insurance
Repairs
Registration fee
Printing, postage and telephone
Garden maintenance
Bank charges and interest
Legal and professional
Household expenses and cleaning
Sundry expenses
Bad and doubtful debts
Share of governance costs (see note 7)
Analysis by fund
Unrestricted funds
Restricted funds		 2024
£
1,039,699
92,899
12,779
90,649
6,404
795
50,217
27,219
14,267
28,391
65,516
8,892
4,663
22,289
572
2,557
60,470
14,810
(5)
1,543,083
79,763
1,622,846
1,620,124
2,722
1,622,846		 2023
£
898,871
79,923
15,153
77,374
4,322
3,788
24,019
26,078
3,639
31,198
59,189
8,956
3,711
5,055
556
2,047
52,314
8,151
-
1,304,344
74,534
1,378,878
1,375,486
3,392
1,378,878

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

7 Governance costs

Governance costs
Staff costs
Audit and accountancy
Legal and professional
Analysed between
Charitable activities		 2024
£
64,671
8,370
6,722
79,763
79,763		 2023
£
61,309
8,990
4,235
74,534
74,534

Governance costs includes payments to the auditors of £6,270 (2023- £5,990) for audit fees. Accounts fees were included at £2,100 (2023- £3,000).

8 Trustees

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

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

9 Employees

Number of employees

The average monthly number of employees during the year was:

2024 2023
Number Number
Care service 36 33
Management and administration 2 2
38 35
Employment costs 2024 2023
£ £
Wages and salaries 966,174 808,052
Agency staff costs 112,718 127,255
Other pension costs 17,460 14,167
1,096,352 949,474
Remuneration of key management personnel
The remuneration of key management personnel is as follows:
Aggregate compensation 115,580 109,675
The number of employees whose annual remuneration was £60,000 or more
were:
2024 2023
Number Number
£60,001 to £70,000 1 1
10 Gains and losses on investments
Unrestricted Unrestricted
funds funds
2024 2023
Gains/(losses) arising on: £ £
Sale of investments 39,852 (41,775)

11 Taxation

The charity is exempt from taxation on its activities because all its income is applied for charitable purposes.

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Investment property

Investment property
Fair value
At 1 April 2023
Transfers to held for sale
Net gains or losses through fair value adjustments
At 31 March 2024		 2024
£
120,000
(137,500)
17,500
-

13 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
Motor vehicles
£
£
£
Cost
At 1 April 2023
2,555,906
361,442
45,961
Additions
122,068
44,581
-
At 31 March 2024
2,677,974
406,023
45,961
Depreciation and impairment
At 1 April 2023
331,469
252,966
43,538
Depreciation charged in the year
61,669
30,624
606
At 31 March 2024
393,138
283,590
44,144
Carrying amount
At 31 March 2024
2,284,836
122,433
1,817
At 31 March 2023
2,224,437
108,475
2,423		 Total
£
2,963,309
166,649
3,129,958
627,973
92,899
720,872
2,409,086
2,335,335

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

14 Fixed asset investments

Cost or valuation
At 1 April 2023
Additions
Valuation changes
Disposals
At 31 March 2024
Carrying amount
At 31 March 2024
At 31 March 2023
15
Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income
16
Current asset investments
Investment properties held for sale		 Listed
investments
£
611,101
116,607
65,239
(146,332)
646,615
646,615
611,101
2024
2023
£
£
4,962
10,988
24,294
6,052
29,256
17,040
2024
2023
£
£
137,500
-		 Listed
investments
£
611,101
116,607
65,239
(146,332)
646,615
646,615
611,101
2024
2023
£
£
4,962
10,988
24,294
6,052
29,256
17,040
2024
2023
£
£
137,500
-
646,615
646,615
611,101
2023
£
10,988
6,052
17,040
2023
£
-

Investment properties held for sale relates to one property at Walnut Gardens, East Leake. The fair value of the investment property has been arrived at on the basis of the agreed price of the intended sale.

17 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2024
2023
as restated
£
£
-
18,889
43,683
75,102
81,807
91,920
25,737
5,983
151,227
191,894		 2024
2023
as restated
£
£
-
18,889
43,683
75,102
81,807
91,920
25,737
5,983
151,227
191,894
191,894

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Retirement benefit schemes
2024 2023
Defined contribution schemes £ £
Charge to profit or loss in respect of defined contribution schemes 17,460 14,167

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.

19 Deferred income

Deferred income is included in the financial statements as follows:

Deferred income is included within:
Current liabilities
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024		 2024
£
(4,602)
(5,294)
5,294
(4,602)
(4,602)		 2023
£
(5,294
(9,085
9,085
(5,294
(5,294

20 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Balance at Incoming Resources Balance at
1 April 2022 resources expended 1 April 2023 resources expended 31 March 2024
£ £ £ £ £ £ £
Capital grant 26,994 6,877 (3,392) 30,479 4,090 (2,722) 31,847
Social grant 275 - - 275 - - 275
27,269 6,877 (3,392) 30,754 4,090 (2,722) 32,122

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

21 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

General funds
Revaluation reserve
Previous year:
General funds		 At 1 April
2023
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2024
£
£
£
£
£
3,425,600
1,679,555
(1,624,462)
39,852
3,520,545
-
-
-
17,500
17,500
At 1 April
2022
Incoming
resources
Resources
expended
Gains and
losses
At 31 March
2023
£
£
£
£
£
3,409,284
1,438,375
(1,380,284)
(41,775)
3,425,600

22 Analysis of net assets between funds

Unrestricted
Restricted
funds
funds
2024
2024
£
£
At 31 March 2024:
Tangible assets
2,393,563
15,523
Investments
646,615
-
Current assets/(liabilities)
497,867
16,599
3,538,045
32,122
Unrestricted
Restricted
funds
funds
2023
2023
£
£
At 31 March 2023:
Tangible assets
2,317,090
18,245
Investment properties
120,000
-
Investments
611,101
-
Current assets/(liabilities)
377,409
12,509
3,425,600
30,754		 Total
2024
£
2,409,086
646,615
514,466
3,570,167
Total
2023
£
2,335,335
120,000
611,101
389,918
3,456,354

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

23 Operating lease commitments

Lessee

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		 2024
£
25,823
71,981
21,620
119,424		 2023
£
19,931
25,248
-
45,179

24 Related party transactions

There were no disclosable related party transactions during the year (2023 - none).

25 Cash generated from operations

Cash generated from operations
Surplus for the year
Adjustments for:
Investment income recognised in statement of financial activities
(Gain)/loss on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
(Increase) in debtors
(Decrease)/increase in creditors
Cash generated from operations		 2024
£
96,313
(33,912)
(39,852)
(25,387)
92,899
(12,216)
(40,667)
37,178		 2023
£
19,801
(20,062)
41,775
11,708
79,923
(5,437)
102,548
230,256

W J YAPP BEQUEST - DERBYSHIRE HOUSE

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024

26 Prior period adjustment

Changes to the balance sheet

Changes to the balance sheet
At 31 March 2023
As previously Adjustment As restated
reported
£ £ £
Creditors due within one year
Accruals and deferred income (48,108) 42,125 (5,983)
Income funds:
Restricted funds 30,754 - 30,754
Unrestricted funds 3,383,475 42,125 3,425,600
Total funds 3,414,229 42,125 3,456,354
Changes to the profit and loss account
Period ended 31 March 2023
As previously Adjustment As restated
reported
£ £ £
Income from:
Charitable activities 1,368,760 42,125 1,410,885
Net movement in funds (22,324) 42,125 19,801

The prior period adjustment of £42,125 arose from an accounting error relating to accruals.