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2024-03-31-accounts

Charity registration number: 202400

THE HOME OF DEVENISH

REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024

Chartered Accountants

THE HOME OF DEVENISH

CONTENTS

Reference and Administrative Details 1
Trustees' Report 2 to 4
Independent Auditors' Report 5 to 7
Statement of Financial Activities 8
Balance Sheet 9
Notes to the Financial Statements 10 to 17

THE HOME OF DEVENISH

REFERENCE AND ADMINISTRATIVE DETAILS

Charity Registration Number 202400
Trustees Mrs D M Ludlow
Captain J B Harvey LVO RN
Mr J Tate BA ACA
Mr S Jacobs
Rev Whittock (appointed 4 October 2023)
Mr P Lannon (resigned 4 October 2023)
General Manager Mrs Lesley Turner
Registered Address Unity Chambers
34 High East Street
Dorchester
Dorset
DT1 1HA
Auditor Edwards and Keeping Limited
Chartered Accountants
Unity Chambers
34 High East Street
DORCHESTER
Dorset
DT1 1HA
Advisors:
Investment Managers Rathbones
30 Gresham Street
London
EC2V 7QN
Bankers Barclays Bank
10 South Street
Dorchester
Dorset
DT1 1BT

THE HOME OF DEVENISH

TRUSTEES' REPORT

The trustees present the annual report together with the financial statements and auditors' report of the charity 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 accounts and comply with the charity's scheme, 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 (FRS102) applicable in the UK and Republic of Ireland published in October 2019.

Objectives and activities for the public benefit

The objects of the charity are to provide almshouses for almspeople and to provide income which is to be used for the day to day expenses of the properties and incidental administration expenses and should provide for an extraordinary repair fund. Income can also be used for the benefit of the almspeople while they reside in the almshouses, provided that no money is applied in relief of public funds.

The almspeople shall be women from the following class of persons who are disadvantaged by reason of financial hardship and are members of Christian churches in the United Kingdom;

From 17 October 1991, following approval from the Charity Commission, the charity may apply income not required by the 16 May 1961 Scheme in paying by way of donation or subscription to institutions or organisations who undertake to provide services or facilities for the benefit of persons qualified under the 16 May 1961 Scheme.

The trustees confirm that they have referred to the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities.

Financial review

The charity is mainly financed through income arising from its endowment assets. Investment income for the year was £417,114 (2023:£358,929), donations of £2,745 (2023:£2,570) were also received and total expenditure was £323,248 (2023:£336,076). As a result, the charity's net surplus for the year before investment gains and losses was £96,611 compared to £25,423 for the previous year.

The net gain on investments in the year was £528,392 (2023: £1,044,803 loss). Investments sold in the year achieved a loss of £50,219 (2023: £224,122 loss) whilst there is an unrealised gain on the revaluation of investments of £578,611 (2023;£820,681 loss). The net movement in the funds was a surplus of £625,003 (2023: £1,019,380 deficit) with total funds standing at £13,177,263 at 31 March 2024.

The current general economic issues may decrease investment income and value in the coming twelve months but the charity has adequate reserves to continue as a going concern.

THE HOME OF DEVENISH

TRUSTEES' REPORT

Investment policy

The investment policy for the charity is a balanced return from an income and capital growth objective, over the longer term, with a medium risk profile being appropriate. Medium risk is defined as having an appetite for asset classes which are subject to a degree of volatility including, but not limited to, equities, bonds and alternatives. No single holding should, under normal circumstances, account for more than 7.5% of the total portfolio value. Where abnormal circumstances necessitate exposure to a single holding in excess of 7.5% the Trustees will be provided with an appropriate investment rationale at the time the holding is established or when an existing holding breaches this limit. This does not apply to cash. All of the investments, under normal market conditions, will have daily liquidity unless agreed otherwise with the trustees.

The Trustees are aware that the investment income fluctuates and there is recourse to capital if necessary. Bearing in mind that historically capital growth has been ahead of income the Trustees may, from time to time, consider using total return from income and capital growth when assessing the level of expenditure they make each year. As such, there is no specific income target. There are no liabilities and the investment time horizon is in excess of 10 years.

The Trustees wish to ensure that their investments are managed by their appointed investment manager to take into account Environmental, Social and Governance (ESG) considerations. To this end, the investment manager should have in place a policy for responsible investing and sustainability and the Trustees expect that these are taken into account when managing the investment portfolio on their behalf.

The investment portfolio is managed on a discretionary basis in line with the stated investment policy whilst there are no specific investment restrictions. The appropriate performance measurement benchmark will be agreed with the trustees and discussed at each review meeting.

The investment policy is reviewed regularly by the Trustees and the appointed investment manager to ensure it remains appropriate on an ongoing basis.

Reserves Policy

The trustees have examined the charity's requirements for reserves in light of major risks to the organisation. Since endowment funds are expendable at the trustees' discretion, should the need arise, the trustees consider that there is no need to accumulate reserves and are satisfied the charity has sufficient resources to continue in operation for the foreseeable future.

At 31 March 2024, unrestricted general funds totalled £423,167. After allowing for funds invested in tangible fixed assets of £428,700, there are £nil unrestricted free reserves of the charity but there is sufficient cash held in investments which could be utilised if required. Since expenditure broadly equates with income, the trustees consider this to be sufficient.

The restricted extraordinary repair fund is maintained in order to comply with the requirements of the Charity Commission Scheme and at 31 March 2024 stood at £18,025. In the event of any major extraordinary repair costs arising, endowment investments would be liquidated, so the trustees consider this level to be sufficient for their purposes.

The endowment fund balance of £12,736,071 at 31 March 2024 represents the unexpended element of the original capital assets bequeathed under the will of John Herbert Clark Devenish. Income arising on the endowment assets is unrestricted and finances the charity's activities. As the fund is expendable, assets may be liquidated to provide for any shortfall in income funds or to finance major works in accordance with the charity's objects.

Structure, governance and management

Nature of governing document

The Home of Devenish is a registered charity (no 202400) founded by the Will of John Herbert Clark Devenish. The charity is regulated by a scheme approved by the Charity Commission on 16 May 1961. It is governed by trustees. As at 31 March 2024 there were five trustees. Trustees shall be not less than three, nor more than five competent persons appointed for five years by resolution of the Trustees. No formal induction or training procedures for new trustees is considered necessary.

The charity is a member of the Almshouse Association.

The trustees have to assess the major risks to which the charity is exposed, in particular those which related to the operations and finances of the charity and are satisfied that systems are in place to mitigate exposure to the major risks.

THE HOME OF DEVENISH

TRUSTEES' REPORT

Statement of Trustees' Responsibilities

The trustees are responsible for preparing the trustees' report and the financial statements in accordance with the 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).

The law applicable to charities 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 period. In preparing these financial statements, the trustees are required to:

The trustees are responsible for keeping proper 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 applicable Charities (Accounts and Reports) Regulations, and the provisions of the constitution. The trustees 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 annual report was approved by the trustees of the charity on .................... and signed on its behalf by:

Mr J Tate BA ACA Trustee

THE HOME OF DEVENISH

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOME OF DEVENISH

Opinion

We have audited the financial statements of The Home of Devenish (the 'charity') for the year ended 31 March 2024, which comprise the Statement of Financial Activities, Balance Sheet, 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 Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

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 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 original financial statements were 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 trustees 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, except to the extent otherwise explicitly stated in our report,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

In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.

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

THE HOME OF DEVENISH

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOME OF DEVENISH

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 4), 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 liquidate the charity or to cease operations, or have no realistic alternative but to do so.

Auditor 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 regulations made under section 154 of that Act.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:

Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows:

•the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities, and skills to identify or recognise non-compliance with applicable laws and regulations;

•we identified the laws and regulations applicable to the charity through discussions with trustees and other management, and from our knowledge and experience of the charity sector;

•we focused on specific laws and regulations which we considered may have a direct material effect on the financial statements or the operations of the charity, including charity regulations and health and safety legislation;

•we assessed the extent of compliance with the laws and regulations identified above through making enquiries of management and inspecting legal correspondence; and

•identified laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliance throughout the audit

We assessed the susceptibility of the charity’s financial statements to material misstatement, including obtaining an understanding of how fraud might occur, by:

• making enquiries of management as to where they considered there was susceptibility to fraud, their knowledge of actual, suspected, and alleged fraud;

• considering the internal controls in place to mitigate risks of fraud and non-compliance with laws and regulations

THE HOME OF DEVENISH

INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF THE HOME OF DEVENISH

To address the risk of fraud through management bias and override of controls, we:

investigated the rationale behind significant or unusual transactions

In response to the risk of irregularities and non-compliance with laws and regulations, we designed procedures which included, but were not limited to:

There are inherent limitations in our procedures described above. The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance.Auditing standards also limit the audit procedures required to identify non-compliance with laws and regulations to enquiry of the trustees and other management and the inspection of regulatory and legal correspondence, if any.

Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion.

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

Use of our report

This report is made solely to the charity 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 trustees those matters we are required to state to trustees in an auditors' 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 its trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Edwards and Keeping Limited (Statutory Auditor)

Unity Chambers 34 High East Street DORCHESTER Dorset DT1 1HA

Date:.............................

Edwards and Keeping Limited 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.

THE HOME OF DEVENISH

STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 MARCH 2024

Note
Income and Endowments from:
Donations and legacies
2
Investment income
3
Total income
Expenditure on:
Charitable activities
Donations paid
4
Almshouse costs
5
Investment management
costs
Total expenditure
Gains/(losses) on
investment assets
10
Net income/(expenditure)
Gross transfers between
funds
Net movement in funds
Reconciliation of funds
Total funds brought forward
Total funds carried forward
15		 Unrestricted
£
2,745
409,747
412,492
(30,000)
(249,545)
-
(279,545)
-
132,947
(131,908)
1,039
422,128
423,167		 Restricted
£
-
427
427
-
-
-
-
-
427
2,248
2,675
15,350
18,025		 Endowment
£
-
6,940
6,940
-
-
(43,703)
(43,703)
528,392
491,629
129,660
621,289
12,114,782
12,736,071		 Total
2024
£
2,745
417,114
419,859
(30,000)
(249,545)
(43,703)
(323,248)
528,392
625,003
-
625,003
12,552,260
13,177,263		 Total
2023
£
2,570
358,929
361,499
(30,000)
(261,019)
(45,057)
(336,076)
(1,044,803)
(1,019,380)
-
(1,019,380)
13,571,640
12,552,260

All of the charity's activities derive from continuing operations during the above two periods. The funds breakdown for 2023 is shown in note 15.

THE HOME OF DEVENISH

(REGISTRATION NUMBER: 202400) BALANCE SHEET AS AT 31 MARCH 2024

Note
Fixed assets
Tangible assets
9
Investments
10
Current assets
Debtors
11
Cash at bank and in hand
12
Creditors: Amounts falling due within one year
13
Net current assets
Net assets
Funds of the charity:
Endowment funds
Restricted income funds
Restricted funds
Unrestricted income funds
Unrestricted funds
Total funds
15		 2024
£
428,700
12,432,802
12,861,502
8,533
324,528
333,061
(17,300)
315,761
13,177,263
12,736,071
18,025
423,167
13,177,263		 2023
£
428,700
11,936,055
12,364,755
2,699
200,743
203,442
(15,937)
187,505
12,552,260
12,114,782
15,350
422,128
12,552,260

The financial statements on pages 8 to 17 were approved by the trustees, and authorised for issue on .................... and signed on their behalf by:

Mr J Tate BA ACA Trustee

THE HOME OF DEVENISH

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

1 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented, unless otherwise stated.

Statement of compliance

The financial statements have been prepared 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) (published October 2019) - (Charities SORP (FRS 102)), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Charities Act 2011.

The Charity has a does not include a cash flow statement on the grounds that it is applying FRS102 section A.

Basis of preparation

The Home of Devenish meets the definition of a public benefit entity under FRS 102. The accounts (financial statements) have been prepared under the historical cost convention with items recognised at cost or transaction value unless otherwise stated in the relevant note(s) to these accounts.

The financial statements are presented in sterling which is the functional currency of the Charity, and rounded to the nearest pound.

Going concern

The trustees consider that there are no material uncertainties about the charity's ability to continue as a going concern nor any significant areas of uncertainty that affect the carrying value of assets held by the charity.

Income

All income is recognised once the charity has entitlement to the income, there is sufficient certainty of receipt, and so it is probable that the income will be received, and the amount of income receivable can be measured reliably. Income, which is almost entirely unrestricted, is derived from dividends, interest from quoted securities and deposit accounts and includes any related tax recoverable. No expenses are netted off income.

Expenditure

Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that settlement will be required and the amount of the obligation can be measured reliably.

All expenditure is accounted for on an accruals basis. All expenses, including support costs and governance costs, are allocated or apportioned to the applicable expenditure headings in the statement of financial activities. Expenditure includes VAT which cannot be recovered , and is reported as part of the expenditure to which it relates.

Investment management costs are charged against endowment funds. Whilst the Charity Commission Scheme requires expenses to be first defrayed from income, the trustees believe this treatment gives a true and fair view.

Charitable activities

Charitable expenditure represents all costs incurred identifiable as wholly or mainly in support of the charity's objects. It includes donations payable, costs directly incurred in maintaining the almshouse premises and related support and governance costs. Donations payable are payments made to qualifying third parties in the furtherance of the charitable objects of the charity. Governance costs include expenditure incurred in the governance of the charity's assets and compliance with constitutional and statutory requirements.

Tangible fixed assets

Almshouses are stated at cost and no depreciation is provided. This represents a departure from accounting standards. It is, however, the charity's policy to maintain its freehold property in such condition that it is not impaired by the passage of time and the trustees believe that the residual value of the freehold property is greater than the book value. Any depreciation on the freehold property would, in the opinion of the trustees, be immaterial due to the long life of the assets.

THE HOME OF DEVENISH

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

Fixed asset investments

Investments are initially recognised at their transaction value and subsequently measured at fair value at the balance sheet date using the closing quoted market price. The statement of financial activities includes all unrealised gains or losses arising on revaluation together with net realised gains or losses on the disposal of investments.

Realised gains and losses are calculated as the difference between sales proceeds and their opening carrying value or their purchase value if acquired subsequent to the first day of the financial year. Unrealised gains and losses are calculated as the difference between the market price at the year end and their carrying value. Realised and unrealised investment gains and losses are combined in the statement of financial activities.

Fund structure

Unrestricted fund: The accumulated income fund represents income from fixed asset investments and is applied for financing the administration and day to day running costs of the charity. This fund may at the discretion of the trustees be expended for capital purposes.

Restricted fund: The 1961 Scheme requires an extraordinary repair fund to be set aside out of income to provide for future extraordinary repair, improvement or rebuilding of the almshouses belonging to the charity. The amount to be set aside is at the discretion of the trustees.

Endowment fund: The endowment fund represents the unexpended value of the original endowment gifted under the Charity Commission 1961 Scheme. This fund includes all subsequent gains and losses, both realised and unrealised arising from fixed asset investments. the endowment fund is expendable at the discretion of the trustees and may be applied for the general objects of the charity.

2 Income from donations and legacies

Donations and legacies;
Donations from individuals
3
Investment income
Interest receivable and similar
income;
Interest receivable on bank
deposits
Other income from fixed asset
investments		 Unrestricted
funds
General
£
88
409,659
409,747		 Unrestricted
funds
General
£
2,745
Restricted
Endowment
funds
funds
£
Expendable
£
-
-
427
6,940
427
6,940		 Total
2024
£
2,745
Total
2024
£
88
417,026		 Total
2023
£
2,570
Total
2023
£
41
358,888
417,114 358,929

THE HOME OF DEVENISH

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

4 Donations

The amount awarded in the year comprises:
Church of England Pensions Board
5
Almshouse Costs
Premises costs
Gardening
Light, Heat and Power
Life Line Rental
Council Tax
Insurance
Repairs - Routine / Internal
Repairs - External and Painting
Repairs - Extraordinary
Support costs
Staff costs (note 8)
Advertising and website costs
Sundry expenses
Auditor’s remuneration		 Total
2024
£
30,000
Total
2024
£
35,837
49,817
4,877
37,951
6,393
25,986
1,993
10,590
173,444
62,063
4,723
2,414
6,901
76,101
249,545		 Total
2023
£
30,000
Total
2023
£
33,400
44,219
4,590
39,109
9,324
31,975
3,833
19,269
185,719
58,110
7,233
2,273
7,684
75,300
261,019

6 Auditors' remuneration

The auditor's remuneration constituted an audit fee of £5,222 (2023: £5,360) and additional accounts and payroll work amounting to £1,679 (2023: £2,324).

7 Trustees remuneration and expenses

No trustees, nor any persons connected with them, have received any remuneration from the charity during the year.

No trustees have received any reimbursed expenses from the charity during the year.

THE HOME OF DEVENISH

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

8 Staff costs

The aggregate payroll costs were as follows:

The aggregate payroll costs were as follows:
Staff costs during the year were:
Wages and salaries
Pension costs		 2024
£
61,231
832
62,063		 2023
£
57,360
750
58,110

No employee received remuneration in excess of £60,000 during the year. The average number of employees during the year was 2 (2023 - 2) with all employee time involved in providing support to the governance of the charity or support services to charitable activities.

9 Tangible fixed assets

Cost
At 1 April 2023
At 31 March 2024
Depreciation
At 1 April 2023
At 31 March 2024
Net book value
At 31 March 2024
At 31 March 2023		 Freehold
Almshouses
£
428,700
428,700
-
-
428,700
428,700		 Total
£
428,700
428,700
-
-
428,700
428,700

No depreciation is provided on almshouse properties. For insurance purposes almshouse properties have a sum insured (rebuild costs) of £5,376,642 (rebuild costs), The Trustees indicative value of the Properties is in the region of £5m.

In accordance with PARA 16.3A FRS102, property which is held primarily for the provision of social benefit is not investment property.

THE HOME OF DEVENISH

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

10 Fixed asset investments

Fair Value
At 1 April 2023
Additions
Disposals
Revaluation
Movement in capital cash account
Net book value
At 31 March 2024
At 31 March 2023		 2024
Listed
investments
£
11,936,055
3,912,083
(3,572,404)
578,611
(421,543)
12,432,802
11,936,055		 2024
Total
£
11,936,055
3,912,083
(3,572,404)
578,611
(421,543)
12,432,802
11,936,055		 2023
Listed
investments
£
13,017,270
2,731,478
(3,223,328)
(820,681)
231,316
11,936,055
13,017,270

Fixed asset investments include a capital cash account with a balance of £56,341 at 31 March 2024 (2023: £477,884)

11 Debtors

Prepayments
Other debtors		 2024
£
7,389
1,144
8,533		 2023
£
2,699
-
2,699

Other debtors includes £936 (2023: £Nil) receivable after more than one year.

12 Cash at bank and in hand

Petty cash
Cash at bank
Extraordinary fund account
13 Creditors: amounts falling due within one year
Trade creditors
Other taxation and social security
Other creditors
Accruals		 2024
£
34
310,224
14,270
324,528
2024
£
4,675
3,725
163
8,737
17,300		 2023
£
61
186,839
13,843
200,743
2023
£
4,545
3,290
-
8,102
15,937

THE HOME OF DEVENISH

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

14 Pension and other schemes

Defined contribution pension scheme

The charity operates a defined contribution pension scheme. The pension contributions paid by the charity amounted to £832 (2023 -£750).

THE HOME OF DEVENISH

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

15 Funds

Unrestricted
General
Restricted
Endowment
Expendable

Total funds

Unrestricted
General
Restricted
Endowment
Expendable

Total funds
 Balance at
1 April
2023
£
422,128
15,350
12,114,782
12,552,260
Balance at
1 April
2022
£
431,129
13,725
13,126,786
13,571,640		 Incoming
resources
£
412,492
427
6,940
419,859
Incoming
resources
£
359,908
118
1,473
361,499		 Resources
expended
£
(279,545)
-
(43,703)
(323,248)
Resources
expended
£
(291,019)
-
(45,057)
(336,076)		 Transfers
£
Other
recognised
gains/(losses)
£
(131,908)
-
2,248
-
129,660
528,392

-
528,392

Transfers
£
Other
recognised
gains/(losses)
£
(77,890)
-
1,507
-
76,383
(1,044,803)

-
(1,044,803)
 Balance at
31 March
2024
£
423,167
18,025
12,736,071
13,177,263
Balance at
31 March
2023
£
422,128
15,350
12,114,782
12,552,260

The restricted fund comprises of monies set aside by the trustees for extraordinary repairs, as required by the Charity Commission.

Purposes of funds

The expendable endowment fund represents the unexpended value of the original endowment gifted under the Charity Commission 1961 Scheme and include all subsequent gains and losses, both realised and unrealised arising from fixed asset investments. Transfers between funds reflect amounts moved to unrestricted fund bank accounts in excess of investment income received.

THE HOME OF DEVENISH

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

16 Analysis of net assets between funds

Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets
Tangible fixed assets
Fixed asset investments
Current assets
Current liabilities
Total net assets		 Unrestricted
funds
General
£
428,700
-
9,365
(15,937)
422,128
Unrestricted
funds
General
£
428,700
-
11,767
(17,300)
423,167		 Restricted
funds
£
-
-
15,350
-
15,350
Restricted
funds
£
-
-
18,025
-
18,025		 Endowment
funds
Expendable
£
-
11,936,055
178,727
-
12,114,782
Endowment
funds
Expendable
£
-
12,432,802
303,269
-
12,736,071		 Total funds at
31 March
2023
£
428,700
11,936,055
203,442
(15,937)
12,552,260
Total funds at
31 March
2024
£
428,700
12,432,802
333,061
(17,300)
13,177,263

17 Related party transactions

During in the year the charity paid £Nil (2023:£332) to Hotel Rembrandt Limited, a company of which one of the trustees is a director.