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2021-03-31-accounts

Charity Registration No. 204859

RIDGEGATE HOMES

ANNUAL REPORT AND UNAUDITED FINANCIAL

STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

RIDGEGATE HOMES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr R Olliver Mr AP Lindsey-Renton Mrs M Dare Charity number 204859 Principal address 88 Doods Road Reigate Surrey RH2 ONR

RIDGEGATE HOMES

CONTENTS

Page
Trustees' report 1 - 2
Independent examiner's report 3
Statement of financial activities 4
Balance sheet 5
Statement of cash flows 6
Notes to the financial statements 7-16

RIDGEGATE HOMES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2021

The trustees present their report and financial statements for the year ended 31 March 2021.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's Trust Deed, the Charities Act 2011 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", issued in July 2014.

Objectives and activities

The objective of the charity is to continue to provide a residential care home for the elderly. In addition, the Home offers short term respite care and day respite care. The aim of the Home is to offer realistic opportunities for residents to remain as independent as possible and help them to enjoy life by providing safe and comfortable surroundings, mental stimulation and physical exercise as fully as their capabilities will allow.

We have considered the guidance contained in the Charity Commission's general guidance on public benefit and specific guidance for fee-charging charities when reviewing our aims and objectives.

The policy of the Home is to take in residents on a needs basis, usually on referral or recommendation by local families. The majority of residents are fee-paying, but a number will qualify for means-tested assistance from local authorities.

The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake.

Achievements and performance

This year has been very difficult at the Home for staff and residents alike. However, the influx of new residents in the previous year resulted in high occupancy levels throughout the period. The home has also received support from Government Agencies to alleviate the additional costs of the pandemic. This has helped particularly with extra staff costs. These two factors have resulted in encouraging financial results.

The home was faced with extensive roof repairs and has also started on a programme of improving the furnishings.

The investments held by the Home have made a welcome increase in value since the low point in March 2020

For the residents the restrictions on seeing family members has been particularly hard but all accept the exceptional efforts made by the staff.

All in all a satisfactory year. The current year has started quietly with ongoing staff shortages the principle problem.

Financial review

The net movement in funds for the year was a surplus of £70,034 (2020: deficit of £18,004).

The trustees are of the opinion that the charity's assets are sufficient to meet its current obligations, and the assets and reserves of the charity are held to allow the charity to continue its objectives.

The restricted fund represents donations received in relation to the Appeal in 2009 and 2010. All other funds are unrestricted. The trustees have designated that all funds over and above immediate requirements for operational purposes shall be set aside for the purpose of maintaining and improving the current facilities. The trustees are of the opinion that the funds are sufficient to meet its current obligations.

The trustees have considered the most appropriate policy for investing funds and have found that general unit trusts designed for the charity sector are most suitable. The trustees adopt a conservative policy towards investments and are advised by their investment managers J M Finn & Co. One of the charity's three investment funds was disposed of during the year and the value of investments retained has increased since the previous year end. Any investments have been acquired in accordance with the powers of the trustees as noted in the Trust Deed.

RIDGEGATEHOMES TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2021 The trustees have assessed tho major risks lo whi(th the charity is exposed, and are satisfied that syslams are in place lo mklgate expo8ure to the major risks. The Home is monitored by the Registration Office for Surrey County Counal. A great deal of time is spent on health and safety iSSU8s in particular to meol the requirements and implernenl any changes. These are fully recorded. The trustees are providèd with regular m8n8gement accounts and believe they have taken reasonable steps lo rninimise risk. structure, governanc• and management The charitywas established by trust deed and is registered withthe Chaflty Commlsslon, number 204859. It is an unincorporated charity and is governed by its constitution. The trustees and governors oflhe Genoral Committee who setved during the year were.. Trustees.. Dr R Olliver Mr AP Lindsey-Rgnton Mrs M Dare Governors". Mrs J Lindsey-Renton Mrs C Thomas (resigned 10 November 20201 Mr A Johnson (resigned 6 August 20201 Mr T Rice Mrs S Brankin Mr A Marsh lappoinled 10 November 20201 Mrg A Chadwick18ppointed 8 March 20211 The Trust Deed states that when any of the Iruslees shall desire lo be disd)arged or becorne unfil or Incapable to act. the gov6rnors may appoint antsther person lo be a trustee in his place. There must always be three trustees. All governors can hold office for up to three years only before reb'ring, bul ¢8n bè re-elected. Goverllors meetings are to be held as and when necessary. All deasions must be made on a majoTlty basis. The trustee5 8nd governors meet 8 minimum of four times a year. The trustees appoint a Manager lo manage the house on 8 daity basis. The charity undertook transactions with 8 related party as di8¢losed in Note 8. The tNslee8' report was approved by the Board of Trustees. Mr AP Linds•y-Rent Trustee Dated.. 207>

RIDGEGATEHOMES INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF RIDGEGATE HOMES I report on the financial statements of Ihe charity for the year ended 31 March 2021, which are set OLrt on pagès 4 10 16. Respective responslbilities of trustees and examiner The charitls trustees are responsible for thè preparation of the fin3nci81 statements The charity's trustees consider that an 8udit is not requirèd for this year under sgclion 144{21 of the Ch8rilies Act 2011 Ilhe 2011 Adl and that an independent examination Is needed. The charity's gross income eX￿ded £250,000 and l am qualified lo undertake the examination being a qualified member of FCA. It is my responsibility to.. examine the finanu81 slalements undèr sedion 145 ofthe 2011 Act., lill lo follow the pr(￿dureS laid down In the general Directions givén by the Charity Commission ut)ger sectK)n 14515llbl of the 2011 Art and liiil to st8lo whether particular m8tters have come to rny attention. Basls of Indep$ndent examlnerfs rèport My examination w88 carried out in ac¢ord8nce with the general DIrect￿n$ given by the Charity Commission. An examination includes a review of the accounting records kept by the ¢h8rity and a comparison of the financial Statements presented with those records. 11 also includes consideration of any unusual items or di$closures in the financial st*ements, and seeking explanations frorn you as trustees concèrning any such matters. The prO￿dureS undertaken do not provide all the evidencè that would be required in an audit and consequently no opinion is given as to whether the financial Slalernents present a'lrue and fair vieM¢ 8nd the report is limited to those matters set out in the next statement. Indèpèndent examlner'a statement In connection with my examination, no matter has eomo lo my attention.. 181 which gives me reasonable causeto believe that in any material respectthe requirements.. lil to keep accounting Kecords in accordan¢e with section 130 of the 2011 Act.. and lill Its prepare ffnana81 $18lements which accord with the accotjnling records and Comply with the accounting requirements of the 2011 Act,. have not been met or (bl lo which, in my otyn1￿, attention should be drawn in ffller lo enable a proper understandlng of the frnanaal statements lo be reached. Mr. C.R.G. Tom8szmki exanders Charteied Account8nl8 Abbey House 25 Clarendon Road Surrey RH1 1QZ Dated.. 7.L

RIDGEGATE HOMES

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Incomefrom:
Donations and legacies
3
Charitable activities
4
Investments
5
Total income
Expenditureon:
Charitable activities
6
Governance
7
Total resources expended
Net(expenditure)/incomefor the year
Net gains/(losses) on investments
11
Netmovement infunds
Fund balances at1April 2020
Fund balances at 31 March 2021		 Unrestricted
Restricted
Total
Total
funds
funds
2021
2020
£
£
£
£
45,206
-
45,206
5,400
928,271
-
928,271
816,574
9,102
-
9,102
12,181
982,579
-
982,579
834,155
931,199
4,722
935,921
783,134
18,699
-
18,699
16,899
949,898
4,722
954,620
800,033
32,681 (4,722)
27,959
34,122
42,075
-
42,075
(52,126)
74,756
(4,722)
70,034
(18,004)
619,729
25,663
645,392
663,396
694,485
20,941
715,426
645,392

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

All income and expenditure derive from continuing activities.

RIDGEGATE HOMES BALANCE SHEET AS A T31 MARCH 2021 2021 2020 Fixgd a$$¥t¥ Tangible assets Investments 14 13 354.840 213,363 366.042 171,288 568,203 537,330 Current assets Debtors Cash al bank and In han•J 15 20,306 214,411 30,942 150,004 234,717 180,946 CredStors: amounts falllng duè within onè yèar 17 187.494 172,8841 Net current assets 147,223 108,062 Totsl assèts I•#s ¢Ltrrent liabilltlg8 715.426 645,392 Creditors.'amounts falllng duè aftèr more than one year 18 Net a￿ets 715.426 645,392 In¢¢)rng fvndB Restricted funds Unrestricted fvnds 20,941 694,485 25,663 619,729 715,426 645.392 Theaccountswere 8pproved bytheTrusteeson...................... Mr AP Lindsey-Rento Trustee

RIDGEGATE HOMES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

Notes
Cash flows from operating activities
Cash generated from operations
20
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of tangiblefixed
assets
Proceeds on disposal of investments
Net cash generated from/(used in)
investing activities
Financing activities
Repayment of borrowings
Net cash usedin financing activities
Netincreasein cash and cash equivalents
Cash and cash equivalents at beginning of year
Cashand cash equivalents at end of year		 2021
£
(8,865)
-
-		 £
73,272
(8,865)
-		 2020
£
(1,298)
-
-		 £
36,170
(1,298)
-
34,872
115,132
150,004
- -
64,407
150,004
214,411

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

Charity information

Ridgegate Homes is an unincorporated charity.

1.1 Accounting convention

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

The financial statements have been prepared under the historical cost convention, modified to include. Investments and certain financial instruments at fair value. 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 unless the funds have been designated for other purposes.

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

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

1.4 Incoming resources

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

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.

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

Residential fees are included in the statement of financial activities when receivable.

Investment income

Investment income is included in the Statement of Financial Activities when receivable.

RIDGEGATEHOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

1 Accounting policies

(Continued)

1.5 Resources expended

Resources expended are recognised in the period in which they are incurred and include attributable VAT which cannot be recovered. Resources expended are allocated to the particular activity where each cost relates directly to that activity.

Governance costs include expenditure on compliance with constitutional and statutory requirements.

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:

Land and buildings 2% straight line basis on buildings Fixtures, fittings & equipment 5% - 20% straight line basis

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 net income/(expenditure) for the year.

1.7 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.

1.8 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).

Intangible assets with indefinite useful lives and intangible assets not yet available for use are tested for impairment annually, and whenever there is an indication that the asset may be impaired.

1.9 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.

1.10 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.

RIDGEGATEHOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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 recognised when the charity’s contractual obligations expire or are discharged or cancelled.

1.11 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.

1.12 Taxation

The home is a registered charity and as such, exemption applies to income arising and expended on its charitable activities.

1.13 Reserves

The funds consist of unrestricted and restricted amounts. The trustees may use unrestricted amounts at their discretion. Restricted funds represent income contributions which are restricted to a particular purpose in accordance with the donors’ wishes.

1.14 Liabilities

Liabilities are recognised when the charity has an obligation to transfer economic benefits as a result of past transactions or events.

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

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

Donations and gifts
4
Charitable activities		 2021
2020
£
£
45,206
5,400
2021 2020
£ £
Residential fees 928,271 816,574

5 Investments

Unrestricted Total
funds 2020
£ £
Incomefrom listed investments 9,102 12,181

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

6 Charitable activities

Staff costs
Other employment costs
Provisions
Advertising and marketing
Telephone
Light and heat
Repairs and maintenance
Replacement home furnishings
Insurance
Rates and water
Household
Residents entertainment
Office and sundry
Registration and other fees
Printing, postage and stationery
Motor and travel
Depreciation and impairment
Loss on disposal of fixed assets
Computer expenses
Analysis by fund
Unrestricted funds
Restricted funds
Forthe yearended31 March2020
Unrestricted funds
Restricted funds		 2021
£
701,590
21,777
45,978
1,124
3,879
20,532
65,683
5,891
6,801
4,609
17,577
2,020
2,998
4,107
6,205
901
17,907
2,160
4,182		 2020
£
573,082
19,778
44,914
1,387
3,429
18,324
57,018
710
6,480
4,536
17,322
6,304
4,119
3,332
3,921
486
17,185
-
807
783,134

778,412
4,722
783,134
935,921
931,199
4,722
935,921

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

7 Governance costs

Governance costs
Certification fees
Accountancy
Legaland professional
Bank charges
Loan interest		 2021
2020
£
£
(450)
2,250
5,429
4,880
12,989
8,897
731
872
-
-
18,699
16,899

~~8~~ Trustees

None of the trustees or governors (or any persons connected with them) received any remuneration or reimbursed expenses during the year.

During the year accountancy fees of £3,200 (2020: £3,200) were paid to Lindsey-Renton & Co, Chartered Accountants of which the trustee Mr A Lindsey-Renton is the sole proprietor. The trustees are satisfied that these fees are substantially lower than the market rate.

9 Employees

The average monthly number of persons employed by the charity during the year was:

Home staff
Employment costs
Wages and salaries
Social security costs		 2021
2020
Number
Number
27
28
2021
£
2020
£
676,768
547,748
24,822
25,334
701,590
573,082

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

11 Net gains/(losses) on investments

Total Total
2021 2020
£ £
Gain/(loss) on revaluation of investments 42,075 (52,126)

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

11 Net gains/(losses) on investments

(Continued )

12 Taxation

Ridgegate Homes is a registered charity and, as such, its income and gains falling within sections 471 to 489 of the Corporation Tax Act 2010 or section 256 of Taxation of Chargeable Gains Act 1992 are exempt from corporation tax to the extent that they are applied to its charitable activities.

13 Fixed asset investments

Listed
Unlisted		 **Total **
investments investments
£ £ £
Cost or valuation
At 1 April 2020 171,288 - 171,288
Valuation changes 42,075 - 42,075
Disposals - - -
At 31 March 2021 213,363 - 213,363
Carrying amount
At 31 March 2021 213,363 - 213,363
At 31 March 2020 171,288 - 171,288

Fixed asset investments revalued

Listed investments are calculated by JM Finn & Co, a member of the London stock Exchange, using market prices. Historical cost at 31[st] March 2021 amounted to £46,734 (2020: £46,734).

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

14 Tangible fixed assets
Cost
At 1 April 2020
Additions
Disposals
At 31March 2021
Depreciation andimpairment
At 1 April 2020
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
15 Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income
16
Financialinstruments
Carrying amount of financial assets
Debt instruments measured at amortised cost
Instruments measured at fair value through profit orloss
Carrying amount of financialliabilities
Measured at amortised cost		 Freehold
Land and
buildings
Fixtures,
fittings&
Total
equipment
£
£
£
408,480
146,671
555,151
-
8,865
8,865
-
(5,484)
(5,484)		 Freehold
Land and
buildings
Fixtures,
fittings&
Total
equipment
£
£
£
408,480
146,671
555,151
-
8,865
8,865
-
(5,484)
(5,484)
408,480 150,052
558,532
106,378
7,980
-		 82,731
189,109
9,927
17,907
(3,324)
(3,324)
114,358 89,334
203,692
294,122 60,718
354,840
302,102 63,940
366,042
2021
2020
£
£
11,112
20,860
3,937
4,715
5,257
5,367
20,306
30,942
2021
£
2020
£
15,049
25,575
-
-
79,054
69,384

The total interest expense for financial liabilities that are not measured at fair value through profit and loss amounted to £NIL (2020: £NIL).

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

17 Creditors: amounts falling due within one year

17
Creditors: amounts falling due within one year
Notes
Other taxation and socialsecurity
Trade creditors
Other creditors
Accruals and deferred income
18
Creditors: amounts falling due after more than one year
Notes
Other creditors		 2021
2020
£
£
8,440
3,500
21,911
21,802
-
-
57,143
47,582
87,494
72,884
2021
2020
£
£
-
-

19 Analysis of net assets between funds

Fundbalances at 31 March 2021are represented by:
Tangible assets
Investments
Current assets/(liabilities)		 Unrestricted AppealFund
Total
Fund
£
£
£
333,899
20,941
354,840
213,363
-
213,363
147,223
-
147,223
694,485
20,941
715,426

RIDGEGATE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2021

20
Cash generated from operations
Surplus/ (Deficit) for the year
Adjustments for:
Fair value gains and losses on investments
Depreciation and loss on disposal of tangible fixed assets
Movements in working capital:
Decrease/(increase) in debtors
Increaseincreditors
Cash generated from operations		 2021
2020
£
£
70,034
(18,004)
(42,075)
52,126
20,067
17,185
10,636
(15,192)
14,610
55
73,272
36,170