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2021-03-31-accounts

Charity Registration No. 205867

THE EMILIE GALLOWAY HOME OF REST ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2021

THE EMILIE GALLOWAY HOME OF REST

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mrs R G Cameron Mrs E M Broome Mrs M de Wirtz Mr M V Walker Mrs S Hopkins Charity number 205867 Principal address Tweed 8-10 Silverdale Road Eastbourne East Sussex BN20 7AL Independent examiner Nicholas Brown FCA DChA BFP 18 Hyde Gardens Eastbourne East Sussex BN21 4PT Bankers Natwest Eastbourne Town Centre 96 Terminus Road Eastbourne East Sussex BN21 3AA Investment advisors Charles Stanley & Co Ltd 14 Hyde Gardens Eastbourne BN21 4PR

THE EMILIE GALLOWAY HOME OF REST

CONTENTS

Page
Trustees' report 1 - 3
Statement of Trustees' responsibilities 4
Independent examiner's report 5
Statement of financial activities 6
Statement of financial position 7
Statement of cash flows 8
Notes to the financial statements 9 - 20

THE EMILIE GALLOWAY HOME OF REST

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 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) (effective 1 January 2019)".

Objectives and activities

The Home, a registered charity number 205867 was established by a charitable trust in 1930 to provide a residential and holiday home for the elderly. The charity moved its premises to Eastbourne in 1950 and enjoys a high reputation in the area; word of mouth and personal recommendations have been such that advertising has not been necessary for some years. The charity’s fundamental Aim is to provide a comfortable and pleasant residential home for the elderly and one of its supporting objectives is ensuring that fees remain in the lower 50%-tile of an equivalent private care home in the area whilst the average wage of employees remains in the upper 50%-tile.

As such it clearly demonstrates conformity with the Charity Commission Guidance on Public Benefit.

Achievements and performance

The most significant achievements in the last year have been the avoidance of any infection within the Home during the worldwide Covid-19 pandemic and the successful assumption of managerial control by a new Registered Manager. Additionally, the charity has completed the refurbishment of the en-suite facilities in two rooms, the redecoration of four rooms and the re-furnishing of four rooms.

The risks associated with the pandemic meant that restrictions on visitors to the Home, including visits by Trustees, were necessary and in order to ameliorate the penalties, zoom and skype meetings with their relatives were arranged for residents. The positive and committed efforts of the staff have ensured that the residents have remained happy and contented and, in addition to their normal contracted duties the staff have maintained a full leisure and activities programme despite the resignation during the year of the designated activities organiser. The regular monthly meeting of Trustees was maintained, albeit remotely using Zoom and in order to maintain their interactions with residents and members of staff, Trustees conducted regular, telephone meetings, the outcomes of which have been recorded.

Notwithstanding the success of the Home in the avoidance of infection, and the high reputation enjoyed locally, the public perception of risk led to more than usual misgivings about moving to a care home and this led to significant room vacancies during the year as rooms were vacated. A total of 26 weeks of vacant rooms led to loss of £21,600, based on the average room fee, and this loss of income was exacerbated by the acceptance of one privately funded resident as a publicly funded resident.

The value of investments held by the charity has been maintained. The income yield from those investments was 3.2% (2020: 4.0%).

Financial review

During the year, the charity made a deficit of £6,847, compared to a deficit of £20,093 in the previous year.

THE EMILIE GALLOWAY HOME OF REST

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

Reserves policy

In order to ensure that the charity could recover from a catastrophic incident such as fire or flood, it is the policy of the charity to maintain Business Interruption insurance cover over an indemnity period of 24 months. It is also the policy of the charity that reserves should be maintained at a level sufficient not only to ensure that it will be able to continue the charity's current activities in the event of a significant drop in funding, but that in the event of a catastrophe the redundancy costs of all but a minimum of key staff could be met, the cost of which would be circa £100,000.

The charity's reserves are represented by Net Current Assets of £44,876. However, the Fixed Asset Investments will be realised if funds are required to support the Charity's activity of operating a rest home. Fixed Asset Investments on 31 March 2021 had a market value of £341,792.

The trustees have decided to designate the fixed assets and investments as these are required for long term operations and income generation. This leaves unrestricted reserves at £44,873 and the trustees will work on building this up to the £100,000 needed, in order to prevent the investments having to be realised.

Investment policy

At the outbreak of the pandemic there were widespread concerns regarding its impact on stock markets, and there was an initial significant reduction of over 10% in the value of the charity’s reserves in the early months of the year. At the end of the year the reserves were still 5% lower than early 2020 but the market continues to stabilise and is expected to continue to recover. The Trustees remain in close and regular consultation with their financial advisor and continue to invest wisely and safely.

Risk factors

The objective of the charity’s Risk Policy is to provide guidance on managing organisational risk to support the achievement of strategic objectives, the protection of beneficiaries, staff and business assets and to ensure the continuation of business operations and financial sustainability. The policy, in line with Charity Commission Guidance CC26, provides a framework to:

Plans for future periods

The Trustees intend to continue, in accordance with the provisions of the Trust deed to provide a residential and holiday home for the elderly. With an aging population and in a region popular with retired people, the market for places in care homes is steadily increasing year by year. However, in order to maintain the good reputation within the community and full occupancy it is planned:

Structure, governance and management

The Home was established by the Will of the late Ella Galloway who died in 1930, and registered with the Charity Commission on 23 September 1962 under registration number 205867.

The legal and administrative information page gives details of the Charity's principal address, bankers and principal advisers.

THE EMILIE GALLOWAY HOME OF REST

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

The Trustees who served during the year and up to the date of signature of the financial statements were: Mrs R G Cameron

Mrs E M Broome Mrs M de Wirtz Mr M V Walker Mrs S Hopkins

The Home is administered by the Trustees who are appointed as required and who meet monthly to review the Home's activities and results, to discuss new projects and to generally support the work of the staff as well as meeting the residents and to make policy decisions.

On behalf of the board of Trustees

.............................. Mrs R G Cameron Trustee Dated: .........................

THE EMILIE GALLOWAY HOME OF REST

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2021

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

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

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

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

THE EMILIE GALLOWAY HOME OF REST

INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE EMILIE GALLOWAY HOME OF REST

I report to the Trustees on my examination of the financial statements of The Emilie Galloway Home Of Rest (the Charity) for the year ended 31 March 2021.

Responsibilities and basis of report

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

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

My examination was carried out in accordance with the General Directions given by the Charity Commission. An examination includes a review of the accounting records kept by the C harity and a comparison of the accounts presented with those records. It also includes consideration of any unusual items or disclosures in the accounts, and seeking explanations from you as T rustees concerning any such matters. The procedures undertaken do not provide all the evidence that would be required in an audit and consequently no opinion is given as to whether the accounts present a ‘true and fair view’ and the report is limited to those matters set out in the next statement.

Independent examiner's statement

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

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

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

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

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

Nicholas Brown FCA DChA BFP 18 Hyde Gardens Eastbourne East Sussex BN21 4PT Dated: .........................

THE EMILIE GALLOWAY HOME OF REST

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

Unrestricted Unrestricted
funds
funds
general d esignated
2021
2021
Notes
£
£
Income from:
Donations , legacies
and grants
3
71,165
-
Charitable activities -
Fees for residential
care
4
689,307
-
Investments
5
10,794
-
Total income
771,266
-
Expenditure on:
Charitable activities
6
789,477
14,618
Net gains/(losses) on
investments
10
2,589
23,393
Net outgoing
resources before
transfers
(15,622)
8,775
Gross transfers
between funds
(394,985)
394,985
Net movement in funds
(410,607)
403,760
Fund balances at 1
April 2020
455,483
-
Fund balances at 31
March 2021
44,876
403,760		 TotalUnrestricted
Restricted
funds
funds
general
2021
2020
2020
£
£
£
71,165
40,180
10,000
689,307
724,170
-
10,794
12,311
-
771,266
776,661
10,000
804,095
764,133
10,000
25,982
(32,621)
-
(6,847)
(20,093)
-
-
-
-
(6,847)
(20,093)
-
455,483
475,576
-
448,636
455,483
-		 Total
2020
£
50,180
724,170
12,311
786,661
774,133
(32,621)
(20,093)
-
(20,093)
475,576
455,483

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

All income and expenditure derive from continuing activities.

THE EMILIE GALLOWAY HOME OF REST

STATEMENT OF FINANCIAL POSITION

AS AT 31 MARCH 2021

Notes
Fixed assets
Property, plant and equipment
11
Investments
12
Current assets
Inventories
14
Trade and other receivables
15
Cash at bank and in hand
Current liabilities
17
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - designated
General unrestricted funds		 2021
£
2,530
2,539
84,425
89,494
(44,618)		 £
61,968
341,792
403,760
44,876
448,636
403,760
44,876
448,636		 2020
£
3,800
6,409
107,363
117,572
(49,835)		 £
71,534
316,212
387,746
67,737
455,483
-
455,483
455,483

The financial statements were approved by the Trustees on .........................

.............................. .............................. Mrs R G Cameron Mrs E M Broome Trustee Trustee

THE EMILIE GALLOWAY HOME OF REST

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2021

2021
Notes
£
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
23
Investing activities
Purchase of property, plant and equipment
(5,052)
Purchase of investments
(113,164)
Proceeds on disposal of investments
113,566
Investment income received
10,794
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year
Relating to:
Cash at bank and in hand
Bank overdrafts included in creditors
payable within one year		 £
(31,194)
6,144
-
(25,050)
97,562
72,512
84,425
(11,913)		 2020
£
(10,874)
(61,930)
87,842
12,311		 £
33,086
27,349
-
60,435
37,127
97,562
107,363
(9,801)

THE EMILIE GALLOWAY HOME OF REST

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

1 Accounting policies

Charity information

The Emilie Galloway Home Of Rest is a charitable trust.

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) (effective 1 January 2019)". The Charity is a Public Benefit Entity as defined by FRS 102.

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

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

The accounts have been prepared under the historical cost convention modified to include investments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

At the date of this report, there exists considerable uncertainty regarding the potential impact of the Coronavirus and the economic consequences, both within the U.K. and overseas, which may result from government policies to contain the spread. The duration and geographical extent of any possible lockdown or future government policies are unknown. Whilst we are unable to predict what the economic consequences may be and the impact on the c harity ’s future ability to continue trading, we have continued to use the going concern basis as appropriate in the preparation of these accounts.

1.3 Charitable funds

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

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

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.

Income from charitable activities consists of receipts from residents which are recognised when receivable.

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.

THE EMILIE GALLOWAY HOME OF REST

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

1 Accounting policies

(Continued)

1.5 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.

Expenditure is recognised in the period in which the costs are incurred. It includes attributable VAT which cannot be recovered.

1.6 Property, plant and equipment

Property, plant and equipment 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 property 100 years Improvement to freehold property 20 years Fixtures, fittings & equipment 10 years and 5 years

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.

Assets below the value of £100 are not capitalised.

1.7 Non-current 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 non-current 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 ) .

1.9 Inventories

Inventories are stated at the lower of cost and estimated selling price less costs to complete and sell.

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.

THE EMILIE GALLOWAY HOME OF REST

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

1 Accounting policies

(Continued)

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.

Basic financial assets

Basic financial assets, which include trade and other receivables 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 trade and other payables 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 p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

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

Trade payables 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 payables 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 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.

1.13 Retirement benefits

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

THE EMILIE GALLOWAY HOME OF REST

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.

Critical judgements

There are no judgements made by the Trustees (apart from those involving estimates) that have a significant effect on amounts recognised in the financial statements.

Key sources of estimation uncertainty

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

Depreciation and residual values

The Trustees have reviewed the asset lives and associated residual values of freehold properties and have concluded that asset lives and residual values are appropriate.

3 Donations , legacies and grants

UnrestrictedUnrestricted
Restricted
funds
funds
funds
general
general
2021
2020
2020
£
£
£
Donations and gifts
283
40,180
10,000
Government Covid-19 grants
70,882
-
-
71,165
40,180
10,000		 Total
2020
£
50,180
-
50,180

4 Charitable activities - Fees for residential care

Provision of
Provision of
care
care
2021
2020
£
£
Receipts from residents 687,456
721,598
Other income 1,851
2,572
689,307
724,170

THE EMILIE GALLOWAY HOME OF REST

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

5 Investments

Unrestricted Unrestricted
funds funds
general general
2021 2020
£ £
Investment income 10,748 12,163
Interest receivable 46 148
10,794 12,311

THE EMILIE GALLOWAY HOME OF REST

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

6 Charitable activities

Provision of
Provision of
Provision of
care care
2021 2020
£ £
Staff costs 596,111 565,723
Depreciation and impairment 14,618 26,498
Agency costs 13,912 14,383
Opening stock 3,800 2,568
Closing stock (2,530) (3,800)
Food 38,231 40,574
Household requisites and cleaning 7,927 10,596
Repairs & renewals 52,138 38,652
Light & heat 20,686 17,541
Telephone 1,819 1,526
Postage 1,690 564
Sundry expenses 14,239 20,861
Care standards inspection fee 6,689 6,719
Staff training 2,095 3,349
Water rates 4,447 2,300
Insurance 5,797 4,620
Rates 1,699 1,638
783,368 754,312
Share of governance costs (see note 7) 20,727 19,821
804,095 774,133
Analysis by fund
Unrestricted funds - general 789,477 764,133
Unrestricted funds - designated 14,618 -
Restricted funds - 10,000
804,095 774,133

THE EMILIE GALLOWAY HOME OF REST

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

7 Support costs

Support
costs
Governance
costs
£
£
Accountancy and Independent Examination
-
5,893
Accountancy
-
7,227
Legal and professional
-
-
Advertising, printing, stationery
-
4,190
Bank charges
-
266
Trustee service
-
-
Stockbroker charges
-
3,151
-
20,727
Analysed between
Charitable activities
-
20,727		 2021
£
5,893
7,227
-
4,190
266
-
3,151
20,727
20,727		 2020
£
5,819
5,418
1,375
3,660
226
63
3,260
19,821
19,821

Governance costs includes payments to the independent examiners of £ 2,515 (2020 - £ 2,490) for independent examination fees and £10,605 (2020 - £8,746) for other services.

8 Trustees

None of the Trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year. During the year no trustee were reimbursed for operating expenses (2020: 1 trustee reimbursed for £63).

Trustees indemnity insurance of £747 (2020 - £373) was paid during the year.

THE EMILIE GALLOWAY HOME OF REST

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

9 Employees

The average monthly number of employees during the year was:

Home staff
Admin staff
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs		 2021
Number
32
2
34
2021
£
548,952
34,861
12,298
596,111		 2020
Number
32
2
34
2020
£
521,812
32,090
11,821
565,723

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

10 Net gains/(losses) on investments

Unrestricted Unrestricted
funds
funds
general d esignated
2021
2021
£
£
Revaluation of investments
-
23,393
Gain/(loss) on sale of investments
2,589
-
2,589
23,393		 TotalUnrestricted
funds
general
2021
2020
£
£
23,393
(33,530)
2,589
909
25,982
(32,621)

THE EMILIE GALLOWAY HOME OF REST

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

11
Property, plant and equipment
Cost
At 1 April 2020
Additions
At 31 March 2021
Depreciation and impairment
At 1 April 2020
Depreciation charged in the year
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
12
Fixed asset investments
Cost or valuation
At 1 April 2020
Additions
Valuation changes
Net cash movement
Disposals
At 31 March 2021
Carrying amount
At 31 March 2021
At 31 March 2020
13
Financial instruments
Carrying amount of financial assets
Instruments measured at fair value through profit or loss		 Freehold
property
Improvement
to freehold
property
Fixtures,
fittings &
equipment
Total
£
£
£
£
21,452
232,265
127,482
381,199
-
-
5,052
5,052
21,452
232,265
132,534
386,251
4,297
195,514
109,854
309,665
215
4,697
9,706
14,618
4,512
200,211
119,560
324,283
16,940
32,054
12,974
61,968
17,155
36,751
17,628
71,534
Listed
investments
Cash in
portfolio
Total
£
£
311,532
4,680
316,212
113,164
-
113,164
23,393
-
23,393
-
(312)
(312)
(110,665)
-
(110,665)
337,424
4,368
341,792
337,424
4,368
341,792
311,532
4,680
316,212
2021
2020
£
£

337,424
311,532

THE EMILIE GALLOWAY HOME OF REST

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

14
Inventories
Raw materials and consumables
15
Trade and other receivables
Amounts falling due within one year:
Other receivables
Prepayments and accrued income
16
Borrowings
Bank overdrafts
Payable within one year
17
Current liabilities
Notes
Bank overdrafts
16
Other payables
Accruals and deferred income		 2021
£
2,530
2021
£
-
2,539
2,539
2021
£
11,913
11,913
2021
£
11,913
13,272
19,433
44,618		 2020
£
3,800
2020
£
4,814
1,595
6,409
2020
£
9,801
9,801
2020
£
9,801
22,207
17,827
49,835

18 Retirement benefit schemes

Defined contribution schemes

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

The charge to profit or loss in respect of defined contribution schemes was £12,298 (2020 - £11,821).

THE EMILIE GALLOWAY HOME OF REST

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

19 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds Movement
in funds
Incoming Resources Balance at Incoming
Balance at
resources expended 1 April 2020 resources
31 March 2021
£ £ £
£
£
Carers' fund 10,000 (10,000) -
-
-

The Carers' Fund represents a legacy given to the charity which was to be passed on to the carers in our employ.

20 Designated funds

The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:

Movement
in funds
Incoming
resources
Balance at
1 April 2020
Resources
expended
£
£
£
Fixed assets and
investments fund
-
-
(14,618)
-
-
(14,618)		 Transfers Revaluations,
gains and
losses
Balance at
31 March 2021
£
£
£
394,985
23,393
403,760
394,985
23,393
403,760

The fixed asset and investments fund contains the value of the fixed assets, which are required for operating activities, and the investments, which are required for income generation. The trustees have agreed to ring fence these monies to clearly show the element of reserves which is available for unrestricted use.

THE EMILIE GALLOWAY HOME OF REST

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

21
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2021
2021
£
£
Fund balances at 31
March 2021 are
represented by:
Property, plant and
equipment
-
61,968
Investments
-
341,792
Current assets/
(liabilities)
44,876
-
44,876
403,760
22
Related party transactions		 TotalUnrestricted
funds
Restricted
funds
2021
2020
2020
£
£
£
61,968
71,534
-
341,792
316,212
-
44,876
67,737
-
448,636
455,483
-		 Total
2020
£
71,534
316,212
67,737
455,483

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

Aggregate compensation
There were no disclosable related party transactions during the year.
23
Cash generated from operations
Deficit for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of property, plant and equipment
Movements in working capital:
Decrease/(increase) in inventories
Decrease/(increase) in trade and other receivables
(Decrease)/increase in trade and other payables
Cash (absorbed by)/generated from operations		 2021
£
38,164
2021
£
(6,847)
(10,794)
(2,589)
(23,393)
14,618
1,270
3,870
(7,329)
(31,194)		 2020
£
54,827
2020
£
(20,093)
(12,311)
(909)
33,530
26,498
(1,232)
(2,712)
10,315
33,086

24 Analysis of changes in net funds

The Charity had no debt during the year.