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2023-03-31-accounts

Charity registration number 205867

THE EMILIE GALLOWAY HOME OF REST

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2023

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 Nathan Coker FCCA
Price & Company
30-32 Gildredge Road
Eastbourne
East Sussex
BN21 4SH
Bankers Natwest
96 Terminus Road
Eastbourne
East Sussex
BN21 3AA
Investment advisors Charles Stanley & Co Ltd
14 Hyde Gardens
Eastbourne
East Sussex
BN21 4PR

THE EMILIE GALLOWAY HOME OF REST

CONTENTS

Page
Trustees' report 1 - 3
Independent examiner's report 5 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 24

THE EMILIE GALLOWAY HOME OF REST

TRUSTEES' REPORT FOR THE YEAR ENDED 31 MARCH 2023

The trustees present their annual report and financial statements for the year ended 31 March 2023.

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 Covid pandemic has continued to affect activities at Tweed. The Manager and staff continued to take necessary precautions to protect the residents, but most rules were gradually relaxed in accordance with rules and guidelines. As a result of this care, covid was largely kept out of the Home although particular care had to be taken for residents returning from hospital.

The Trustees resumed their monthly meetings at the Home and also their Trustee visits to the Home to meet residents and staff. Due to the efforts of the Manager and staff, the morale of the Home has remained high.

The programme of repairs and maintenance has been recommenced. During the year the following work has been carried out:-

i) redecoration of living room and dining room ii) updating an en suite shower room by converting to a wet room iii) updated wi-fi system throughout the Home

Several new residents have come to the Home during this year to fill vacancies which have sadly occurred. They have settled well, and Tweed retains its comfortable family ethos.

The value of investments held by the charity has been maintained. The income yield from those investments was 3.7% (2022: 3.4%).

Financial review

During the year, the charity made a deficit of £27,574 compared to a surplus of £41,162 in the previous year.

THE EMILIE GALLOWAY HOME OF REST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 evet 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 £55,635. 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 Investment on 31 March 2023 had a market value of £320,206.

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 £55,635 (2022: £80,516) 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

It is the policy of the Charity to maintain the value of its reserves in real terms and to maximise income from them without taking any undue risk. Fixed asset investments decreased by £32,875, this is attributed mainly to shares disposal of £19,870 and a negative share revaluation of £13,766, a 4.2% fall. 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 achievements 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 respite home for the elderly. With an aging population and in a region popular with retired people, the market for place 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;

THE EMILIE GALLOWAY HOME OF REST

TRUSTEES' REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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 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 and well as meeting the residents and to make policy decisions.

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

Mrs R G Cameron

Trustee

29 January 2024

THE EMILIE GALLOWAY HOME OF REST

STATEMENT OF TRUSTEES' RESPONSIBILITIES FOR THE YEAR ENDED 31 MARCH 2023

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 2023.

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 Charity 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 explanation from you as Trustees 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 ACCA, 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:

THE EMILIE GALLOWAY HOME OF REST

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

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.

Nathan Coker FCCA Price & Company

30-32 Gildredge Road Eastbourne East Sussex BN21 4SH

Dated: 29 January 2024

THE EMILIE GALLOWAY HOME OF REST

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2023

Unrestricted Unrestricted
funds
funds
general
designated
2023
2023
Notes
£
£
Income from:
Donations and
legacies
3
2,804
-
Charitable activities
4
733,071
-
Investments
5
12,444
-
Total income
748,319
-
Expenditure on:
Charitable activities
6
749,435
12,289
Other
10
639
-
Total expenditure
750,074
12,289
Net gains/(losses)
on investments
11
-
(13,530)
Net (outgoing)/incoming
resources before
transfers
(1,755)
(25,819)
Net (outgoing)/incoming
resources before
transfers
(1,755)
(25,819)
Gross transfers
between funds
(23,126)
23,126
Net movement in funds
(24,881)
(2,693)
Fund balances at 1 April
2022
80,516
409,282
Fund balances at 31
March 2023
55,635
406,589		 Total
Unrestricted Unrestricted
funds
funds
general
designated
2023
2022
2022
£
£
£
2,804
69,648
-
733,071
690,903
-
12,444
11,316
-
748,319
771,867
-
761,724
731,400
10,037
639
673
-
762,363
732,073
10,037
(13,530)
-
11,405
(27,574)
39,794
1,368
(27,574)
39,794
1,368
-
(4,154)
4,154
(27,574)
35,640
5,522
489,798
44,876
403,760
462,224
80,516
409,282		 Total
2022
£
69,648
690,903
11,316
771,867
741,437
673
742,110
11,405
41,162
41,162
-
41,162
448,636
489,798

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

BALANCE SHEET AS AT 31 MARCH 2023

Notes
Fixed assets
Tangible assets
13
Investments
14
Current assets
Stocks
15
Debtors
16
Cash at bank and in hand
Creditors: amounts falling due within
one year
17
Net current assets
Total assets less current liabilities
Income funds
Unrestricted funds - designated
General unrestricted funds		 2023
£
2,379
9,796
88,814
100,989
(45,354)		 £
86,383
320,206
406,589
55,635
462,224
406,589
55,635
462,224		 2022
£
2,343
15,812
117,333
135,488
(54,972)		 £
56,201
353,081
409,282
80,516
489,798
409,282
80,516
489,798

The financial statements were approved by the Trustees on 29 January 2024

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 2023

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
23
Investing activities
Purchase of tangible fixed assets
Proceeds on disposal of investments
Investment income received
Net cash (used in)/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		 2023
£
(43,110)
19,345
12,444		 £
(17,198)
(11,321)
-
(28,519)
117,333
88,814		 2022
£
(4,943)
116
11,316		 £
38,332
6,489
-
44,821
72,512
117,333

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2023

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 Proactive 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 amounts 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 time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

Restricted funds are subject to specific conditions by donors 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.

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies (Continued)

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.

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 witch cannot be recovered.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Freehold Property 100 Years Imrovement 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 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.

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies (Continued)

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).

1.9 Stocks

Stocks 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.

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 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.

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

1 Accounting policies (Continued)

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.12 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 2023

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 and legacies

Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Donations and gifts 1,180 1,047
Grants received 1,624 68,601
2,804 69,648

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

4 Charitable activities

Provision of
Provision of
care care
2023 2022
£ £
Receipts from residents 733,071 690,903
5 Investments
Unrestricted Unrestricted
funds funds
general general
2023 2022
£ £
Investment income 10,222 9,636
Interest receivable 2,222 1,680
12,444 11,316

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

6 Charitable activities

Provision of Provision of
care care
2023 2022
£ £
Staff costs 591,562 591,229
Depreciation and impairment 12,289 10,037
Agency costs 4,046 10,303
Opening stock 2,343 2,530
Closing stock (2,379) (2,343)
Food 37,802 34,217
Household requisites and cleaning 9,943 8,561
Repairs & renewals 31,714 29,974
Light & Heat 22,835 19,066
Telephone 5,238 3,768
Postage - 139
Sundry Expenses 5,571 (1,071)
Subscriptions and inspection fees 3,908 4,366
Staff training 1,697 2,302
Water rates 2,606 729
Insurance 9,152 8,592
Rates 1,833 1,761
740,160 724,160
Share of governance costs (see note 7) 21,564 17,277
761,724 741,437
Analysis by fund
Unrestricted funds - general 749,435 731,400
Unrestricted funds - designated 12,289 10,037
761,724 741,437

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

7 Support costs

Support
costs
Governance
costs
£
£
Accountancy and
Independent
examination
-
3,629
Accountancy
-
2,994
Legal and professional
-
7,374
Advertising, printing,
stationery
-
3,480
Bank Charges
-
810
Stockbroker charges
-
3,277
-
21,564
Analysed between
Charitable activities
-
21,564		 2023
Support
costs
Governance
costs
£
£
£
3,629
-
3,054
2,994
-
5,379
7,374
-
1,920
3,480
-
2,885
810
-
723
3,277
-
3,316
21,564
-
17,277
21,564
-
17,277		 2022
£
3,054
5,379
1,920
2,885
723
3,316
17,277
17,277

Governance costs includes payments to the independent examiners of £1,500 (2022: £1,500) for independent examination fees and £4,374 (2022: £6,933) 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 operation expenses (2022: none).

Trustees indemnity insurance of £881 (2022 - £787) was paid during the year.

9 Employees

The average monthly number of employees during the year was:

2023 2022
Number Number
Home Staff 31 32
Admin Staff 2 2
Total 33 34

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

9 Employees (Continued)

Employment costs
Wages and salaries
Social security costs
Other pension costs		 2023
£
542,501
37,146
11,915
591,562		 2022
£
542,808
36,845
11,576
591,229

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

10 Other

Unrestricted Unrestricted
funds funds
general general
2023 2022
Net loss on disposal of tangible fixed assets 639 673
639 673

11 Net gains/(losses) on investments

Unrestricted Unrestricted Unrestricted Unrestricted
funds funds
designated designated
2023 2022
£ £
Revaluation of investments (13,766) 11,405
Gain/(loss) on sale of investments 236 -
(13,530) 11,405

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

12 Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

13 Tangible fixed assets

Cost
At 1 April 2022
Additions
Disposals
At 31 March 2023
Depreciation and impairment
At 1 April 2022
Depreciation charged in the year
Eliminated in respect of disposals
At 31 March 2023
Carrying amount
At 31 March 2023
At 31 March 2022		 Freehold
Property
Imrovement to
freehold
property
Fixtures,
fittings &
equipment
£
£
£
21,452
232,265
135,140
-
33,858
9,252
-
-
(5,629)
21,452
266,123
138,763
4,727
204,698
123,231
215
6,055
6,019
-
-
(4,990)
4,942
210,753
124,260
16,510
55,370
14,503
16,725
27,567
11,909		 Total
£
388,857
43,110
(5,629)
426,338
332,656
12,289
(4,990)
339,955
86,383
56,201

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

14
Fixed asset investments
Listed
investments
Cash in
portfolio
£
Cost or valuation
At 1 April 2022
348,829
4,252
Valuation changes
(13,766)
-
Net cash movement
-
761
Disposals
(19,870)
-
At 31 March 2023
315,193
5,013
Carrying amount
At 31 March 2023
315,193
5,013
At 31 March 2022
348,829
4,252
15
Stocks
2023
£
Raw materials and consumables
2,379
16
Debtors
2023
Amounts falling due within one year:
£
Other debtors
4,153
Prepayments and accrued income
5,643
9,796		 Total
£
353,081
(13,766)
761
(19,870)
320,206
320,206
353,081
2022
£
2,343
2022
£
12,537
3,275
15,812

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

17 Creditors: amounts falling due within one year

Creditors: amounts falling due within one year
Other taxation and social security
Other creditors
Accruals and deferred income		 2023
£
8,708
17,242
19,404
45,354		 2022
£
16,029
26,894
12,049
54,972

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 £11,915 (2022 - £11,576).

19 Restricted funds

There is no restricted income received in the year.

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

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

Movement in funds
Balance at
1 April 2021
£
Fixed assets and investments fund
403,760
403,760		 Incoming
resources
Resources
expended
£
£
11,405
(10,037)
11,405
(10,037)		 Transfers
Balance at
1 April 2022
Resources
expended
£
£
£
4,154
409,282
(25,819)
4,154
409,282
(25,819)		 Transfers
Balance at
31 March 2023
£
£
23,126
406,589
23,126
406,589
406,589

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 2023

21
Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2023
2023
£
£
Fund balances at 31
March 2023 are
represented by:
Tangible assets
-
86,383
Investments
-
320,206
Current
assets/(liabilities)
55,635
-
55,635
406,589		 Total Unrestricted
funds
Designated
funds
2023
2022
2022
£
£
£
86,383
-
56,201
320,206
-
353,081
55,635
80,516
-
462,224
80,516
409,282		 Total
2022
£
56,201
353,081
80,516
489,798

22 Related party transactions

There were no disclosable related party transactions during the year (2022 - none).

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2023 2022
£ £
Aggregate compensation 41,895 44,345

THE EMILIE GALLOWAY HOME OF REST

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023

23 Cash generated from operations 2023 2022
£ £
(Deficit)/surpus for the year (27,574) 41,162
Adjustments for:
Investment income recognised in statement of financial activities (12,444) (11,316)
Loss on disposal of tangible fixed assets 639 673
Gain on disposal of investments (236) -
Fair value gains and losses on investments 13,766 (11,405)
Depreciation and impairment of tangible fixed assets 12,289 10,037
Movements in working capital:
(Increase)/decrease in stocks (36) 187
Decrease/(increase) in debtors 6,016 (13,273)
(Decrease)/increase in creditors (9,618) 22,267
Cash (absorbed by)/generated from operations (17,198) 38,332
24 Analysis of changes in net funds
The charity had no debt during the year.