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2024-03-31-accounts

Charity registration number 209208 (England and Wales)

QUEEN ALEXANDRA COTTAGE HOMES

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

QUEEN ALEXANDRA COTTAGE HOMES

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr I M A Stewart
Mr N D Rogers
Mr P Austin
Senior management Mr P Buckland
Ms S Spring
Charity number (England and Wales) 209208
Registered office 557 Seaside Road
Eastbourne
East Sussex
England
BN23 6NE
Auditor Oliver Read FCCA ACA
James Todd and Co Limited
Drayton House
Drayton Lane
Chichester
West Sussex
England
PO20 2EW
Bankers Barclays Bank Plc
63-67 Terminus Road
Eastbourne
East Sussex
BN21 3PQ
Solicitors Mayo Wynne Baxter
20 Gildredge Road
Eastbourne
East Sussex
BN21 4RP

QUEEN ALEXANDRA COTTAGE HOMES

CONTENTS

Page
Trustees' report 1 - 3
Independent auditor's report 4 - 6
Statement of financial activities 7
Balance sheet 8
Statement of cash flows 9
Notes to the financial statements 10 - 20

QUEEN ALEXANDRA COTTAGE HOMES

TRUSTEES' REPORT

FOR THE YEAR ENDED 31 MARCH 2024

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

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)".

Objectives and activities

Created in 1906 by Alderman Simmons and his colleagues, Queen Alexandra Cottage Homes has, with the aid of many generous benefactors, experienced major redevelopments in recent years and now proudly promotes an ethos of high quality in both the level of care provided for its residents and the environment in which this care is offered.

The Homes currently provide an impressive range of facilities for up to one hundred and ten older people, which allow them to move from independence, through care in the home, to residential and nursing care within the same complex.

These facilities include thirty-six one-bedroom flats, two of which are designed for people with disabilities; nine bungalows; fifteen studio flats; a twenty-eight place residential and nursing care wing; and two large residents’ lounges, all set within delightful landscaped gardens.

Public benefit

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

Achievements and performance

The charity has continued to supply nursing care, palliative care and independent living to a large number of residents during the course of the year.

The trustees readily acknowledge that the Independent Living and Care Wing staff have once again worked incredibly hard to provide consistently high standards of care. Much of their work goes ‘beyond the call of duty’ and they continue to be an immense credit to the Homes.

There is an on-going programme of staff training has been further developed this year and now includes a comprehensive schedule of mandatory training modules.

Residents continue to enjoy the wide range of social and recreational activities which are on offer and mutual care and support is a feature of life in the Homes.

The administrative requirements involved in the Homes’ operation continue to increase, and the trustees are again indebted to the Administrators who have worked incredibly hard behind the scenes. Much of the work that they do goes largely unrecognised and the trustees are thankful to them all of their efforts.

The Friends have continued to carry out numerous fund-raising events and as a result of their efforts have been able to contribute towards further improvements throughout the Homes. The Homes are indebted to the Chair of the Friends and the Friends team for their efforts and for their significant on-going support and enthusiasm.

We are, as always, indebted to the considerable generosity of numerous benefactors and our sincere gratitude goes to all those who have contributed.

QUEEN ALEXANDRA COTTAGE HOMES

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Financial review

The Charity received a gross income of £2,271,507 (2023: £2,243,681) and incurred charitable expenditure of £2,396,515 (2023: £2,200,467) which resulted in a net deficit of £125,008 (2023: net surplus of £43,214).

The Charity had closing reserves of £1,707,181 (2023: £1,832,189) all of which were unrestricted.

The trustees are working to resolve the issues that are affecting all care and residential homes due to reduced numbers of nursing staff and reduction of funding in the sector. Details of the financial situation are given in the annual accounts which are attached.

The trustees regularly review the levels of reserves of the Charity to ensure that the properties owned by the Charity are adequately maintained and comply with statutory requirements and that sufficient funds are available to cover the running expenses of the Homes should there be any temporary changes to occupancy levels.

Reserves policy

It is the policy of the trust that unrestricted funds which have not been designated for a specific use should be maintained at a level equivalent to between three and six month’s expenditure. The trustees consider that reserves at this level will ensure that, in the event of a significant drop in funding, they will be able to continue the trust’s current activities while consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year.

Structure, governance and management

The trustees who served during the year and up to the date of signature of the financial statements were: Mr I M A Stewart

Mr N D Rogers Mr P Austin

Recruitment and appointment of trustees

None of the trustees has any beneficial interest in the company. All of the trustees are members of the company and guarantee to contribute £1 in the event of a winding up.

Risk review

The trustees have given consideration to the major risks to which the charity is exposed and have instigated systems which are designed to monitor and mitigate these risks. In addition to the external inspections carried out by the Care Quality Commission, internal quality management reviews are carried out and regular meetings of residents and staff are held.

Plans for future periods

The trustees have, with the Senior Management Team, continued work to refine objectives and develop strategies for the Homes for the longer term.

Peter Buckland will be continuing to plan further improvements in the Care Wing and the trustees will be giving him their full support as we strive to achieve an ‘Outstanding’ rating for the Care Wing from the Care Quality Commission.

The implementation of the new digital systems will take a significant amount of work, however once completed this will enable the care staff to provide an even better and more responsive level of care, which we hope will go a long way towards achieving the highest possible rating.

A rolling programme of maintenance has also been agreed subject to financial constraints.

The trustees are continuing to review the constitutional structure of the Homes, which has remained unaltered since its inception in 1906, to consider a more appropriate organisational model in keeping with modern day charitable law.

In planning our activities for this and for forthcoming years we have complied with the duty in section 17(5) of the Charities Act 2011 to have due regard to public benefit guidance published by the Charity Commission.

QUEEN ALEXANDRA COTTAGE HOMES

TRUSTEES' REPORT (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

Assets held by custodian trustee

Mr I Stewart and Mr P Austin act as custodian trustees for the property held on behalf of Queen Alexandra Cottage Homes. In this capacity, legal title to the property is vested in the aforementioned trustees of Queen Alexandra Cottage Homes and the charity has beneficial ownership of the assets.

The charity control any day to day administration of the property, including decisions regarding its use and any income generated. Mr I Stewart and Mr P Austin act only as custodian of the legal title.

At the balance sheet date, the property held by the custodian trustees on behalf of the charity comprise of freehold land and buildings at 557 Seaside Road, Eastbourne, BN23 6NE. The estimated value of these assets at 31 March 2023 was £3,935,918 (2023: £4,073,757).

Statement of trustees' responsibilities

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 trust and of the incoming resources and application of resources of the trust 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 trust 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 trust and hence for taking steps for the prevention and detection of fraud and irregularities.

Summary

The trustees once again wish to place on record their thanks to all the staff of the Homes for their efforts in the last year. They rightly believe that the Homes are second to none in Eastbourne and that the staff deserve all due credit for this reputation.

The trustees are grateful to our General Manager Peter Buckland for his efforts throughout the year to ensure the smooth running of the Homes. We thank him wholeheartedly, on behalf of the trustees, and indeed the residents of the Homes.

The trustees also extend their thanks to all those who have helped to contribute to life at the Homes and appreciate that much of the work goes largely unrecognised.

The residents throughout the Homes continue to enjoy a high quality of care and a wide range of facilities in a delightful setting, and the trustees look forward to ensuring that this continues for the future.

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

Mr I M A Stewart Trustee

23 June 2026

QUEEN ALEXANDRA COTTAGE HOMES

INDEPENDENT AUDITOR'S REPORT

TO THE TRUSTEES OF QUEEN ALEXANDRA COTTAGE HOMES

Opinion

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

In our opinion, the financial statements:

Basis for opinion

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

Conclusions relating to going concern

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

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

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

Other information

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

We have nothing to report in this regard.

QUEEN ALEXANDRA COTTAGE HOMES

INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF QUEEN ALEXANDRA COTTAGE HOMES

Matters on which we are required to report by exception

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

Responsibilities of trustees

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

Auditor's responsibilities for the audit of the financial statements

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

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

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

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

As part of an audit in accordance with ISAs, we exercise professional judgment and maintain professional skepticism throughout the audit. We also:

QUEEN ALEXANDRA COTTAGE HOMES

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE TRUSTEES OF QUEEN ALEXANDRA COTTAGE HOMES

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

Other matters

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

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

Use of our report

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

Oliver Read FCCA ACA (Senior Statutory Auditor)

For and on behalf of James Todd and Co Limited, Statutory Auditor Chartered Accountants Drayton House Drayton Lane Chichester West Sussex PO20 2EW England 23 June 2026

James Todd and Co Limited is eligible for appointment as auditor of the trust by virtue of its eligibility for appointment as auditor of a company under section 1212 of the Companies Act 2006.

QUEEN ALEXANDRA COTTAGE HOMES

STATEMENT OF FINANCIAL ACTIVITIES

(INCLUDING INCOME AND EXPENDITURE ACCOUNT)

FOR THE YEAR ENDED 31 MARCH 2024

Unrestricted Unrestricted
funds funds
2024 2023
Notes £ £
Income from:
Donations and legacies 3 22,345 25,957
Charitable activities 4 2,249,162 2,217,724
Total income 2,271,507 2,243,681
Expenditure on:
Charitable activities 5 2,396,515 2,200,467
Total expenditure 2,396,515 2,200,467
Net income/(expenditure) and movement in funds (125,008) 43,214
Reconciliation of funds:
Fund balances at 1 April 2023 1,832,189 1,788,975
Fund balances at 31 March 2024 1,707,181 1,832,189

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

QUEEN ALEXANDRA COTTAGE HOMES

BALANCE SHEET

AS AT 31 MARCH 2024

Notes
Fixed assets
Tangible assets
11
Current assets
Debtors
12
Cash at bank and in hand
Creditors: amounts falling due within one year
14
Net current liabilities
Total assets less current liabilities
Creditors: amounts falling due after more than
one year
15
Net assets
The funds of the trust
Unrestricted funds
18		 2024
£
£
3,936,559
71,495
3,381
74,876
(511,638)
(436,762)
3,499,797
(1,792,616)
1,707,181
1,707,181
1,707,181		 2023
£
£
4,075,434
147,834
3,381
151,215
(454,640)
(303,425)
3,772,009
(1,939,820)
1,832,189
1,832,189
1,832,189

The financial statements were approved by the trustees on 23 June 2026

Mr I M A Stewart Trustee

QUEEN ALEXANDRA COTTAGE HOMES

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2024

2024 2023
Notes £ £ £ £
Cash flows from operating activities
Cash generated from operations 20 140,310 103,887
Investing activities
Purchase of tangible fixed assets - (1,206)
Net cash used in investing activities - (1,206)
Financing activities
Repayment of bank loans (132,989) (135,582)
Net cash used in financing activities (132,989) (135,582)
Net increase/(decrease) in cash and cash equivalents 7,321 (32,901)
Cash and cash equivalents at beginning of year (51,563) (18,662)
Cash and cash equivalents at end of year (44,242) (51,563)
Relating to:
Cash at bank and in hand 3,381 3,381
Bank overdrafts included in creditors payable
within one year (47,623) (54,944)

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

Charity information

Queen Alexandra Cottage Homes is an unincorporated Trust governed by a Deed of Trust dated 27 March 1906. It is registered with the Charity Commission under charity number 209208. The registered office is 557 Seaside Road, Eastbourne, East Sussex BN23 6NE.

1.1 Basis of preparation

The financial statements have been prepared in accordance with the trust's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP "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)". The trust 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 trust. Monetary amounts in these financial statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention, modified to include the revaluation of freehold properties and to include investment properties 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 trust has adequate resources to continue in operational existence for the foreseeable future. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

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

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

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

1.4 Income

Income is recognised when the trust 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 trust 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 trust 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.

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

1 Accounting policies

(Continued)

1.5 Expenditure

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

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

1.6 Tangible fixed assets

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

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

Freehold land and buildings 50 Years straight line Fixtures and fittings 4 Years straight line

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities.

1.7 Impairment of fixed assets

At each reporting end date, the trust 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).

1.8 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.

1.9 Financial instruments

The trust 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 trust's balance sheet when the trust 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.

QUEEN ALEXANDRA COTTAGE HOMES

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

1 Accounting policies

(Continued)

Basic financial assets

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

Basic financial liabilities

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

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

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

Derecognition of financial liabilities

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

1.10 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 trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

2 Critical accounting estimates and judgements

In the application of the trust’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 Income from donations and legacies

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Donations and gifts 22,345 25,957

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

4 Income from charitable activities

Unrestricted Unrestricted
funds funds
2024 2023
£ £
Care Wing fees
Sale of goods 1,550,673 1,534,137
General rents
Charitable rental income 692,805 682,372
Sundry charitable income
Other income 5,684 1,215
2,249,162 2,217,724

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Catering
Non-food supplies
General expenses and supplies
Water and sewerage
Electricity and gas
Gardens upkeep and maintenance
Repairs and maintenance
Council tax
Cleaning
Stationery and postage
Mortgage interest
Telephone
Insurance
Advertising
Legal and professional fees
Share of support and governance costs (see note
Governance
Analysis by fund
Unrestricted funds		 Care Wing
costs
Warden care
and property
costs
2024
2024
£
£
1,034,607
91,779
-
-
82,716
-
87,028
-
6,910
26,029
1,242
8,226
87,563
98,263
-
25,963
40,888
105,778
1,923
6,280
-
3,713
-
-
-
-
-
-
-
-
-
-
-
-
1,342,877
366,031
6)
-
-
1,342,877
366,031
1,342,877
366,031		 Central
services
Depreciation
2024
2024
£
£
337,785
-
-
138,875
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
13,621
-
130,126
-
9,483
-
23,722
-
1,560
-
22,715
-
539,012
138,875
9,720
-
548,732
138,875
548,732
138,875		 Total
2024
£
1,464,171
138,875
82,716
87,028
32,939
9,468
185,826
25,963
146,666
8,203
3,713
13,621
130,126
9,483
23,722
1,560
22,715
2,386,795
9,720
2,396,515
2,396,515

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

5
Expenditure on charitable activities
Previous year:
Direct costs
Staff costs
Depreciation and impairment
Catering
Non-food supplies
General expenses and supplies
Water and sewerage
Electricity and gas
Gardens upkeep and maintenance
Repairs and maintenance
Council tax
Cleaning
Stationery and postage
Mortgage interest
Telephone
Insurance
Advertising
Legal and professional fees
Share of support and governance costs (see note
Governance
Analysis by fund
Unrestricted funds		 Care Wing
costs
Warden care
and property
costs
2023
2023
£
£
1,017,052
47,138
-
-
72,427
-
85,155
-
9,319
20,057
2,277
10,298
87,538
77,644
-
24,633
60,714
82,199
1,833
5,599
-
3,781
-
-
-
-
-
-
-
-
-
-
-
-
1,336,315
271,349
6)
-
-
1,336,315
271,349
1,336,315
271,349		 (Continued)
Central
services
Depreciation
Total
2023
2023
2023
£
£
£
272,916
-
1,337,106
-
142,573
142,573
-
-
72,427
-
-
85,155
-
-
29,376
-
-
12,575
-
-
165,182
-
-
24,633
-
-
142,913
-
-
7,432
-
-
3,781
17,680
-
17,680
85,612
-
85,612
10,100
-
10,100
20,838
-
20,838
1,369
-
1,369
25,247
-
25,247
433,762
142,573
2,183,999
16,468
-
16,468
450,230
142,573
2,200,467
450,230
142,573
2,200,467		 (Continued)
Central
services
Depreciation
Total
2023
2023
2023
£
£
£
272,916
-
1,337,106
-
142,573
142,573
-
-
72,427
-
-
85,155
-
-
29,376
-
-
12,575
-
-
165,182
-
-
24,633
-
-
142,913
-
-
7,432
-
-
3,781
17,680
-
17,680
85,612
-
85,612
10,100
-
10,100
20,838
-
20,838
1,369
-
1,369
25,247
-
25,247
433,762
142,573
2,183,999
16,468
-
16,468
450,230
142,573
2,200,467
450,230
142,573
2,200,467
2,183,999
16,468
2,200,467
2,200,467

6 Support costs allocated to activities

Care Wing costs Total
2024 2023
£ £
Governance 9,720 16,468

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

6
Support costs allocated to activities
Governance costs comprise:
Audit fees
Accountancy
7
Net movement in funds
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
Depreciation of owned tangible fixed assets		 (Continued)
2024
2023
£
£
9,720
11,760
-
4,708
9,720
16,468
2024
2023
£
£
9,720
11,760
138,875
142,573		 (Continued)
2024
2023
£
£
9,720
11,760
-
4,708
9,720
16,468
2024
2023
£
£
9,720
11,760
138,875
142,573
16,468
2023
£
11,760
142,573

8 Trustees

None of the trustees (or any persons connected with them) received any remuneration or benefits from the trust during the year and the previous year.

9 Employees

The average monthly number of employees during the year was:

Care Wing
Warden care and property costs
Central services
Total
Employment costs
Wages and salaries		 2024
Number
42
4
12
58
2024
£
1,464,171		 2023
Number
41
3
10
54
2023
£
1,337,106

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

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

9 Employees (Continued)
Remuneration of key management personnel
The remuneration of key management personnel was as follows:
2024 2023
£ £
Key management personnel 95,199 112,441

10 Taxation

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

11 Tangible fixed assets

Freehold land
and buildings
Fixtures and
fittings
£
£
Cost
At 1 April 2023
6,933,582
456,506
At 31 March 2024
6,933,582
456,506
Depreciation and impairment
At 1 April 2023
2,859,826
454,828
Depreciation charged in the year
137,838
1,037
At 31 March 2024
2,997,664
455,865
Carrying amount
At 31 March 2024
3,935,918
641
At 31 March 2023
4,073,757
1,677		 Total
£
7,390,088
7,390,088
3,314,654
138,875
3,453,529
3,936,559
4,075,434

Freehold land and buildings held for use by the Charity are stated at historical cost. It is the trustees' opinion that the market value of the freehold land and buildings is significantly higher than the carrying value. However, without a formal valuation being undertaken, it is not possible to accurately assess the current market value.

12 Debtors

Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 2024
£
51,552
3,000
16,943
71,495		 2023
£
119,194
-
28,640
147,834

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

12 Debtors

(Continued)

13 Loans and overdrafts

Bank overdrafts
Bank loans
Payable within one year
Payable after one year		 2024
£
47,623
1,942,413
1,990,036
197,420
1,792,616		 2023
£
54,944
2,075,402
2,130,346
190,526
1,939,820

The loans and overdrafts of £1,990,036 are secured by legal charges over 557 Seaside, Eastbourne (and adjoining bungalows) and Pauling House, Spencer Road, Eastbourne. The loans are approximately 30.7% of the value of the property charged.

14 Creditors: amounts falling due within one year

Notes
Bank loans and overdrafts
13
Other taxation and social security
Deferred income
16
Trade creditors
Other creditors
Accruals
15
Creditors: amounts falling due after more than one year
Notes
Bank loans
13		 2024
£
197,420
80,451
74,368
77,446
21,013
60,940
511,638
2024
£
1,792,616		 2023
£
190,526
17,994
88,338
91,381
15,181
51,220
454,640
2023
£
1,939,820

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

16 Deferred income

Other deferred income
Deferred income is included in the financial statements as follows:
Deferred income is included within:
Current liabilities
Movements in the year:
Deferred income at 1 April 2023
Released from previous periods
Resources deferred in the year
Deferred income at 31 March 2024		 2024
£
74,368
2024
£
74,368
2024
£
88,338
(88,338)
74,368
74,368		 2023
£
88,338
2023
£
88,338
2023
£
88,338
(88,338)
88,338
88,338

17 Retirement benefit schemes

Defined contribution schemes

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

The charge to income and expenditure account in respect of defined contribution schemes during the year was £50,072 (2023: £44,716).

18 Unrestricted funds

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

At 1 April 2023 Incoming Resources At 31 March
resources expended 2024
£ £ £ £
General funds 1,832,189 2,271,507 (2,396,515) 1,707,181

QUEEN ALEXANDRA COTTAGE HOMES

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2024

18 Unrestricted funds (Continued)
Previous year: At 1 April 2022 Incoming Resources At 31 March
resources expended 2023
£ £ £ £
General funds 1,788,975 2,243,681 (2,200,467) 1,832,189
19 Related party transactions
There were no disclosable related party transactions during the year (2023 - none).
20 Cash generated from operations 2024 2023
£ £
(Deficit)/surplus for the year (125,008) 43,214
Adjustments for:
Depreciation and impairment of tangible fixed assets 138,875 142,573
Movements in working capital:
Decrease/(increase) in debtors 76,339 (45,493)
Increase/(decrease) in creditors 64,074 (36,407)
(Decrease) in deferred income (13,970) -
Cash generated from operations 140,310 103,887
21 Analysis of changes in net (debt)/funds
At 1 April 2023 Cash flows At 31 March 2024
£ £ £
Cash at bank and in hand 3,381 - 3,381
Bank overdrafts (54,944) 7,321 (47,623)
(51,563) 7,321 (44,242)
Loans falling due within one year (135,582) (14,215) (149,797)
Loans falling due after more than one year (1,939,820) 147,204 (1,792,616)
(2,126,965) 140,310 (1,986,655)