Registered Number. 00349309 (England & Wales) Charity NumÈer. 246570 evENTIDE HOMES LIMITED FINANCIAL STATEMEI FOR THE YEAR ENDED 31 DECEMBER 2023
EVENTIDE HOMES LIMITED INDEX TO THE FINANCIAL STATEMENTS for the year ended 31 Decembor 2023 Page cnPanY Infomaion Trustees, Rep)t 2104 Repyt of the Auditors 5t07 statement of Financlal Actiw13 Balance Sheet Notes to the FlnaKial Statements 10t016
EVENTIDE HOMES UMITED COMPANY INFORMATION for the year ended 31 December 2023 REGISTERED NUMBER.. 00349309 DIRECTORS.. D. Mason Ichaimian) R.G. Smf(h F.R.l.C.S. D.J Evans F.C.A. M.J. Harris M.B.E.. J.P., M.A. E.J. Curtis F.C.l.B. V. Kershaw R. Davies S. Sharpe IAppJinled 5 Decemter 20231 SECRETARY.. Mrs. S.A. Hanr8hv REGISTERED OFFICE. General Charrtles Office Old BatrAake Hill Stre Coventry CV14AN CHARITY NUMBER.. 246570 AUDITORS.. Daffems LLP Chartered Accountan15 Slalutory Auditor8 One EasNvooJ Hary Weston Road 81nl8y Buginess Park Coventry CV3 2U8 INVESTMETrif 8ROKERS'. Quill8r Chewot Provincial House 37 New Walk Leicester LEI 6TU SOLICoRs. Mander Hadley & Co. 1 The Quadrant Coventry CV12DW Page 1
EVEFMDE HOMES LIMITED TRUSTEES, REPORT Iln¢ludlng Directors. Report) for the year ended 31 December 2023 The Directors. who are also the Trustees under charty kw, pwent tl*ir annual report along wrth the financial statements of the charitable company for the period ended 31 December 2023. The Trustees have adopted the provisions of Statement of Recommended Practice ISORPI "Accounting and ReportirYJ by CharitLes" IFRS 1021 in preparing the annual reports and financial statements of the charty. The financial statements have been prepared in aCcordCe with the accounllng poIleS set out in notes to the accoun15 and comply ¥Mth the ¢harity's governing dttumenl. the Charbties Act 2011 and Accounting and Reporting by Charities.. Statement of Recommended Practy'ce applr¢able lo charities preparing their accounts in accordance wth the Financial Rgporting Standard applicable in the UK and Republic of Ireland published in October 2019. STRUCTURE, GOVERNANCE AND MANAGEMENT Eventide Home5 Limited is a company limited by guarantee governed by it8 Memorandum and Artiles of A$sclatIOn dated 7 February 1939. 11 is a registered charty, number 246570. The Trustees (who are also the directors of the companyl seNed durfng the year and since the period end are set out on page 1. Trustees are app¢inled by the IKard and meet quartedy lo consider any applications In respect of almshouse vacanci8S. New Trustees are invrted to attend the sretary's office where they will be provided wrth an outline of the main objectwes and a1VitieS of the Charity and the Trustees, role in achieving those obie¢liveg. RISK MANAGEMENT The Trustee¥ have Consered the major risks to which the Chartty i8 exp08ed and have reviewed those rBks and established systems and p¥ocedures lo manage them. OWECTIVES ANO ACTIVITIES The objective and activity of the Charity is the running of a home for the ekjerfy pwple of Coventry and sUoUnd1ng distn'cts. The TNstees confirn they ttave referred to the guidance contained in the Charity Commission's general guidance on public ben&ff( when fevievAng the Charity's aims and objectives and in plannirvj future %livrties. ACHIEVEMENTS AND PERFORMANCE The Trustees consider the performance for the year to be satisf&tory. The almshouse comprises 12 flats which were all available for let during year. 28 weeks of voids Ivacant flalsl arose in the year lo 31 December 2023 12022. 100 weeks of voids). All flats are maintaintrj to a very high standard th regular decoration and refurbishment. FINANCIAL REVIEW Total incoming res¢Jurces for the year amounted to £107,880 12022.. £125,562) including ren15 flats of £82,33312022.' £67,999}. Total resources expended were £87.098 12022.. £83,445) of which £82,203 12022.. £78,382) reLated to the running costs of the homes. The net incoming resources for the year amounted to £20,784 12022.. £42,117). After investment gains of £30,113 {2022'. losses of £71.3581 the net increase in ftjnds was £50,89712022 decrease of £29,241}. Page 2
EVENTIDE HOMES LIMITED TRUSTEES, REPORT (Including Dlrectorn, Reporti for the y•ar ended 31 December 2023 INVESTMENT POLICY AND PERFORMANCE The Investment strategy is set by the Trustees on an annual ba515 and lakes account of demands for fund5. The Trustees consider the income wuiremenls, the risk profile and investment managers, view of the market prospects in the medium term. This strategy is set within an overall policy which states that funds should be invested in low lo medium risk investments wrth a view to ensuring that capital appreciation of the fund exceeds inflation each year. The strategy is reviewed wf(h the investment managers annually. Performance The lolal return on the Charity's investment portfol for the year was 70/a compare(I with that of the FTSE 100 Share index of 7.70/a. RESERVES POLICY The unreslricled funds of the charity are separated into uMulated income and designated funds as shown in note 10 to the financial slalements. The designated fvnds highlight the Trustees, policy to maintain a level of funds both to generate sustainable income lo meet charrtable expenditure and also to provide for alterna've future &ccrnmodalion. It 15 the policy of the Charity lo maintain the accumulat Income fund within unrestricted fijnds at a level equivalent to approximately one year's expenditure. The available free reserves now stand at £163,915 (note 121. At the year erKi the charity had total funds of£1,245.09912022: £1,194,202>, ofwhich £389,494 {2022'. £383.8161 relate lo endowed funds and £397,83212022.' £375.39n relate to restricted fund8. The reStrted funds arose from the transfer of assets from The Charity of F.J.Mills in 2018. These funds are lo te applied Iowdrds repairs and improvements to the alm8house8 only. PLANS FOR THE FUTURE The Tru3lee5 intend to continue the very high standard of rnaintènance of the ilals and make any nesSary imwovements as when required. FUNDRAISING STANDARDS INFORMATION Eventide Homes Limrted does not contract to a third party to undertake any fundraising ils tehalf, consequenlty we have reiVed no fundraising comaln during tha ye8r. TRUSTEES RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS The Trustees (who are also directors of Evenlide Homes Limited for the purposes of company Lgwl are responsible for preparing the Trustees, Report and Ihe financial 81aternents in acccrdance with applicable law 8nd United Kingdcffl Accounting Slandwds IUnf(ed Kingdom Generally Accepted Accounting Practice). Company law require5 the Trustees lo prepare fInGIal statements fc¢ each financial year which give a true arKi fair view of the state of affairs of the charitable company and of the incoming resources and applicatic of resourceg, including the income and expenditure, of the charilalye company for that Feriod. In preparirwJ Ihese financial slalemenls the Trustees are required to.. select suitable OUntIng policies arKI then apply them consistently., observe the methods and princieS in thè Charrt$ SORP 2019 IFRS1021,' make judgements and estimates th are reasonable and wident., state whethw applicable UK A¢¢ounting Standards have teen followed, sU.t to any material departures disdosed and explaingj in the financial stst&nents: prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will ¢onlinue in operation. Page 3
EVENTIDE HOMES LIMITED TRUSTEES, REPORT Ilncludlng Dlrectors, Reporti for the year ended 31 Dacember 2023 TRUSTEES RESPONSIBILMES IN RELATION TO THE FINANCIAL STATEMENTS {conL..) The Trustees a PonSible for keeping adequate CountIng records that dis¢lose with reasonable accuracy al any tirne the financial wsilion of the charf(able company and enable them to ensure that the financial slalements comply wf(h the Cornpanies Act 20C6. They are also responsible f¢* safeguarding the assets of the charrtable company and hence for taking reasOnae steps for the prevention and detection of fraud and other irregularrties. STATEMENT AS TO DISCLOSURE OF INFORMATION TO AUDITORS So far as the Trustees are aware'.- There is no felevanl aLKlil information of which the charitable company's audilcKs are unaware, and Each Trustee has taken all the steps that they ought to have taken as a Trustee in order to maka themselves aware of any relevant audit inf0mli0n and to establish that the auditsys are aware of that information. In approving the Trustees Annual Rep(xi, also apkyove the strateg Report irtlud8d th8r&in in our capacty as Company directors. This rewrt has been prepared hamng taken advantage of the small companies 8xemFlion in the Companies Act 20C6. ON BEHALF OF THE BOARD D.Ma$on - HAIRMAN Dated.. 10th SeptemÈer 2024 Page 4
EVENTIDE HOMES LIMITED INDEPENDENT AUDITORS REPORT TO THE MEMBERS OF EVENTIDE HOMES LIMITED Opinion We have ?udiled the financial statements of Eventide Homes Limi(ed Ith8 'charitable company'l for the year ended 31 DeCeMr 2023 which comprise the Statement of Financial Actwilies, Balan sheet and notes to the financial slalements, including a summary of signth'canl accounting poIles. The finanGial 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 (Unrted Kingdom Generally Accept1 Accountsng Practice}. In our opinion the financial statemenl9'. give a true and fair view of the state of the charitable company's affairs as at 31 Dember 2023, and of its incoming resources and application of resources, ircluding its income and expenditure, fci tIE year then ended". have been proFerly prepared in a¢ance th United Kingdom General Awepted Accounlirrfj Prxtice., and have tseen prepad ir) acc¢YCe th the requirements of the Companies Act 2006. Ba8ls for oplnlon We condueled our audit in accordance wth Intemational Standards on Audrting (UK) IISAS IUKI and applicable law. Our wponsibililies under those standards are hjrther descnbed in the Auditor's responsibilrties for the audf¢ of the financial statements section of our rept. We are independent of the charifable company in accordance ¥Mlh the ethical requiremen15 that are relevant to our audit of the financial staternenls in the UK, including th• FRC'S Ethical Standard, and we have fulfilled our other elhtal pOnsibl1rtIes in accordance with these requirements. We believe that the audit evmlence we have obtained 15 Sufflent and appropriate to provide basis for our cpinion. Concluslons relatlng to golng conc•m In auditing the financial statements, we have concluded that the trustees, use of tho going concem basis of accounting in the preparation of financial statements is appropriate. Baged on the work we have performed, we have not identffied any material uncertainties relating to events or conditions th, indivKlually or collÉrlively, may e2st significant doubt on the charitable company's ability lo continue as a going concem for a period of al least 1ve months from when the financial statements ara authoris& for issue. Our re8ponsiblllties and the responsibilities of the Iruslees with respect lo going con¢ern are dèscribed in the ral8V?nt sections of thi3 report. Other Informatlon The other infomation ccfflwses the information included in the tnjsteas 8nnual report, other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual rep)rt. Our opnion on the financial slalemenls does not Gover the other information and, except lo the extent olherwise exp1iGltly stated in our report, we do not express any fomi of assurance conclusion thereon. Our responsibility is to read thè other information and, in doing 80, ¢xnsider whether the other infomiation 18 materially inconsistent with the financial statements or our knowledge obtained in the course of the audit or otherwise appears to be materially missled. If we identrfy such material inconsistencies apparent material misslalemenls, we are required lo determine whether this gives rise to a material misslatemenl in the financial statements theMSee$. If, based on the work we have perfomed, we conclude that there a material misstatement of this other information. we are required lo report that fad. We have nothiry lo rèport in this regard. Page 5
EVENTIDE HOMES LIMED INDEPENDENT AuDORs REPORT TO THE MEMBERS OF EVENTIDE HOMES LIMITED Opinions on other matt•rn prnscrlbed by the Cornpanles Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the inforrnatn given in the tru51ees' rep (incorporating the direclcKs' report) fcy the findla1 year which the financial slalements are prepared is consistent with the financial stslemenls," and the directors, repcit has been prepared in accordance with appluble legal requirements. Matters on vthich we are requlred to report by ex¢eptlon In the light of the knLwledge and understanding of the Charitab company its environment obtained in the Course of the audrt, we have not idenb'fied material misstatements in the directors. report. We have nothing to port in re5ct of the followng matters in reliOntoIch the Companies Act 20Ce requires us lo report to you rf, in our opinion.. adequala accounting records have not teen kept, or tumS 8Jequate for our audit have not been Teceived from branches not wsrteJJ by us." or the financial statements are not in agreement wrth the accounting rordS and retums, or certain disclosures of directOfS' remuneration $p¥ified by law a not made,. or we have not recaved all the infomialion and explanations we require for our audf('. Ix the trustees were not entitled to prepare the financial statements in accordance with the small companies, regime and lake athantage ofthe small companie¥, exemptions in preparing the dIlOrS, r8POrt and from the requirement lo pffjpare a strategic report RpOnSIbIlItIe9 of trusto00 As explained more fully in th& trustees, re9pon8ibililies slalement set out on page 3, the trustees Iwho are also the directors of the chantable company for the purposes of company lawl are responsible f the preparalicn of the financial 51atemenls and for being satisfied that they give a true and fair view, and f(x Such intemal control as the Iruslees detenmine is necessary to enable the preparation of financial Slalements that are fr8e frcm material mis¥latement, vhether due lo fraud or error. In preparing the financial statements, the trustees are responsible for 8gsessiryJ the charItae company's ability lo continue as a going concem. disdosing, as applicab, matters related lo going concern and using the going corcern basis of accounting unless the Iruslees ef(her intend lo liquidate the charitable company or lo Cease operali¢)ns, or have no realisti allernwe but to do 80. AudIt0• re8pon•lbllltle8 for tho audlt of the financlal $tstem8nts Our ¢t4'ectives are lo obtain reasonable assurance abJul whether the financial statements as a whde are free from materral 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, bul is not a guarantee that an audf( conducted in aCrdance wrth ISAS IUKI will always delecl a material mtsslatement when it exists. Mis$12tements can aris• from fraud or error and are considered material rf. individually or in the aggregate, they could reasonab t expected to influence the ttonomic decisions of users taken on the basis of these finanryal stslemenls. Irregularities, including fraud, are instances of n¢-COmpliance with law5 and regulations. We dasign prccedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud 1$ detailed telow. Enquiry of management and tho38 charged wth governanGe arour¥J %lual and pjlenlial litigation and claims., Enquiry of entty staff in compliance functions to itsntify any instances of non-comFAiance with laws and regulations., Reviewing minutes of meetings ofthose charged wrth govemance., Reviewing financial slalement disclosures and testing to SUPFQrting dc¢umentation to assess Compliance with applicable laws and regul*ions. Perfoffning audit work over the risk of management ovwrKle of controls, including testing ofjoumal entries and other adjustments ft)r apFKopriateness, evaluating the business rationale of significant transactions outside the normal course of busines5 and revwing accountsng e5tirnates for bias. Page 6
EVENTIDE HOMES LIMITED INDEPENDETr AUDITORS REPORT TO THE MEMBERS OF EVENTIDE HOMES LIMITED Because of the Inhent limitaiions of an audit. there is a ri8k that we will not detect all Irregular.@S, induding those leading to a material mi551atement in the finala1 statements or non<¢ynplwnce w(ch reguSalion. Thi$ risk increases the more that ¢omplrance with a law cr regulatr'on is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-COTnpliance. The risk is also greater regarding irregularffies occurrin9 (Jue to fraud rather than error, as fraud involve5 Intentional concealment, forgery, collusion, omission or misrepresenlalion. As part of an audit in accordance wlh ISAS IUKI, we exercise professional judgment and maintain professional scepticism throughout the audit. We also.. Identify and assess the risks of material misstalerrent of the financial statements, ether due to fraud or error, design and Ferfom audit procedures responsive to those risks. and obtain audit evidence that is suffici8nt and appropri?te lo provide a basis ft)r our opinion. The ri8k of not delecling a maleriaS misstatement resuf(ing from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepreserrtalions, or the override of internal contrcl. Obtain an understanding of intemal control relevant to the audit in order lo design audrt predureS that are apprtspriale in the circumstsnces, but not forthe purpose ofexpressing an opinion on the effectiven888 of the charitable Company's intemal control. Evaluate the appropriateness of accounting policies used and the reagonableness ol xcounling estimates and related disclosures made by the trustees. Conclude on the appropnalenes8 of the Iruslees, use of the going concem basis olaccounling and, based on the audit evidence obtained. whether a material uncertainty exists related lo events or conditions that may cast significant doubt on the chantable company's abilty lo continue as a going concern. If we Conclude that a material uncertainty exists. we are requith to draw attention in our auditor's rewi to the related disclosures in the financial statements or, ifsuGh disclosures are inadequate, lo mojify our oynion. Our conclusions are based on the audit evidence oblaned up to the dale of our audilcs report. However, future events or condibons may cause the charitable company lo cease to continue as a going concem. Evaluate the overall presentation. structure and content of the financial statement8, including tha disclosures. and whether the financial statements represent the underlyiro transactions and events in manrr that a¢hVe3 fair presentation. We communicate with those charged with govemance regarding, among other matters, the planned scope and liming of the audft and signrficant audit findings. including any significant deficie18$ in intemal control that we identify during our audit. Use of our report This report is made solely to the charitable company's trusl88s, as a body, in accordance wth Part 4 of the Charitie5 {Accounl8 and Reports) Regulations 2008. Our audit work has been undertaken so thatwe might slate lo the charrtable eompany's trusls those matters we are required to slate to them in an avditorfs report and for no other purpose. To the fullest extent pemitted by law. we do not xcepl or assume responsibility to anyone Oter than the charitable company and the charitable ccffipany'5 trustees as a bo*. for OUT audit worK for this report. or the opinions we have fomed. Geoffrey Cox BA FCA Isenior Ststutory Audilc¢} For and on behaff of Dafferns LLP stalulory Audrtor One EaSOod Harry Weston Road Binley Busine55 Park COVENTRY CV3 2UB Dated.. 1¢yh September 2024 Page 7
EVENTIDE HOMES LIMITED STATEMENT OF FINANCIAL ACTMTIES (INCLUDING INCOME AND EXPENDITURE Accoufriri for the year ended 31 December 2023 Unrestricted Endowment Restricted Fund Fund Fund 2023 Total 2022 114COME Income from Charitsble Actlvldes: ContribLrtions frcfn residents Income from Inve8tmgnt8 Investment inccme Othor Income Miscellaneous income Donati¢ from The Genèral Charity 82,333 82,333 87,999 15,287 10.192 25,479 24,962 5,215 27,388 Total In¢omo 97,688 10,192 107,880 125.582 EXPENDITURE Expendlturg on Charftable actlvlil8• A¢commodation costs Administration c03ts 82,203 4,893 82,203 4,893 78.382 5,Ce3 Totsl Expendlturn 87,096 87,096 83,445 Not Incomel{?xpondlturel boforn g•ln$ and loMo8 on Inve•tmènts Net gainsl{hMesl on inv8Stmenl assets 7 10,592 10,192 20.784 42,117 18,070 12.043 30,113 171.3581 Net IncomellexFenditurel befoffj Irartsfers 28,862 22,235 50,897 {29,2411 Gross transfers betrn fvnds 10 15,8781 5.878 Nel inttJmellexpenditure} being Net movement in funds 22,784 5,878 22.235 50,897 (29,2411 Re¢onciliats'on of funds.. Total Funds brought forward 435,189 383,616 375.397 1.194,202 1,223,443 Total Funds carried forward 12 457,973 389,494 397,832 1,245,099 1.194,202 All income and gxpenditure derive from continuing tIvIties, The stalement of financial activit includes all gains and bsses recognised during the year. The notes on pages 10 to 16 form part ol these financial statements Page 8
Rogistered No. 1x1349309 EVENTIDE HOMES LIMITED 8ALANCE SHEET as at 31 December 2023 2022 Notes FIXED ASss Tangible Investments 389.494 786,343 383,618 745,684 Totsl flxed assots 1.175,837 1,129,300 CURRENT ASSErs Prepayments accrued inc8 Cash * bank and in hand 3,042 82,758 2,029 69,895 Total curront a88frts 85,800 71,924 CREDITORS Amounts falling due thin one year.. Accruals {16.5381 17.0221 NEf CURREKf ASSEfs I ILIABILITIESI 69,262 84,902 NET ASSETS 1.245,099 1,194.202 Repruent8d by: THE FUNDS OF THE CHARIry: ExFendable endowment fund Restricted funds Unreslncted income funds.. ¢umulaled Income Fund Designated Funds Totsl Unrestricted Funds 389,494 397,632 383.616 375,397 11 10 163,915 150,155 457,973 435,189 TOTAL FUNDS 12 1,245,099 1,194,202 These financial statements have been pPared in accord8nce wrth the spla1 provlsions of Part 15 of the Compan5 Act 2006 relating to small companies and with the Unf(ed Kinglom Generally Accepted AcrLJunling Practice, including FRS102"The FIrnG1?1 Rewthng Standard appluble to the UK and Republic of Ireland d by the Council of Trustees on 1 Septemter 2024 and signed on ts behaW by.. Appro CHAIRMAN ]JJl D.J. Evans F.C.A. The notes (xi pages 10 to 16 form part of these financial statements Page 9
EVENTIDE HOMES LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES The principal accounting policies adopted, judgement5 and key sources of eslimalion uncertainty in the preparation ol the financial statements are as follows.. Basis of preparatlon Evenlide Homes Limited is a charity that 1$ a company limited by guarantee in England. The address of the registered Offi is given in the charity information on page 1 of these financial stslemenls. Thè nature of the charity's operations and principal activities are to run a home for the elderty people of Coventry 2nd the surrounding area. The charity congtitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with Accounting and Repx)rting by Charities.. Statement ol Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting standard applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice. The financial slalement8 are prepared on a going concem basis under the historical cost convention. modified to include certain items al fair value. The financial statements are pre8ented in sterling which 1$ the fundional currency of the charfly. The significant accounting policies applied in the preparations of these fi'nancial statements are sel out below. These policies have been ¢onsi$tenlly applied lo all years presented unles9 Otherwise slated. bl Fund aceountlng Details of the nature and purwse of each lund are set out In notes 9 to 11. The amounts held in the designated fund$ are entIlY al the discli0n of the Trustees. In¢om• re¢ognltlon All incoming resources are included in the Statement of Financial Activities when the charity 18 legally entitled to the income 8nd the amount can be quantified with reasonable accuracy. Investment incorne is eamed through holding a$$els for investment purposes such as shaS and property. It includes dividends, interest and rent. Interest and dividends are fully accrued * the balance sheet date. dl Exp•ndltur• r•cognltSon and Irrecoverable VAT All expenditure is accoLJnled for on an accruals basis and has been classified under headings that aggregate all costs related to the category. Expenditur8 is recognised where there is a legal or conslruclive obligation to make payments lo third partie5, it is probable that the settlement wll t required and the amount of the obligation can te measured reliably. It is categorised under the following headings.. Cost5 of raising funds includes investment management costs., Expenditure on charitable activities includes amounts paid in respect of accommcdation and govemance., and Other eXnditU represents those items not falling into the categories above. Irrecoverable VAT is charged as an expense against the activity for whiGh expenditure arose. Page 10
EVENTIDE HOMES LIMThED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOUNTING POLICIES ICONTINUED) Allocation of support cost8 These comprise staff and office costs provided by The General Charity. Coventry. The ma'ority ofthese sts support the almshouse acbvity and are so allocated. A Small proportion of support costs Is allocated to govemance cost5. The allocation of support costs is made on an estimate of staff time spent on the activities. Governance costs Governance costs comprise all costs involving the public accountability of the charity and ils compliance with regulation and good practice. These ¢osts include costs related lo stalut¢Jry audit and legal fees tO9elher with an allocation of support costs. 91 Tanglble Ilxed a38ets and depreclatlon The long term leasehold land and property is included al cost and sinGe 1 January 1978 has been written off over the temi ofthe leage199 years). In addition a new healing system in the year will be depreciated at 5(>fi straight line. Expenditure on other assets is written off as incurred or charged against provisions previously made in the accounts for the purpose of that expenditure. h) Flxed asset Invo8tments Quoted investments are recogni8ed initially at fair value which is normally the transaction price excluding transaction costs, Subsequently, they are measured al fair value with Changes recognised in 'net gains I Ilossesl on investments. in the SOFA if the shares afe publicly traded or their fair value can olhewse be measured reliably. Deblorn and credltorn rocelvablo I pay•blo wlthin one ygar D8btors and creditors with no slated Inte$t rale and e1Vable or payable within one year are Orded al transaction price. Any losses arising from impairment are recogni$ed in expenditure. Golng ¢oncern The financial statements have begn prepared cn a going concem basis as the Trustees believe that no material uncertainties exist. Thg Trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from aulhorising these financial $lalements. The budgeted income and expenditure is sufficient wlh the level of reserves for the charity to able to continue as a going concern. INVESTMEPff INCOME Oividend8 and interest 2S,479 24.962 Investm8nl income is made up of dividends during 2023 arKI 2022. Total div¢dend income has been split befv4een restricted funds and unrestricted funds. with 40.OOA 12022, 40.3Vol being allocated to restricted funds and the rest Ing allocated lo unrestricted funds. Page 11
EVEMfiDE HOMES LIMITED NOTES TO THE FINANCIAL STATEMENTS for the year ended 31 December 2023 ACCOMMODATION COSTS 202 2022 Water rates and council tsx Irtsurance Light and heal COaning, cleanirYJ materials and garden expenses Repairs Depreciation- leased assets SupFort costs - Coventy General Charity 2,105 2,279 33,824 11,405 13,755 10,335 8.500 3,481 2,CK)8 26,359 10,724 18,861 8,449 82,203 78,382 Accommodation costs relate lo the upkeep of the property in which the residents stay. All of these costs have been alkxated lo the unrestrted fund in the current and pdIng ye¥. ADMINISTRATION COSTS 2023 2022 Bank charges Audit fee Accountancy Support Co8ts- Coventy General Charity 43 1,675 1,675 1,500 43 1.760 1,780 1,500 4,893 5,C63 Support CO8ls of £10,()JO 12022,. £10.0001 wided ty Ihe staff of Coventry General Chartty are app)rtKin&J on the basis of Staff lime. Administration costs relate to the njnning of the charitable company. All of the8e coBts have been allated to the Unrestrle fund in the current ané predIng year. TRUSTEES REMUNERATION No member of the Council 0fTrustS received any remuneration or reimbursement of expenses during the year12022. £nil). Page 12
EVENTIDE HOMES LIMrrED NOTES TO THE FINANCIAL STATEMEiirs for the year ended 31 December 2023 FIXED ASSETS Long tem leasehold land & in Fcf direct charitable purposes COST At 1 January 2023 Addrtions 558,086 18,213 Al 31 De¢ter 2023 574,299 DEPRECIATION Al 1 January 2023 Charge for year 174,470 10,335 Al 31 Dernber 2023 184,805 WRirrEN DOWN VALUE 31 Derntser 2023 389,494 31 DwAmber 2022 383,616 The Trustees consider that it i8 not practicable lo quantify any differen between the market and carying values of the Charity's leasehold laTrJ and buildings for disclosure in the accounts. The building is constructed on land which 18 leased from Coventry Cty Council at a peppercorn rent, on 99 year lea8e expiring in 2071., and from The Truste88 of P1sfd,8 or Greyfriars, Hosprtal at peppercom ren( on a 99 year lease exFiring in 2Ce9. Page 13
EVENTIDE HOMES LIMITED NOTES TO ThE FINANCIAL STATEMENTS for the year ended 31 De¢ember 2023 FIXED Ass INVESTMENTS 2023 2022 Quoted investments Market value 1 January 2023 AddrtDns in year DissaIS Gains I (Losses) 745,684 115,979 1105,4331 30,113 942,61Xl 144,184 1289,7221 (71,358) Mwket Val 31 Dember 2023 786,343 745,684 Quoted investments comprise.'- British Government StkS Other UK Fixed Interest Overseas Fixed Interest Equity Investment Instruments Global Equrties Other Assets Unit Tru515 55,856 60.906 31,678 187,403 361,109 66,573 22,818 46,362 30,401 33.787 189,016 337.285 73,787 35,068 786,343 745,684 QLtrJted investrnents representing 5tyA of the pcrtfollo are.'- Mark S8C ETFS S&P 500 UCITS ETF JPMoryan American Investment Trust crt GBPO.0S 89,401 42,950 CASH AT BANK AND IN HAND 2023 Bank current acccunl Pety cash Cash held by investment managers 18.314 386 64,058 20,394 376 49.125 82,758 69,895 Page 14
EVENTIDE HOMES LIMITED NOTES TO THE FINANCIAL STATEMEpirs for the year ended 31 December 2023 ENDOWMENf FUND The Endowment Fund IEventide Homes Building) retKe8ents the total crtst of the long term leasehold land and property less xcumulated depreciation. 10. UNRESTRICTED FUNDS Analy8ls of mov•monts In Unmtriet fund•~ current year Income, transfers Balance 1 January 20 ExFenditure, transfers Balance 310ember Accumulated income D88vJnated fund - Rebuikling fund 150,155 285,034 90,521 25,237 176,761 } 116,213) 163.915 294,058 435,189 115,758 192.9741 457.973 Analy•l8 of mov•m•nt• In unrogtrfcted fund•- prnvlou• yeor Income. transfer8 Balance 1 January ExFenditure, transfers Balance 31 December Accumulated incc4me Designated fund - Rebuilding fund 153,679 390,951 107,128 8.449 {110,652} {114,386} 150,155 285,034 544,630 115,577 1225.0181 435,189 The R8bulldlng Fund represents a fund to provide for ahternative future accommodation. Accumulated Incomo represents the free reseNe5 of the Charity and equates to apwoximately one year'3 exFenditure. RESTRICTED FUNDS The Restricted fund has Sen from the transfer of assets fr¢Jm The Charty of F J.Mills in 2018. These funds wll be applied towards repairs and improvemen15 to the almshouses only. Page 15
EVENTIDE HOMES LIMITED NOTES TO THE FINANCIAL STATEMENTS for the ygar ended 31 December 2023 12. ANALYSIS OF NET ASSETS BETWEEN FUNDS Analysis of net a88ets betwegn funds- curront year Tangible fixed assets Net current assets Investments Total Endowment fvjnd Restricted fund Unrestricted funds.. Accumulated income Designated fund 389,494 389,494 397,632 314,520 83,112 82,632 389.191 81,283 {95,1331 163,915 294,058 389,494 786,343 89,262 1,245.099 Analy•18 of nfrt I0 betwogn fund8 - pr•vlou8 year Tangible fixed Net cuffent To Endowment fund Restricted fijnd Unrestncted fund5'. Accumulated inc0 D88ignated fund 383.816 383,616 375,397 298.226 77,171 78,430 369,028 71,725 183,9941 150,155 285,034 383,616 745,684 137,5181 1,194,202 13. RELATED PARTY TRANSACTIONS The company incurred an administration charge of £10,000 {2022.' £10,000} from The General Charty, Ccventry la Ghanty with common Tru5teesl during the year. The company did not receive a donation from The General Charity, Coventry in the current year12022'. £27,386). The amount to that Chwrty at the Feri¢Jd end was £10,00012022.' £nil} 14. OPERATING LEASE COMMITMENTS Total futu minimum lease receivabÈ$ under non-canlIable operating lease are as follows.. Land and buildings.. Within one year 6,784 Lease re1Vae8 late to the rental d fl9 of Eventide Home, Coventry. Flats can be rumed on one months noti. 15. CONTROLLING PAirrY The charrtable company is uThJer the control of rts Board of Directotsrustee5. Page 16