**Charity number: 263687**
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST**
**REPORT AND FINANCIAL STATEMENTS**
## **FOR THE YEAR ENDED 5TH APRIL 2024**
|**Contents**
Trustees' Report
Independent Examiner's Report
Statement of Financial Activities
Balance Sheet
Statement of Cash Flows
Notes to the Accounts|**Page**|
|---|---|
||1
11
12
13
14
15|
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
The trustees present their annual report and financial statements of the charity for the year ended 5th April 2024. The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the charity's trust deed, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102. Comparative information is for the year ended 5th April 2023.
## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT**
The trust was established by the late H. Maxwell Workman for the benefit of the old and needy of Gloucestershire. To this end it utilizes Yercombe Lodge, the settlor's former home, as a residential care home with respite facilities and as a day centre for the elderly and disabled. The trust also makes provision for up to four day care places. There was no change in the intention to provide these services during the year under review, or in the previous year, but see below for the impact of the Covid-19 pandemic.
The charity's main aim is to seek to continue to provide the services as outlined above. In the provision of those services the charity seeks to meet agreed client requirements in accordance with the limits of availability. The aim is client satisfaction within a context of fairness, reliability, and accountability. The charity wishes to conduct all its relationships on a basis of trust, efficiency, and best practice.
The trustees confirm that they have referred to the Charity Commission's guidance on public benefit when reviewing the trust's aims and objectives and in planning future activities. In particular, the trustees consider how activities will contribute to the objectives they have set.
The trustees consider that the benefits provided by the operation of the trust outweigh any detriments or harm created.
To achieve its objectives the charity has adopted a series of formal procedures. These are set out in a quality assurance manual. This manual is subject to regular review in order to respond to changing circumstances. Advice is sought from relevant outside bodies as appropriate. In particular, the charity has sought to maintain a good relationship with relevant inspecting authorities. Internal audit is undertaken according to a planned schedule throughout the year to ensure compliance with the procedures set out in the manual.
The trustees are aware of the difficulties created by seeking to provide services in a climate of ever-increasing regulation and restrictions on funding increases. They are also mindful of the need to try to preserve the value of the charity's funds from the effects of inflation.
The charity does not make grants.
The Trust Deed limits the services provided by the charity to those resident in the County of Gloucester. Since the creation of the trust there have been a number of changes in the structure
1
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **OBJECTIVES AND ACTIVITIES FOR THE PUBLIC BENEFIT cont.**
of local government. The trustees have adopted the view that the geographical area covered should continue to be as originally established. This currently includes Gloucestershire County Council, South Gloucestershire County Council, and a large part of the City of Bristol.
In preparing this report the trustees have reviewed the objectives and activities as established. This review involves more than the consideration of the financial results, although the trustees are aware that the success of the charity depends upon adequate resources.
## **ACHIEVEMENTS AND PERFORMANCE**
As recorded in the trustees' report for the previous year, the Covid 19 pandemic had a severe impact on the operations of the charity. This resulted in a significant loss of income and an increase in costs. It became necessary to utilise reserves and to draw funds from the investment portfolio in order to maintain activities.
The trustees took the view that prior to the onset of the pandemic the range of services provided was in accord with their objectives, and decided to reopen all activities previously offered. Income from charitable activities is shown in note 2 to the accounts. Whilst the trustees are pleased with the level of income generated by the residential home, both long-stay and respite, it has proved difficult to restore day centre and day care income. As a result the trustees have appointed advisors to consider the alternatives open to the trust.
The services as outlined above are provided to self-funded individuals, users funded by local authorities, and occasionally to users funded by other charities. In the past Gloucestershire County Council maintained a 'block' booking of one room in the respite home. This arrangement came to an end on 31st August 2016. A number of service users who had benefited expressed concern about the alternatives to be made for them by the County Council. The trustees decided to offer to continue to accept bookings for these service users, to be paid for at the Council rate, for as long as the service users wish. The Council rate is substantially below the amount charged to privately funded service users. No attempt has been made to quantify the impact of this commitment as it depends upon unknown factors, such as the frequency of visits, life expectancies, and the relative movement of funding rates. In the view of the trustees it was appropriate to enter into this arrangement for the benefit of the individuals concerned as several had been coming to the home for many years.
The trustees take the view that the arrangements with Social Services enable users unable to afford the trust's fees to access the services provided. The trust is not a party to the arrangements made between users and Social Services regarding funding. The trust is committed to equal access to its services restricted only by the terms of the Trust Deed, legislation, the requirements of the regulatory authorities, and the capacity of the facilities.
2
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **ACHIEVEMENTS AND PERFORMANCE cont.**
The trustees are aware that the services as outlined above are of benefit not just to the service users themselves. In most cases the user has a carer or carers who benefit from the break provided. The trustees do not consider it would be practicable, or cost effective, to seek to quantify this benefit, but take the view that it is significant.
As shown in note 6 to the accounts, the trustees have adopted a policy of revaluation of the freehold property. This took effect at 5th April 2015. A further revaluation would have been due in the year ended 5th April 2021 under the terms of the previous policy. In view of the restrictions on visits to the home the trustees decided that this should be postponed. The property was valued by an independent valuer in September 2022. He provided a report which contained no significant difference from the 2015 valuation. Accordingly, the trustees have decided that no amendment to the figures included in the accounts is required.
As is shown in the Statement of Financial Activities the trust suffered net expenditure of £55,982 (2023: £386,340). Total funds fell to £1,553,606 (2023: £1,609,588). The charity experienced an operational deficit of £187,050 (2023: £260,901).
Legacy income of £96,227 (2023: £1,533) was recognised during the year. This is explained in note 19 to the accounts. Professional fees of £7,035 (2023: £1,226) were incurred as the trust's share of the costs associated with the realisation of this income.
The trustees are pleased to report that the longstanding claim against the executors of the estate of Mrs. F.W.M. Bignell dec'd was settled during the year. Compensation of £6,500 (2023: £Nil) is included within Other income.
During the year the trust received unrestricted donations of £9,419 (2023: £3,829). The largest individual amount was £6,920 as the trust had been selected as the charity of the year by the Captain of the Stinchcombe Hill Golf Club. The trustees are grateful to the Captain, Mr. J. Massey, and all the members who contributed to the success of the year.
Restricted donations of £2,425 (2023: £860) were received. These related to refurbishment projects for the day centre, entertainment and benefits for residents, and staff welfare.
As explained in note 22 to the accounts unrestricted grant income of £849 (2023: £1,687) was received.
Total volunteer hours are estimated at 200 (2023: 240). These related primarily to the grounds and woodlands. If these hours were to be valued at the National Living Wage of £11.44 (2023: £10.42) the voluntary effort would represent a value of approximately £2,290 (2023: £2,500). The trustees are grateful to all the volunteers who contributed during the year.
3
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **ACHIEVEMENTS AND PERFORMANCE cont.**
It is the policy of the trustees to delegate the management of the investment portfolio to a firm of stockbrokers. They have been granted discretionary powers subject to a statement of policy. This statement seeks to ensure that the funds are properly protected; that the capital is not put at risk and is protected against inflation; and the best income consistent with these objectives is obtained. Within these overall objectives the trustees have set a number of conditions. These conditions include the expressed wish that the portfolio should yield a given net income. The figure set by the trustees is £45,000 (2023: £45,000). As shown in Note 2 to the accounts, dealing with Incoming Resources, net income from the portfolio was £40,146 (2023: £54,384). The trustees take the view that this performance was satisfactory in relation with the objectives set given the circumstances which applied to the stockmarket during the year. In June 2022 the trustees reviewed their investment policy in conjunction with the portfolio manager. As a result of the review the trustees have expressed the wish that the portfolio should yield a net income of 4.50% of the portfolio value, and that the underlying value should be protected from the effects of inflation. As shown in the Statement of Financial Activities, and explained in Note 4, the trust experienced a loss on the portfolio of £24,687 (2023 loss: £190,647).
## **FINANCIAL REVIEW**
In the opinion of the trustees the accounts reflect the financial position of the charity and the financial management policies adopted. A sub-committee has been established to deal with financial and administrative matters. It prepares and monitors the overall business plan and the annual budget. It reviews cashflow on a regular basis. In conjunction with the stockbroker, it monitors the transactions and movements of the investment portfolio. As noted above, modifications to procedures were required in response to Covid-19 guidance.
Details of fixed assets are shown in note 13 to the accounts. All the tangible assets are used for charitable purposes. The cost of freehold property represents the original purchase of Yercombe Lodge and improvements since. In accordance with current accounting practice, the trustees adopted a policy of writing off this cost. As noted above, and as explained in note 6 to the accounts, the trustees adopted a policy of the revaluation of freehold property. Depreciation charges are based upon the revalued amount.
The Trust Deed enables the trustees to apply or invest monies liable to be invested under the Deed in property or investments as the trustees in their absolute discretion think fit. The investment portfolio has been acquired in accordance with these powers. The Deed allows the trustees to spend the income arising but requires the trust capital fund to be maintained. As noted above, the portfolio experienced a fall in value during the year. In response to the needs of operational cashflow it became necessary to withdraw £140,000 (2023: £195,000) from the portfolio. This required the sale of stocks, made under the discretion of the stockbroker. As some of the sales were made of stocks held as part
4
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **FINANCIAL REVIEW cont.**
of the Endowment Fund, it became necessary to reallocate stocks of equivalent value from unrestricted funds to replace those sold. Further withdrawals of funds have taken place after the year-end.
Note 6 to the financial statements shows the assets and liabilities attributable to the funds by type, and shows the movements on each fund. The Endowment Fund is shown at £1,006,187. Unrestricted Funds amounted to £547,419, but of this only £336,913 is freely available as £210,506 is invested in fixed assets.
The balance of unrestricted funds represents the accumulated general income of the charity. No funds have been designated within these reserves. It is not the policy of the trustees to set aside specific amounts to meet future expenditure. No funds were in deficit at any time during the year.
The circumstances relating to the funding of the day centre are outlined above. The residential home is funded from fees charged to service users. These include amounts charged both to private service users and public providers. The expenditure incurred in operating Yercombe Lodge relates to all these activities. The apportionment of expenses between the different activities has always been difficult. In view of the impact of the Covid-19 pandemic, the trustees consider that no apportionment could yield meaningful results for budgeting purposes.
As noted above, the investment portfolio is invested under an agreement with a firm of stockbrokers. This agreement includes a statement of policy specified by the trustees which includes a number of conditions. These include a condition that the trustees do not wish to invest in companies which manufacture tobacco products. They also include conditions that the portfolio should normally be invested in United Kingdom equities and fixed interest stocks quoted on the stock exchange, and that those equity stocks should normally be companies within the FTSE 100 list. There were no changes in these policies during the year, or in the previous year.
As shown in note 7 to the accounts, no trustee received any remuneration during the year. All gave their time voluntarily, and, in the view of the trustees, received no private benefit from the charity.
The trustees are concerned by the level of the operational deficits experienced, and expected. They recognise that the drain on resources poses a threat to the future. Despite the continuing uncertainty, the trustees consider that the financial position of the trust remains strong. Total funds of £1,553,606 (2023: £1,609,,588), as shown on the Balance Sheet, enable the trust to retain control over future strategy.
5
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **RISK MANAGEMENT**
The trustees acknowledge their responsibility to make a statement that they have regularly reviewed and assessed the risks faced by the charity in all areas of its work, and have planned for the management of those risks. The processes adopted are based upon the guidance issued by the Charity Commission for England and Wales, CC26. They involve the assessment of the issues raised in the context of governance, management, operations, financial circumstances, environmental and external factors, and compliance with applicable laws and regulations. The trustees seek to apply what they consider to be a prudent approach in the management of potential risks. The aim is to manage risk in such a way as enables the trustees to achieve their objectives, as noted above, and to safeguard the assets of the trust.
Risks are identified by staff or trustees, and are reviewed in relation to established policies and procedures within the framework of the financial and development plan. Amendments are made as appropriate, and are included within the operational manual. The trustees have reviewed the major risks identified, and to the best of their belief have established control systems to manage those risks. In common with many similar operations and businesses the general level of economic uncertainty presents a significant challenge. As noted above, the consequences of the changes in the provision of adult social care also create a level of uncertainty which is beyond the control of the trust. The trustees also acknowledge that there may be risks which are unknown or which are presently judged not to be significant but later prove to be significant.
## **STATEMENT OF POLICY ON RESERVES**
It is the policy of the trustees to hold cash deposits as a reserve when circumstances allow. As shown in note 16 to the accounts, as at 5th April 2024 the trust held £19,793 (2023: £6,610) in deposit accounts. These sums are available with no restrictions on the ability to withdraw the funds.
It is not the policy of the trustees to set aside designated amounts for use in future periods.
## **FUNDRAISING**
During the year no costs (2023: £616) were incurred in fundraising activities. Income from the 2023 events was £2,895. The trustees are pleased to report that in June 2024 it was possible to revive the annual Summer Fayre.
## **PLANS FOR THE FUTURE**
It is a requirement of the regulatory authorities that the trust is able to demonstrate that it is able to continue in operation in order to provide service users with security and continuity. It has been the practice to prepare a business plan on an annual basis. In view of the continuing
6
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **PLANS FOR THE FUTURE cont.**
impact of the Covid-19 pandemic, and the general economic uncertainty, the trustees take the view that a similar business plan would not be meaningful. Instead, they have based their operational decisions upon the annual budgets and quarterly management accounts.
The trustees consider that demand for the services traditionally provided at Yercombe Lodge remains. It is their intention to maintain all the services operated prior to the pandemic, but they appreciate that it remains difficult to rebuild day care and the day centre to their former levels.
As part of the procedures adopted to achieve its objectives for many years the trust has adhered formal statements made available to service users, staff, and others as required. These include an ongoing safeguarding policy. The trustees wish to confirm their commitment to and the maintenance of such a policy as part of their planning for the future.
There are a number of projects involving capital expenditure which the trustees would like to undertake when funds become available.
As noted above, the trustees appointed outside advisors to consider options for the future of the trust and its activities. Fees of £9,600 (2023: £3,000) relating to this work are included in the accounts under the heading of Governance costs. Also included are legal fees of £2,754 (2023: £Nil) in relation to advice regarding a possible application to the Charity Commission under Section 282 of the Charities Act 2011. This would involve the release of restrictions over part of the Endowment fund for cashflow purposes. At the date that the accounts were approved no decisions had been made regarding any of the proposals recently considered.
Subsequent to the year end, the trustees have engaged with the Cranfield Trust to appoint a volunteer consultant to provide support in relation to strategic direction and clarity of pathway.
## **STRUCTURE, GOVERNANCE AND MANAGEMENT**
The trust was established by a Trust Deed dated 10th February 1972. It is governed under the terms of the Deed by the trustees. The property of the trust is vested in the trustees. The Trust Deed limits the total number of trustees to twenty. New trustees are invited to join and are appointed by election at a meeting of trustees.
The trustees have established a section within the Yercombe Lodge Quality Manual dealing with the induction and training of new trustees. This is intended to allow new trustees to familiarise themselves with the premises, organisation, activities, systems, and ethos of the charity, and to ensure that they are competent, knowledgeable, and well-informed as to their duties. This process involves a tour of the premises, the passing of relevant documentation, attendance at a trustees meeting, direct discussion with existing trustees, and the completion of DBS checks.
7
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT cont.**
The charity has adopted an organisational structure based upon the allocation of areas of responsibility to sub-committees. Each sub-committee is chaired by a portfolio holder.
The portfolio holders are as follows: Administration and finance - Mr. J.C. Drury. Property - Mr. P.S. Gilbert Operational - Dr. M.J. McDowell.
The membership of the committees is as follows:
Administration and Finance - Mr. J.C. Drury. Property - Mr. P.S. Gilbert. Operational - Dr. M.J. McDowell, Mrs. J.M. Thomas, Mrs. T.J. Brinkworth.
The property sub-committee is supplemented by volunteers, one of which has taken responsibility for dealing with the woodlands and grounds. Each committee operates with a standardised agenda, and makes recommendations to the meetings of trustees as appropriate.
The freehold property is registered with the Land Registry in the names of a committee of trustees and former trustees acting on behalf of the body of trustees. The committee consists of Mr.J.C. Drury, Dr.M.J. McDowell, Mr.P.S. Gilbert, Dr.P.J. Sprague and Dr. A.J. Keith.
The routine administration of Yercombe Lodge is delegated to the manager of the home. She reports regularly to the various portfolio holders. The trustees meet monthly, except that no meetings are held in August or December.
## **REFERENCE AND ADMINISTRATIVE INFORMATION**
## NAME
The registered name of the charity is The Yercombe (Gloucestershire) Trust. It is also known as Yercombe Lodge.
## REGISTRATION NUMBER
The charity is registered with the Charity Commission for England and Wales. The registration number is 263687.
## REGISTERED ADDRESS
Yercombe Lodge, Stinchcombe, Dursley, Glos. GL11 6AS
8
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **REFERENCE AND ADMINISTRATIVE INFORMATION cont.**
TRUSTEES
Trustees at the date that the report was approved: Mr. J.C. Drury Dr. M. J. McDowell Mr. P.S. Gilbert Mrs. J.M. Thomas
Dr. P.J. Sprague served as a trustee throughout the year. He resigned as a trustee on 11th October 2024.
## MANAGEMENT STAFF
The trustees delegate day to day management of the charity to the following senior staff:
Manager - Mrs. T.J. Brinkworth Deputy manager - Mrs. K.J. Pullen
Ms. C. Kay served as manager throughout the year. She resigned with effect from June 2024.
The service contracts and remuneration of senior staff are negotiated by the trustees with the individuals concerned.
## PRINCIPAL BANKERS
Lloyds Bank - 12 Rowcroft, Stroud, Glos. GL5 3BD
## STOCKBROKERS
J.M. Finn & Co Ltd. - 25 Copthall Avenue, London, EC2R 7AH
## INDEPENDENT EXAMINER
Josh Kingston, ACA
Burton Sweet Limited - The Clock Tower, Farleigh Court, Old Western Road, Flax Bourton, Bristol BS48 1UR
9
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST TRUSTEES' REPORT FOR THE YEAR ENDED 5TH APRIL 2024**
## **TRUSTEES' RESPONSIBILITIES IN RELATION TO THE FINANCIAL STATEMENTS**
The charity trustees are responsible for preparing a trustees' annual report and 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 charity trustees to prepare financial statements for each 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 period. In preparing the financial statements, the trustees are required to:
- 1.) select suitable accounting policies and then apply them consistently;
- 2.) observe the methods and principles in the applicable Charities SORP;
- 3.) make judgements and estimates that are reasonable and prudent;
- 4.) state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- 5.) prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charity will continue in business.
The trustees are responsible for keeping proper accounting records that disclose with reasonable accuracy at any time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the applicable Charities (Accounts and Reports) Regulations, and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and taking reasonable steps for the prevention and detection of fraud and other irregularities.
The trustees are responsible for the maintenance and integrity of the charity and financial information included on the charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.
Approved by the trustees on the 8th November 2024 and signed on their behalf:
J.C. Drury Trustee
10
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST INDEPENDENT EXAMINER'S REPORT ON THE ACCOUNTS**
## **Report to the trustees of The Yercombe (Gloucestershire) Trust on the accounts for the year ended 5th April 2024, Charity number 263687, set out on pages 12 to 33**
I report to the trustees on my examination of the accounts of the above charity ("the trust") for the year 5th April 2024.
## **Responsibilities and basis of report**
As the charity's trustees, you are responsible for the preparation of the accounts in accordance with the requirements of the Charities Act 2011 ("the Act").
I report in respect of my examination of the Trust's accounts carried out under section 145 of the 2011 Act and in carrying out my examination, I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the Act.
## **Independent examiner's statement**
The charity's gross income exceeded £250,000 and I am qualified to undertake the examination by being a member of the Institute of Chartered Accountants in England & Wales.
I have completed my examination. I confirm that no material matters have come to my attention in connection with the examination which gives me cause to believe that in, any material respect:
- the accounting records were not kept in accordance with section 130 of the Charities Act; or
- the accounts did not accord with the accounting records; or
* the accounts did not comply with the applicable requirements concerning the form and content of accounts set out in the Charities (Accounts and Reports) Regulations 2008 other than any requirement that the accounts give a 'true and fair' view which is not a matter considered as part of an independent examination.
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 accounts to be reached.
**Signed:** Joshua Kingston Date: 8th November 2024 **Name:** Joshua Kingston, ACA **Address:** Burton Sweet Limited The Clock Tower, Farleigh Court, Old Weston Road, Flax Bourton, Bristol, BS48 1UR
11
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 5TH APRIL 2024**
|**Income from:**
Donations and legacies
Grants received
Charitable activities
Investments
Other
**Total**
**Expenditure on:**
Raising funds
Charitable activities
Other
**Total**
Net gains/(losses) on investments
**Net income/(expenditure)**
**Transfers between funds**
Net movement in funds
**Reconciliation of funds:**
Total funds brought forward
**Total funds carried forward**|Notes||Unrestricted
funds
£
105,646
849
552,593
40,329
6,506|Unrestricted
funds
£
105,646
849
552,593
40,329
6,506|Restricted
funds
£
2,425
-
-
-
-|Restricted
funds
£
2,425
-
-
-
-|Endowment
Total funds|Endowment
Total funds|Prior year
total funds|
|---|---|---|---|---|---|---|---|---|---|
||2
22
3
4
5
12
6|||||||funds
£
£
-
108,071
-
849
-
552,593
-
40,329
-
6,506||
||||||||||£
6,222
1,687
484,241
54,404
2,895|
|||||705,923||2,425||-
708,348|549,449|
|||||746
707,312
18,738||-
-
-||3,025
3,771
9,822
717,134
-
18,738|5,090
729,486
10,566|
|||||726,796||-||12,847
739,643|745,142|
|||||(7,384)||-||(17,303)
(24,687)|(190,647)|
|||||(28,257)
2,424||2,425
(2,425)||(30,150)
(55,982)
1
-|(386,340)
-|
|||||(25,833)
573,252||-
-|(30,149)
(55,982)
1,036,336 1,609,588||(386,340)
1,995,928|
|||||547,419||-|1,006,187 1,553,606||1,609,588|
12
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST BALANCE SHEET AT 5TH APRIL 2024**
|Notes
**Fixed assets:**
Tangible assets
13
Investments
14
Total fixed assets
**Current assets:**
Debtors
15
Cash at bank and in hand
16
Total current assets
**Liabilities:**
Creditors: Amounts falling due within
one year
17
Net current assets
Total net assets
**The funds of the charity:**
6
Endowment funds
General reserve
710,278
Revaluation reserve
295,909
Restricted income funds
Unrestricted funds
General reserve
411,659
Revaluation reserve
135,760
Total charity funds||
|---|---|
Approved by the trustees on the 8th November 2024 and signed on their behalf:
J.C. Drury Trustee
Mrs. J.M. Thomas Trustee
13
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 5TH APRIL 2024**
|**Cash flows from operating activities:**
Net cash used in operating activities
**Cash flows from investing activities:**
Dividends and interest from investments
Proceeds from sale of investments
Purchase of investments
Purchase of fixed assets
Net cash provided by investing activities
Change in cash and cash equivalents in
the reporting period
Cash and cash equivalents at the beginning
of the reporting period
Cash and cash equivalents at the end of
the reporting period
**Reconciliation of cash and cash equivalents**
**with balance sheet:**
Cash at bank and in hand per balance sheet
Day centre cash balances
Brokers deposit account|Notes
23
2
14
13
16
18
14|Total
funds
£
(157,848)
40,329
214,244
(70,284)
(3,113)
181,176
23,328
82,709
106,037
96,114
(34)
96,080
9,957
106,037||Prior year
funds
£
(234,116)|
|---|---|---|---|---|
|||||54,404
217,931
(21,896)
(26,583)|
|||||223,856|
|||||(10,260)
92,969|
|||||82,709|
|||||71,501
(50)|
|||||71,451
11,258|
|||||82,709|
Day centre cash balances are held for the benefit of service users and are not the property of the trust.
The brokers deposit account consists of funds generated by transactions in stocks held in the investment portfolio yet to be reinvested. As shown in note 14, at 5th April 2024 £6,899 was part of the endowment fund (2023: £9), and was unavailable for use to further charitable activities.
The trust undertook no financing activities in either reporting period.
14
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **1. Accounting policies**
## **The Basis of the Preparation of Accounts**
Accounting policies are the principles, bases, conventions, practices and rules by which transactions and items are recognised, measured and presented in the accounts. They are supplemented by estimation techniques where judgement is required to establish the monetary amounts of assets, liabilities, gains and losses included in the accounts.
The accounts of the charity are prepared 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 FRS102, applicable Accounting Standards, and The Charities (Accounts and Reports) Regulations 2008, issued under the provisions of the Charities Act 2011.
The charity is a Public Benefit Entity as defined by FRS102. The accounts are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial statements are rounded to the nearest pound.
The accounts have been prepared on the basis that the charity is a going concern. They have been prepared under the historic cost basis of accounting except for investments, which have been included at market value, and freehold property which is included at a revalued amount.
The accounts have been prepared to give a 'true and fair' view and 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 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) issued in October 2019 rather than the Accounting and Reporting by Charities: Statement of Recommended Practice effective from 1 April 2005 which has since been withdrawn.
## **Income**
Income generated from the provision of services at Yercombe Lodge is accounted for on the accruals basis. Resources received in advance of the provision of a service by the charity - for example, deposits received to secure a booking in the respite home - are deferred until the service has been provided.
Donations received for the general purposes of the charity are included as unrestricted funds. Donations for purposes restricted by the wishes of the donor are taken to restricted funds where those wishes are legally binding on the trustees. Donations and gifts under the
15
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **1. Accounting policies cont.**
Gift Aid scheme, together with the associated income tax recovery, are recognised as income when the donation is received. Funds collected are included gross.
The charity receives the benefit of work carried out by volunteers. No monetary value is placed on this, although the operations of the charity would be difficult without such work.
Gifts of assets for use by the charity are recognised when the assets is received. If details of the value of the asset are not known the trustees will include it at an estimated figure based upon appropriate comparative information, such as price lists etc. Such assets are capitalised under the heading of fixed assets if their nature and value falls within the charity's normal criteria for the capitalisation of assets, as outlined below.
Gifts of assets donated for resale are included at the amount realised on disposal, or at an estimated value if the asset is still held at the year end.
Legacies are accounted for when notification has been received from personal representatives, except no amount is included when there is uncertainty as to entitlement, receipt or measurability.
Revenue grants are credited to the Statement of Financial Activities as recognised, unless they relate to a specific period, when they are placed in deferred income funds until allocated. Grants for capital projects are held within restricted funds until the expenditure to which they relate is incurred.
The Trust Deed requires the capital of the endowment fund to be preserved but permits the income arising from the fund to be spent. Accordingly, the incoming resources arising from the investment of assets within the endowment fund are included within unrestricted funds.
As explained in note 18 to the accounts, the trust holds monies on behalf of the day centre users. As these funds do not belong to the charity they are not recognised as income. The expenditure made from these funds is not included as expenditure of the charity. In cases where the day centre users have donated funds to the charity such donations are recognised as income in accordance with the policy as outlined above.
## **Expenditure**
Expenditure is accounted for on an accruals basis. Expenses are included when the trustees recognise that a liability exists to a third party. A liability will arise when the charity is under an obligation to make a transfer of value to a third party as a result of past transactions or events.
16
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **1. Accounting policies cont.**
In the case of on-going contracts with Gloucestershire Social Services for the provision of services, costs are included in the Statement of Financial Activities on the accruals basis, no provision is made for any costs which might arise should the contracts be terminated or not be renewed.
The SORP requires the allocation of resources expended to relevant activity categories and to material activities or programmes within each category. Costs directly incurred in relation to an activity are allocated to that activity. Costs which involve more than one activity are attributed on the basis that the trustees consider most reasonable. In view of the nature of the charity's operations - which involve a single building with shared services and overheads - the majority of costs have to be allocated in this way. There is inevitably a high degree of estimation and approximation. In the opinion of the trustees the costs of maintaining records sufficient to enable a more accurate allocation would be substantial and would outweigh any benefits.
Despite the provision within the Trust Deed that the income arising from the endowment fund can be treated as unrestricted income, and not added to the fund, the SORP requires costs arising in relation to the fund to be charged against it. Investment management costs are allocated between funds on the basis of their relative values at the end of the year. A charge for depreciation on fixed assets held within the endowment fund is included within resources expended upon Charitable Activities on the basis outlined in the Asset Policy Note included below.
In the opinion of the trustees support costs are only material in relation to the category of resources expended upon Charitable Activities. Accordingly, no support costs are allocated to other categories.
The basis of allocation of costs to activities within the category Charitable Activities was followed by the trustees for many years for budgeting purposes. This basis was followed for the year ended 5th April 2020, but with the onset of Covid-19, which required the suspension of activities associated with day care and the day centre, the trustees took the view that the allocation of costs in this way would not be meaningful. The trustees continue to hold this view as activities have not resumed at pre-covid levels. Accordingly, no such analysis is presented in the accounts.
Other expenditure includes the costs associated with the governance arrangements of the charity which relate to the general running of the charity. They include costs associated with the strategic management of the charity's activities.
17
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **1. Accounting policies cont.**
## **Fixed Assets**
The trustees have adopted a policy of revaluation relating to freehold property. This took effect from 5th April 2015, and will involve valuation every five years. Other fixed assets acquired for the charity's own use are included at cost. It is the policy of the trustees not to capitalise items costing less than £500 unless they form part of a larger project where the total expenditure on the project exceeds £500.
The charity occupies the former home of the Settlor. It is the view of the trustees that the terms of the Trust Deed do not make the property inalienable as defined by the SORP. Yercombe Lodge has extensive grounds which include woodlands. Whilst the trustees are aware of their responsibilities in relation to these grounds, it is their opinion that they do not constitute heritage assets as defined by the SORP, as the assets are not central to the purposes of the charity as set out in the Trust Deed.
No depreciation was provided in relation to the freehold property prior to the year ended 5th April 1999. The trustees were of the opinion that the residual value would be in excess of cost as shown. This policy was amended in accordance with current accounting practice. Depreciation at a rate of 2% of cost per annum has been included. Records are not available which would enable the trustees to accurately evaluate the impact on the accounts had this policy been applied in earlier years. Where improvements to freehold property include items of mechanical equipment depreciation at a rate of 20% is applied to the cost of that equipment. No depreciation is provided on assets in the course of construction.
Depreciation is provided on fixtures, fittings and equipment at 20% per annum, except costs associated with the new space heating boilers have a charge of 10% per annum. With effect from 6th April 2017 this is charged on a straight-line basis, having formerly been on a reducing balance basis. The remaining cost of assets acquired prior to 6th April 2012 was written-off at 5th April 2017. Depreciation is charged on the cost of additions in the first quarterly accounts following acquisition.
It is the policy of the trustees that the property sub-committee review the condition of fixed assets on a regular basis for possible deterioration. A programme of necessary works is maintained. The costs of repair and maintenance are included in the Statement of Financial Activities.
Investments are included at market value at the balance sheet date. Gains and losses on revaluation are recognised in the Statement of Financial Activities as unrealised gains and losses at the balance sheet date. Realised gains and losses are recognised at the date that the investment was sold.
18
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **1. Accounting policies cont.**
The charity holds items for resale. These include tea-towels and postcards. It is not the policy of the trustees to include such items in the balance sheet as stocks as their value is likely to be immaterial in relation to the accounts. Items of craftwork held in the day centre for sale to the public are not included as they are not the property of the charity.
## **Funds structure**
The endowment fund represents permanent capital as established under the terms of the Trust Deed. The trustees have no power to convert these funds into income and apply them as such. The fund is invested in assets. These assets can be exchanged provided that their place in the fund is taken by the assets taken in exchange. Depreciation and other losses arising in relation to the assets held in the fund are charged to the fund, as are other costs - such as investment management costs - when they relate to assets held in the fund.
The restricted income funds are funds subject to specific trusts within the wider purposes of the charity. The specific trusts are generally created by the expression of a particular purpose by the donor of the funds. The trustees are then required to expend those funds for that purpose.
The unrestricted income fund consists of funds which are expendable at the discretion of the trustees in furtherance of the charity's objects. It is not the policy of the trustees to designate particular amounts of unrestricted income to specific purposes.
The Trust Deed grants the trustees a power of accumulation whereby they can augment the endowment fund from income funds. Prior to the SORP it was not always the policy of the trustees to use this power in relation to improvements to freehold property. Records do not exist which demonstrate beyond doubt the history of the expenditure on the property, or the reasons for previous transfers to the endowment fund. The SORP makes it clear that in circumstances where income funds are used to erect, extend, or improve a building which is an endowment asset those income funds will normally become permanent endowment. Accordingly, the policy has been adopted to transfer amounts equal to the cost of any such improvements to freehold property from income to endowment funds. The absence of records does not allow the trustees to quantify the impact on the accounts in previous years had this policy applied.
Other transfers between funds may arise. Each transfer depends upon its own circumstances in relation to the requirements of the SORP. Transfers have taken place from restricted income funds to unrestricted income funds of the value of fixed assets when the asset has been purchased from a restricted donation but the asset is held for a general purpose. It is the policy of the charity to seek grants and donations to purchase assets to be held for general purposes only.
19
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **1. Accounting policies cont.**
## **Pension costs**
The trust is required to automatically enrol certain workers into a pension scheme and contribute towards it. Contributions are accounted for on an accruals basis. The trust contributes the minimum amount required by law.
## **Taxation**
As a registered charity, the trust is generally exempt from the burden of Income Tax and from Capital Gains Tax, but not from Value Added Tax. Irrecoverable VAT is included in the cost of the item to which it relates.
20
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
|**2. Income from:**
Donations and legacies
Donations
Legacies
Grants received
Grants received
Charitable activities
Fees from residents
Day care
Income from residential home
Day centre
Investments
Fixed interest
Dividends
Interest on portfolio
Portfolio investment income
Short-term interest
Other
Compensation and sales
Fundraising events
Total income|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|Unrestricted
Restricted
Endowment
Prior Year
funds
funds
funds
Total funds
Total funds
£
£
£
£
£
9,419
2,425
-
11,844
4,689
96,227
-
-
96,227
1,533|
|---|---|---|---|---|---|---|---|---|
|||funds
£
9,419
96,227||funds
£
2,425
-||funds
£
-
-|||
||||||||£
11,844
96,227|£
4,689
1,533|
|||105,646||2,425||-|108,071|6,222|
|||849||-||-|849|1,687|
|||482,027
8,386||-
-||-
-|482,027
8,386|434,690
2,326|
|||490,413
62,180||-
-||-
-|490,413
62,180|437,016
47,225|
|||552,593||-||-|552,593|484,241|
|||4,909
34,703
534||-
-
-||-
-
-|4,909
34,703
534|3,494
50,792
98|
|||40,146
183||-
-||-
-|40,146
183|54,384
20|
|||40,329||-||-|40,329|54,404|
|||6,506
-||-
-||-
-|6,506
-|-
2,895|
|||6,506||-||-|6,506|2,895|
||||||||||
|||705,923||2,425||-|708,348|549,449|
Prior year donations included £860 restricted funds, and prior year dividends included £4,879 attributed to the Endowment fund.
21
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
|**3. Expenditure on:**
Raising funds
Costs of generating funds
Investment management costs
Charitable activities
Direct variable costs:
Staff costs
Food
Consumables
Property and overhead expenses:
Water
Light and heat
Insurance
Telephone
Repairs and maintenance
Printing, stationery and postage
Staff travel expenses
Training costs
Recruitment expenses
Publicity
Sundry expenses
Council Tax payable
Depreciation
Support costs:
Software expenses
Bank charges
Professional fees
Sundry items|Unrestricted
funds
£
-
746|Unrestricted
funds
£
-
746|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
-
616
-
3,025
3,771
4,474|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
-
616
-
3,025
3,771
4,474|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
-
616
-
3,025
3,771
4,474|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
-
616
-
3,025
3,771
4,474|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
-
616
-
3,025
3,771
4,474|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
-
616
-
3,025
3,771
4,474|
|---|---|---|---|---|---|---|---|---|
|||funds
£
-
746||funds
£
-
-||funds
£
-
3,025|||
||||||||£
-
3,771|£
616
4,474|
|||746||-||3,025|3,771|5,090|
|||545,395
37,865
7,515||-
-
-||-
-
-|545,395
37,865
7,515|559,483
32,958
7,041|
|||590,775||-||-|590,775|599,482|
|||(514)
29,577
13,257
2,846
33,920
2,669
281
1,553
1,384
8
6,378
-
14,473||-
-
-
-
-
-
-
-
-
-
-
-
-||-
-
-
-
-
-
-
-
-
-
-
-
9,822|(514)
29,577
13,257
2,846
33,920
2,669
281
1,553
1,384
8
6,378
-
24,295|1,892
23,155
12,337
2,262
44,965
3,499
165
3,496
1,839
100
6,154
(5,496)
23,615|
|||105,832||-||9,822|115,654|117,983|
|||4,887
227
4,962
629||-
-
-
-||-
-
-
-|4,887
227
4,962
629|4,634
806
6,559
22|
|||10,705||-||-|10,705|12,021|
||||||||||
|||707,312||-||9,822|717,134|729,486|
The prior year cost of investment management consists of £1,974 unrestricted funds and £2,500 endowment funds. The depreciation charge was £13,973 unrestricted funds and £9,822 endowment funds.
22
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **3. Expenditure on: cont.**
|Other
Independent examination/audit
Professional fees
Total expenditure
**4. Net gains/(losses) on investments**
Profit/(loss) on disposal
Revaluation of investments
Prior year net gains/(losses) on investments
Year Ended 5th April 2023:
Profit/(loss) on disposal
Revaluation of investments|Unrestricted|Unrestricted|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
(650)
5,440
-
-
19,388
5,126|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
(650)
5,440
-
-
19,388
5,126|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
(650)
5,440
-
-
19,388
5,126|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
(650)
5,440
-
-
19,388
5,126|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
(650)
5,440
-
-
19,388
5,126|Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
-
(650)
5,440
-
-
19,388
5,126|
|---|---|---|---|---|---|---|---|---|
|||funds
£
(650)
19,388||funds
£
-
-||funds
£
-
-|||
||||||||£
(650)
19,388|£
5,440
5,126|
|||18,738||-||-|18,738|10,566|
||||||||||
|||726,796||-||12,847|739,643|745,142|
||Unrestricted||Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
(6,392)
(10,678)
(25,556)
-
(10,911)
(14,009)
(165,091)||||||
|||funds
£
(4,286)
(3,098)||funds
£
-
-||funds
£
(6,392)
(10,911)|||
||||||||£
(10,678)
(14,009)|£
(25,556)
(165,091)|
|||(7,384)||-||(17,303)|(24,687)|(190,647)|
||Unrestricted||Restricted
Endowment
Prior Year
funds
funds
Total funds
Total funds
£
£
£
£
-
(7,442)
(25,556)
32,189
-
(96,067) (165,091)
76,131||||||
|||funds
£
(18,114)
(69,024)||funds
£
-
-||funds
£
(7,442)
(96,067)|||
||||||||£
(25,556)
(165,091)|£
32,189
76,131|
|||(87,138)||-|(103,509)||(190,647)|108,320|
## **5. Transfers between funds**
During the year £140,000 (2023: £195,000) was withdrawn from the investment portfolio for cashflow purposes. Of this sum, £56,000 (2023: £129,572) was raised by the sale of stocks held within the Endowment Fund. In order to maintain the value of that fund stocks of an equivalent value were transferred from Unrestricted Funds. In both years the stocks transferred exceeded the cash drawn by a small amount 2024 £1 (2023: £13), representing a net increase in the Endowment Fund.
23
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **5. Transfers between funds: cont.**
During the year £2,425 (2023: £860) was transferred from restricted to unrestricted funds. This amount includes contributions towards day centre refurbishment projects, residents' entertainment and welfare, and staff welfare.
## **6. Reconciliation of funds:**
## Endowment funds:
The endowment fund represents the trust capital account. It arises from the original donations made by the Settlor, from various transfers from income funds, and from transactions shown in the Statement of Financial Activities, including movements in unrealised reserves.
The unrestricted income fund represents the accumulated general income of the trust, including unrealised reserves.
|Endowment funds:
Fund balances brought forward
Profit/(loss) on portfolio disposals - note 4
Movement in unrealised reserve - note 4
Income per SOFA
Net expenditure per SOFA
Transfer of excess depreciation on revalued assets
Transfer from unrestricted funds - note 5
Fund balances carried forward
Restricted income funds:
Fund balances brought forward
Donation received during year
Transfer between funds
Fund balances carried forward||General
Reserves|Revaluation
Reserve
Total
£
£
303,126 1,036,336
-
(6,392)
-
(10,911)
-
-
-
(12,847)
(7,217)
-
-
1|Revaluation
Reserve
Total
£
£
303,126 1,036,336
-
(6,392)
-
(10,911)
-
-
-
(12,847)
(7,217)
-
-
1|Revaluation
Reserve
Total
£
£
303,126 1,036,336
-
(6,392)
-
(10,911)
-
-
-
(12,847)
(7,217)
-
-
1|Revaluation
Reserve
Total
£
£
303,126 1,036,336
-
(6,392)
-
(10,911)
-
-
-
(12,847)
(7,217)
-
-
1|Prior Year
Total funds|
|---|---|---|---|---|---|---|---|
|||||Reserve
£
303,126
-
-
-
-
(7,217)
-||||
|||£
733,210
(6,392)
(10,911)
-
(12,847)
7,217
1|||||£
1,147,275
(7,442)
(96,067)
4,879
(12,322)
-
13|
|||710,278||295,909|1,006,187||1,036,336|
|||||||Total
£
-
2,425|Prior Year
Total funds|
||||||||£
-
860|
|||||||2,425
(2,425)|860
(860)|
|||||||-|-|
24
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **6. Reconciliation of funds: cont.**
|Unrestricted funds:
Fund balances brought forward
Profit/(loss) on portfolio disposals - note 4
Movement in unrealised reserve - note 4
Net income per SOFA
Transfer of excess depreciation on revalued assets
Transfer from restricted funds - note 5
Transfer to Endowment fund - note 5||General
Reserves
£
434,181
(4,286)
(3,098)
(20,873)
3,311
2,425
(1)|Revaluation
Total
Reserve
£
£
139,071
573,252
-
(4,286)
-
(3,098)
-
(20,873)
(3,311)
-
-
2,425
-
(1)|Revaluation
Total
Reserve
£
£
139,071
573,252
-
(4,286)
-
(3,098)
-
(20,873)
(3,311)
-
-
2,425
-
(1)|Prior Year
Total funds|
|---|---|---|---|---|---|
|||||||
||||||£
848,653
(18,114)
(69,024)
(189,110)
-
860
(13)|
|||411,659||135,760
547,419|573,252|
The freehold property was valued on 17th March 2015, the figure being incorporated into the accounts with effect from 5th April 2015. The valuation was carried out under instructions given under Section 36 of the Charities (Qualified Surveyors Reports) Regulations 1992, and was prepared by C.J. Soane FRICS, a member of Ash & Co CS LLP. The present day existing use value was given as approximately £700,000. Accordingly, this figure was used by the trustees under the policy of revaluation. Should this policy not have been adopted the net book value of the freehold property would have been £173,579. The trustees obtained a further valuation in September 2022. The results were largely unchanged from the 2015 valuation and the trustees have taken the view that no adjustment to the figures included in the accounts is justified.
The revaluation reserve arising was credited to funds in the proportion that the property is held within those funds. The gain arose in the accounts for the year ended 5th April 2015 as follows:
|Freehold land and buildings:
Net book value prior to revaluation
Revaluation reserve
Existing use value 5th April 2015||Unrestricted
funds
£
54,594
165,559|Unrestricted
funds
£
54,594
165,559|Restricted
funds
£
-
-|Restricted
funds
£
-
-|Endowment
funds
Total funds
£
£
118,985
173,579
360,862
526,421|Endowment
funds
Total funds
£
£
118,985
173,579
360,862
526,421|Endowment
funds
Total funds
£
£
118,985
173,579
360,862
526,421|
|---|---|---|---|---|---|---|---|---|
||||||||funds
£
118,985
360,862||
|||||||||£
173,579
526,421|
||||220,153||-||479,847|700,000|
25
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **6. Reconciliation of funds: cont.**
|The funds are represented by:
Tangible fixed assets - note 13
Investments - note 14
Net current assets|Unrestricted|Unrestricted|Restricted
Endowment
funds
funds
£
£
-
403,392
-
602,795
-
-
|Restricted
Endowment
funds
funds
£
£
-
403,392
-
602,795
-
-
|Restricted
Endowment
funds
funds
£
£
-
403,392
-
602,795
-
-
|Total
£
613,898
752,724
186,984|
|---|---|---|---|---|---|---|
|||funds
£
210,506
149,929
186,984||funds
£
-
-
-|||
|||547,419||-|1,006,187 1,553,606||
|The analysis of funds for the prior year
Year Ended 5th April 2023:
Tangible fixed assets - note 13
Investments - note 14
Net current assets|Unrestricted|Unrestricted|Restricted
Endowment
funds
funds
£
£
-
413,214
-
623,122
-
-|Restricted
Endowment
funds
funds
£
£
-
413,214
-
623,122
-
-|Restricted
Endowment
funds
funds
£
£
-
413,214
-
623,122
-
-|Total
£
635,080
922,672
51,836|
|---|---|---|---|---|---|---|
|||funds
£
221,866
299,550
51,836||funds
£
-
-
-|||
|||573,252||-|1,036,336 1,609,588||
## **7. Trustee remuneration**
No remuneration is paid to the trustees. (2023: £Nil).
## **8. Trustee expenses**
No expenses were paid either to or on behalf of trustees during the year. (2023: £Nil).
|**9. Staff costs:**
Wages and salaries
Social security costs
Employer's contribution to defined contribution pension scheme
Staff agency costs
Total staff costs||2024
2023
£
£
485,826
467,517
27,996
27,777
8,758
7,633|
|---|---|---|
|||522,580
502,927
22,815
56,556|
|||545,395
559,483|
26
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **9. Staff costs cont.**
No employee had emoluments (including benefits) in excess of £60,000 (2023: None).
The average number of employees during the year was 36 (2023: 37). This figure includes part-time employees. It is estimated that the average full time equivalent employees was 21 (2023: 20). It is estimated that 12 full time equivalents were employed in the respite home (2023: 12), 2 in the day centre (2023: 1.5), and 7 in administration and other areas (2023: 7.5). Available staff are redeployed to fit requirements in order to minimise the need for agency staff. All employees in both years were engaged in the operation of Yercombe Lodge.
Agency staff are used as required on a shift by shift basis when employed staff are not available. The trust obtains staff through a number of agencies.
The trust makes use of the National Employment Savings Trust (NEST). In both years contributions were made at a rate of 3% of the qualifying earnings of those employees within the scheme.
|**10. Amounts payable to Independent Examiner:**
Cost of independent examination||2024
£
2,250|2023
£
2,100|
|---|---|---|---|
|||2,250|2,100|
## **11. Ex gratia payments:**
During the year the charity made no ex gratia payments as defined by the Charity Commission in guidance CC7. (2023: £Nil). Payments to staff for long service, or on retirement, are considered to be in the interests of the charity and are included as expenditure of funds for charitable purposes within support costs.
|**12. Net movement of funds:**
Income from charitable activities
Total expenditure
Operational (deficit)|2024
2023
£
£
552,593
484,241
739,643
745,142|
|---|---|
||(187,050) (260,901)|
27
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **12. Net movement of funds cont.**
|**12. Net movement of funds cont.**||||
|---|---|---|---|
|Other sources of income:
Donations and legacies
Grants recognised
Investments
Other
Income less operational deficit
Gains/(losses) on investments
Net income/(expenditure)||2024
£
108,071
849
40,329
6,506|2023
£
6,222
1,687
54,404
2,895|
|||155,755|65,208|
|||2024
2023
(31,295)
(195,693)
(24,687)
(190,647)||
|||(55,982)
(386,340)||
The net movement in funds represents the increase/(decrease) in resources available to the charity.
|**13. Tangible assets**
Cost or valuation
At beginning of the year
Additions
At end of the year
Depreciation
At beginning of the year
Depreciation charge for the year
At end of the year
Net book value at beginning of the year
Net book value at end of the year||Freehold
land and
buildings
£
711,267
-|Fixtures
fittings and
equipment
£
266,543
3,113|Total
£
977,810
3,113|
|---|---|---|---|---|
|||711,267|269,656|980,923|
|||113,124
14,225|229,606
10,070|342,730
24,295|
|||127,349|239,676|367,025|
|||598,143|36,937|635,080|
|||583,918|29,980|613,898|
## **14. Investments:**
The investment portfolio was valued by J.M. Finn & Co Ltd. at current market value.
28
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **14. Investments cont.**
Historical cost was £626,063 (2023: £735,119). The investments included within the portfolio are mainly quoted on the London Stock Exchange. The structure of the portfolio is as follows:
|2024
£
Gilt edged stock
70,364
Fixed interest
47,905
Equities
624,498
742,767
Stocks which individually represent more than 5% of the portfolio:
2024
£
TP ICAP
39,462
National Grid
International Public Partnership
Shell PLC
Analysis of movement in investment portfolio:
Endowment
Total
funds
Invested portfolio:
Market value at beginning of year
911,414
623,113
Add: Additions to investments at cost
70,284
70,284
Less: Disposals at carrying value
(224,922)
(142,591)
Transfers between funds - note 6
-
56,001
Add: Net gains/(losses) on revaluation
(14,009)
(10,911)
Market value at end of year
742,767
595,896
Invested portfolio
742,767
595,896
Cash held by brokers
9,957
6,899
Total investments held 5th April 2024
752,724
602,795|2024
£
Gilt edged stock
70,364
Fixed interest
47,905
Equities
624,498
742,767
Stocks which individually represent more than 5% of the portfolio:
2024
£
TP ICAP
39,462
National Grid
International Public Partnership
Shell PLC
Analysis of movement in investment portfolio:
Endowment
Total
funds
Invested portfolio:
Market value at beginning of year
911,414
623,113
Add: Additions to investments at cost
70,284
70,284
Less: Disposals at carrying value
(224,922)
(142,591)
Transfers between funds - note 6
-
56,001
Add: Net gains/(losses) on revaluation
(14,009)
(10,911)
Market value at end of year
742,767
595,896
Invested portfolio
742,767
595,896
Cash held by brokers
9,957
6,899
Total investments held 5th April 2024
752,724
602,795||2024
£
70,364
47,905
624,498|||2023
£
-
61,734
849,680|
|---|---|---|---|---|---|---|
||||742,767|||911,414|
||||2024
£
39,462|||2023
£
51,742
50,085
47,260|
|||Endowment||Unrestricted|||
|||funds
623,113
70,284
(142,591)
56,001
(10,911)|||funds
288,301
-
(82,331)
(56,001)
(3,098)||
||742,767|595,896|||146,871||
||742,767
9,957|595,896
6,899|||146,871
3,058||
||752,724|602,795|||149,929||
29
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
|**NOTES TO THE ACCOUNTS**
**FOR THE YEAR ENDED 5TH APRIL 2024**||||||
|---|---|---|---|---|---|
|**14. Investments cont.**
Prior year market value at end of year
Prior year cash held by brokers
Total investments held 5th April 2023||Endowment
Unrestricted
Total
funds
funds
911,414
623,113
288,301
11,258
9
11,249
922,672
623,122
299,550|Endowment
Unrestricted|||
|||||funds
623,113
9|funds
288,301
11,249
299,550|
|||922,672
||623,122||
|The cash held by brokers represents monies arising from investment transactions
re-invested. As explained above, during the year £140,000 (2023: £195,000) was
the portfolio.
**15. Debtors**
2024
£
Trade debtors
26,549
Prepayments and accrued income
10,131
Other debtors
104,542
141,222
**16. Cash at bank and in hand**
2024
£
Lloyds Bank:
Current accounts
75,665
Deposit accounts
19,793
National Westminster Bank
463
Cash with brokers
-
Cash in hand
193
96,114
**17. Creditors**
2024
£
Trade creditors
5,437
Accruals and deferred income
23,037
Day centre service users - note 18
167
Other creditors
21,711
50,352|The cash held by brokers represents monies arising from investment transactions
re-invested. As explained above, during the year £140,000 (2023: £195,000) was
the portfolio.
**15. Debtors**
2024
£
Trade debtors
26,549
Prepayments and accrued income
10,131
Other debtors
104,542
141,222
**16. Cash at bank and in hand**
2024
£
Lloyds Bank:
Current accounts
75,665
Deposit accounts
19,793
National Westminster Bank
463
Cash with brokers
-
Cash in hand
193
96,114
**17. Creditors**
2024
£
Trade creditors
5,437
Accruals and deferred income
23,037
Day centre service users - note 18
167
Other creditors
21,711
50,352|The cash held by brokers represents monies arising from investment transactions
re-invested. As explained above, during the year £140,000 (2023: £195,000) was
the portfolio.
**15. Debtors**
2024
£
Trade debtors
26,549
Prepayments and accrued income
10,131
Other debtors
104,542
141,222
**16. Cash at bank and in hand**
2024
£
Lloyds Bank:
Current accounts
75,665
Deposit accounts
19,793
National Westminster Bank
463
Cash with brokers
-
Cash in hand
193
96,114
**17. Creditors**
2024
£
Trade creditors
5,437
Accruals and deferred income
23,037
Day centre service users - note 18
167
Other creditors
21,711
50,352|still to be
withdrawn from
2023
£
39,502
9,607
1,784
50,893
2023
£
61,894
6,610
343
2,323
331
71,501
2023
£
13,728
35,128
542
21,160
70,558|
|---|---|---|---|
||141,222|||
|||2024
£
75,665
19,793
463
-
193||
|||96,114||
|||2024
£
5,437
23,037
167
21,711||
|||50,352||
30
**THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **18. Day Centre service users**
Following the closure of the local branch of Barclays Bank PLC, separate accounts are no longer maintained to hold funds belonging to day centre service users. At 5th April 2024 the trust was holding £133 (2023: £492) in its Lloyds Bank account on behalf of the day centre service users.
|Funds held in Lloyds Bank account
Day centre cash held
Day centre service users
Brought forward
Amounts collected
Amounts expended
Carried forward
**19. Legacy income**
Income recognised:
Mrs. F.W.M. Bignell dec'd.
Lady C. Elwes dec'd
Miss. E.M. Wyatt dec'd.||2024
£
133
34|2023
£
492
50|
|---|---|---|---|
|||167|542|
|||2024
£
542
-|2023
£
862
131|
|||542
375|993
451|
|||167|542|
|||2024
£
95,171
1,027
29|2023
£
-
-
1,533|
|||96,227|1,533|
Mrs. F.W.M. Bignell died in 2007. Prior to the distributions noted above, the most recent distribution was on 13th July 2017. The total received from the estate is £155,949. The trustees understand that the administration of the estate is now complete.
Lady Elwes was the patron of the trust for many years. In the year ended 5th April 2023 donations in her memory of £2,250 were received.
31
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **19. Legacy income cont.**
Potential legacy income:
Miss. E.E. May dec'd.
The trust has received notification that it has been left one fifth of the residue of the estate. The principal asset consisted of a residential property. The trustees understand that this property has been sold, but information is not available which would allow a reliable estimate of the amount eventually to be received by the trust.
## **20. Additional insurance**
The trust has taken out a 'Directors & Officers' insurance policy. This policy provides management liability and corporate liability cover, each to an aggregate limit of all claims of £1,000,000. The cover includes the trust, staff, and trustees to the extent permitted by the provisions of section 189 of the Charities Act 2011. The premium payable in the year was £1,698 (2023: £1,763).
## **21. Related party transactions**
In the opinion of the trustees there were no related party transactions during the year that require disclosure (2023: None).
## **22. Grants received**
During the year the trust received a grant of £849 in the form of a one-off support payment from the Market Sustainability & Improvement Fund maintained by Gloucestershire County Council. Subject to some conditions, which in the view of the trustees did not apply to the trust, the grant could be used for any purpose that the trust saw fit. The money was therefore treated as unrestricted funds.
During the year ended 5th April 2023 the trust received £1,687 from Gloucestershire County Council as support for the increased pressure caused by the Omicron variant of Covid-19. Although this grant came with conditions attached, the trustees took the view that the nature of the support was such that the funds should be treated as unrestricted.
All grants received in both years were funded by government, government agencies, and similar bodies within the UK whole of government accounts (WGA).
32
## **THE YERCOMBE (GLOUCESTERSHIRE) TRUST NOTES TO THE ACCOUNTS FOR THE YEAR ENDED 5TH APRIL 2024**
## **23. Reconciliation of net income/(expenditure) to net cash flow from operating activities**
|Net (expenditure) for the reporting period
**Adjustments for:**
Depreciation charges
(Increase)/decrease in debtors
Increase/(decrease) in creditors
Other incoming resources:
Donations
Legacies
Grants
Other
**Net cash used in operating activities**|Note
12
13
2|Current year
£
(187,050)
24,295
(90,329)
(20,190)
11,844
96,227
849
6,506
(157,848)||Prior year
£
(260,901)
23,615
(18,591)
10,957
4,689
1,533
1,687
2,895|
|---|---|---|---|---|
|||||(234,116)|
33