COMPANY REGISTRATION NUMBER: 01302478 CHARITY REGISTRATION NUMBER: 0273424
The Warrington Homes Limited Company Limited by Guarantee Financial Statements
31 October 2022
HAINES WATTS
Chartered accountants & statutory auditor Old Station House Station Approach Newport Street Swindon Wiltshire SN1 3DU
The Warrington Homes Limited
Company Limited by Guarantee
Financial Statements
Year ended 31 October 2022
| Page | |
|---|---|
| Trustees' annual report (incorporating the director's report) | 1 |
| Independent auditor's report to the members | 6 |
| Statement of financial activities (including income and | |
| expenditure account) | 10 |
| Statement of financial position | 11 |
| Statement of cash flows | 12 |
| Notes to the financial statements | 13 |
The Warrington Homes Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report)
Year ended 31 October 2022
The trustees, who are also the directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 October 2022.
Report of the Chairman
The trustees are to continue undertaking the development of the Claremont and Warrington Lodge establishments to provide enhanced care facilities.
Reference and administrative details
Registered charity name The Warrington Homes Limited Charity registration number 0273424 Company registration number 01302478 Principal office and registered The Warrington Homes Limited office The Linleys Corsham Wiltshire SN13 9PD
The trustees
Mrs G Stafford Dr N J R Davis Ms C Reid Mr M N Canty (Chairman) Mr P Sexton Dr S J Burrell Mrs V S Conrad (Resigned 24 October 2022) Mrs R Park (Appointed 2 March 2023) Company secretary Mr R Mauldon (Homes Director) Auditor Haines Watts Chartered accountants & statutory auditor Old Station House Station Approach Newport Street Swindon Wiltshire SN1 3DU
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The Warrington Homes Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Structure, governance and management
The trustees meet regularly or are advised on and able to discuss and determine overall policy and capital expenditure decisions. The day to day operation of the establishments provided by the charitable company is the responsibility of the homes director (Mr R Mauldon) and the individual registered manager. The manager reports to the homes director who reports directly to the trustees. The remuneration of those responsible for the day to day operation of the charitable company is set by reference to to market rates. Smaller working groups which report directly to the trustees and may utilise the services of an independent expert are formed as necessary.
Trustees
The responsibility for the recruitment and appointment of new trustees is delegated by the members to the existing trustees. The appointment of new trustees, their induction and the training provided, is on the basis of being deemed necessary to enable such an appointed person to be able to fulfil their role.
Objectives and activities
The main objectives and activities of the charitable company continue to be the provision and maintenance of housing accommodation and any associated amenities for the benefit of elderly persons, the elderly mentally infirm and the care of such persons resident at homes or establishments provided by the charitable company.
We review our aims, objectives and activities each year. This review looks at what we achieved and the outcomes of our work in the previous 12 months. The review looks at the success of each key activity and the benefits they have brought to those groups of people we are set up to help.
We have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.
Our short term aim is to ensure we generate sufficient funds to maintain the best possible care for our residents and meet the day to day running costs of the business.
Our long term objective is to maintain and improve both homes to ensure they meet or exceed current and anticipated future standards and to expand the facilities at the site.
Bursaries
In fulfilment of the charitable objects of the company bursaries were granted during the year, to residents in necessitous circumstances totalling £16,422 (2021 - £19,029)
Achievements and performance
During the year the charity maintained a reasonably high level of occupancy despite the adverse impact of Coronavirus.
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The Warrington Homes Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Financial review
The net surplus for the year amounted to £456,965 (2021 - £546,450). The trustees recommend that this be transferred to the general fund.
Principle Risks and Uncertainties
The trustees have reviewed the risks associated with the charitable company. They have concluded that all material risks have been addressed and that all practicable steps have been taken to minimise the effects of those risks.
The key risks and uncertainties are regarded as compliance with legislation relevant to the company and the occupancy of sufficient rooms to ensure fixed costs are fully covered.
Impairment Review
The trustees have reviewed the values at which the fixed assets are included in the accounts. They have no reason to believe the assets not to be worth their current value in the accounts.
Land and buildings
The premises from which the company operates is included at historic cost. The last formal valuation was carried out on 16 February 2016. The market valuation was £2,030,000 for the Claremont site and £1,550,000 for the Warrington Lodge site on the basis of the charitable company continuing as a going concern.
Replacement and Renewal of Equipment
During the year both homes continued to replace and renew old equipment, the expenses of which have been charged to the Income and Expenditure account in full.
Reserves
The trustees' policy is to produce sufficient surplus of unrestricted funds each year to adequately maintain and replace its fixed assets and to improve continually the facilities provided to its residents. At the year end reserves amounted to £5,848,396 (2021 - £5,391,431). All reserves held were unrestricted funds at the year end.
Free reserves at the year end (unrestricted reserves not represented by fixed assets) amounted to £3,425,697 (2021 - £2,942,407)
In addition to an ongoing review of improvements to the facilities within the existing buildings, consideration is currently being given to the building of a further dementia unit on land forming part of or adjacent to the existing site.
Future Plans
The charitable company intends to undertake extensive refurbishment at Claremont during 2023/24 with estimated expenditure to be £1.5 million. Future expansion of both homes to improve the facilities offered to residents is also under active planning.
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The Warrington Homes Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
Trustees' responsibilities statement
The trustees, who are also directors for the purposes of company law, are responsible for preparing the trustees' report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
Company law requires the charity trustees to prepare financial statements for each year which give a true and fair view of the state of affairs of the charitable company and the incoming resources and application of resources, including the income and expenditure, for that period.
In preparing these financial statements, the trustees are required to:
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select suitable accounting policies and then apply them consistently;
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observe the methods and principles in the applicable Charities SORP;
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make judgments and accounting estimates that are reasonable and prudent;
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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 adequate accounting records that are sufficient to show and explain the charity's transactions and disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Auditor
Each of the persons who is a trustee at the date of approval of this report confirms that:
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so far as they are aware, there is no relevant audit information of which the charity's auditor is unaware; and
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they have taken all steps that they ought to have taken as a trustee to make themselves aware of any relevant audit information and to establish that the charity's auditor is aware of that information.
The Auditors, Haines Watts, Chartered Accountants, will be proposed for re-appointment in accordance with Section 487(2) of the Companies Act 2006.
Small company provisions
This report has been prepared in accordance with the provisions applicable to companies entitled to the small companies exemption.
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The Warrington Homes Limited
Company Limited by Guarantee
Trustees' Annual Report (Incorporating the Director's Report) (continued)
Year ended 31 October 2022
The trustees' annual report was approved on 2 March 2023 and signed on behalf of the board of trustees by:
Mr R Mauldon (Homes Director) Charity Secretary
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The Warrington Homes Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Warrington Homes Limited
Year ended 31 October 2022
Opinion
We have audited the financial statements of The Warrington Homes Limited (the 'charity') for the year ended 31 October 2022 which comprise the statement of financial activities (including income and expenditure account), statement of financial position, statement of cash flows and the related notes, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
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give a true and fair view of the state of the charity's affairs as at 31 October 2022 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended;
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have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice;
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have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
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The Warrington Homes Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Warrington Homes
Limited (continued)
Year ended 31 October 2022
Other information
The other information comprises the information included in the annual report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements or a material misstatement of the other information. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.
We have nothing to report in this regard.
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of the audit:
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the information given in the trustees' report for the financial year for which the financial statements are prepared is consistent with the financial statements; and
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the trustees' report has been prepared in accordance with applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and its environment obtained in the course of the audit, we have not identified material misstatements in the trustees' report.
We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:
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adequate accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or
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the financial statements are not in agreement with the accounting records and returns; or
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certain disclosures of trustees' remuneration specified by law are not made; or
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we have not received all the information and explanations we require for our audit; or
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the trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the directors' report and from the requirement to prepare a strategic report.
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The Warrington Homes Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Warrington Homes
Limited (continued)
Year ended 31 October 2022
Responsibilities of trustees
As explained more fully in the trustees' responsibilities statement, the trustees (who are also the directors for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
We obtained an understanding of the legal and regulatory framework applicable to both the charity itself and the environment in which it operates. We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience and through discussion with the trustees and other management. The most significant were identified as the Companies Act 2006, Charity SORP (FRS102) and Charities Act.
We considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statements. Our audit procedures included:
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making enquires of trustees and management as to where they consider there to be a susceptibility to fraud and whether they have any knowledge or suspicion of fraud;
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obtaining an understanding of the internal controls established to mitigate risks related to fraud or non-compliance with laws and regulations;
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assessing the risk of management override including identifying and testing journal entries;
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challenging the assumptions and judgements made by management in its significant accounting estimates.
Despite the audit being planned and conducted in accordance with ISAs (UK) there remains an unavoidable risk that material misstatements in the financial statements may not be detected owing to inherent limitations of the audit, and that by their very nature, any such instances of fraud or irregularity likely involve collusion, forgery, intentional misrepresentations, or the override of internal controls.
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The Warrington Homes Limited
Company Limited by Guarantee
Independent Auditor's Report to the Members of The Warrington Homes
Limited (continued)
Year ended 31 October 2022
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Use of our report
This report is made solely to the charity's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charity's members those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's members as a body, for our audit work, for this report, or for the opinions we have formed.
Susan Plumb ACA (Senior Statutory Auditor)
For and on behalf of Haines Watts Chartered Accountant & Statutory Auditor Old Station House Station Approach Newport Street Swindon Wiltshire SN1 3DU
28 March 2023
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The Warrington Homes Limited
Company Limited by Guarantee
Statement of Financial Activities (including income and expenditure account)
Year ended 31 October 2022
| 2022 | 2021 | ||||
|---|---|---|---|---|---|
| Unrestricted | Restricted | ||||
| funds | funds | Total funds | Total funds | ||
| Note | £ | £ | £ | £ | |
| Income and endowments | |||||
| Charitable activities | 5 | 2,370,762 | – | 2,370,762 | 2,323,420 |
| Investment income | 6 | 11,231 | – | 11,231 | 1,588 |
| Other income | 7 | – | 34,371 | 34,371 | 61,642 |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total income | 2,381,993 | 34,371 | 2,416,364 | 2,386,650 | |
| ========================================= | ============================ | ========================================= | ========================================= | ||
| Expenditure | |||||
| Expenditure on charitable activities | 8 | 1,855,621 | 34,371 | 1,889,992 | 1,894,566 |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total expenditure | 1,855,621 | 34,371 | 1,889,992 | 1,894,566 | |
| ========================================= | ============================ | ========================================= | ========================================= | ||
| Net (losses)/gains on investments | 9 | (69,407) | – | (69,407) | 54,366 |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Net income and net movement in | funds | 456,965 | – | 456,965 | 546,450 |
| ========================================= | ============================ | ========================================= | ========================================= | ||
| Reconciliation of funds | |||||
| Total funds brought forward | 5,391,431 | – | 5,391,431 | 4,844,981 | |
| ----------------------------------------- | ---------------------------- | ----------------------------------------- | ----------------------------------------- | ||
| Total funds carried forward | 5,848,396 | – | 5,848,396 | 5,391,431 | |
| ========================================= | ============================ | ========================================= | ========================================= |
The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
The notes on pages 13 to 21 form part of these financial statements.
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The Warrington Homes Limited
Company Limited by Guarantee
Statement of Financial Position
| 31 October | 31 October | 2022 | ||||
|---|---|---|---|---|---|---|
| 2022 | 2021 | |||||
| Note | £ | £ | £ | £ | ||
| Fixed assets | ||||||
| Tangible fixed assets | 14 | 2,422,699 | 2,449,024 | |||
| Investments | 15 | 848,787 | 768,194 | |||
| ----------------------------------------- | ----------------------------------------- | |||||
| 3,271,486 | 3,217,218 | |||||
| Current assets | ||||||
| Cash at bank and in hand | 2,605,981 | 2,210,677 | ||||
| Creditors: amounts falling due | ||||||
| within one year | 16 | 29,071 | 36,464 | |||
| ----------------------------------------- | ----------------------------------------- | |||||
| Net current assets | 2,576,910 | 2,174,213 | ||||
| ----------------------------------------- | ----------------------------------------- | |||||
| Total assets less current liabilities | 5,848,396 | 5,391,431 | ||||
| ----------------------------------------- | ----------------------------------------- | |||||
| Net assets | 5,848,396 | 5,391,431 | ||||
| ========================================= | ========================================= | |||||
| Funds of the charity | ||||||
| Unrestricted funds | 5,848,396 | 5,391,431 | ||||
| ----------------------------------------- | ----------------------------------------- | |||||
| Total charity funds | 17 | 5,848,396 | 5,391,431 | |||
| ========================================= | ========================================= |
These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies' regime.
These financial statements were approved by the board of trustees and authorised for issue on 2 March 2023 and are signed on behalf of the board by:
Mr M N Canty (Chairman) Trustee
The notes on pages 13 to 21 form part of these financial statements.
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The Warrington Homes Limited
Company Limited by Guarantee
Statement of Cash Flows
Year ended 31 October 2022
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Cash flows from operating activities | ||
| Net income | 456,965 | 546,450 |
| Adjustments for: | ||
| Depreciation of tangible fixed assets | 26,325 | 26,325 |
| Net losses/(gains) on investments | 69,407 | (54,366) |
| Other interest receivable and similar income | (11,231) | (1,588) |
| Accrued income | (5,738) | (2,116) |
| Changes in: | ||
| Trade and other debtors | – | 7,765 |
| Trade and other creditors | (1,655) | (707) |
| -------------------------------- | -------------------------------- | |
| Cash generated from operations | 534,073 | 521,763 |
| Interest received | 11,231 | 1,588 |
| -------------------------------- | -------------------------------- | |
| Net cash from operating activities | 545,304 | 523,351 |
| ================================ | ================================ | |
| Cash flows from investing activities | ||
| Purchases of other investments | (150,000) | – |
| -------------------------------- | -------------------------------- | |
| Net cash (used in)/from investing activities | (150,000) | – |
| ================================ | ================================ | |
| Net increase in cash and cash equivalents | 395,304 | 523,351 |
| Cash and cash equivalents at beginning of year | 2,210,677 | 1,687,326 |
| ----------------------------------------- | ----------------------------------------- | |
| Cash and cash equivalents at end of year | 2,605,981 | 2,210,677 |
| ========================================= | ========================================= |
The notes on pages 13 to 21 form part of these financial statements.
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements
Year ended 31 October 2022
1. General information
The charity is a public benefit entity and a private company limited by guarantee, registered in England and Wales and a registered charity in England and Wales. The address of the registered office is The Warrington Homes Limited, The Linleys, Corsham, Wiltshire, SN13 9PD.
2. Statement of compliance
These financial statements have been prepared in compliance with FRS 102, 'The Financial Reporting Standard applicable in the UK and the Republic of Ireland', the 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) (Charities SORP (FRS 102)) and the Companies Act 2006.
3. Accounting policies
Basis of preparation
The financial statements have been prepared on the historical cost basis, as modified by the revaluation of certain financial assets and liabilities and investment properties measured at fair value through income or expenditure.
The financial statements are prepared in sterling, which is the functional currency of the entity.
Going concern
There are no material uncertainties about the charity's ability to continue.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees to further any of the charity's purposes.
Designated funds are unrestricted funds earmarked by the trustees for particular future project or commitment. The Charitable Company currently has no designated funds.
Restricted funds are subjected to restrictions on their expenditure declared by the donor or through the terms of an appeal, and fall into one of two sub-classes: restricted income funds or endowment funds. The Charitable Company currently has no restricted funds.
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Incoming resources
All incoming resources are included in the statement of financial activities when entitlement has passed to the charity; it is probable that the economic benefits associated with the transaction will flow to the charity and the amount can be reliably measured. The following specific policies are applied to particular categories of income:
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income from donations or grants is recognised when there is evidence of entitlement to the gift, receipt is probable and its amount can be measured reliably.
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legacy income is recognised when receipt is probable and entitlement is established.
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income from donated goods is measured at the fair value of the goods unless this is impractical to measure reliably, in which case the value is derived from the cost to the donor or the estimated resale value. Donated facilities and services are recognised in the accounts when received if the value can be reliably measured. No amounts are included for the contribution of general volunteers.
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income from contracts for the supply of services is recognised with the delivery of the contracted service. This is classified as unrestricted funds unless there is a contractual requirement for it to be spent on a particular purpose and returned if unspent, in which case it may be regarded as restricted.
Resources expended
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure includes any VAT which cannot be fully recovered, and is classified under headings of the statement of financial activities to which it relates:
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expenditure on raising funds includes the costs of all fundraising activities, events, noncharitable trading activities, and the sale of donated goods.
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expenditure on charitable activities includes all costs incurred by a charity in undertaking activities that further its charitable aims for the benefit of its beneficiaries, including those support costs and costs relating to the governance of the charity apportioned to charitable activities.
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other expenditure includes all expenditure that is neither related to raising funds for the charity nor part of its expenditure on charitable activities.
All costs are allocated to expenditure categories reflecting the use of the resource. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs are apportioned between the activities they contribute to on a reasonable, justifiable and consistent basis.
Tangible assets
Tangible assets are initially recorded at cost, and subsequently stated at cost less any accumulated depreciation and impairment losses.
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
3. Accounting policies (continued)
Depreciation
Depreciation is calculated so as to write off the cost or valuation of an asset, less its residual value, over the useful economic life of that asset as follows:
Warrington Lodge - 1% per annum - straight line Claremont - 1% per annum - straight line Furniture, Fittings & - 8 year - straight line Equipment
Debtors and Creditors
Debtors and Creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
Employee benefits
When employees have rendered service to the charity, short-term employee benefits to which the employees are entitled are recognised at the undiscounted amount expected to be paid in exchange for that service. The charity operates a defined contribution plan for the benefit of its employees. Contributions are expensed as they become payable.
Investments
Unlisted equity investments are initially recorded at cost, and subsequently measured at fair value. If fair value cannot be reliably measured, assets are measured at cost less impairment.
Listed investments are measured at fair value with changes in fair value being recognised in income or expenditure.
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
4. Limited by guarantee
The Charity is a company limited by guarantee. In the event of the charity being wound up, the members are liable under the guarantee subject to a limit of £1 per member.
5. Charitable activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Residents Rents Chargeable | 2,387,184 | 2,342,449 |
| Less: Bursaries | (16,422) | (19,029) |
| ----------------------------------------- | ----------------------------------------- | |
| Total Income from charitable activities | 2,370,762 | 2,323,420 |
6. Investment income
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Other interest receivable | 11,231 | 11,231 | 1,588 | 1,588 | |
| ============================ | ============================ | ======================= | ======================= | ||
| 7. | Other income | ||||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2022 | |||
| £ | £ | £ | |||
| Grants received (Coronavirus) | – | 34,371 | 34,371 | ||
| Government assistance (Coronavirus) | – | – | – | ||
| -------------- | ---------------------------- | ---------------------------- | |||
| – | 34,371 | 34,371 | |||
| ============== | ============================ | ============================ | |||
| Unrestricted | Restricted | Total Funds | |||
| Funds | Funds | 2021 | |||
| £ | £ | £ | |||
| Grants received (Coronavirus) | – | 53,602 | 53,602 | ||
| Government assistance (Coronavirus) | 8,040 | – | 8,040 | ||
| ----------------------- | ---------------------------- | ---------------------------- | |||
| 8,040 | 53,602 | 61,642 | |||
| ======================= | ============================ | ============================ |
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
8. Expenditure on charitable activities
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Staff Costs | 1,401,062 | 1,397,063 |
| Other Direct Charitable Expenses | 252,659 | 293,443 |
| Administration & Office Costs | 50,049 | 34,124 |
| Depreciation | 26,325 | 26,325 |
| Governance Costs (as detailed below) | 15,316 | 14,084 |
| ----------------------------------------- | ----------------------------------------- | |
| Total costs of charitable activities | 1,745,411 | 1,765,039 |
| ========================================= | ========================================= | |
| Governance Costs | ||
| 2022 | 2021 | |
| £ | £ | |
| Sundries | 3,483 | 4,256 |
| Bank Charges | 1,266 | 1,968 |
| Audit Fee | 2,690 | 2,680 |
| Accountancy Fee | 7,877 | 5,180 |
| ---------------------------- | ---------------------------- | |
| Total Governance Costs | 15,316 | 14,084 |
| ============================ | ============================ |
Governance Costs
9. Net (losses)/gains on investments
| Unrestricted | Total Funds | Unrestricted | Total Funds | ||
|---|---|---|---|---|---|
| Funds | 2022 | Funds | 2021 | ||
| £ | £ | £ | £ | ||
| Gains/(losses) on other investment | |||||
| assets | (69,407) | (69,407) |
54,366 | 54,366 | |
| ============================ | ============================ | ============================ | ============================ | ||
| 10. | Net income | ||||
| Net income is stated after charging/(crediting): | |||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Depreciation of tangible fixed assets | 26,325 | 26,325 | |||
| ============================ | ============================ | ||||
| 11. | Auditors remuneration | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Fees payable for the audit of the financial statements | 2,690 | 2,680 | |||
| ======================= | ======================= |
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
12. Staff costs
The total staff costs and employee benefits for the reporting period are analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Wages and salaries | 1,401,062 | 1,397,063 |
| Social security costs | 111,178 | 97,053 |
| Employer contributions to pension plans | 33,403 | 32,474 |
| ----------------------------------------- | ----------------------------------------- | |
| 1,545,643 | 1,526,590 | |
| ========================================= | ========================================= |
The charitable company operates a contributory pension scheme. It is a defined contribution scheme and contributions are charged in the statement of financial activities as they accrue. The charge for the year was £33,403 (2021 - £32,474) which includes £8,808 (2021 - £8,638) paid in respect of employees earning more than £60,000.
The average head count of employees during the year was 80 (2021: 94). The average number of full-time equivalent employees during the year is analysed as follows:
| 2022 | 2021 | |
|---|---|---|
| No. | No. | |
| Number of staff - Claremont | 43 | 47 |
| Number of staff - Warrington Lodge | 37 | 40 |
| -------------- | -------------- | |
| 80 | 87 | |
| ============== | ============== | |
| The number of employees whose remuneration for the year fell within the following | bands, were: | |
| 2022 | 2021 | |
| No. | No. | |
| £90,000 to £99,999 | 1 | 1 |
| ============== | ============== |
The total amount of remuneration received by key management personnel is £183,641 (2021 - £185,437). The charity considers its key management personnel to be the Homes Director and Registered Manager.
13. Trustee remuneration and expenses
No amounts were paid directly to or by way of non monetary benefits to trustees including reimbursed expenses and pension contributions on their behalf.
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
14. Tangible fixed assets
| Furniture, | ||||
|---|---|---|---|---|
| Warrington | Fittings & | |||
| Lodge | Claremont | Equipment | Total | |
| £ | £ | £ | £ | |
| Cost | ||||
| At 1 November 2021 and | ||||
| 31 October 2022 | 1,554,178 | 1,078,273 | 180,868 | 2,813,319 |
| ========================================= | ========================================= | ================================ | ========================================= | |
| Depreciation | ||||
| At 1 November 2021 | 108,794 | 74,633 | 180,868 | 364,295 |
| Charge for the year | 15,542 | 10,783 | – | 26,325 |
| ----------------------------------------- | ----------------------------------------- | -------------------------------- | ----------------------------------------- | |
| At 31 October 2022 | 124,336 | 85,416 | 180,868 | 390,620 |
| ========================================= | ========================================= | ================================ | ========================================= | |
| Carrying amount | ||||
| At 31 October 2022 | 1,429,842 | 992,857 | – | 2,422,699 |
| ========================================= | ========================================= | ================================ | ========================================= | |
| At 31 October 2021 | 1,445,384 | 1,003,640 | – | 2,449,024 |
| ========================================= | ========================================= | ================================ | ========================================= |
15. Investments
| CAF | |
|---|---|
| investment | |
| fund | |
| £ | |
| Cost or valuation | |
| At 1 November 2021 | 768,194 |
| Additions | 150,000 |
| Fair value movements | (69,407) |
| -------------------------------- | |
| At 31 October 2022 | 848,787 |
| ================================ | |
| Carrying amount | |
| At 31 October 2022 | 848,787 |
| ================================ | |
| At 31 October 2021 | 768,194 |
| ================================ | |
| All investments shown above are held at valuation. |
16. Creditors: amounts falling due within one year
| 2022 | 2021 | |
|---|---|---|
| £ | £ | |
| Trade creditors | 7,430 | 9,085 |
| Accruals and deferred income | 10,853 | 16,591 |
| Other creditors | 10,788 | 10,788 |
| ---------------------------- | ---------------------------- | |
| 29,071 | 36,464 | |
| ============================ | ============================ |
Included above is £1,706 of deferred income (2021 - £6,724). The full amount will be released in 2023
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The Warrington Homes Limited
Company Limited by Guarantee
Notes to the Financial Statements (continued)
Year ended 31 October 2022
17. Analysis of charitable funds
Unrestricted funds
| Unrestricted funds | |||||
|---|---|---|---|---|---|
| At | At | ||||
| 1 November | Gains and | 31 October | |||
| 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| General funds | 5,391,431 | 2,381,993 | (1,855,621) | (69,407) | 5,848,396 |
| ========================================= | ========================================= | ========================================= | ============================ | ========================================= | |
| At | At | ||||
| 1 November | Gains and | 31 October | |||
| 2020 | Income | Expenditure | losses | 2021 | |
| £ | £ | £ | £ | £ | |
| General funds | 4,824,226 | 2,333,048 | (1,820,209) | 54,366 | 5,391,431 |
| ========================================= | ========================================= | ========================================= | ============================ | ========================================= | |
| Restricted funds | |||||
| At | At | ||||
| 1 November | Gains and | 31 October | |||
| 2021 | Income | Expenditure | losses | 2022 | |
| £ | £ | £ | £ | £ | |
| Grants received | |||||
| (Coronavirus) | – | 34,371 | (34,371) | – | – |
| ============== | ============================ | ============================ | ============== | ============== | |
| At | At | ||||
| 1 November | Gains and | 31 October | |||
| 2020 | Income | Expenditure | losses | 2021 | |
| £ | £ | £ | £ | £ | |
| Grants received | |||||
| (Coronavirus) | 20,755 | 53,602 | (74,357) | – | – |
| ============================ | ============================ | ============================ | ============== | ============== |
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18. Analysis of net assets between funds
| Unrestricted | Total Funds | |
|---|---|---|
| Funds | 2022 | |
| £ | £ | |
| Investments | 848,787 | 848,787 |
| Tangible fixed assets | 2,422,699 | 2,422,699 |
| Cash at Bank & In Hand | 2,605,981 | 2,605,981 |
| Creditors less than 1 year | (29,071) | (29,071) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 5,848,396 | 5,848,396 |
| ========================================= | ========================================= | |
| Unrestricted | Total Funds | |
| Funds | 2021 | |
| £ | £ | |
| Investments | 768,194 | 768,194 |
| Tangible fixed assets | 2,449,024 | 2,449,024 |
| Cash at Bank & In Hand | 2,210,677 | 2,210,677 |
| Creditors less than 1 year | (36,464) | (36,464) |
| ----------------------------------------- | ----------------------------------------- | |
| Net assets | 5,391,431 | 5,391,431 |
| ========================================= | ========================================= |
19. Transactions with trustees
There have been no material transactions during the year or preceding year with a trustee of the charitable company or person connected to a trustee of the charitable company which require disclosure under the statement of recommended practice accounting by charities, or under the provisions of the Financial Reporting Standards.
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