**Charity Registration No. 287479**
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **TRUSTEES' REPORT AND ACCOUNTS**
**FOR THE YEAR ENDED 30 SEPTEMBER 2020**
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP CONTENTS**
|**CONTENTS**|**CONTENTS**|
|---|---|
|**______________________________________________________________________________________**||
||**Page**|
|Legal and administrative information
|1|
|Report of the trustees|2-4|
|Report of the auditors|5-7|
|Consolidated Statement of financial activities|8|
|Charity Statement of financial activities|9|
|Balance sheet|10|
|Consolidated Cashflow statement|11|
|Notes forming part of the financial statements|12-20|
________________________________________________________________________________________________
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **LEGAL AND ADMINISTRATIVE INFORMATION**
|**LEGAL AND ADMINISTRATIVE INFORMATION**|**LEGAL AND ADMINISTRATIVE INFORMATION**|**LEGAL AND ADMINISTRATIVE INFORMATION**|
|---|---|---|
|**______________________________________________________________________________________**|||
|**Trustees**|G Ford||
||N Parry||
||A White||
||R Marlow|(Resigned 18 December 2020)|
||D Wood||
||C P Fisher||
||Lady de Clifford|(Resigned 18 December 2020)|
|**Principal Address**|Horsfall House||
||Windmill Road||
||Minchinhampton||
||Gloucestershire||
||GL6 9EY||
|**Auditors**|Azets Audit Services||
||5 Pullman Court||
||Great Western Road||
||Gloucester||
||Gloucestershire||
||GL1 3ND||
|**Bankers**|Lloyds Bank Plc||
||12 Rowcroft||
||Stroud||
||Gloucestershire||
||GL5 3BD||
**______________________________________________________________________________________**
1
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **______________________________________________________________________________________**
The trustees present their report and financial statements for the year ended 30 September 2020. The trustees have adopted the provisions of the Statement of Recommended Practice (SORP) “Accounting and Reporting by Charities” (FRS102) in preparing the annual report and financial statements of the charity.
## **Method of appointment or election of trustees**
The trustees comprise ex-officio, elected and co-opted individuals. The ex-officio trustees comprise the Chairman, Vice Chairman and Treasurer of the charity, each of whom is appointed at the trustees meeting following each annual general meeting of the charity and is subject to annual reappointment. Elected trustees are elected at an annual general meeting; one third of the elected trustees are required to retire by rotation each year and (if they wish to do so) offer themselves for re-election. Co-opted trustees are coopted as such by a majority of the trustees, and are subject to annual reappointment by the trustees. The names of those who were charity trustees during the year are disclosed on page 1.
## **Structure, governance and management**
The charity named “The Minchinhampton Centre for the Elderly” (Charity number 287479) was established in 1982 as an unincorporated association. Its principal office is disclosed on page 1.
The trustees are the members of the Supervisory Board who control the Charity. They meet on a regular basis, approximately twice a year and at such other times as they think fit.
Decisions taken at meetings are by simple majority of votes cast by those attending, with the Chairman having the casting vote.
The trustees are responsible for providing training, where this is necessary, to new trustees so that they are properly equipped to fulfil their duties.
## **Risk review**
The trustees have reviewed the major risks to which the charity is exposed and policies have been designed to mitigate those risks. The external risks to funding are reduced by the diversification of the charity’s funding sources. Internal risks are minimised by the implementation of procedures for the authorisation of all transactions and projects. The trustees consider that by aiming to ensure a consistently high level of professionalism from a well trained staff reduces the risk of failure in the standard of care delivered. All procedures are periodically checked to ensure that they continue to meet the needs of the charity.
The Trustees continue the policy of preserving the capital value in its investments but note that these investments may fall or rise in value dependent on market conditions at the time of valuation’
## **Going concern**
The trustees have reviewed the reserves of the Charity and have given full consideration to the ongoing financial impact of the Covid 19 Coronavirus. We continue to operate normally in all areas except the Dr Booth Day Centre which will reopen as soon as possible. We took a cautious step in not introducing new residents through the period that testing for the virus was unavailable. Demand for the services that Horsfall House provides is undiminished and now that we can undertake tests on new residents, allied to strict risk assessments, they are now being accepted into the Home.
The trustees consider that this combined with the high level of retained reserves represented in cash and investments the Charities have sufficient funds to maintain its working capital and accordingly it is appropriate to prepare the financial statements on a going concern basis
## **Objectives**
The trustees have given careful consideration to the charity commission’s general guidance on public benefit. The charity’s principal object, in accordance with its constitution, continues to be the relief of the aged and disabled who are resident in and around Minchinhampton by the provision of facilities for rehabilitation, recreation and leisure time occupation.
## **Activities**
The trustees have overseen various fundraising activities on behalf of the charity.
## **______________________________________________________________________________________**
2
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **TRUSTEES' REPORT**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **______________________________________________________________________________________**
These activities are of a continuing nature and contribute towards maintaining the charity on a sound financial footing. Significant activities pursued on behalf of the charity via its wholly owned subsidiary, Minchinhampton Centre for the Elderly Limited, include the provision of residential, domiciliary and day care to the elderly in the local community.
The Charity continued to support care in the community specifically through providing Home Care, a Day Centre which has been renamed after the Charity Founder Dr Chris Booth, and through residential care within the Nursing Care Home we operate. This latter activity is the principal activity of the charity ensuring support to those who cannot afford the full cost of residential nursing care. Specialist dementia care is a feature of our activities with dedicated and expert staff on duty twenty four hours a day. The Charity offers free respite through the provision of two dedicated beds which were occupied to the benefit of the local community throughout the year.
The Charity's fundraising team provide support for all we do through various significant activities including our annual charity walk in May, our biannual garden fete, bridge evenings, and annual Shakespeare play in our recently enlarged and planted gardens.
## **Financial review**
The Charity Group made a deficit of £168,338 during the year. This is made up of a surplus in the parent charity of £57,001 and a deficit of £225,339 in the subsidiary company, Minchinhampton Centre for the Elderly Limited. The parent charity surplus largely arose because of the dedicated successful work of the large number of people involved in fundraising activities. Horsfall House was able to maintain a bed occupancy level of over 93%.
## **Reserves policy**
The trustees current policy is that unrestricted funds not committed or invested in tangible fixed assets (‘the free reserves’) should be between 3 and 6 months of the resources expended by the Group as a whole, which equates to between £750,000 and £1,501,000. At this level, the trustees feel that they would be able to continue the current activities of the Charity in the event of a significant drop in funding. It would obviously be necessary to consider how funding would be replaced or activities changed. At 30 September 2020 the free reserves amounted to £933,975
## **Funds**
Unrestricted funds are used to pursue the day to day aims of the charity. Endowment funds comprise legacy income received which is then held and used to fund major capital expenditure. All available endowment funds were used during the year to fund the programme of building works carried out during that period. Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The aim and use of each restricted fund is set out in the notes to the financial statements.
## **Investment policy**
The Trustee Act 2000 contains statutory powers enabling the trustees to delegate the investment management of the charity’s assets to an appropriately qualified investment advisor with discretionary management powers subject to a general policy prescribed by the trustees. The trustees’ present policy is that the charity’s funds should be invested in deposit accounts or such other financial instruments as preserve their capital value while earning such interest as is commensurate with the associated, minimal risk.
## **Future strategy**
The trustees intend to continue to improve the facilities within Horsfall House. The trustees will continue to place high importance on staff training and believe that, due to the training that has been carried out in recent years, the staff at Horsfall House offer a much higher level of expertise than is generally available in other care homes.
**______________________________________________________________________________________**
3
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **TRUSTEES' REPORT (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
______________________________________________________________________________________
## **Trustees’ responsibilities**
The trustees are responsible for preparing the Trustees' Report and the accounts in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales requires the trustees to prepare accounts for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources of the Charity for that year. .In preparing these accounts, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the accounts; and
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charity will continue in operation.
The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the accounts comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
## **Statement of disclosure to auditors**
So far as the trustees are aware, there is no relevant audit information of which the charity’s auditors are unaware. Additionally, the trustees have taken all the necessary steps that they ought to have taken as trustees in order to make themselves aware of all relevant audit information and to establish that the charity’s auditors are aware of that information.
On behalf of the trustees
## **Mr N Parry**
## **Chairman**
Date:
**_____________________________________________________________________________________**
4
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **INDEPENDENT AUDITORS' REPORT**
## **TO THE TRUSTEES OF THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
______________________________________________________________________________________
## **Opinion**
We have audited the accounts of The Minchinhampton Centre for the Elderly Charity Group (the ‘charity’) for the year ended 30 September 2020 which comprise the Statement of Financial Activities, the Balance Sheet, and the notes to the accounts, 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 Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).
In our opinion, the accounts:
- give a true and fair view of the state of the charity’s affairs as at 30 September 2020 and of its incoming resources and application of resources, for the year then ended
- have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
- have been prepared in accordance with the requirements of the Charities Act 2011.
## **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 accounts section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the accounts 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**
We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:
- the trustees use of the going concern basis of accounting in the preparation of the accounts is not appropriate; or
- the trustees have not disclosed in the accounts any identified material uncertainties that may cast significant doubt about the charity’s ability to continue to adopt the going concern basis of accounting for a period of at least twelve months from the date when the accounts are authorised for issue.
## **Other information**
The other information comprises the information included in the annual report, other than the accounts and our auditor’s report thereon. The trustees are responsible for the other information. Our opinion on the accounts does not cover the other information and we do not express any form of assurance conclusion thereon.
In connection with our audit of the accounts, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the accounts 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 accounts 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.
**_____________________________________________________________________________________**
5
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **INDEPENDENT AUDITORS' REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
______________________________________________________________________________________
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 require us to report to you if, in our opinion:
- the information given in the financial statements is inconsistent in any material respect with the Trustees' report; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records; or
- we have not received all the information and explanations we require for our audit.
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees Responsibilities, the trustees are responsible for the preparation of the accounts and for being satisfied that they give a true and fair view, and for such internal control as the directors determine is necessary to enable the preparation of accounts that are free from material misstatement, whether due to fraud or error.
In preparing the accounts, 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 cease operations, or have no realistic alternative but to do so.
## **Auditor's responsibilities for the audit of the financial statements**
We have been appointed as auditors under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder.
Our objectives are to obtain reasonable assurance about whether the accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these accounts.
A further description of our responsibilities for the audit of the accounts is located on the Financial Reporting Council’s website at: http://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.
**______________________________________________________________________________________**
6
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **INDEPENDENT AUDITORS' REPORT (CONTINUED)**
## **TO THE TRUSTEES OF THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
______________________________________________________________________________________
.
## **Use of our report**
This report is made solely to the charity’s trustees, as a body, in accordance with part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.
## **Mark Handscombe (Senior Statutory Auditor) for and on behalf of Azets Audit Services**
## **Statutory Auditor**
5 Pullman Court Great Western Road Gloucester Gloucestershire GL1 3ND
Date
**______________________________________________________________________________________**
7
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **CONSOLIDATED STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
______________________________________________________________________________________
|**Unrestricted**
**Restricted**
**funds**
**funds**
**Notes**
**£**
**£**
**Income and endowments from:**
Donations, trusts and legacies
**107,795**
**-**
Investment income
**3**
**32,959**
**-**
**140,754** **-**
Incoming resources from charitable activities
**4**
**3,399,650**
**- **
Free respite funding**(691)**-
**Total incoming resources 2**
**3,539,713 -**
**Resources expended**
**Charitable activities**
Direct charitable expenditure**5**
**3,571,159**
**-**
Governance costs**6**
**92,705**
**-**
**Total resources expended**
**3,663,864 -**
**Net (outgoing)/incoming resources**
**(124,151) - **
Net gains/ (losses) on investments**9**
**(44,187) -**
**Net (outgoing)/incoming resources for the year**
**(168,338) **
**- **
Fund balances at 1 October 2019
**5,111,948**
**-**
**Fund balances at 30 September 2020**
**4,943,610**
**-**|
|**Total**
**2020**
**£**
**107,795**
**32,959**
**140,754**
**3,399,650**
**(691)**
**3,539,713**
**3,571,159**
**92,705**
**3,663,864**
**(124,151)**
**(44,187)**|Total
2019
As restated
£
84,808
39,508
124,316
3,226,278
(29,909)
3,320,685
3,308,959
93,962
3,402,921
(82,236)
44,458
(37,778)
5,149,726
5,111,948|
|---|---|---|---|
|||**(168,338)**
**5,111,948**
**4,943,610**||
A detailed analysis of the charitable trading activities is shown in note 2.
The statement of financial activities has been prepared on the basis that all operations are continuing operations.
**______________________________________________________________________________________**
8
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **CHARITY STATEMENT OF FINANCIAL ACTIVITIES**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
_________________________________________________________________________________________
|**Unrestricted**
**funds**
**Notes**
**£**
**Incoming resources from generated funds**
Donations, trusts and legacies
**2**
**107,795**
Investment income
**3**
**32,959**
**140,754 **
Rent receivable
**140,238**
**Total incoming resources 2**
**280,992 **
**Resources expended**
**Charitable activities**
Direct charitable expenditure**5**
**141,072 **
Governance costs**6**
**38,732**
**Total resources expended**
**179,804 **
**Net incoming resources before transfers**
**101,188**
Net gains/ (losses) on investments
9 9
**(44,187) **
**Net incoming resources for the year**
**57,001**
Fund balances at 1 October 2019
**4,819,983 **
**Fund balances at 30 September 2020**
**4,876,984**|**Restricted**
**funds**
**£**
**-**
-
**-**
**-**
**-**
**-**
-
**-**
-
**-**
**-**
-|**Total**
**2020**
**£**
**107,795**
**32,959 **
**140,754**
**140,238**
**280,992**
**141,072**
**38,732**
**179,804**
**101,188**
**(44,187)**
**57,001**
**4,819,983**|Total
2019
As restated
£
84,808
39,508
124,316
141,282
265,598
174,015
38,438
212,453
53,145
44,458
97,603
4,722,380
4,819,983|
|---|---|---|---|
|||**4,876,984**||
A detailed analysis of the charitable trading activities is shown in note 2.
The statement of financial activities has been prepared on the basis that all operations are continuing operations.
**______________________________________________________________________________________**
9
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **BALANCE SHEET**
## **AS AT 30 SEPTEMBER 2020**
____________________________________________________________________________________________________________
|**Notes**
**Fixed assets**
Land and buildings
**8**
Motor vehicles
**8**
Furniture and equipment
Quoted Investments
**8**
**9**
**Current assets**
Stock
Debtors
**10**
Cash at bank and in hand
**Creditors: amounts falling due within**
**one year**
**11**
**Net current assets / (liabilities)**
**Total assets less current liabilities**
**Reserves:**
**Endowment funds**
**Unrestricted funds**
Other charitable
Designated funds:
Charitable trading funds
**Total reserves**|**Group**
**2020**
**£**
**2,437,128**
**-**
**321,258**
**1,251,249**
**_________**
**4,009,635**
**10,019**
**261,498**
**1,027,069**
**_________**
**1,298,586**
**(364,611)**
**_________**
**933,975**
**_________**
**4,943,610**
**__________**
**-**
**4,867,179**
**76,431**
**_________**
**4,943,610**
|**Charity**
**2020**
**£**
Group
2019
As restated
£
Charity
2019
As restated
£
**2,437,128**
2,518,043
2,518,043
**-**
-
-
**321,258**
**1,251,249**
325,425
1,279,374
325,425
1,279,374
**_________**
_________
_________
**4,009,635**
4,122,842
4,122,842
**-**
7,953
-
**101,263**
255,238
975
**768,775**
1,043,843
842,796
**_________**
_________
_________
**870,038**
1,307,034
843,771
**(2,689)**
(317,928)
(146,630)
**_________**
_________
_________
**867,349**
989,106
697,141
**_________**
_________
_________
**4,876,984**
5,111,948
4,819,983
**__________**
__________
__________
**-**
-
-
**4,876,984**
4,819,983
4,819,983
**-**
291,965
-
**_________**
_________
_________
**4,876,984**
5,111,948
4,819,983
|
|---|---|---|
The accounts were approved by the Trustees on …………….and signed on their behalf by:
N Parry _**Chairman**_
**______________________________________________________________________________________**
10
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **CONSOLIDATED CASHFLOW STATEMENT**
## **AS AT 30 SEPTEMBER 2020**
|**_____________________________________________________________________________**
**Notes**
**Net cash inflow/(outflow) from operating**
**activities**
**13 (a)**
Purchase of fixed assets
Cash inflow/(outflow) before financing
Inflow/(outflow) from investments
**Net movement in cash resources in the year**
**13 (c)**|**_______________________________**
**2020**
**£**
2019
As restated
£
**53,060**
122,927
**(55,156)**
(103,767)
**_________**
_________
**(2,096)**
19,160
**(14,678)**
(46,668)
**_________**
_________
**(16,774)**
(27,508)
**__________**
|
|---|---|
**______________________________________________________________________________________**
11
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **1 Accounting policies**
## **1.1 Basis of preparation**
The accounts have been prepared under the historical cost convention other than where additional disclosure is required to show a true and fair view.
The financial statements of the Charity are prepared in accordance with The Charities (Accounts and Reports) Regulations 2005 and the Statement of Recommended Practice “Accounting and Reporting by Charities” (FRS102) and with applicable accounting standards.
The trustees consider given the high level of retained reserves represented in cash and investments held by the charity that there are sufficient funds to maintain working capital and accordingly it is appropriate to prepare the financial statements on a going concern basis.
## **1.2 Incoming resources**
The nursing home income represents amounts receivable from residential, day centre and domiciliary care activities.
Local community and charitable trust income represent actual receipts, together with any tax refunds received during the year. Legacies are actual receipts.
Gifts in kind for use by the charity are recognised as incoming resources when received at a reasonable estimate of their value. However, in the case of second hand goods donated for resale in the Charity’s shop, the estimation of such a value is not practicable. Therefore, the income derived from the sale of such goods is included in the accounting period in which the gift is sold.
## **1.3 Resources expended**
All expenditure is included in the financial statements as soon as it is incurred.
Costs are allocated between charitable costs, fund raising and administration. The irrecoverable element of Value Added Tax is included within the item of expense to which is relates. Depreciation is allocated to expenditure headings on the basis of the use of the assets concerned.
## **1.4 Tangible fixed assets and depreciation**
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at rates calculated to write off the cost of each asset over its expected useful life, as follows:
Freehold land is not depreciated Freehold buildings 2% on cost Plant and machinery 25% on cost Fixtures, fittings & equipment 10 / 25% on cost Motor vehicles 25% on cost
## **1.5 Fixed Asset Investments**
Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.
## **1.6 Leasing and hire purchase commitments**
Rentals payable under operating leases are charges against income on a straight line basis over the lease term.
## **1.7 Stock**
Stock of food and cleaning materials is valued at the lower of cost and net realisable value
**_________________________________________________________________________________**
12
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **1.8 Charitable funds**
The charity holds unrestricted and restricted funds as shown on page 8 of the accounts
## **1.9 Government grants**
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received.
A grant that specifies performance conditions is recognised in income when the performance conditions are met. Where a grant does not specify performance conditions it is recognised in income when the proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability.
## **1.10 Pension costs**
The charity operates a defined contribution scheme for the benefit of its employees. Contributions payable are charged to the statement of financial activities in the year they are payable.
## **1.11 Consolidation of the group**
These financial statements consolidate the results of the charity and its subsidiary, Minchinhampton Centre for The Elderly Limited, on a line by line basis.
______________________________________________________________________________________
13
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **______________________________________________________________________________________**
## **2 Total incoming resources from charitable activities**
|**Group**
Nursing home fees
Day
centre
&
non-
residential services
Homecare income
Covid relief receipts
Miscellaneous income
Donations and gifts
Trusts
Legacies
Dividends and interest
receivable
**Charity**
Donations and gifts
Trusts
Legacies
Dividends and interest
receivable
Rent receivable
**3**
**Investment income**
Bank interest receivable
Income from investment||**Unrestricted**
**Funds**
**£**
**2,322,791**
**107,825**
**847,561**
**118,766**
**2,016**
**75,295**
**12,500**
**20,000**
**32,959**
**3,539,713**
**Unrestricted**
**Funds**
**£**
**75,295**
**12,500**
**20,000**
**32,959**
**140,238**
**280,992**||**Restricted**
**Funds**
**£**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
**-**
-
**-**
**Restricted**
**Funds**
**£**
**-**
**-**
**-**
**-**
-
**-**|**Total**
**2020**
**£**
**2,322,791**
**107,825**
**847,561**
**118,766**
**2,016**
**75,295**
**12,500**
**20,000**
**32,959**
**3,539,713**
**Total**
**2020**
**£**
**75,295**
**12,500**
**20,000**
**32,959**
**140,238**
**280,992**
**2020**
**£**
**1,991**
**30,968**
**32,959**||Total
2019
£
2,273,978
186,730
732,633
-
3,028
72,293
12,500
15
39,508|
|---|---|---|---|---|---|---|---|
||||||||3,320,685|
||||||||Total
2019
£
72,293
12,500
500
39,508
141,282|
||||||||265,598|
|||||||
|2019
£
3,756
35,752
39,508|
|||||||||
**______________________________________________________________________________________**
14
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
**______________________________________________________________________________________**
## **4 Trading activities of subsidiary**
The charity has a wholly owned trading subsidiary, Minchinhampton Centre For The Elderly Limited, which is incorporated in the UK. The main activities of Minchinhampton Centre For The Elderly Limited are the provision of residential, domiciliary and day care to the elderly in the local community. A summary of the trading results of the company is shown below. Audited accounts have been filed with the Registrar of Companies.
|Turnover
Operating charges and net interest (see below)
(Loss)/Profit for the year
Total Resources expended (see page 8)
Less: Borne by the charity
Add: Rent charged to the company by the charity
Asset usage charged to the company by the
charity
Operating charges and net interest of subsidiary
company
**5**
**Analysis of direct charitable**
**expenditure**
**Group**
**2020**
**£**
Wages, salaries and national insurance
**2,603,778**
Agency fees
**204,436**
Recruitment fees
**4,476**
Training costs
**14,997**
Food, catering and kitchen
**123,558**
Rent and rates
**12,421**
Heat, light and power
**47,873**
Repairs and maintenance
**104,219**
Housekeeping, cleaning and uniforms
**67,368**
Insurance
**15,224**
Motor and travel
**82,468**
Telephone and postage
**22,544**
Printing and stationery
**13,000**
Bank charges
**2,830**
Sundry expenses
**64,399**
Physiotherapy and medical supplies
**47,730**
Depreciation
Free respite funding
**140,238**
**-**
Profit on sale of fixed asset
**(400)**
**__________**
**__**
**3,571,159**
|**2020**
**£**
**3,399,650**
**(3,624,989)**
**__________**
**(225,339)**
**__________**
**3,663,864**
**(179,113)**
**__________**
**3,484,751**
**105,000**
**35,238**
**__________**
**3,624,989**
**__________**
**Charity**
**2020**
**£**
Group
2019
£
**-**
2,300,573
**-**
232,974
**-**
3,182
**-**
14,728
**-**
128,014
**-**
12,713
**-**
47,935
**-**
116,411
**-**
66,317
**-**
15,031
**-**
79,166
**-**
22,257
**-**
12,209
**543**
2,902
**-**
87,498
**-**
25,767
**140,238**
**691**
141,282
-
**(400)**
**________**
-
__________
**141,072**
3,308,959
|**2019**
**£**
3,226,278
(3,361,659)
__________
(135,381)
__________
3,402,921
(182,544)
__________
3,220,377
105,000
36,282
__________
3,361,659
__________
Charity
2019
£
-
-
-
-
-
1,796
208
-
-
309
-
-
-
511
-
-
141,282
29,909
-
__________
174,015
|
|---|---|---|
**_____________________________________________________________________________________**
15
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
**______________________________________________________________________________________**
|**Group**
**6**
**Governance costs**
**2020**
**£**
Staff costs
**46,706**
Fundraising and publicity costs
**3,772**
Legal and professional fees
**26,571**
Audit and accounting fees - audit
**10,216**
- non-audit services
**-**
Financial consultancy
**5,440**
**________**
**92,705**
**________**
**Group**
**7**
**Staff costs**
**2020**
**£**
Wages and salaries
**2,405,354**
Social security costs
**157,612**
Agency staff
Pension costs
**204,436**
**40,812**
**________**
**2,808,214**
|**Charity**
**2020**
**£**
**18,682**
**1,585**
**14,905**
**2,200**
**-**
**1,360**
**________**
**38,732**
**________**
**Charity**
**2020**
**£**
**17,001**
**1,358**
**-**
**323**
**________**
**18,682**
|Group
2019
£
44,352
6,800
25,784
9,044
-
7,982
________
93,962
________
Group
2019
£
2,137,543
134,037
232,974
28,993
________
2,533,547
|Charity
2019
£
17,741
2,746
14,085
1,906
-
1,960
________
38,438
________
Charity
2019
£
16,215
1,273
-
-
______
17,741
|
|---|---|---|---|
The average monthly number of employees during the year was:
|Directors of subsidiary company
Care, domestic and administration staff|**Group**
**2020**
**6**
**146**
**________**
**152**
|**Charity**
**2020**
**-**
**-**
**________**
**-**
|Group
2019
6
150
________
156
|Charity
2019
-
-
________
-
|
|---|---|---|---|---|
The number of employees whose annual remuneration was £60,000 or more were:
In the band £60,001 to £70,000
|**2020**|2019|
|---|---|
|**1**|1|
None of the trustees (or any person connected with them) received any remuneration. (2019: None)
Expenses reimbursed to trustees for travelling undertaken on behalf of the charity during the year amounted to £nil (2019: £nil).
**_____________________________________________________________________________________**
16
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
______________________________________________________________________________________
**8 Fixed Assets - Group and Charity**
|**Cost**
At 1 October 2019
Additions
Disposals
At 30 September 2020
**Depreciation**
At 1 October 2019
On disposals
Charge for year
At 30 September 2020
**Net book value**
At 30 September 2020
At 30 September 2019
The net book value at 30 September
**Direct charitable purposes**
Other purposes
Management and administration|**Freehold**
**land &**
**buildings**
**£**
**Fixtures**
**& fittings**
**£**
**Motor**
**vehicles**
**£**
**Furniture**
**&**
**equipment**
**£**
3,711,100
5,997
78,135
872,181
-
-
-
55,156
-
-
(29,555)
-
__________
__________
__________
__________
3,711,100
5,997
48,580
927,337
__________
__________
__________
__________
1,193,057
5,997
78,135
546,756
-
-
(29,555)
-
80,915
-
-
59,323
__________
__________
__________
__________
1,273,972
5,997
48,580
546,756
__________
__________
__________
__________
**2,437,128**
-
-
**321,258**
__________
__________
__________
__________
2,518,043
-
-
325,425
__________
__________
__________
__________
2020 represents fixed assets used for:
2,435,772
-
-
321,258
1,356
-
-
-
__________
__________
__________
__________
2,437,128
-
-
321,258
|**Total**
**£**
4,667,413
55,156
(29,555)
__________
4,693,014
__________
1,823,945
(29,555)
140,238
__________
1,934,628
__________
**2,758,386**
_________
2,843,468
|
|---|---|---|
|||__________
2,757,030
1,356
|
|||__________
2,758,386
|
For administrative reasons the property comprising the land and buildings known as Horsfall House (together comprised in Land Registry Title Nos. GR132825, GR184300 and GR353447) was reregistered in the name of Minchinhampton Centre for the Elderly Limited (Charity No.1083810) and, pursuant to a Declaration of Trust dated 9th June 2011, is now held on trust for The Minchinhampton Centre for the Elderly absolutely. Accordingly, the property is included in the accounts of the Charity Group only.
**_____________________________________________________________________________________**
17
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
**_________________________________________________________________________________________**
|**9**
**Investments**
Market value as at 1 October 2019
Investment income
Investment management costs
Net gain/ (loss) on investments
Market value at 30 September 2020|**£**
**Quoted**
**Investment**
**£**
1,279,374
30,968
(14,905)
(44,187)
__________
1,251,249
|
|---|---|
Charles Stanley & Co Limited manage the investment portfolio on behalf of the Trustees.
|**10**
**Debtors**
Trade debtors
Prepayments and accrued income
Amounts owed by subsidiary undertaking
**11**
**Creditors - Amounts falling due within one**
**year**
Payments received in advance
Trade creditors
Social security and other taxes
Accruals and deferred income
Amounts owed to subsidiary undertaking|**Group**
**2020**
**£**
**174,070**
**87,428**
-
**__________**
**261,498**
**__________**
**2020**
**£**
**102,054**
**62,328**
**44,392**
**155,837**
**-**
**__________**
**364,611**
|**Charity**
**2020**
**£**
**-**
**16,369**
8**4,894**
**__________**
**101,263**
**__________**
**2020**
**£**
**-**
**-**
**-**
**2,689**
**-**
**__________**
**2,689**
|_
|Group
2019
£
137,090
118,148
_________
255,238
_________
2019
£
86,952
54,544
35,020
141,412
-
__________
317,928
|Charity
2019
£
-
975
__________
975
__________
2019
£
-
-
-
2,503
144,127
__________
146,630
|
|---|---|---|---|---|---|
||||_|||
**_____________________________________________________________________________________**
18
**THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
## **12 Capital commitments**
At 30[th] September 2020 the charity had capital commitments in respect of building works which were contracted for but not provided in the financial statements of £Nil (2019: £Nil).
## **13 Group cashflow information**
|**13**|**Group cashflow information**|||||
|---|---|---|---|---|---|
|||**2020**|||2019|
||||||As restated|
|||**£**|||£|
|**(a)**|**Net cash inflow/(outflow) from operating activities**|||||
||Net incoming resources before transfers|**(168,338)**|||(37,778)|
||Depreciation|**140,238**|||141,282|
||Fair value gains and losses on investments|
**42,803**|||(19,457)|
||(Increase)/decrease in stocks|**(2,066)**|||(766)|
||(Increase)/decrease in debtors|**(6,260)**|||(12,383)|
||Increase/(decrease) in creditors|**46,683**|||52,029|
|||**________**|||**________**|
||**Net cash inflow/(outflow) from operating activities**|**53,060**|||122,927|
|||**________**|||**________**|
|**(b)**|**Analysis of net cash/debt**
|1 October Cashflow||**30 September**||
|||2019|||**2020**|
|||£|£||**£**|
||Cash at bank and in hand|1,043,843|(16,774)||**1,027,069**|
||Bank overdraft|-||-|**-**|
|||________|________||**________**|
||**Net cash/debt**|1,043,843|(16,774)||**1,027,069**|
|||________|________||**________**|
|**(c)**|**Reconciliation of net cash**|**2020**|||2019|
|||**£**|||£|
||Opening balance|**1,043,843**|||1,071,351|
||Increase/(decrease) in the year|**(16,774)**|||(27,508)|
|||**________**|||________|
||**Closing balance**|**1,027,069**|||1,043,843|
|||**________**|||________|
**_____________________________________________________________________________________**
19
## **THE MINCHINHAMPTON CENTRE FOR THE ELDERLY CHARITY GROUP**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 30 SEPTEMBER 2020**
**______________________________________________________________________________________**
|**14**|**Prior period adjustment (Group)**|||
|---|---|---|---|
||**Reconciliation of changes in funds**|**0**1 October|30 September|
|||2018|2019|
|||£|£|
||Unrealised gains (losses) on investment**1**|187,711|207,168|
||Funds as previously reported|4,962,015|4,904,780|
|||________|**________**|
||Funds as adjusted|5,149,726|5,111,948|
|||________|**________**|
||**Reconciliation of changes in surplus/ deficit in the**|**previous period**||
||||2019|
||||£|
||**Adjustments to prior year**|||
||Unrealised gains (losses) on investment||19,457|
||Deficit as previously stated||(57,235)|
||||________|
||Deficit as adjusted||(37,778)
________|
|**14**|**Prior period adjustment (Charity)**|||
||**Reconciliation of changes in funds**|**0**1 October|30 September|
|||2018|2019|
|||£|£|
||Unrealised gains (losses) on investment**1**|187,711|207,168|
||Funds as previously reported|4,534,669|4,612,815|
|||________|**________**|
||Funds as adjusted|4,722,380|4,819,983|
|||________|**________**|
||**Reconciliation of changes in surplus/ deficit in the**|**previous period**||
||||2019|
||||£|
||**Adjustments to prior year**|||
||Unrealised gains (losses) on investment||19,457|
||Surplus as previously stated||78,146|
||||________|
||Surplus as adjusted||97,603
________|
## **Notes to reconciliation**
**1** In line with FRS102 SORP adjustment to report market value of investment rather than book value as previously stated.
**_____________________________________________________________________________________**
20