**Company registration No. 02453210 (England & Wales) Charity No. 703127**
## **Ellys Extra Care Limited**
**Trustees’ Report and Unaudited Financial Statements**
**For The Year Ended 31 March 2023**
**ELLYS EXTRA CARE LIMITED**
## **CONTENTS**
||**Page**|
|---|---|
|Charity reference and administrative details|1|
|Trustees’ annual report|2|
|Independent Examiner’s report to the trustees|5|
|Statement of financial activities (incorporating the income and expenditure
account)|6|
|Balance sheet|7|
|Notes to the accounts|8|
**ELLYS EXTRA CARE LIMITED**
## **CHARITY REFERENCE AND ADMINISTRATIVE DETAILS**
## **FOR THE YEAR ENDED 31 MARCH 2023**
**Registered charity name** Ellys Extra Care Limited **Charity registration number** 703127 **Company registration number** 02453210 **Registered office** 10 St Johns Avenue Heysham Morecambe Lancashire LA3 1EU **The trustees**
The trustees who served the charity during the period were as follows:-
Miss S Peters Mrs M W Irvine **Secretary** Miss S Peters **Independent Examiner** MHA Moore and Smalley Chartered Accountants Priory Close St Mary’s Gate Lancaster Lancashire LA1 1XB
-1-
## **ELLYS EXTRA CARE LIMITED**
## **TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS REPORT AS REQUIRED BY COMPANY LAW)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
The trustees, who are also directors for the purposes of company law, present their report and the financial statements of the charity for the year ended 31 March 2023.
The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 and 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 published in October 2019.
## **Structure, governance and management**
Ellys Extra Care is a registered charity and a company limited by guarantee and is governed by its Memorandum and Articles of Association.
The directors of the charitable company are its trustees for the purposes of charity law. The trustees who served during the year were:
Miss S Peters Mrs M W Irvine
There are currently two trustees on the board, and a decision would be taken to appoint new trustees if either were to indicate it was their intention to step down. The existing trustees would act as mentors to the new trustees.
The trustees review the major risks the organisation faces as part of the annual business planning process. They have established systems to manage these risks. The trustees are satisfied that the arrangements for managing these risks, combined with the annual review of financial controls and the reserve policy, will ensure that sufficient resources are available to maintain services for the foreseeable future, in the event of adverse conditions.
## **Objectives and activities**
Ellys Extra Care Limited exists, as per its governing document, to promote the quality of life, maintenance of standards and diversity of provision for people with a learning disability.
The trustees have paid due regard to guidance issued by the Charity Commission in deciding what activities the charity should undertake. In setting objects, the trustees give consideration to the guidance issued by the Charities Commission regarding the provision of public benefit.
The principle activity of Ellys Extra Care Limited in the year under review was concerned with providing housing for adults with a learning disability.
## **Achievements and performance**
## _People and Employment_
The trustees continue to manage the day to day responsibilities of running the organisation.
Ellys Extra Care current employee status remains at zero.
Trustees training, enabling them to maintain professional compliance has been accessed via Business Link, Institute of Directors, CIPD and Association for Real Change.
## _Ordinary Housing_
**93 West End Road** has remained fully occupied throughout the 2022/2023 financial year. Cracking of ceilings I the hallway and one of the downstairs bedrooms was identified which resulted in the ceilings being removed and replaced.
**Clarendon Road** –The property accommodated four tenants throughout the financial year. No major building works took place.
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## **ELLYS EXTRA CARE LIMITED**
## **TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS REPORT AS REQUIRED BY COMPANY LAW)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **Achievements and performance (continued)**
**Haven Lodge** – The property had two tenants at the start of the financial year. The two tenants had become incompatible with one indicating they would move homes. The property would not have been sustainable with the one tenant. Plans were drawn up to convert part of the ground floor into a self contained single flat for one of the existing tenants. It was costly and delays were incurred due to builders and materials availability. However the cost of the conversation has benefited the Charity by enabling two further tenants to move into the main house during November 2022. Four tenants occupy the house at 31[st] March 2023.
**Halden Road** – The property accommodated three tenants. The only major building work undertaken this year is the replacement of the gas boiler.
**Tylecote** – Ellys Extra Care has continued to lease this property on a peppercorn rent. Three tenants have remained in the property with one vacancy. No major building works have taken place within the financial year.
As of 31[st] March 2023 there were seventeen tenants in the five properties with one vacancy.
## _Fund Raising_
There have been no fundraising activities this financial year.
## **Financial review**
The sole source of income is rent from the tenanted properties. With the current period being a transitional one the charity has made a deficit of £14,329 (2022: £9,243 deficit). Closing reserves are £355,498 (2022: £369,827).
The trustees monitor the levels of funds coming in via rent from the tenanted properties and agree a programme of works per house each year. Funds are set aside for day to day repairs in addition to the works programme.
## **Reserves policy**
It is a stated objective of the trustees of the charity to try to achieve unrestricted resources equivalent to the cost of three months operations. The current level of reserves of £355,348 is well in excess of this however the majority of this constitutes the fixed assets of the charity of £344,989. Free reserves after the deduction of fixed assets total £20,509, a reduction on 2022 (£25,306).
As such the trustees are conscious that the Charity’s free reserves need to be strengthened in order to ensure that the charity is able to continue its operations without impacting on its fixed asset holdings which are essential to the charity’s objectives.
## **Plans for the future**
Plans for 2022/23 are as follows:
To provide good quality housing accommodation by ensuring that the properties are well maintained.
To review the five properties to ensure there is a full maintenance plan in place.
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**ELLYS EXTRA CARE LIMITED**
## **TRUSTEES’ ANNUAL REPORT (INCLUDING DIRECTORS REPORT AS REQUIRED BY COMPANY LAW) FOR THE YEAR ENDED 31 MARCH 2023**
## **Statement of Trustee’s responsibilities**
The trustees (who are also the directors of Ellys Extra Care Limited for the purposes of company law) are responsible for preparing the Trustees Annual Report and the financial statements in accordance with applicable law and regulations.
Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statements in accordance with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law). Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the income and expenditure of the charitable company for that period.
In preparing these financial statements, the trustees are required to:
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charities SORP 2019 (FRS 102);
- make judgements and estimates that are reasonable and prudent;
- state whether applicable UK Accounting Standards have been followed, subject to any material departures disclosed and explained in the financial statements and;
- prepare the accounts on the going concern basis unless it is inappropriate to presume that the charitable company will continue in operation.
The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
This report has been prepared in accordance with the special provisions relating to small companies within Part 15 of the Companies Act 2006.
On behalf of the board of trustees
**----- Start of picture text -----**
..............................
**----- End of picture text -----**
.............................. **Miss S Peters**
Trustee 23/10/2023 Dated: …………….
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**ELLYS EXTRA CARE LIMITED**
## **INDEPENDENT EXAMINER’S REPORT TO THE TRUSTEES OF ELLYS EXTRA CARE LIMITED**
## **FOR THE YEAR ENDED 31 MARCH 2023**
I report on the accounts of the company for the year ended 31 March 2023 which are set out on pages 6 to 14.
## **Responsibilities and basis of report**
As the charity trustees of the company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your company’s accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.
## **Independent examiner's statement**
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:
1. accounting records were not kept in respect of the company as required by section 386 of the 2006 Act; or
2. the accounts do not accord with those records; or
3. the accounts do not comply with the accounting requirements of section 396 of the 2006 Act 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; or
4. the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102).
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.
## **Richard Hall FCCA**
MHA Moore and Smalley Chartered Accountants Priory Close St Mary’s Gate Lancaster LA1 1XB
24/10/2023 ………………
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**ELLYS EXTRA CARE LIMITED**
## **STATEMENT OF FINANCIAL ACTIVITIES**
## **(INCORPORATING THE INCOME AND EXPENDITURE ACCOUNT) FOR THE YEAR ENDED 31 MARCH 2023**
|||||||**Total**|Total
funds
2022
£
1
98,651|
|---|---|---|---|---|---|---|---|
|||||**Unrestricted**|**Restricted**|**funds**||
|||||**funds**|**funds**|**2023**||
|||||**£**|**£**|**£**||
|**Income from:**||||||||
|||||||||
|Investments|**3**|||**43**|
**-**|
**43**||
|Charitable activities|**4**|||**107,774**|
**-**|
**107,774**||
|||||||||
|||||||||
|**Total**||||**107,817**|
**-**|
**107,817**|
98,652|
|||||||||
|**Expenditure on:**|||||||
107,895|
|||||||||
|Charitable activities|**5**|||**122,146**|
**-**|
**122,146**||
|||||||||
|||||||||
|**Total**||||**122,146**|
**-**|
**122,146**|
107,895|
|||||||||
||||||||(9,243)
-|
|**Net income/(expenditure)**||||**(14,329)**|**-**|
**(14,329)**||
|||||||||
|**Transfers between funds**||||**-**|
**-**|
**-**||
|||||||||
|||||||||
|**Net movement in funds**||||**(14,329)**|**-**|
**(14,329)**|(9,243)
379,070|
|||||||||
|**Reconciliation of funds:**||||||||
|||||||||
|Total funds brought forward||||**369,827**|
**-**|
**369,827**||
|||||||||
|||||||||
|**Total funds carried forward**|**12**|||**355,498**|
**-**|
**355,498**|
369,827|
|||||||||
The Statement of Financial Activities includes all gains and losses in the year and therefore a statement of total recognised gains and losses has not been prepared.
The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
The notes on pages 8 to 14 form part of these financial statements.
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## **ELLYS EXTRA CARE LIMITED**
## **BALANCE SHEET**
## **AS AT 31 MARCH 2023**
|**Fixed assets**
Tangible assets
**9**
**Current assets**
Debtors
**10**
Cash at bank and in hand
**Creditors:**amounts falling due within
one year
**11**
**Net current assets**
**Total assets less current liabilities**
**Net assets**
**Funds:**
Unrestricted funds
**12**
Restricted income funds
**12**
**Total funds**|**£**
**£**
£
£
**334,989**
344,521
**19,092**
20,842
**4,295**
7,270
**23,387**
28,112
**(2,878)**
(2,806)
**20,509**
25,306
**355,498**
369,827
**355,498**
369,827
**355,498**
369,827
**-**
-
**355,498**
369,827
**2023**
2022|
|---|---|
||**23,387**
**(2,878)**|
|||
The financial statements have been prepared in accordance with the provisions for small companies.
For the year ended 31 March 2023 the charity was entitled to exemption from audit under section 477 of the Companies Act 2006 relating to small companies.
## **Trustees' responsibilities:**
- The members have not required the company to obtain an audit of its accounts for the year in question in accordance with section 476;
- and the directors acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and the preparation of accounts.
> These accounts were approved by the trustees and authorised for issue on …………….... 23/10/2023 and are signed on their behalf by:
……………………………………
**Miss S Peters Trustee**
## **Company Registration Number:** 02453210
The notes on pages 8 to 14 form part of these financial statements.
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**ELLYS EXTRA CARE LIMITED**
**NOTES TO THE ACCOUNTS**
**FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies**
## **Legal form**
The charity constitutes a limited company, limited by guarantee as defined by the Companies Act 2006, incorporated in England and Wales. The address of the charity, the nature of its operations and its principal activities are all detailed in the Trustees’ report and charity administrative details pages in these financial statements.
## **Basis of accounting**
The financial statements have been 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 applicable in the UK and Republic of Ireland issued in October 2019, the Financial Reporting Standard applicable in the United Kingdom and Republic of Ireland (FRS 102), the Charities Act 2011, the Companies Act 2006 and UK Generally Accepted Accounting Practice.
The financial statements have been prepared on a going concern basis under the historical cost convention. The financial statements are prepared in sterling which is the functional currency of the charity and rounded to the nearest £.
The charity constitutes a public benefit entity as defined by FRS102.
The significant accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
## **Preparation of the accounts on a going concern basis**
At the balance sheet date, the Charity has cash funds of £4,295 and net current assets of £20,509, relying on the support of a Trustee through a debtor balance. With this support, the trustees consider the company to have a sufficient level of working capital to see it through the upcoming months and therefore it remains wholly solvent.
The trustees do not consider there to be a material uncertainty at this time, and there is a reasonable expectation that the charity has adequate resources to continue in operational existence for the foreseeable future. Thus, the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.
## **Income**
Housing benefit is credited to the statement of financial activities in the period in which income is earned. If any benefit is received in advance of the period to which it relates, it will be reflected in deferred income within the balance sheet. No income is shown net of expenditure.
Investment income represents bank interest receivable and is recognised on receipt.
## **Expenditure**
Expenditure is recognised on an accruals basis as a liability is incurred. Expenditure has been classified under headings that aggregate all costs related to the category. Expenditure is recognised where there is a legal or constructive obligation to make payments to third parties, it is probable that the settlement will be required and the amount of the obligation can be measured reliably.
-8-
**ELLYS EXTRA CARE LIMITED**
**NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies (continued)**
Irrecoverable VAT is charged as a cost against the activity for which the expenditure was incurred. Support costs are those which assist the work of the charity but do not directly represent charitable activities and include office costs and governance costs. They are incurred directly to support the objectives of the charity. Where costs cannot be directly attributed to a particular heading, they have been allocated on a basis consistent with the use of the resources.
## **Tangible fixed assets**
Tangible fixed assets other than freehold land are stated at cost less depreciation. Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life:
Freehold property - 2% straight line Office Equipment - 25% straight line
Freehold land is not depreciated.
## **Debtors and creditors**
Debtors and creditors with no stated interest rate and receivable and payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
## **Cash and cash equivalents**
Cash is a basic financial asset and includes cash in hand and deposits held at call with banks.
## **Leasing and hire purchase commitments**
Rentals payable under operating leases are charged against income on a straight line basis over the period of the lease.
## **Accumulated funds**
Unrestricted funds - these are available for us at the discretion of the trustees in furtherance of the general activities of the charity.
Restricted funds - these are subjected to restrictions on their expenditure imposed by the donor. The purposes and uses of any restricted funds are set out in the notes to the accounts where applicable.
## **Financial instruments**
The Charity has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments. Financial instruments are recognised in the Charity’s balance sheet when the Charity becomes party to contractual provisions of the instrument.
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**ELLYS EXTRA CARE LIMITED**
**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **1 Accounting policies (continued)**
## **Taxation**
The charity is recognised by the Inland Revenue as a UK Charity and is entitled to exemptions from corporation tax.
## **2 Judgements and key sources of estimation uncertainty**
In the application of the Charity’s accounting policies, the trustees are required to make judgements, estimates and assumptions about the carrying amounts of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.
## **3 Income from investments**
||**Unrestricted**|**Restricted**|**Total**|Total
2022
£
1|||
|---|---|---|---|---|---|---|
||**funds**|**funds**|**2023**||||
||**£**|**£**|**£**||||
||||||||
|Interest receivable|**43**|
**-**|
**43**||||
||||||||
||||||||
||**43**|
**-**|
**43**|
1|||
||||||||
||||||||
## **4 Income from charitable activities**
||**Unrestricted**|**Restricted**|**Total**|Total
2022
£
88,226
10,425|||
|---|---|---|---|---|---|---|
||**funds**|**funds**|**2023**||||
||**£**|**£**|**£**||||
||||||||
|Housing benefit|**99,090**|
**-**|
**99,090**||||
|Tenant contributions|**8,684**|
**-**|
**8,684**||||
||||||||
||||||||
||**107,774**|
**-**|
**107,774**|
98,651|||
||||||||
||||||||
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**ELLYS EXTRA CARE LIMITED**
## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **5 Expenditure on charitable activities**
|**5**
**Expenditure on charitable activities**||
|---|---|
|Rent, service, rates and water
Light and heat
Repairs and maintenance
Insurance
Telephone and postage
Miscellaneous purchases
Depreciation
Support and governance costs (**note 6**)|**Provision of**
**care**
**Total**
Total
**services**
**2023**
2022
**£**
**£**
£
64,131
**64,131**
54,777
11,235
**11,235**
10,750
28,698
**28,698**
24,674
2,883
**2,883**
2,625
2,184
**2,184**
1,818
477
**477**
477
9,532
**9,532**
9,966
3,006
**3,006**
2,808|
||122,146
**122,146**
107,895|
Of the above expenditure £nil (2022: £nil) was made against restricted funds.
## **6 Support costs**
|**6**
**Support costs**||
|---|---|
|Sundry expenses
Independent examination fees|**Total**
**Total**
**2023**
**2022**
**£**
**£**
**174**
48
**2,832**
2,760|
||**3,006**
2,808|
|||
## **7 Trustee remuneration (including key management personnel)**
None of the trustees (or any persons connected with them) received any direct remuneration or reimbursed expenditure during the year. No trustee made any donation to the charity in the year.
A sole-trader business of S Peters, Trustee, received income from the charity during the year as fully detailed in the related party note to these financial statements on page 15.
The trustees are considered to be the key management personnel of the company. As such, no amounts were paid to key management personnel in the current or prior year.
The charity had no employees during the current or prior period.
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**ELLYS EXTRA CARE LIMITED**
## **NOTES TO THE ACCOUNTS (CONTINUED)**
## **FOR THE YEAR ENDED 31 MARCH 2023**
- **8 Net income/(expenditure)**
|**Net income/(expenditure) is after charging/(crediting):**
Depreciation
Independent examiner's remuneration;
- independent examination fee
**Fixed assets**|||**2023**
2022
**£**
£
**9,532**
9,966
**2,832**
2,760|
|---|---|---|---|
|||||
|||||
|**Cost**
At 1 April 2022
Additions
Disposals
**At 31 March 2023**
**Depreciation**
At 1 April 2022
Charge for the year
Eliminated on disposals
**At 31 March 2023**
**Net book value**
**At 31 March 2023**
At 1 April 2022|**Land and**
**buildings**
**£**
436,845
-
-||**Equipment**
**& Fittings**
**Totals**
**£**
**£**
2,878
439,723
-
-
-
-|
||**436,845**||**2,878**
**439,723**|
||92,603
9,356
-||2,599
95,202
176
9,532
-
-|
||**101,959**||**2,775**
**104,734**|
||**334,886**||**103**
**334,989**|
||344,242||279
344,521|
|||||
|**Debtors**||||
|Other debtors
Prepayments and accrued income|||**2023**
2022
**£**
£
**18,956**
20,727
**136**
115|
||||**19,092**
20,842|
- **9 Fixed assets**
**10 Debtors**
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**ELLYS EXTRA CARE LIMITED**
## **NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **11 Creditors: falling due within one year**
|Accruals
|Accruals
|**2023**
2022
**£**
£
**2,878**
2,806|
|---|---|---|
|||**2,878**
2,806|
||||
|**Analysis of funds: Current year**|||
|**Unrestricted funds**
General fund
Restricted fund
**Total funds**|**At 1**
**At 31**
**April**
**March**
**2022**
**Income Expenditure**
**Transfers**
**2023**
**£**
**£**
**£**
**£**
**£**
369,827
107,817
(122,146)
-
355,498
-
-
-
-
-||
||**369,827**
**107,817**
**(122,146)**
**-**
**355,498**||
## **12 Analysis of funds: Current year**
## **13 Analysis of funds: Prior year**
|**Unrestricted funds**
General fund
Restricted fund
**Total funds**|**At 1**
**At 31**
**April**
**March**
**2021**
**Income Expenditure**
**Transfers**
**2022**
**£**
**£**
**£**
**£**
**£**
379,070
98,652
(107,895)
-
369,827
-
-
-
-
-|
|---|---|
||**379,070**
**98,652**
**(107,895)**
**-**
**369,827**|
|||
## **14 Commitments under operating leases**
The charity incurs annual operate lease charges of £8,000 for the rental of a property from a related party entity, Haven Lodge. At 31 March 2023 the Charity was committed to a further £8,000 (2022: £6,000) of rental charges under the most recent agreement.
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**ELLYS EXTRA CARE LIMITED**
**NOTES TO THE ACCOUNTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2023**
## **15 Related party transactions and control**
The charity was under the control of the Board of Trustees during the current and prior period.
S Peters is a Trustee and also operates as a sole trader, trading as “Haven Lodge”. During the year, Haven Lodge charged Ellys Extra Care Limited rent totalling £8,000 (2022: £8,000). Housing benefit income of £99,193 (2022: £81,174) was received by Haven Lodge on behalf of Ellys Extra Care Limited. A further £8,684 (2022: £10,425) was received by Haven Lodge from tenants towards bills on behalf of Ellys Extra Care Limited. Management fees were charge to and expenses incurred on behalf of Ellys Extra Care Limited totalling £49,597 (2022: £50,963) and costs were incurred by Ellys on behalf of Haven Lodge of £3,784 (2022: £3,315).
As a result of the above transactions, and following other cash repayments, £18,956 (2022: £17,344) is included in other debtors at the year end.
There are no further disclosable related party transactions in the year.
## **16 Company limited by guarantee**
The company is limited by guarantee. In the event of the company being wound up or dissolved, each of the members undertakes to contribute such amounts as may be required, not exceeding £1, for payment of debts or liabilities.
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