Registered number: N1037376 Charity number: NIC101830 THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) CONTENTS Page Reference and administrative details of the Company, its Trustees and advisers Trustees, report Independent auditors. report on the financial statements Statement of financial activities 10 Balance sheet Statement of cash flows 13 Notes to the financial statements 14-27
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) REFERENCE AND ADMINISTRATIVE DETAILS OF THE COMPANY. ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 DECEMBER 2023 Trustees Nigel McFarland Timothy Martin Dawn Bowers Lisa McFadand Robert Greer Company registered number N1037376 Charity registered number NIC101830 Registered office 48 Ballyclare Road Glengomiley BT36 5HL Chief executive officer Nigel McFarland Independent auditors UHY Hacker Young Fitch Limited ststLrtory Auditors & Chartered Accountants Suite 2.06. Custom House Custom House Square Belfast Antrim BT13ET Page 1
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT FOR THE YEAR ENDED 31 DECEMBER 2023 The Truslees present their annual report together wth the audited financial statements of the Company for the 1 January 2023 to 31 December 2023. The Annual report serves the purposes of both a Trustees, report and a directors, report under company law. The Trustees confimi that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the Charitable Company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019). Since the Company qualffies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors, Report) Regulations 2013 has been omitted. Structure, govemance and management a. Constitution The Martin Residential Trust is registered as a charitable company limited by guarantee and was set up by a Memorandum of Association on 15th November 1999. The charitable company is a registered charity with the Charity Commission in Northern Ireland under number NIC101830 and is recognised as a charity by HMRC, number XN79517. b. Methods of appointment or election of Trustees As required on an ad hoc basis the board members discuss the appointment of potential new members for appointment to the board. Suitable people are approached and if they are wlling to serve on the board, their nomination is put forward for approval by the board. There is no maximum temi of offi. . Organisational structure and decision-making policies The board is responsible for the review of all activities and approval of future strategy. Meetings of the board are held a minimum of three times per annum. The general manager is responsible for all day to day matters. d. Financial risk management The Trustees have assessed the major risks to which the Company is exposed, in particular those related to the operations and finances of the Company, and are satisfied that systems and procedures are in place to mitigate exposure to the major risks. Plans for fvture periods The company intends to build a small facility for the benefit of profoundly disabled people at some point in the future, and have invested designated funds for this purpose. At the moment there are no definite plans or ommitments in place to build this new unit Objectives and activities a. Policies and objectives The objectives of the company continued to be that of providing loving care to people wth profound learning disabilities, which is achieved through the running of a care facility in Glengormley. Page 2
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Objectives and activities (continued) b. Strategies for achieving objectives The Martin Residential Trust provides 24 hour nursing care and support to people wth profound and in many cases multiple physical disabilities at our care facility in Glengormley. We are experienced in supporting people who have conditions such as epilepsy, Alzheimerfs disease, autistic spectrum disorder, Down's syndrome, cerebral palsy, dysphasia and musculoskeletal disorders. c. Activities undertaken to achieve objectives Within the Martin Residential Trust. we are able to provide a safe, supportive and caring environment for vulnerable people. There is always a qualified nurse on duty and W provide a high level of staffing in order that we can appropriately support people who have complex needs. We have suitable facilities to assist people who have physical disabilities, including overhead hoists and acSsible transport. We also support people to take part in a full activity programme that is suited to their individual needs. Activities can range from arts and crafts, ookery, sensory activities, hydrotherapy sessions and physiotherapy and the person's activity plan is suited to their assessed individual needs. Our wide range of facilities and our breadth of experience mean that we are able to be very responsive to changes in a persons needs or health. d. Public benefit declaration The direct public benefit which flows from our purpose is the provision of accommodation and nursing care for people living in Northern Ireland who have profound learning disabilities. e. Main activities undertaken to further the Company's purposes for the public benefit The provision of 24 hour nursing care and support to those people living in Northern Ireland throughout the year who have profound leaming disabilrties is of direct benefit to the public. These benefits can be demonstrated through, feedback from users and their relatives, nursing and medical assessment of health outcomes, and independent evaluation by regulatory bodies. In providing nursing care there is a risk associated wth administering prescribed medical treatments such as medicines aimed at treating health conditions. These risks are medically assessed and are Ouelghed by the benefits to the service user. Those administering or working for the organisations may incidentally benefit from our purpose if their relative receives nursing care. In such cases the relative must fulfill the requirements of admission and wll not receive preferential treatment. Achievements and performance . Review of activities During the year we continued to provide 24-hour nursing care to 18 people wth profound disabilities, all of 0M reside pemianently wthin the Home. Many of our Residents have lived in the Martin Trust for 20+ years and we were pleased to welcome 2 new Residents into the Home during 2023. Staff levels remained very stable, only 3 new employees recruited to fill vacancies for a few staff who left for other career opportunities. The Home employed an average of 61 people throughout the year with no changes thin Management or Director positions. The Home continued to work with the local Health Trusts and RQIA to meet our objectives and received positive feedback from inspections throughout the year. The results for the year are set out in the attached financial statements that show a surplus of £40,310 {2022'. deficit £42,958). The results and the financial position were considered satisfactory by the Trustees. Page 3
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Financial review . Going concern After making appropriate enquiries. the Trustees have a reasonable expectation that the Charity has adequate resources to continue is operational existence for the foreseeable future. For this reason, they continue to adopt the going concem basis in preparing the financial statements. Further details regarding the adoption of the going concern basis can be found in the Accounting Policies in note 2. b. Reserves policy It is the policy of the charity that unrestricted general funds which have not been designated for specrfic use should be maintained at a level equivalent to belween three and six month's expenditure. The Trustees consider that reserves at this level wll ensure that, in the event of a significant drop in funding, they will be able to continue the company's current activities lIe consideration is given to ways in which additional funds may be raised. This level of reserves has been maintained throughout the year. The Trustees have designated funds of £2.2million for the property and for future capital projects. c. Principal funding The company's primary source of funding continued to be from local Health Trusts. Members. liability The Members of the Company guarantee to contribute an amount not exceeding £1 to the assets of the Company in the event of winding up. Statement of Trustees. responsibilities The Trustees (who are also the directors of the Company 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 Trustees to prepare financial ststements for each financial . 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 Company and of its incoming resources and application of resources, including its income and expenditure, 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 of the Charities SORP {FRS 102)., make judgments and accounting estimates that are reasonable and prudent., state whether applicable UK Accounting Standards (FRS 102) have been followed. subject to any material departures disclosed and explained in the financial statements., prepare the financial statements on the going concem basis unless it is inappropriate to presume that the Company wll continue in business. The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the Company's transactions and disclose wth reasonable accuracy at any time the financial position of the Company and enable them to ensure that the financial statements comply wth the Companies Act 2006. They are also responsible for safeguarding the assets of the Company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Page 4
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2023 Disclosure of infomiation to auditors Each of the persons who are Trustees at the time bthen this Trustees, report is approved has confirmed that: so far as that Trustee is aware, there is no relevant audit information of vthich the charity's auditors are unaware, and that Trustee has taken all the steps that ought to have been taken as a Trustee in order to be aware of any relevant audit information and to establish that the charity's auditors are aware of that information. Auditors The auditors, UHY Hacker Young Fitch Limited, have indicated their yll1ngness to continue in office. The designated Trustees wll propose a motion reappointing the auditors at a meeting of the Trustees. Approved by order of the members of the board of Trustees on ?1 A..J151 ?If4 and signed on their behalf by: n/A IAJ Nigel McFarland (Trustee) Lisa McFarland (Trustee) Page 5
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST Opinion We have audited the financial statements of The Martin Residential Trust {the 'charitable company,) for the year ended 31 December 2023 which comprise the Statement of financial activities, the Balance sheet, the 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 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 financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, including its income and expenditure for the year then ended., have been properly prepared in accordance with United kQ'ngdom Generally Accepted Accounting Practice., and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance vth Intemational Standards on Auditing (UK} IISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors, responsibilities for the audit of the financial statements section of our reporL We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council's Ethical Stsndard, and we have fulfilled our other ethical responsibilities in accordance wth 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 concem 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 charitable company's ability to continue as a going conrn for a period of at least e1ve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the Trustees Vth respect to going concem are described in the relevant sections of this report. Page 6
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Other inforniation The other information comprises the infonnation included in the Annual report other than the financial statements and our Auditors, report thereon. The Trustees are responsible for the other information contained within the Annual report. Our opinion on the financial statements does not cover the other information and, except to the extent othemise explicitly stated in our report, we do not express any form of assurance conclusion thereon. 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 knedge obtained in the course of 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 this gives rise to a material misstatement in the financial statements themselves. 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 facL We have nothing to report in this regard. Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit.. the infomiation given in the Trustees, report for the financial year for which the financial statements are prepared is consistent with the financial statements. 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 our knoedge and understanding of the charitsble company 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 foll0vng matters in relation to which Companies Act 2006 requires us to report to you if, in our opinion= adequate accounting records have not been kept, or retums adequate for our audit have not been received from branches not visited by us- or the financial statements are not in agreement with the accounting records and returns,. or certain disclosures of Trustees, remuneration spectfied by law are not made,. or we have not received all the information and explanations we require for our audit- or the Trustees were not entilled to prepare the financial statements in accordance wth the small companies regime and take advantage of the small companies, exemptions in preparing the Trustees, report and from the requirement to prepare a Strategic report. Responsibilities of trustees As explained more fully in the Trustees, responsibilities statement. the Trustees {who are also the directors of the charitable company 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 charitable company'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 charitable company or to cease operations, or have no realistic alternative but to do so. Page 7
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Auditor5. responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance aboLrt whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an Auditors, report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance wth ISAS (UK) wll ayS 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. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to vthich our procedures are capable of detecting irregularities, including fraud is detailed below. Our approach to identifying and assessing the risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, was as follows. The engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulations. As part of the audit in accordance with ISAS (UK) we exercised professional judgement and maintained professional scepticism throughout the audit. We identified the lavts and regulations applicable to the company through discussions with directors and other management. and from our commercial knowledge and experience of the sector and we focused on specific lavts and regulations which we considered may have a direct material effect on the financial statements or the operations of the company. including the Companies Act 2006 and the Charities Act (Northern Ireland) 2022. We assessed the susceptibility of the companls financial statements to material misstatement, induding obtaining an understanding of how fraud might occur, by making enquiries of management as to where they considered there was susceptibility to fraud. their knoedge of actual, suspected and alleged fraud and onsidering the internal controls in place to mitigate risks of fraud and non-compliance wth laws and regulations. We obtained an understanding of intemal controls relevant to the audit in order to design audit procedures that were appropriate in the circumstsnces but not for the purpose of expressing an opinion of the effectiveness of the Company's intemal controls. To address the risk of fraud through management bias and override of controls, we performed analytical procedures to identify any unusual or unexpected relationships- tested joumal entries to identify unusual transactions,. evaluated the appropriateness of accounting policies used, including managements, use of the going concern basis of accounting. and the reasonableness of accounting estimates and related disclosures made by management,. and investigated the rationale behind significant or unusual transactions. In response to the risk of legUlarltieS and non-compliance wth laws and regulations, we designed procedures which included but were not limited to agreeing financial statement disclosures to underlying supporting documentation,. reading the minutes of meetings of those charged with governance,. and enquiring of management as to actual and potential litigation and claims. Because of the inherent limitations of an audit. there is a risk that y wll not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance wth regulation. This risk increases the more that compliance wth a law or regulation is removed from the events and transactions reflected in the financial statements, as we viill be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularrties occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at.. wvM.frc.or .uklauditorsres onsibilities. This description forms part of our Auditors, report. Page 8
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF THE MARTIN RESIDENTIAL TRUST (CONTINUED) Use of our report This report is made solety to the charitable company's members, as a body, in accordance wth Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members 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 charitable company and its members, as a body, for our audit work, for this report, or for the opinions we have formed. Michael Fitch (Senior statutory auditor) for and on behalf of UHY Hacker Young Fitch Limited Statutory Auditors & Chartered Accountants Suite 2.06, Custom House Custom House Square Belfast Antrim BT13ET 21 August 2024 UHY Hacker Young Fitch Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006. Page 9
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) STATEMENT OF FINANCIAL ACTIVITIES (INCORPORATING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2023 Unrestricted funds 2023 Totsl funds 2023 Total funds 2022 Note Income from: Donations, grants and legacies Charitable activities Investments 4,575 1,668,704 28,588 4,575 1,668,704 28,588 44,284 1,544,207 26, 888 Total income 1,701,867 1,701,867 1,615,379 Expenditure on: Charitable activities 1,688,098 1,688,098 1,579, 191 Total expenditure 1,688,098 1,688,098 1,579,191 Net income before net (losses)Igains on investments Net (losses)Igains on disposal of investments Net movement in funds before other recognised gainsl{losses 13,769 (8,373) 13,769 18,373 36, 188 12,492 5,396 5,396 48, 680 Other recognised gainsl(losses): {Losses}Igains on revaluation of investments 34,914 34,914 (91,638) Net movement in funds 40,310 40,310 (42, 958) Reconciliation of funds: Total funds brought foThvard Net movement in funds 2,564,190 40,310 2,564,190 40,310 2,607, 148 (42, 958) Total funds carried forward 2,604,500 2,604,500 2, 564, 190 The Statement of financial activities indudes all gains and losses recognised in the year. The notes on pages 14 to 27 fomi part of these financial statements. Page 10
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) REGISTERED NUMBER: N1037376 BALANCE SHEET AS AT 31 DECEMBER 2023 2023 2022 Note Fixed assets Tangible assets Investments 1.204.632 582,721 265,000 1,190,2T3 559, 003 265, 000 13 Investment propety 12 2,052,353 2,014,276 Current assets Debtors Cash at bank and in hand 14 34,947 605,970 35, 623 591, 696 640,917 627,319 Creditors.. amounts falling due vthin one year 15 188,770 (77,405) Net current assets 552,147 549,914 Total assets less current liabilities 2,604,500 2, 564, 190 Net assets excluding pension asset 2,604,500 2, 564, 190 Total net assets 2,604,500 2, 564, 190 Charity funds Restricted funds 17 Unrestricted funds Designated funds General funds Revaluation reserve 17 2,201,904 381,596 21.000 2,201,904 341, 286 21,000 17 Total unrestricted funds 17 2,604,500 2, 564, 190 Total funds 2,604,500 2, 564, 190 The Trustees aCknOedge their responsibilities for complying with the requirements of the Act wth respect to accounting records and preparation of financial statements. The financial statements have been prepared in accordan with the provisions applicable to entities subject to the small companies regime. Page11
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) REGISTERED NUMBER: N1037376 BALANCE SHEET (CONTINUED) AS AT 31 DECEMBER 2023 The financial ststements were approved and authorised for issue by the Trustees on 21 August 2024 and signed on their behalf by.. l_il Nigel McFarland (Trustee) Lisa McFarfand (Trustee) The notes on pages 14 to 27 form part of these financial statements. Page 12
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Cash flows from operating activities Net cash used in operating activities 26,368 32, 599 Cash flows from investing activities Dividends, interests and rents from investments Proceeds from the sale of tangible fixed assets Purchase of tangible fixed assets Proceeds from sale of investments Purchase of investments 28,588 16.114 (67,990) 107,476 (96,280) 26, 888 (28, 436) 127,93T (188,399) Net cash used in investing activities 112.092) 162,010) Cash flow3 from financing activities Net cash provided by financing activities Change in cash and cash equivalents in the year Cash and cash equivalents at the beginning of the year 14,276 (29,411) 621, IOT 591.696 Cash and cash equivalents at the end of the year 605,972 591,696 The notes on pages 14 to 27 forni part of these financial ststements Page 13
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 General infomiation The Martin Residential Trust is a charitable company limited by guarantee and is incorporated and registered in Northern Ireland under company registration number N1037376. The charitable company's registered office is situated at 48 Ballyclare Road, Glengormley, Co. Antrim BT36 5HL. The principal activity of the company is providing loving care to people yth profound learning disabilities. Accounting policies 2.1 Basis of preparation of financial statements The financial statements have been prepared in accordance with the Charities SORP (FRS 102) Accounting and Reporting by Charities= Statement of Recommended Practice applicable to charities preparing their accounts in accordance wth the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) {effective 1 January 2015), the Financial Reporting Standard applicable in the UK and Republic of Ireland {FRS 102) and the Companies Act 2006. The Martin Residential Trust meets the definibon of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwse stated in the relevant accounting policy. 2.2 Going concern The charitable company's activities. together with the factors likely to affect its future development, performance and financial position are set out in the Trustee's Report. The financial position of the charity. along with its policies and processes for maintaining current activity, managing its funding and its financial risk management are also set out in the Trustees Report. The Charity continues to meet its day to day working capitsl requirements. the charity's forecasts and projections show that the charity will be able to operate thin its current facilities. After making enquiries, the Trustees have a reasonable expectation that the charity has adequate resources to continue in operation for the foreseeable future. Accordingly, the Trustees continue to adopt the going concem basis in preparing the annual report and financial statements. 2.3 Income All income is recognised once the Company has entitlement to the income, it is probable that the income wll be received and the amount of income receivable can be measured reliably. Grants are included in the Statement of financial actiwties on a receivable basis. The balance of income received for specific purposes but not expended during the period is shown in the relevant fijnds on the Balance sheet. Where income is received in advance of entitlement of receipt, its recognition is deferred and included in creditors as deferred income. Where entitlement occurs before income is received. the income is accrued. Gifts in kind donated for distribution are included at valuation and recognised as income when they are distributed to the projects. Gifts donated for resale are included as income when they are sold. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Other income is recognised in the period in which it is receivable and to the extent the goods have been provided or on completion of the service. Page 14
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.4 Expenditure Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third paty, it is probable that a transfer of economic benefits will be required in setuement and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned betsen those activities on a basis consistent wth the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation harges allocated on the portion of the asset's use. Expenditure on charitable activities is InCued on directly undertaking the activities which further the Company's objectives, as well as any associated support costs. All expenditure is inclusive of irrecoverable VAT. 2.5 Government grants Government grants relating to tsngible fixed assets are treated as deferred income and released to the Statement of financial activities over the expected useful lives of the assets concerned. Other grants are credited to the Ststement of financial acts'vities as the related expenditure is incurred. 2.6 Interest receivable Interest on funds held on deposit is induded when receivable and the amount can be measured reliably by the Company., this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited. 2.7 Tangible fixed assets and depreciation Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses. All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost. At each reporting date the Company assesses whether there is any indication of impaimient. If such indication exists. the recoverable amount of the asset is determined to be the higher of its fair value less costs to sell and its value in use. An impaimient loss is recognised where the carrying amount exceeds the recoverable amount. Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives. Depreciation is provided on the foll0vng basis= Freehold property Motor vehicles Fixtures and fittings 4% reducing balance 200A reducing balance 20% straight line Page 15
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.8 Inveslments Fixed asset investments are a fomi of financial instrument and are initially recognised at their transaction cost and subsequently measured at fair value at the Balance sheet date, unless the value cannot be measured reliably in vthich case rt is measured at cost less impairment. Investment gains and losses, whether realised or unrealised, are combined and presented as 'Gainsl(Losses) on investments. in the Statement of financial activities. 2.9 Debtors Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 2.10 Cash at bank and in hand Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. 2.11 Liabilities and provisions Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the Company anticipates it wll pay to settle the debt or the amount it has received as advanced payments for the goods or seNices it must provide. 2.12 Financial instruments The Company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their setdement value with the exception of bank loans which are subsequently measured at amortised cost using the effective interest method. 2.13 Finance leases and hire purchase Assets obtained under hire purchase wntracts and finance leases are capitalised a5 tsngible fixed assets. Assets acquired by finance lease are depreciated over the shorter of the lease term and their useful lives. Assets acquired by hire purchase are depreciated over their useful lives. Finance leases are those ere substantially all of the benefits and risks of ownership are assumed by the Company. Obligations under such agreements are included in creditors. net of the finance charge allocated to future periods. The finance element of the rental payment is charged to the Statement of financial activities so as to produce a constant periodic rate of charge on the net obligation outstsnding in each period. 2.14 Pensions The Company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the Company to the fund in respect of the year. Page 16
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Accounting policies (continued) 2.15 Fund accounting General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the Company and vthich have not been designated for other purposes. Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes. The aim and use of each designated fund is set out in the notes to the financial statements. Investment income, gains and losses are allocated to the appropriate fund. Income from donations. grants and legacies Unrestricted funds 2023 Total funds 2023 Donations 4,575 4.575 Unrestricted funds 2022 Total funds 2022 Donations Grants Government grants 7.377 23, 369 13,604 7,311 23, 369 13,604 Total 2022 44,284 44, 284 Page 17
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Income from charitable activities Unrestricted funds 2023 Total funds 2023 Income from charitable activf(ies- Providing care for people wth profound learning disabilities 1,668,704 1,668,704 Unrestricted funds 2022 Total funds 2022 Income from charitable activrties- Providing care for people with profound learning disabilities 1, 544,207 1,544,207 Investment income Unrestricted funds 2023 Total funds 2023 Investment income- investment properties Income from listed investments Investment income- cash 11,600 14,403 2,585 11,600 14,403 2,585 Total 2023 28,588 28,588 Unrestncted funds 2022 Total funds 2022 Investment income- investment properties Income from listed investments Investment income- cash 15,250 10, 193 1,445 15,250 10,193 1,445 Total 2022 26, 888 26, 888 Page 18
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Analysis of expenditure on charitable activities Summary by fund type Unrestricted funds 2023 Total 2023 Providing care for people wth profound learning disabilities 1,688,098 1,688,098 Unrestricted runds 2022 Total 2022 Providing care for people profound learning disabilities 1,579, 191 1,579, 191 Analysis of expenditure by activities Activities undertaken directly 2023 Support costs 2023 Total funds 2023 Providing care for people profound leaming disabilities 1,612,419 75,679 1,688,098 ActNitS undertaken directly 2022 Support costs 2022 Total funds 2022 Providing care for people yth profound learning disabilities 1,514,715 64,477 1,579, 192 Page 19
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Auditors. remuneration 2023 2022 Fees payable to the Company's auditor for the audit of the Company's annual accounts 3,020 2,805 Fees payable to the Company's auditor in respect of= All non-audit services not induded above 2,883 2,673 Staff costs 2023 2022 Wages and salaries Social security Costs Contribution to defined contribution pension schemes 1,221,934 90,257 42.285 1, 166,546 85, 320 38, 402 1,354,476 1,290,268 The average number of persons employed by the Company during the year was as follows: 2023 No. 2022 No. Direct charitable 57 59 Administrative 61 63 The number of employees vthose employee benefits (excluding employer pension costs) exceeded £60,000 was.. 2023 2022 In the band £60,001- £70,000 During the year key management, including one Trustee, received salaries including employers national insurance and pension contributions totalling £65,462 (2022.. £58,806) 10. Trustees. remuneration and expenses During the year, no Trustees received any remuneration or other benefrts for serving as Trustees (2022 - £NIL). During the year ended 31 December 2023. no Trustee expenses have been incurred (2022 - £NIL). Page 20
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 11. Tangible fixed assets Freehold property Motor Fixtures and vehicles rittings Total Cost or valuation At 1 January 2023 Additions Disposals 1.787,555 69,039 52,795 (31.745) 378,231 15,195 2,234,825 67,990 (31,745) At 31 December 2023 1,787,555 90,089 393,426 2,271,070 Depreciation At 1 January 2023 Charge for the year On disposals 657,171 21,215 45.313 11,250 (21.815) 342,068 11,236 1,044,552 43,701 (21,815) At 31 December 2023 678,386 34,748 353,304 1,066,438 Net book value At 31 December 2023 1.109,169 55,341 40,122 1,204,632 At 31 December 2022 1, 130,384 23, 726 36, 163 1,190,273 12. Investment property Freehold investment property Valuation At 1 January 2023 265,000 At 31 December 2023 265,000 The valuations were made by the Trustees, on an open market value for existing use basis. Page 21
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 13. Fixed asset investments Listed investments Cost or valuation At 1 January 2023 Additions Disposals Revaluations 559,003 96,280 (107,476} 34,914 At 31 December 2023 582,721 Net book value At 31 December 2023 582,721 At 31 December 2022 559, 003 14. Debtors 2023 2022 Due within one year Trade debtors 1,891 10,419 22,637 Other debtors Prepayments and accrued income 16,083 19,540 34,947 35, 623 Page 22
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 15. Creditors: Amounts falling due within one year 2023 2022 Trade creditors other taxation and social security Accruals and deferred income 10.399 27,675 50,696 T,24T 22, 148 48,010 88,770 77,405 16. Financial instruments 2023 2022 Financial assets Financial assets measured at fair value through income and expenditure 605,970 591,696 Financial assets measured at fair value through income and expenditure comprise cash and cash equivalents. Page 23
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 17. Statement of funds statement of funds - current year Balance at 31 Gainsl December (Losses 2023 Balance at 1 January 2023 Income Expenditure Unrestricted fvnds Designated funds Designated Funds- all funds 2,201,904 2,201,904 General funds General Funds Revaluation reserve 341,286 21,000 1,701,867 11,688,098> 26,541 381,596 21,000 362,286 1,701,867 11,688,098> 26,541 402,596 Total Unrestricted funds 2,564,190 1,701,867 11,688,098> 26,541 2,604,500 Statement of funds - prior year Balance at 31 December 2022 Balance at l January 2022 Gains/ (Losses) Income Expenditure Unrestricted funds Designated funds Designated Funds 2,201,904 2, 201, 904 General funds General Funds 384,243 21.000 1,615,380 (1,579, 191) (79, 146) 341,286 21,000 Revaluation reserve 405,243 1,615,380 (1,579, 191) (79, 146) 362, 286 Total Unrestricted funds 2.607. 147 1.615,380 (1,579, 191) (79, 146) 2, 564, 190 Page 24
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 18. Summary of funds Summary of funds - current year Balance at 31 Gainsl December (Losses 2023 Balance at 1 January 2023 Income Expenditure Designated funds General funds 2,201,904 362,286 2,201,904 402,596 1,701,867 11,688,098) 26,541 2,564,190 1,701,867 (1,688,098) 26,541 2,604,500 Summary of funds- prioryear Balance at 31 December 2022 Balance at 1 January 2022 Gains/ (Losses) Income Expenditure Designated funds General funds 2,201,904 405,243 2, 201, 904 362, 286 1,615,380 (1,579, 191) (79, 146) 2,607, 147 1,615,380 (1,579, 191) (79, 146) 2, 564, 190 19. Analysis of net assets between funds Analysis of net assets between funds - current year Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Fixed asset investments Investment propety Current assets 1,204,632 582.721 265,000 640,917 (88,770} 1,204,632 582,721 265,000 640,917 (88,770) Creditors due wthin one year Total 2,604,500 2,604,500 Page 25
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 19. Analysis of net assets between funds Icontinued) Analysis of net assets between funds - prior year Unrestricted funds 2022 Total funds 2022 Tangible fixed assets Fixed asset investments 1, 190,273 559, 003 265, 000 627,319 (77,405) 1,190,273 559, 003 265, 000 627,319 (77,405) Investment propety Current assets Creditors due within one year Total 2, 564, 190 2, 564, 190 20. Reconciliation of net movement in funds to net cash flow from operating activities 2023 2022 Net income for the year (as per Statement of Financial Activities) 5,396 48, 680 Adjustments for: Depreciation charges Dividends, interests and rents from investrnents Lossl{profit) on the sale of fixed assets Decreasel(increase) in debtors Increasel(decrease) in creditors 43.701 (28,588) 16,182} 676 11,365 36,517 (26, 888) (11, 743) (13,967) Net cash provided by operating activities 26,368 32, 599 21. Analysis of cash and cash equivalents 2023 2022 Cash in hand 605,972 591,696 Total cash and cash equivalents 605,972 591,696 Page 26
THE MARTIN RESIDENTIAL TRUST (A company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 22. Analysis of changes in net debt At1 January 2023 Cash flows At31 December 2023 Cash at bank and in hand 591,696 14,274 605,970 591.696 14.274 605.970 23. Pension commitments The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently adminislered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £42,59212022.' £38,402). 24. Related party transactions During the year. two Trustees received salaries totalling £113,893 (2022= £106,346) including employers national insurance and pension contributions. The Trustees also had use of a company car. Salaries received were for qualifying services to the company, and not for services as Trustees. 25. Post balance sheet events In common many other charities of our size and nature, we use our auditors to assist with the preparation of financial ststements. 26. Controlling party The board of Trustees are the ulb.mate controlling party of the company. 27. PAASE disclosure In common wth many other charitsble company's of our size and nature, we use our auditors to assist th the preparation of financial statements. 28. Amounts held on behalf of third parties The company holds bank accounts on behalf of its residents. These bank accounts are not included in the Trust's financial statements. At the balance sheet date, the amounts held in these accounts amounted to £264.785 {2022'. £259,052). Page 27