FAITH HOUSE EVENTIDE HOME STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Notes Income from: Donations and legacies Charitable activities Investments 6,988 2,919,550 3,001 556,061 563,049 2.919,550 3,001 25,623 2,670,667 408 137,888 163,511 2,670,667 408 Total income 2,929,539 556,061 3,485,600 2,696,698 137,888 2,834,586 Expenditure on.. Raising funds Charitable activities 293,656 2,588,661 293,656 2,588.661 280,088 2,586,403 280,088 2,586,403 Total expendlture 2,882,317 2,882,317 2,866,491 2,866,491 Net Incomel{expenditure) and movement in funds 47,222 556,061 603,283 1169,793) 137,888 131,9051 Reconciliation of funds: Fund balances at 1 January 2024 172,9781 3,243,394 3,170,416 96,815 3,105,506 3,202,321 Fund balances at 31 December 2024 125,7561 3,799,455 3,773,699 {72,9781 3,243,394 3,170,416 The slalement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing aclivilies.
FAITH HOUSE EVENTIDE HOME BALANCE SHEET AS AT31 DECEMBER 2024 2024 2023 Notes Fixed assets Tangible assets 13 3,413,027 3,376,712 Current assets Stocks Debtors Cash at bank and in hand 14 15 11,870 150,019 555,590 7,880 176,691 8,552 717,479 193,123 Creditors: amounts falling due within one year 17 1290,032) 1297,593) Net current assetsl(liabilities) 427,447 (104,470) Total assets less current liabilities 3,840,474 3,272,242 Creditors: amounts falllng due after more than one year 18 (66,7751 {101,826) Net assets 3,773,699 3,170,416 The funds of the charity Reslricled income funds Unrestricted funds 19 20 3,799,455 {25,756) 3.243,394 (72,9781 3,773,699 3.170,416 The financial statements were approved by the Trustees, on MrFJNBrown Trustee
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information 1.1 Accountlng convention The financial stalemenls have been prepared in accordance wilh the charity's governing document, the Charities Act (Northern Ireland) 2008, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charitles SORP "Accounting and Reporting by Charities.. Statement of Recommended Practice applicable lo charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" The charity is a Public Benefit Entity as defined by FRS 102. The financial statements are prepared in sterling, which is the functional currency of the charity. Monetary amounts in these financial slalemenls are rounded to the nearest £. The financial statements have been prepared under the historical cost convenlion, [modified to include the revaluation of freehold properties and to include investment properties and certain financial instruments al fair valuel. The principal accounting policies adopted are sel out below. 1.2 Going concern At the lime of approving the financial statements, the Trustees, have a reasonable expectation that the charity has adequate resources lo continue in operational existence for the foreseeable future. Thus the Trustees, continue to adopt the going concern basis of accounting in preparin9 the financial statements. 1.3 Charitable funds Unrestricted funds are available for use al the discretion of the Trustees, in furtherance of their charitable objectives. Restricted funds are subject to specific conditions by donors or grantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes lo the financial statements. Endowment funds are subject lo specific conditions by donors that the capital must be maintained by the charity. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received. Cash donations are recognised on receipt. Other donations are recognised once the charity has been notified of the donation, unless performance conditions require deferr81 of the amount. Income lax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation. Legacies are reco9nised on receipt or olheNise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, Ihe legacy is treated as a contingent asset.
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng poll¢les {Continued} 1.5 Expenditure Expendilure is recognised once there is a legal or conslruclive obligation to transfer economic benefit lo a third party, it is probable that a transfer of economic benefits will be required in selllement, and the amount of the obligation can be measured reliably. Expenditure is classified by activity. The costs of each activity are made up of Ihe total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable lo a single activity are allocated directly to that activity. Shared costs which contribut8 lo more than one activity and support costs which are not altribu18ble lo a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset's use. 1.6 Tangible fixed assets Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation. net of depreciation and any impairment losses. Depreciation is recognised so as lo write off the cost or valuation of assets less their residual values over their useful lives on the following bases.. Freehold land and buildings Plant and equipment Fixtures and fittings 20/. Straight Line 20 % Slraighl Line 20°/o Straight Line The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in Ihe statement of financial activities. 1.7 Impalrment of flxed assets Al each reporting end dale, the charity reviews the carrying amounts of ils tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the exlenl of the impairment loss lif any). 1.8 Stocks Stocks are slated at the lower of cost and eslimated selling price less costs lo complete and sell. Cost comprises direct materials and, where applicable, direct labour costs and those overheads that have been incurred in bringing the stocks to their present location and condition. Items held for distribution at no or nominal consideration are measured Ihe lower of replacement cost and cost. Net realisable value is the estimated selling price less all eslimaled costs of completion and costs lo be incurred in marketing, selling and dislribulion. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments wilh original maturities of three months or less, and bank overdrafts. Bank overdrafls are shown within borrowings in current liabilities. 10-
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accountlng policies {Continuedl 1.10 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 instrumenls are recognised in the charity's balance sheet when the charily becomes party lo the contractual provisions of the instrument. Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention lo sellle on a net basis or lo realise the asset and settle the liability simultaneously. Basi¢ financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslitules a financing transaction, where the transaction is measured al the present value of the future receipts discount8d at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Basic financial Ilabllltles Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement conslitules a financing transaclion, where the debt instrument is measured al the present value of the future payments discounted at a markel rate of interest. Financial liabilities classified as payable within one year are not amortised. Debt instruments are subsequently carried al amortised cosl, using ihe effective interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operalions from suppliers. Amounts payable are classified as current liabilities if paymenl is due within one year or less. If not, they are presented as non-current liabililies. Trade creditors are recognised initially at transaction price and subsequently measured al amortised cost using the effective interest method. Derecognition of flnancial liabilities Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. 1.11 Employee benefits The cost of any unused holiday entillemenl is recognised in the period in which the employee's seNices are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed lo terminate the employment of an employee or to provide lerminalion benefits. Critical accounting estimates and judgements In the application of the charity's accounting policies, the Trustees, are required lo make judgemenls, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associaled 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 lo accounling 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. 11
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies Unrestricted Restricted funds funds 2024 2024 Total Unrestricted Restricted funds funds 2023 2023 Total 2024 2023 Donations and gifts Legacies Grants 1,350 15,747 538,964 1.350 15,747 545,952 1,200 88,516 48,172 1,200 88,516 73,795 6,988 25,623 6,988 556.061 563,049 25.623 137,888 163,511 Income from charltable actlvltles Unrestricted funds 2024 Unrestrlcted funds 2023 Operating Income Sale of goods Services provided under contract 1,190,211 1,729,339 1,061,863 1,608,804 2,919,550 2,670,667 Income from Investments Unrestricted Unrestricted funds funds 2024 2023 Interest receivable 3,001 408 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Fundralslng and publicity Meals & provisions Nursing supplies Household expenses Welfare 161,252 77,355 43,802 11,247 144,968 80,347 44,626 10,147 293,656 280,088 12
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on charitable activities Support Costs 2024 Support Costs 2023 Direct costs Share of support and governance costs {see note 8) Support Governance 2,542,923 45,738 2,541,507 44,896 2,588,661 2,586,403 Analysis by fund Unrestricted funds 2,588,661 2,586,403 Support cosls allocated to activities Support Costs 2024 Total 2023 Depreciation Wages and salaries Pensions Staff development Rates and water Repairs and maintenance Insurance Light and heat Bank interest Governance 36,825 2,142,557 39,165 19,Q08 14,786 83,500 28,865 168,305 9,912 45.738 54,023 2,143,141 37,817 20,716 14,051 63,130 23,853 172,930 11,846 44,896 2.588,661 2,586,403 Net movement in funds 2024 2023 The nel movement in funds is slated after chargingl{credilingl'. Fees payable for the audit of the charity's financial slalements Depreciation of owned tangible fixed assels 6,174 36,825 5,880 54,023 10 Trustees. None of the Trustees, (or any persons connected with them) received any remuneration or benefits from the charity during the year. 13
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Nursing staff Residenlial staff Other Staff 55 26 51 59 22 54 Total 132 135 There were no employees whose annual remuneration was more than £60.000. 12 Taxation The charity is exempt from taxation on its activities because 811 its income is applied for charitable purposes. 13 Tanglble flxed assets Fr8ehold land and buildings Plant and Flxtures and èquSpment fittings Total Cost At 1 January 2024 Additions 3,296,327 58,774 191,959 1,458 740,209 4,228,495 12,907 73,139 At 31 December 2024 3,355,101 193,417 753,116 4,301,634 Depreciation and impairment Al 1 January 2024 Depreciation charged in the y8ar 181,129 4,894 670,653 31,931 851,782 36,825 Al 31 December 2024 186,023 702,584 888,607 Carrying amount At 31 December 2024 3,355,101 7,394 50,532 3,413,027 At 31 December 2023 3,296,327 10,829 69,556 3,376,712 14 Stocks 2024 2023 Finished goods and goods for resale 11,870 7,880 14-
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Debtors 2024 2023 Amounts falling due within one year: Trade debtors Other debtors Prepayments and accrued income 73,844 69,140 7,035 101,034 66,092 9,565 150,019 176,691 16 Loans and overdrafts 2024 2023 Bank overdrafts Bank loans 40,581 134,698 101,827 101,827 175,279 Payable within one year Payable after one year 35,052 66,775 73,453 101,826 17 Credltors.. amounts falling due within one year 2024 2023 Notes Bank loans and overdrafts Trade Creditors Other creditors Accruals and deferred income 16 35,052 40,215 19,294 195,471 73,453 65,828 17,734 140,578 290,032 297,593 18 Creditors: amounts falling due after more than one year 2024 2023 Notes Bank loans 16 66,775 101,826 15-
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Restricted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subje¢l lo specific conditions by donors as lo how they may be used. At 1 January 2024 Incoming resources At31 December 2024 3,243,394 556,061 3,799,455 Prevlous year: At 1 January 2023 Incoming resources At31 December 2023 3,105,506 137,888 3,243,394 20 Unrestrlcted funds The unrestricted funds of the charity comprise the unexpended balanS of donations and grants which are not subject lo specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been set aside out of unrestricted funds by the Iruslees for specific purposes. At 1 January 2024 Incoming resources Resources expended At31 December 2024 General funds 172,9781 2,929,539 12,882.3171 {25,756) Previous year: At 1 January 2023 Incoming resources Resources expended At31 December 2023 General funds 96,815 2,696,698 (2,866,491) (72,978) 21 Related party transactions During the financial year there were related paty transactions between Faith House Eventide Home and Bethshean Lodge Limited. The balance owed at the end of the financial year was £69,140 (2023 - £66,092). 16-
FAITH HOUSE EVENTIDE HOME NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Cash generated froml{absorbed by) operations 2024 2023 Surpluslldeficill for the year 603,283 (31,9051 Adjustments for,. Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (3,001) 36,825 {408) 54,023 Movements In working capital.. {Increasel in stocks Decreasel{increase) in debtors Increase in creditors 13,990) 26,672 30,840 {510) (64,403) 38,366 Cash generated froml{absorbed by) operations 690,629 {4,8371 23 Analysis of changes in net fundsl{debtl At 1 January 2024 Cash flows At 31 December 2024 Cash al bank and in hand Bank overdrafts 8,552 140,581) 547,038 40,581 555,590 (32,029) 587,619 555,590 Loans falling due wilhin one year Loans falling due after more than one year 132,8721 {101,8261 (2,180) 35,051 (35,052) (66,775) 1166,727) 620,490 453,763 17-