Charity registration number SC012574 (Scotland)
Company registration number SC120813 (Scotland)
BRAID HEALTH & WELLBEING LTD
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
BRAID HEALTH & WELLBEING LTD
CONTENTS
Page
Trustees' report
1 - 5
Independent auditor's report
6 - 8
Statement of financial activities
9 - 10
Balance sheet
11
Statement of cash flows
12
Notes to the financial statements
13 - 25
BRAID HEALTH & WELLBEING LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2023
- 1 -

The trustees present their annual report and financial statements for the year ended 31 March 2023.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the Charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006 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 (FRS 102)" (effective 1 January 2019).

Objectives and activities

Our aim is to positively enhance the ageing process for elderly, isolated and vulnerable individuals and offer the very best health and wellbeing support.

Braid Health & Wellbeing provides a digital and physical space for everyone in need of support as they transition through life’s stages.

Achievements and performance

We have had a stable financial situation during the fiscal year with our funding from the Council and funds raised through our fundraiser keeping us solvent and allowing us to develop a number of innovative projects.

However, the next financial year will be more challenging due to the council issuing a tender process for future day care services.

As the value of the contract exceeded a certain amount, it meant that the contract was out for tender on the Scotland portal requiring us to decide if we wanted to bid for the day care service.

This was not entirely straightforward for us as a charity as the value of this new contract was significantly less in value compared to what has been the case up to and including this financial year; for us this would result in an almost 60% drop in income from the Council.

After much deliberating, the board of trustees, in conjunction with our CEO, decoded that we had little choice but to tender for the service. As it turned out, we were successful in being awarded the contract which will run initially for a 2 year period.

As well as the contract award, the council also imposed a cost for rent of the premises we occupy. So this was another fiscal challenge for us as we had enjoyed a rent free arrangement. However we were faced with no option but to comply although we did negotiate a significant reduction in the original amount levied as we asked for the upper premises to be rented out separately avoiding it falling on us to sub let the upstairs, particularly if we were unable to let these premises in the future. (at the present time a child contact centre charity occupies the upstairs)

As a result of the drop in income we have had to reconfigure our budget for the incoming financial year....our savings were helped to some extent by our CEO Ray Baird deciding to move to another post In the North of England. While his departure is a significant loss to us, given his innovative management and the development of a more diverse health and well being service, we are now in a much stronger place as a result of what he has achieved for us during his 3 years with us.

We decided not to appoint another CEO and instead to upgrade another two members of the management team. This saving on his salary, and that along with another reshuffle of care staff and the non replacement of another supervisor post, we feel our revised income can be matched with these and other savings.

We are also still building our private clients which is another important revenue stream for us.

BRAID HEALTH & WELLBEING LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 2 -

Overall we continue to be an innovative day care service for older people with increasing social care needs by the introduction of appropriate health and well being programmes to make the experience as stimulating and worthwhile as possible.

While our Margaret Miller Centre is still available to outside services, we hope that in time it will see increased usage by a more diverse group of service users.

We have also embarked on a well being project with the University of Edinburgh who will use our older people in the day centre to measure outcomes based on research methods which means we should be able to say more specifically what benefits older people in attending our centre.

We continue to have allied health professional and social work students who contribute significantly to our day care service.

Our services continue to be in good shape and this is due in no small measure to the hard work, talent and diligence shown by our staff group.

 

Financial review

For the year ended 31 March 2023, the Statement of Financial Activities shows an overall surplus of £98,493 (2022 - surplus £70,976).

 

This is made up of a surplus of £116,149 (2022 surplus - £52,682) on unrestricted funds and a deficit on restricted funds of £17,656 (2022 surplus - £18,294).

 

The amount of unrestricted funds excluding designated funds held at 31 March 2023 was £240,579 (2022 - £126,485).

 

Designated funds held at 31 March 2023 was £26,555 (2022 - £24,500).

 

Restricted funds held at 31 March 2023 was £12,729 (2022 - £30,385).

 

The funds are detailed in the notes to the accounts.

Reserves Policy

The Trustees are monitoring their policy whereby the unrestricted funds not committed or invested in tangible fixed assets by the charity is between three to six months of expenditure. At the year end the reserves amounted to around 2 months of expenditure and the Trustees are working to remedy this.

Risk Management

The Trustees have conducted a review of the major risks to which the charity is exposed. A risk register has been established and is updated at least annually. Where appropriate, systems or procedures have been been established to mitigate the risks the charity faces.

Plans for the future

Our financial future has been stabilised through the awarding of the WLC contract for day care, some efficiency savings and the continued development of our private clients.

 

This has been achieved against the loss of the previous level of council support and the imposition of a rent for the property. As a board we are optimistic that we have weathered the potential storm of reduced funding and higher costs through the measures we have already taken and we are still hopeful that our health and well being emphasis will still realise involvement of other community groups which will provide us with other income streams.

BRAID HEALTH & WELLBEING LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 3 -
Structure, governance and management

Braid Health & Wellbeing Ltd (previously known as Braid House Day Centre Limited) is registered with Companies House as a company limited by guarantee and is governed by the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 and the provisions set out in its memorandum and articles of association.

Structure, governance and management (continued)

The trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

 

Mr R Barnes     Chair            (resigned 30/10/2023)

Mr J Moore     Vice-Chair/Chair        (Vice-Chair to 29/10/2023, Chair from 30/10/2023)

Mr J Richardson     Treasurer        (resigned 31/01/2023)

Mrs H Clark    Treasurer        (Treasurer from 30/10/2023)

Ms C Gard    

Ms C Mellon                 (resigned 23/08/2023)

Ms A McKenzie                (appointed 28/07/2023)

Mr R Baird                (appointed 19/07/2023)

 

Senior Management Team

Ray Baird     CEO             (resigned 01/02/2023)

Lynda McArthur    Senior Manager        (appointed 01/03/2023)

 

Registered Charity Name

Braid Health & Wellbeing Ltd

 

Charity Registration Number

SC012574

 

Company Registration Number

SC120813

 

Principal Office and Registered Office

Braid House

Labrador Avenue

Howden

Livingston

EH54 6BU

 

Auditors             

Thomson Cooper

22 Stafford Street

Edinburgh    

EH3 7BD

BRAID HEALTH & WELLBEING LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 4 -

Trustees

 

The trustees are appointed by the existing trustees at any time during the year. The existing trustees actively seek to recruit new trustees whose skills would complement and add to the Board. The memorandum and articles of association does not restrict the number of trustees that can be appointed.

 

No trustee shall be appointed to a salaried office of the charity.

 

The trustees are given an induction to the practical work of the charity. New trustees meet with the chairperson, other trustees and centre management and are given the previous years minutes of meetings, memorandum and articles of association, the latest financial statements, major reports and also the booklet Guidance for Charity Trustees' produced by OSCR. The booklet fully outlines the duties and responsibilities of charity trustees in Scotland.

 

The Board undertook training, together with senior staff, to maintain all compliance and statutory requirements. The trustees are responsible for the administration, management and control of the affairs and property of the charity.

Braid Health & Wellbeing Ltd has a Board consisting of six trustees who meet monthly and are responsible for the strategic direction and policy of the charity. The trustees are responsible for ensuring that the charity delivers the services specified and that key performance indicators are met.

Statement of trustees' responsibilities

The trustees, who are also the directors of Braid Health & Wellbeing Ltd for the purpose 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 statements for each financial year which give a true and fair view of the state of affairs of the Charity and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

 

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;

 

- 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 financial statements on the going concern basis unless it is inappropriate to presume that the Charity will continue in operation.

 

The trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the Charity and enable them to ensure that the financial statements comply with the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended) and the Companies Act 2006. They are also responsible for safeguarding the assets of the Charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

The trustees are responsible for the maintenance and integrity of the charity and financial information included on the Charity's website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions.

Auditor

In accordance with the company's articles, a resolution proposing that Thomson Cooper be reappointed as auditor of the company will be put at a General Meeting.

BRAID HEALTH & WELLBEING LTD
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 5 -
Disclosure of information to auditor

Each of the trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The trustees' report was approved by the Board of Trustees.

Mr J Moore
Trustee
Dated:
30 October 2023
2023-11-02
BRAID HEALTH & WELLBEING LTD
INDEPENDENT AUDITOR'S REPORT
TO THE TRUSTEES OF BRAID HEALTH & WELLBEING LTD
- 6 -

Opinion

We have audited the financial statements of Braid Health & Wellbeing Ltd (the ‘Charity’) for the year ended 31 March 2023 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including 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 March 2023 and of its incoming resources and application of resources, for the year then ended;

-
have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and
-

have been prepared in accordance with the requirements of the Companies Act 2006, the Charities and Trustee Investment (Scotland) Act 2005 and regulation 8 of the Charities Accounts (Scotland) Regulations 2006 (as amended).

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the Charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusion relating to going concern

In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.

 

Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the Charity’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.

 

Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and 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 knowledge 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 fact.

 

We have nothing to report in this regard.

BRAID HEALTH & WELLBEING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF BRAID HEALTH & WELLBEING LTD
- 7 -
Matters on which we are required to report by exception

We have nothing to report in respect of the following matters in relation to which the Charities Accounts (Scotland) Regulations 2006 (as amended) require us to report to you if, in our opinion:

-

the information given in the financial statements is inconsistent in any material respect with the trustees' report; or

-

proper accounting records have not been kept; or

-

the financial statements are not in agreement with the accounting records; or

-

we have not received all the information and explanations we require for our audit.

Responsibilities of trustees

As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the Charity for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the Charity’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

We have been appointed as auditor under section 44(1)(c) of the Charities and Trustee Investment (Scotland) Act 2005 and report in accordance with the Act and relevant regulations made or having effect thereunder.

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

Extent to which the audit was capable of detecting irregularities, including fraud

We considered the opportunities and incentives that may exist within the organisation for fraud and identified the greatest potential for fraud in the following areas: existence and timing of recognition of income, posting of unusual journals along with complex transactions and non-compliance with laws and regulations. We discussed these risks with management, designed audit procedures to test the timing and existence of revenue and tested a sample of journals to confirm they were appropriate. In addition, we reviewed areas of judgement for indicators of management bias to address these risks.

We identified areas of laws and regulations that could reasonably be expected to have a material effect on the financial statements from our sector experience through discussion with the officers and other management (as required by the auditing standards).

We reviewed the laws and regulations in areas that directly affect the financial statements including applicable charity and company law and considered the extent of compliance with those laws and regulations as part of our procedures on the related financial statement items.

With the exception of any known or possible non-compliance with relevant and significant laws and regulations, and as required by the auditing standards, our work in respect of these was limited to enquiry of the officers and management of the charity.

We communicated identified laws and regulations and potential fraud risks throughout our team and remained alert to any indications of non-compliance or fraud throughout the audit. However the primary responsibility for the prevention and detection of fraud rests with the trustees.

BRAID HEALTH & WELLBEING LTD
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE TRUSTEES OF BRAID HEALTH & WELLBEING LTD
- 8 -

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

 

These inherent limitations are particularly significant in the case of misstatement resulting from fraud as this may involve sophisticated schemes designed to avoid detection, including deliberate failure to record transactions, collusion or the provision of intentional misrepresentations.

Use of our report

This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006 and to the charity’s trustees, as a body, in accordance with Section 44(1) (c) of the Charities and Trustees Investment (Scotland) Act and regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditor's report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Fiona Haro (Senior Statutory Auditor)
for and on behalf of Thomson Cooper, Statutory Auditor
Edinburgh
31 October 2023

Thomson Cooper is eligible for appointment as auditor of the Charity by virtue of its eligibility for appointment as auditor of a company under of section 1212 of the Companies Act 2006.

BRAID HEALTH & WELLBEING LTD
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 9 -
Current financial year
Unrestricted
Restricted
Total
Total
funds
funds
2023
2023
2023
2022
Notes
£
£
£
£
Income from:
Donations and legacies
2
58,864
89,626
148,490
172,145
Charitable activities
3
558,079
-
558,079
504,956
Other trading activities
4
16,913
-
16,913
6,346
Total income
633,856
89,626
723,482
683,447
Expenditure on:
Raising funds
5
4,747
11,133
15,880
10,291
Charitable activities
6
512,657
96,453
609,110
602,180
Total expenditure
517,404
107,586
624,990
612,471
Net incoming/(outgoing) resources before transfers
116,452
(17,960)
98,492
70,976
Gross transfers between funds
(303)
303
-
-
Net income/(expenditure) for the year/
Net movement in funds
116,149
(17,657)
98,492
70,976
Fund balances at 1 April 2022
150,985
30,385
181,370
110,394
Fund balances at 31 March 2023
267,134
12,728
279,862
181,370

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.
BRAID HEALTH & WELLBEING LTD
STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED)
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2023
- 10 -
Prior financial year
Unrestricted
Restricted
Total
funds
funds
2022
2022
2022
Notes
£
£
£
Income from:
Donations and legacies
2
49,612
122,533
172,145
Charitable activities
3
504,956
-
504,956
Other trading activities
4
6,346
-
6,346
Total income
560,914
122,533
683,447
Expenditure on:
Raising funds
5
1,863
8,428
10,291
Charitable activities
6
506,323
95,857
602,180
Total expenditure
508,186
104,285
612,471
Net incoming/(outgoing) resources before transfers
52,728
18,248
70,976
Gross transfers between funds
(46)
46
-
Net income/(expenditure) for the year/
Net movement in funds
52,682
18,294
70,976
Fund balances at 1 April 2021
98,303
12,091
110,394
Fund balances at 31 March 2022
150,985
30,385
181,370
BRAID HEALTH & WELLBEING LTD
BALANCE SHEET
AS AT
31 MARCH 2023
31 March 2023
- 11 -
2023
2022
Notes
£
£
£
£
Fixed assets
Tangible assets
10
13,868
14,188
Current assets
Debtors
11
28,355
23,408
Cash at bank and in hand
260,924
164,501
289,279
187,909
Creditors: amounts falling due within one year
12
(23,285)
(20,727)
Net current assets
265,994
167,182
Total assets less current liabilities
279,862
181,370
Income funds
Restricted funds
14
12,728
30,385
Unrestricted funds
Designated funds
15
26,555
24,500
General unrestricted funds
16
240,579
126,485
267,134
150,985
279,862
181,370

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 30 October 2023
Mr J Moore
Trustee
Company registration number SC120813
BRAID HEALTH & WELLBEING LTD
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2023
- 12 -
2023
2022
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
20
103,209
94,056
Investing activities
Purchase of tangible fixed assets
(2,720)
(18,607)
Proceeds from disposal of tangible fixed assets
(4,066)
-
Net cash used in investing activities
(6,786)
(18,607)
Net cash used in financing activities
-
-
Net increase in cash and cash equivalents
96,423
75,449
Cash and cash equivalents at beginning of year
164,501
89,052
Cash and cash equivalents at end of year
260,924
164,501
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2023
- 13 -
1
Accounting policies
Charity information

Braid Health & Wellbeing Ltd is a private company limited by guarantee incorporated in Scotland. The registered office is Braid House, Labrador Avenue, Howden, Livingston, EH54 6BU.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's governing document, the Charities and Trustee Investment (Scotland) Act 2005, the Charities Accounts (Scotland) Regulations 2006 (as amended), the Companies Act 2006, FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”) and the Charities SORP "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 (FRS 102)" (effective 1 January 2019). 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 statements are rounded to the nearest £.

The financial statements have been prepared under the historical cost convention. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the financial statements, the trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for a period not less than 12 months. Thus the trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3
Charitable funds

Unrestricted funds are available for use at the discretion of the trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial statements.

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 deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

1.5
Expenditure

Charitable expenditure includes direct and indirect costs of the charity. Indirect costs have been allocated between costs of activities in the furtherance of charitable objectives, and governance based on staff time and usage.

 

Governance costs include any costs in relation to audit and accountancy work, legal and professional advice, and consultancy costs associated with constitutional and statutory requirements.

 

 

Resources expended are included in the Statement of Financial Activities on an accruals basis, inclusive of any VAT which cannot be recovered.

 

Support costs have been allocated between activities undertaken directly and charitable activities based on the number of staff involved in each area

BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 14 -
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 to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Leasehold improvements
25% Straight Line
Fixtures and fittings
25% Straight Line
Computers
33% 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 the statement of financial activities.

1.7
Impairment of fixed assets

At each reporting end date, the Charity reviews the carrying amounts of its 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 extent of the impairment loss (if any).

1.8
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.9
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 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 to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic 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 at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and bank loans are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

 

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
1
Accounting policies
(Continued)
- 15 -
Derecognition of financial liabilities

Financial liabilities are derecognised when the Charity’s contractual obligations expire or are discharged or cancelled.

1.10
Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

 

Termination benefits are recognised immediately as an expense when the Charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.11
Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

2
Donations and legacies
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Donations and gifts
58,864
-
58,864
44,398
-
44,398

Grants

-
89,626
89,626
5,214
122,533
127,747
58,864
89,626
148,490
49,612
122,533
172,145
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
2
Donations and legacies
(Continued)
- 16 -
Grants receivable for core activities
Age Scotland
-
1,000
1,000
-
1,200
1,200
West Lothian Council - Christmas Grants
-
-
-
-
462
462
Bank of Scotland
-
11,000
11,000
-
-
-
HMRC Furlough
-
-
-
3,909
-
3,909
West Lothian Council Grant
-
25,000
25,000
350
-
350
Adapt & Thrive
-
-
-
-
46,609
46,609
Barchester Health
-
-
-
-
1,000
1,000
Kickstart Scheme
-
2,926
2,926
-
20,200
20,200
Mitchells Robertson Foundation
-
-
-
-
500
500
RS McDonald Foundation
-
15,000
15,000
-
15,000
15,000
The Percy Bilton Charity
-
-
-
-
1,834
1,834
Turcan Connell
-
3,000
3,000
-
3,500
3,500
West Lothian Council - Voluntary Gateway
-
10,700
10,700
-
22,350
22,350
Social Care Grant
-
-
-
-
9,878
9,878
Iceland
-
-
-
455
-
455
Scotmid Funding
-
-
-
500
-
500
St James Place Wealth Management
-
1,000
1,000
-
-
-
Steel Charitable Foundation
-
15,000
15,000
-
-
Unpaid Carers Fund
-
5,000
5,000
-
Other
-
-
-
-
-
-
-
89,626
89,626
5,214
122,533
127,747
3
Charitable activities
2023
2022
£
£

West Lothian Council Income

421,808
400,803

Day Care Fee Income

136,271
104,153
558,079
504,956
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 17 -
4
Other trading activities
2023
2022
£
£

University of Edinburgh

5,360
2,260
Hire of rooms
9,075
1,597
Fundraising events
1,732
2,036
Client activities
694
446
Sundry Income
52
7
Other trading activities
16,913
6,346
5
Raising funds
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2023
2023
2023
2022
2022
2022
£
£
£
£
£
£
Fundraising and publicity

Fundraising

1,517
11,133
12,650
234
8,428
8,662

Social work tutor costs

3,230
-
3,230
1,629
-
1,629
Fundraising and publicity
4,747
11,133
15,880
1,863
8,428
10,291
6
Charitable activities
2023
2022
£
£
Staff costs
343,712
363,257
Depreciation and impairment
5,356
6,647

Day care centre services

173,221
152,741

Over 50s expenditure

-
175
522,289
522,820
Share of support costs (see note 7)
81,277
74,560
Share of governance costs (see note 7)
5,544
4,800
609,110
602,180
Analysis by fund
Unrestricted funds
512,657
506,323
Restricted funds
96,453
95,857
609,110
602,180
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 18 -
7
Support costs
Support costs
Governance costs
2023
Basis of allocation
£
£
£
Depreciation
1,750
-
1,750

Usage

Premises

44,852
-
44,852

Usage

Communications and IT

530
-
530

Staff time

Heating and Lighting

26,314
-
26,314

Floor space

Water rates

4,950
-
4,950

Floor space

Equipment leasing

2,161
-
2,161

Usage

Payroll fees

720
-
720

Usage

Audit fees
-
5,220
5,220
Governance
Legal and professional
-
324
324
Governance
81,277
5,544
86,821
Support costs
Support costs
Governance costs
2022
£
£
£
Staff costs
-
-
-

Staff time

Depreciation
1,854
-
1,854

Usage

Premises

42,998
-
42,998

Usage

Communications and IT

1,246
-
1,246

Staff time

Heating and Lighting

17,695
-
17,695

Floor space

Cleaning

702
-
702

Cleaning

Water rates

4,823
-
4,823

Floor space

Equipment leasing

4,522
-
4,522

Usage

Payroll fees

720
-
720

Usage

Loss on disposal of fixed asset

-
-
-

Usage

Audit fees
-
4,800
4,800
Governance
74,560
4,800
79,360
8
Trustees
None of the trustees (or any persons connected with them) received any remuneration or benefits from the Charity during the year.
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 19 -
9
Employees

The average monthly number of employees during the year was:

2023
2022
Number
Number
Day Centre staff
16
18
Employment costs
2023
2022
£
£
Wages and salaries
313,146
333,785
Social security costs
19,682
18,056
Other pension costs
10,884
11,416
343,712
363,257

The key management personnel of the charity comprise the trustees and the manager. The total amount of employee benefits received by key management personnel is £46,948 (2022 - £47,223).

There were no employees whose annual remuneration was more than £60,000.
10
Tangible fixed assets
Leasehold improvements
Fixtures and fittings
Computers
Total
£
£
£
£
Cost
At 1 April 2022
11,500
58,514
7,948
77,962
Additions
-
-
2,720
2,720
Disposals
-
(7,959)
(1,748)
(9,707)
At 31 March 2023
11,500
50,555
8,920
70,975
Depreciation and impairment
At 1 April 2022
5,229
54,141
4,404
63,774
Depreciation charged in the year
1,750
3,319
2,037
7,106
Eliminated in respect of disposals
-
(12,025)
(1,748)
(13,773)
At 31 March 2023
6,979
45,435
4,693
57,107
Carrying amount
At 31 March 2023
4,521
5,120
4,227
13,868
At 31 March 2022
6,271
4,373
3,544
14,188
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 20 -
11
Debtors
2023
2022
Amounts falling due within one year:
£
£
Trade debtors
18,026
10,724
Other debtors
6,545
8,760
Prepayments and accrued income
3,784
3,924
28,355
23,408
12
Creditors: amounts falling due within one year
2023
2022
£
£
Other taxation and social security
5,554
5,347
Trade creditors
9,606
7,696
Other creditors
757
504
Accruals and deferred income
7,368
7,180
23,285
20,727
13
Retirement benefit schemes
Defined contribution schemes

The Charity operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Charity in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £10,884 (2022 - £11,416).

BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 21 -
14
Restricted funds
The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:
For the year ended 31 March 2023
Movement in funds
Balance at
1 April 2022
Incoming resources
Resources expended
Transfers
Balance at
31 March 2023
£
£
£
£
£
Corra Foundation
3,454
-
(1,309)
-
2,145
Age Scotland
-
1,000
(1,000)
-
-
Bank of Scotland
-
11,000
(7,733)
-
3,267
Adapt & Thrive
2,468
-
(954)
-
1,514
Barchester Health
586
-
(163)
-
423
St James Place Wealth Management
-
1,000
(1,000)
-
-
Kickstart Scheme
-
2,926
(2,960)
34
-
RS McDonald Foundation
-
15,000
(15,000)
-
-
Steel Charitable Foundation
-
15,000
(15,000)
-
-
The Percy Bilton Charity
1,527
-
(459)
-
1,068
Turcan Connell
-
3,000
(3,000)
-
-
West Lothian Council - Voluntary Gateway
22,350
10,700
(28,738)
-
4,312
West Lothian Development Main Fund
-
25,000
(25,025)
25
-
Unpaid Carers Fund
-
5,000
(5,244)
244
-
30,385
89,626
(107,585)
303
12,728
For the year ended 31 March 2022
Movement in funds
Balance at
1 April 2021
Incoming resources
Resources expended
Transfers
Balance at
31 March 2022
£
£
£
£
£
Corra Foundation
5,930
-
(2,476)
-
3,454
Age Scotland
-
1,200
(1,225)
25
-
West Lothian Council - Christmas Grants
-
462
(462)
-
-
Foundation Scotland
5,000
-
(5,000)
-
-
Optima grant
1,161
-
(1,161)
-
-
Adapt & Thrive
-
46,609
(44,141)
-
2,468
Barchester Health
-
1,000
(414)
-
586
Kickstart Scheme
-
20,200
(20,221)
21
-
Mitchells Robertson Foundation
-
500
(500)
-
-
RS McDonald Foundation
-
15,000
(15,000)
-
-
The Percy Bilton Charity
-
1,834
(307)
-
1,527
Turcan Connell
-
3,500
(3,500)
-
-
West Lothian Council - Voluntary Gateway
-
22,350
-
-
22,350
-
9,878
(9,878)
-
-
12,091
122,533
(104,285)
46
30,385
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
14
Restricted funds
(Continued)
- 22 -

Corra Foundation Grant - for communication equipment and devices.

 

Age Scotland - Relaxation classes, Singer & Life Skills Project

 

West Lothian Council - Christmas Grant - received to provide a Christmas dinner.

 

Foundation Scotland Grant - for Wellbeing person, care staff costs, staff training and Komp devices.

 

Optima Grant - for travel costs    

 

Adapt & Thrive - Building & Post Pandemic Expenses

 

Barchester Health - Sensory Lights, Bubble Tube, Magicians Days

 

Kickstart Scheme - Kickstart salaries

 

Mitchells Robertson/JTH Foundation - Community Health & Wellbeing Project

 

RS McDonald - Community Health & Wellbeing Project

 

The Percy Bilton Charity - New Hoist

 

Turcan Connell/ Hugh Fraser - Community Health & Wellbeing Project

 

West Lothian Development Trust - Community Health & Wellbeing Project

 

Bank of Scotland - To fund external activity providers and activity clubs e.g. art therapists, reflexologist

 

St James Place Wealth Management - To fund occupational therapist

 

Steel Charitable Foundation - Funding towards Community health & Wellbeing project costs:

 

West Lothian Development Main Fund - Funding towards Community health & Wellbeing project costs:

 

Unpaid Carers Fund - Fund wellbeing days for carers and entertainment evenings

BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 23 -
15
Designated funds
The income funds of the charity include the following designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes:
Movement in funds
Balance at
1 April 2021
Resources expended
Transfers
Balance at
1 April 2022
Resources expended
Transfers
Balance at
31 March 2023
£
£
£
£
£
£
£
Designated improvement fund
17,581
-
-
17,581
-
-
17,581
Designated fixed assets
4,081
(7,540)
10,378
6,919
(665)
2,720
8,974
Covid-19 Grants
5,526
-
(5,526)
-
-
-
-
27,188
(7,540)
4,852
24,500
(665)
2,720
26,555

Designated Dementia Centre Facilities Improvement Fund

 

This fund is for the development of the two sitting rooms downstairs, the potential upstairs expansion of facilities and any other improvements required. At 31 March 2023 the closing balance on the fund was £17,581 (2022 - £17,581).

 

Designated Fixed Assets Fund

 

It was agreed by the trustees that the fixed assets of the charity be disclosed separately from general funds as a designated fund. The balance on this fund at 31 March 2023 was £8,974 (2022 - £6,919).

 

Covid-19 Grants

 

It was agreed by the trustees that Covid-19 grants would be ring-fenced separately from general funds as a designated fund, this fund is now no longer required and has been transferred back to general funds. The balance on this fund at 31 March 2023 was £nil (2022 - £nil).

 

 

 

BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 24 -
16
Unrestricted funds

These are unrestricted funds which are material to the Charity's activities made up as follows:

For the year ended 31 March 2023
Movement in funds
Balance at
1 April 2022

Incoming resources

Resources expended

Transfers

Balance at
31 March 2023
£
£
£
£
£
General funds
126,485
633,856
(516,739)
(3,023)
240,579
For the year ended 31 March 2022
Movement in funds
Balance at
1 April 2021

Incoming resources

Resources expended

Transfers

Balance at
31 March 2022
£
£
£
£
£
General funds
71,115
560,914
(500,646)
(4,898)
126,485
17
Analysis of net assets between funds
Unrestricted funds
Designated funds
Restricted funds
Total
2023
2023
2023
2023
£
£
£
£
Fund balances at 31 March 2023 are represented by:
Tangible assets
13,868
-
-
13,868
Current assets/(liabilities)
226,711
26,555
12,728
265,994
240,579
26,555
12,728
279,862
Unrestricted funds
Designated funds
Restricted funds
Total
2022
2022
2022
2022
£
£
£
£
Fund balances at 31 March 2022 are represented by:
Tangible assets
-
6,919
7,269
14,188
Current assets/(liabilities)
126,485
17,581
23,116
167,182
126,485
24,500
30,385
181,370
BRAID HEALTH & WELLBEING LTD
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2023
- 25 -
18
Operating lease commitments

At the reporting end date the Charity had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

2023
2022
£
£
Within one year
7,122
6,072
Between two and five years
5,012
10,296
12,134
16,368
19
Related party transactions

No travel or subsistence claims were made by any trustee of the charity during the financial year (2022 - £nil). During the financial year a payment of £72 (2022 - £nil) was made to J Moore in respect of reimbursement for domain costs.

20
Cash generated from operations
2023
2022
£
£
Surplus for the year
98,492
70,976
Adjustments for:
Depreciation and impairment of tangible fixed assets
7,106
8,501
Movements in working capital:
(Increase)/decrease in debtors
(4,947)
15,239
Increase/(decrease) in creditors
2,558
(660)
Cash generated from operations
103,209
94,056
21
Donated Services

The Charity is indebted to West Lothian Council for providing office premises rent free. The valuation placed upon this contribution by the Trustees is £43,420 per annum (2022 - £38,000). The income equivalent is recognised within incoming resources as a donated service, and an equivalent charge is included within rent, rates and insurance.

 

Post year end, the Charity has been made aware by West Lothian Council that rent will begin to be charged rent from 1st April 2023 at a cost of £43,420 per annum.

22
Analysis of changes in net funds

 

The Charity had no debt during the year.

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