REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 29 February 2024 |
for |
Mrs Murray's Home for Stray Dogs and |
Cats |
(A Company Limited by Guarantee) |
REGISTERED COMPANY NUMBER: |
REGISTERED CHARITY NUMBER: |
Report of the Trustees and |
Financial Statements for the Year Ended 29 February 2024 |
for |
Mrs Murray's Home for Stray Dogs and |
Cats |
(A Company Limited by Guarantee) |
Mrs Murray's Home for Stray Dogs and |
Cats |
Contents of the Financial Statements |
for the Year Ended 29 February 2024 |
Page |
Reference and Administrative Details | 1 |
Report of the Trustees | 2 | to | 4 |
Report of the Independent Auditors | 5 | to | 8 |
Statement of Financial Activities | 9 |
Statement of Financial Position | 10 |
Statement of Cash Flows | 11 |
Notes to the Statement of Cash Flows | 12 |
Notes to the Financial Statements | 13 | to | 21 |
Mrs Murray's Home for Stray Dogs and |
Cats |
Reference and Administrative Details |
for the Year Ended 29 February 2024 |
TRUSTEES |
COMPANY SECRETARY | Ledingham Chalmers LLP |
REGISTERED OFFICE |
PRINCIPAL ADDRESS | East Brickfield |
Seaton Place East |
Aberdeen |
AB24 1XL |
REGISTERED COMPANY NUMBER |
REGISTERED CHARITY NUMBER |
AUDITORS |
Statutory Auditors & Chartered Accountants |
46 High Street |
Banchory |
Aberdeenshire |
AB31 5SR |
SOLICITORS | Ledingham Chalmers LLP |
Johnstone House |
52-54 Rose Street |
Aberdeen |
AB10 1HA |
INVESTMENT MANAGER | Rathbones Investment Management Limited |
Port of Liverpool Building |
Pier Head |
Liverpool L3 1NW |
Mrs Murray's Home for Stray Dogs and |
Cats (Registered number: SC227450) |
Report of the Trustees |
for the Year Ended 29 February 2024 |
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 29 February 2024. The trustees have adopted the provisions of 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 |
Principal activities |
The principal activities of the company are to provide a temporary home for lost dogs and cats and to restore to their present owners dogs and cats which have been lost and brought to the Home and, failing this, to find if possible new and suitable homes for them. |
Achievements and performance |
The Home provided care and boarding to 348 Cats (2023 - 379) and 1719 Dogs (2023 - 1,461) during the year. This amounts to an increase of 12.3%. The number of stray animals handled by the Home was 17 Cats (2023 - 16) and 70 Dogs (2023 - 60). This amounts to a decrease of 14.4%. Homes were found for 102 Cats (2023 - 73) and 159 Dogs (2023 - 153). This amounts to an increase of 15.4%. The number of animals re-homed was 114 Cats (2023 -85 ) and 186 Dogs (2023- 176). This amounts to an increase of 14.9%. |
STRATEGIC REPORT |
Review of the year |
The attached financial statements show that the charity generated net expenditure of £192,193 (2023 - net expenditure of £147,172). During the year the company received donations totalling £69,150 as well as 10 legacies totalling £54,677. |
Investment policy |
The directors consider that the most appropriate policy for investing surplus funds is within interest bearing bank accounts for short term purposes and in shares and government stocks for long term purposes. The management of the investments is delegated to Rathbones on Discretionary Management Terms. The investment objective undertaken by Rathbones is a balance between capital growth and income with a medium risk profile which includes exposure to large overseas listing companies and a proportion of medium sized and smaller UK companies. |
Reserves policy |
The investments are held for the long term but the charity aims for the cash on deposit to approximate to over six months operating expenditure, and this ensures that the Home will be able to continue its current activities even if there is a drop in legacies received, or if there is a slump in the stock market. The unrestricted funds were £5,491,850, at 29 February 2024 (2023 - £5,684,043). |
Future plans |
In the last year the work on the new building was completed and the Directors and Staff are delighted with the new facilities. There is scope to utilise the new building to increase the income for the Home and get a return on the investment. There are also plans for upgrading the kennels in future years. |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Governing document |
The company is a charitable company limited by guarantee, incorporated on 29 January 2002 and is recognised by the HM Revenue & Customs as a charity. The company was established under a Memorandum of Association which established the objects and powers of the charity and is governed under its Articles of Association. There are currently 11 members, each of whom agree to contribute an amount not exceeding £1 in the event of the company being wound up. |
Mrs Murray's Home for Stray Dogs and |
Cats (Registered number: SC227450) |
Report of the Trustees |
for the Year Ended 29 February 2024 |
STRUCTURE, GOVERNANCE AND MANAGEMENT |
Recruitment and appointment of new trustees |
The directors of the company are also charity trustees for the purposes of charity law. Under the requirements of the Memorandum and Articles of Association, the members of the Board of Directors are elected to serve for a period of three years after which they must be re-elected at the next Annual General Meeting. |
Potential directors are identified through their association with the company or by recommendation. |
None of the directors have any beneficial interest in the company. All of the directors are members of the company and guarantee to contribute £1 in the event of a winding up. |
Organisational structure |
The company has a board of directors, currently consisting of 6 members, who meet four times a year and are responsible for the strategic direction and policy of the company. The day to day financial management of the company is carried out by Messrs Ledingham and Chalmers LLP the company secretaries, who report to the Board. |
Directors induction and training |
All existing directors are advised of their duties and responsibilities under charity law by Ledingham Chalmers LLP and are encouraged to visit the Home and observe the Charity in action on a regular basis. |
Key management personnel |
The directors ensure the charity is run effectively through its management structure. The Home manager is responsible for the operational management of the charity. |
Risk management |
The directors, along with senior management, have identified the major risks to which the charity is exposed. These are regularly reviewed, and systems established to mitigate those risks. |
Apart from income received from re-housing and boarding, and investment income, which is insufficient to meet resources expended, the Home is totally dependent upon donations, fundraising and legacies. While this, in theory, places the provision of services at rick, due to the large amount of funds built up over the years it is not anticipated that there is any risk to services provided for the foreseeable future. |
Charitable activities and animal boarding have increased as a result of the mellowing of the coronavirus pandemic. The directors are mindful of the cost of living crisis and the impact this may have on charitable income. However it is deemed that the charity has sufficient reserves to allow them to continue in operation. |
STATEMENT OF TRUSTEES' RESPONSIBILITIES |
The trustees (who are also the directors of Mrs Murray's Home for Stray Dogs and Cats for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice) including Financial Reporting Standard 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland". |
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 charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to |
- | select suitable accounting policies and then apply them consistently; |
- | observe the methods and principles in the Charity SORP; |
- | make judgements and estimates that are reasonable and prudent; |
- | prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. |
Mrs Murray's Home for Stray Dogs and |
Cats (Registered number: SC227450) |
Report of the Trustees |
for the Year Ended 29 February 2024 |
STATEMENT OF TRUSTEES' RESPONSIBILITIES - continued |
The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. |
In so far as the trustees are aware: |
- | there is no relevant audit information of which the charitable company's auditors are unaware; and |
- | the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. |
Report of the trustees, incorporating a strategic report, approved by order of the board of trustees, as the company directors, on |
Report of the Independent Auditors to the Trustees and Members of |
Mrs Murray's Home for Stray Dogs and |
Cats |
Opinion |
We have audited the financial statements of Mrs Murray's Home for Stray Dogs and Cats (the 'charitable company') for the year ended 29 February 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, 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 (United Kingdom Generally Accepted Accounting Practice), including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'. |
In our opinion the financial statements: |
- | give a true and fair view of the state of the charitable company's affairs as at 29 February 2024 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 Kingdom Generally Accepted Accounting Practice, including Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland'; 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. |
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 Auditors' responsibilities for the audit of the financial statements section of our report. 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 UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. |
Conclusions relating to going concern |
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 charitable company'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 trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. |
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. |
In connection with our audit of the financial statements, 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 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. |
Opinions on other matters prescribed by the Companies Act 2006 |
In our opinion, based on the work undertaken in the course of the audit: |
- | the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and |
- | the Report of the Trustees has been prepared in accordance with applicable legal requirements. |
Report of the Independent Auditors to the Trustees and Members of |
Mrs Murray's Home for Stray Dogs and |
Cats |
Matters on which we are required to report by exception |
In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. |
We have nothing to report in respect of the following matters where the Companies Act 2006 and the Charities Accounts (Scotland) Regulations 2006 (as amended) requires us to report to you if, in our opinion: |
- | adequate and proper accounting records have not been kept or returns 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 specified by law are not made; or |
- | we have not received all the information and explanations we require for our audit. |
Responsibilities of trustees |
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the 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. |
Report of the Independent Auditors to the Trustees and Members of |
Mrs Murray's Home for Stray Dogs and |
Cats |
Our responsibilities for the audit of the financial statements |
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 a Report of the Independent Auditors 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: |
We obtained information from: |
o Enquiry of management and those charged with governance around actual and potential litigation and claims as well as actual, suspected and alleged fraud; |
o Reviewing minutes of meetings of those charged with governance; |
o Assessing the extent of compliance with the laws and regulations considered to have a direct material effect on the financial statements or the operations of the entity through enquiry and inspection; |
o Reviewing financial statement disclosures and testing to supporting documentation to assess compliance with applicable laws and regulations; |
o Performing audit work over the risk of management bias and override of controls, including testing of journal entries and other adjustments for appropriateness, evaluating the business rationale of significant transactions outside the normal course of business and reviewing accounting estimates for indicators of potential bias. |
All audit engagement team members were alert to any indications of fraud or non-compliance with laws and regulations throughout the audit. |
Because of inherent limitations of an audit, there is unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISA's (UK). The more removed that laws and regulations are from financial transactions, the less likely it is that we would become aware of non-compliance. Auditing standards also limit the audit procedures required to identify non -compliance with laws and regulations to enquiry of the trustees other management and the inspection of regulatory and legal correspondence, if any. |
Material misstatements that arise due to fraud can be harder to detect than those that arise from error as they may involve deliberate concealment or collusion. |
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. |
Report of the Independent Auditors to the Trustees and Members of |
Mrs Murray's Home for Stray Dogs and |
Cats |
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 charitable company's trustees, as a body, in accordance with Regulation 10 of the Charities Accounts (Scotland) Regulations 2006. Our audit work has been undertaken so that we might state to the charitable company's members and the trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. |
for and on behalf of |
Statutory Auditors & Chartered Accountants |
Eligible to act as an auditor in terms of Section 1212 of the Companies Act 2006 |
Banchory |
Aberdeenshire |
AB31 5SR |
Mrs Murray's Home for Stray Dogs and |
Cats |
Statement of Financial Activities |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
INCOME AND ENDOWMENTS FROM |
Donations and legacies | 4 |
Charitable activities | 6 |
Investment income | 5 |
Total |
EXPENDITURE ON |
Raising funds |
Investment management costs | 7 | 26,447 | 27,615 |
Charitable activities | 8 |
Other |
Total |
Net gains/(losses) on investments | ( |
) |
NET INCOME/(EXPENDITURE) | ( |
) | ( |
) |
RECONCILIATION OF FUNDS |
Total funds brought forward |
TOTAL FUNDS CARRIED FORWARD | 5,684,043 |
CONTINUING OPERATIONS |
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. |
Mrs Murray's Home for Stray Dogs and |
Cats (Registered number: SC227450) |
Statement of Financial Position |
29 February 2024 |
2024 | 2023 |
Unrestricted | Total |
funds | funds |
Notes | £ | £ |
FIXED ASSETS |
Tangible assets | 14 |
Investments | 15 |
CURRENT ASSETS |
Debtors | 16 |
Investments | 17 |
Cash at bank and in hand |
CREDITORS |
Amounts falling due within one year | 18 | ( |
) | ( |
) |
NET CURRENT ASSETS |
TOTAL ASSETS LESS CURRENT LIABILITIES |
NET ASSETS |
FUNDS | 19 |
Unrestricted funds | 5,684,043 |
TOTAL FUNDS | 5,684,043 |
The financial statements were approved by the Board of Trustees and authorised for issue on |
Mrs Murray's Home for Stray Dogs and |
Cats |
Statement of Cash Flows |
for the Year Ended 29 February 2024 |
2024 | 2023 |
Notes | £ | £ |
Cash flows from operating activities |
Cash generated from operations | 1 | (242,403 | ) | (219,293 | ) |
Net cash used in operating activities | (242,403 | ) | (219,293 | ) |
Cash flows from investing activities |
Purchase of tangible fixed assets | (71,765 | ) | (426,371 | ) |
Purchase of fixed asset investments | (443,374 | ) | (304,705 | ) |
Sale of fixed asset investments | 401,220 | 798,741 |
Interest received | 12 | - |
Investment income received | 138,093 | 148,729 |
Investment cash account | 3,600 | 191,124 |
Net cash provided by investing activities | 27,786 | 407,518 |
Change in cash and cash equivalents in the reporting period |
(214,617 |
) |
188,225 |
Cash and cash equivalents at the beginning of the reporting period |
317,269 |
129,044 |
Cash and cash equivalents at the end of the reporting period |
102,652 |
317,269 |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Statement of Cash Flows |
for the Year Ended 29 February 2024 |
1. | RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES |
2024 | 2023 |
£ | £ |
Net expenditure for the reporting period (as per the Statement of Financial Activities) |
(192,193 |
) |
(147,172 |
) |
Adjustments for: |
Depreciation charges | 44,974 | 27,097 |
Interest received | (12 | ) | - |
Loss/(gain) on disposal of investments | 22,653 | 10,342 |
Fair Value (gains)/losses on investments | (48,363 | ) | 221,374 |
Investment income recognised in SoFA | (138,093 | ) | (148,729 | ) |
Decrease in debtors | 3,525 | 36,583 |
Increase/(decrease) in creditors | 65,106 | (218,788 | ) |
Net cash used in operations | (242,403 | ) | (219,293 | ) |
2. | ANALYSIS OF CHANGES IN NET FUNDS |
At 1.3.23 | Cash flow | At 29.2.24 |
£ | £ | £ |
Net cash |
Cash at bank and in hand | 317,269 | (214,617 | ) | 102,652 |
317,269 | (214,617 | ) | 102,652 |
Liquid resources |
Deposits included in cash | - | - | - |
Current asset investments | 28,013 | (3,600 | ) | 24,413 |
28,013 | (3,600 | ) | 24,413 |
Total | 345,282 | (218,217 | ) | 127,065 |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements |
for the Year Ended 29 February 2024 |
1. | CHARITY INFORMATION |
Mrs Murray's Home for Stray Dogs and Cats is a private company limited by guarantee incorporated in Scotland. The registered office is Johnstone House, 52-54 Rose Street, Aberdeen, AB10 1HA. |
2. | ACCOUNTING POLICIES |
Basis of preparing the financial statements |
The financial statements of the charitable company, which is a public benefit entity under FRS 102, 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 with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets. |
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 £. |
Income |
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, after any performance conditions have been met, it is probable that the income will be received and the amount can be measured reliably. |
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. |
Legacies are recognised on receipt or otherwise if the charity has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset. |
Government grants are recognised at the fair value of the asset received or receivable when there is reasonable assurance that the grant conditions will be met and the grants will be received. |
A grant that specifies performance conditions is recognised when the performance conditions are met. Where a grant does not specify performance conditions is is recognised in income when proceeds are received or receivable. A grant received before the recognition criteria are satisfied is recognised as a liability. |
Expenditure |
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. |
Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources. |
Cost of raising funds comprise the costs associated with the management of the investment on behalf of the charity. |
Charitable expenditure comprises those costs incurred by the charity in the delivery of its activities and services for its beneficiaries. It includes both costs that can be allocated directly to such activities and those costs of an indirect nature necessary to support them. |
Tangible fixed assets |
Tangible fixed asserts are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
Tangible fixed assets |
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 basis: |
Freehold land and buildings | 2% straight line |
Fixtures and fittings | 25% straight line |
Motor vehicles | 25% reducing balance |
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. |
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) |
Taxation |
The charity is exempt from corporation tax on its charitable activities. |
Fund accounting |
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. |
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. |
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. |
Pension costs and other post-retirement benefits |
The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. |
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. |
Going concern |
At the time of approving the financial statements, the directors have assessed the charity's prospects and viability by means of a budget and forecast review. Based on this assessment the Directors have formed a judgment, at the time of approving the financial statements, that there are no material uncertainties that cast doubt on the charity's going concern status and that there is a reasonable expectation that the charity has adequate resources to continue in operational existence for at least twelve months from the date of approval of the financial statements. The Directors therefore consider it appropriate to adopt the going concern basis of accounting in preparing its financial statements. |
Fixed asset investments |
Fixed asset investments are initially measured at transaction price excluding transaction costs, are are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred. |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
2. | ACCOUNTING POLICIES - continued |
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. |
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 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 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 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. |
Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. |
Trade creditor are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classed 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. |
Derecognition of financial liabilities |
Financial liabilities are derecognised when the charity's contractual obligations expire or are discharged or cancelled. |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY |
In the application of the charity's accounting policies, the directors are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates. |
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where revision affects both current and future periods. |
Key source of estimation uncertainty |
The estimates and assumptions which have significant risk of causing a material adjustment to the carrying amount of assets and liabilities are as follows: |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
3. | CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY - continued |
Property valuation |
Property is held at deemed cost and is depreciated on a straight line basis |
Investment valuation |
Directors estimate the investment value based on the expert reports provided by their portfolio managers. |
Useful economic life of tangible fixed assets |
The annual depreciation charge for tangible assets is sensitive to changes in the estimated useful economic lives and residual value of the assets. The useful economic lives and residual values are reassessed annually. They are amended when necessary to reflect current estimates, based on technological advancement, future investments, economic utilisation and the physical condition of the assets. |
4. | DONATIONS AND LEGACIES |
2024 | 2023 |
£ | £ |
Donations |
Legacies |
Donated services and facilities |
5. | INVESTMENT INCOME |
2024 | 2023 |
£ | £ |
Income from listed investments | 138,093 | 148,729 |
Deposit account interest |
6. | INCOME FROM CHARITABLE ACTIVITIES |
2024 | 2023 |
Activity | £ | £ |
Animals sold | Charitable Activities | 57,031 | 31,581 |
Finding homes | Charitable Activities | 1,916 | 1,798 |
Claimed animals | Charitable Activities | 859 | 403 |
Boarding animals | Charitable Activities | 185,522 | 173,920 |
Microchips | Charitable Activities | - | 559 |
Calendars sold | Charitable Activities | 706 | 551 |
Other income | Charitable Activities | 3,361 | 4,145 |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
7. | INVESTMENT MANAGEMENT COSTS |
2024 | 2023 |
£ | £ |
Portfolio management | 26,447 | 27,615 |
8. | CHARITABLE ACTIVITIES COSTS |
Support |
Direct | costs (see |
Costs | note 9) | Totals |
£ | £ | £ |
Charitable Activities | 632,684 | 67,727 | 700,411 |
9. | SUPPORT COSTS |
Governance |
Other | costs | Totals |
£ | £ | £ |
Other resources expended | - | 12,150 | 12,150 |
Charitable Activities | 67,727 | - | 67,727 |
67,727 | 12,150 | 79,877 |
10. | NET INCOME/(EXPENDITURE) |
Net income/(expenditure) is stated after charging/(crediting): |
2024 | 2023 |
£ | £ |
Auditors' remuneration | 7,000 | 18,750 |
Auditors' remuneration for non audit work | 5,150 | - |
Depreciation - owned assets |
11. | TRUSTEES' REMUNERATION AND BENEFITS |
There were no trustees' remuneration or other benefits for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
Trustees' expenses |
There were no trustees' expenses paid for the year ended 29 February 2024 nor for the year ended 28 February 2023. |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
12. | STAFF COSTS |
2024 | 2023 |
£ | £ |
Wages and salaries |
Social security costs |
Other pension costs |
379,974 | 315,932 |
The average monthly number of employees during the year was as follows: |
2024 | 2023 |
Number of staff |
The directors ensure the charity is run effectively through its management structure. The Home manager is responsible for the operational management of the charity. The total remuneration paid to key management personnel was £50,394 (2023 - £57,741). |
13. | NET GAINS/(LOSSES) ON INVESTMENTS |
General Funds | General Funds |
2024 | 2023 |
£ | £ |
Revaluation of investments | 48,363 | (221,374 | ) |
Gain/(loss) on sale of investments | (22,653 | ) | (10,342 | ) |
25,710 | (231,716 | ) |
14. | TANGIBLE FIXED ASSETS |
Fixtures |
Freehold | and | Motor |
property | fittings | vehicles | Totals |
£ | £ | £ | £ |
COST |
At 1 March 2023 |
Additions |
At 29 February 2024 |
DEPRECIATION |
At 1 March 2023 |
Charge for year |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 |
At 28 February 2023 |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
15. | FIXED ASSET INVESTMENTS |
Listed |
investments |
£ |
MARKET VALUE |
At 1 March 2023 |
Additions |
Disposals | ( |
) |
Revaluations |
At 29 February 2024 |
NET BOOK VALUE |
At 29 February 2024 | 3,790,351 |
At 28 February 2023 | 3,722,487 |
There were no investment assets outside the UK. |
Cost or valuation at 29 February 2024 is represented by: |
Listed |
investments |
£ |
Valuation in 2024 | 1,129,154 |
Cost | 2,661,197 |
3,790,351 |
The historical cost of listed investment is £2,661,197 (2023 - £2,644,341) |
The investments are not subject to the limitations of the Trustee Investments Act |
The following investment represents more than 5% of the market value of the portfolio of listed investments. |
% |
Findlay Park Plc American Fund Unhgd (USD) | 6.36 |
Financial Assets Held at Fair Value |
All investments are held at stock market valuation. Valuations are prepared by Rathbones Investment Management. |
The Charity holds investment in stocks, bonds and equities with a view to long term appreciation in value. The UK market has suffered an overall downturn in recent years however post year end the investments have held their market value as at 29th February 2024. |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
16. | DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade debtors |
Other debtors |
VAT |
Accrued income |
17. | CURRENT ASSET INVESTMENTS |
2024 | 2023 |
£ | £ |
Portfolio Investment Account | 24,413 | 28,013 |
18. | CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR |
2024 | 2023 |
£ | £ |
Trade creditors |
Social security and other taxes |
Other creditors |
Accrued expenses |
19. | MOVEMENT IN FUNDS |
Net |
movement | At |
At 1.3.23 | in funds | 29.2.24 |
£ | £ | £ |
Unrestricted funds |
General fund | 4,605,898 | (243,201 | ) | 4,362,697 |
Revaluation Reserve | 1,078,145 | 51,008 | 1,129,153 |
(192,193 | ) |
TOTAL FUNDS | (192,193 | ) | 5,491,850 |
Net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 521,105 | (739,008 | ) | (25,298 | ) | (243,201 | ) |
Revaluation Reserve | - | - | 51,008 | 51,008 |
( |
) | (192,193 | ) |
TOTAL FUNDS | ( |
) | (192,193 | ) |
Mrs Murray's Home for Stray Dogs and |
Cats |
Notes to the Financial Statements - continued |
for the Year Ended 29 February 2024 |
19. | MOVEMENT IN FUNDS - continued |
Comparatives for movement in funds |
Net |
movement | At |
At 1.3.22 | in funds | 28.2.23 |
£ | £ | £ |
Unrestricted funds |
General fund | 4,443,328 | 162,570 | 4,605,898 |
Revaluation Reserve | 1,387,887 | (309,742 | ) | 1,078,145 |
5,831,215 | (147,172 | ) | 5,684,043 |
TOTAL FUNDS | 5,831,215 | (147,172 | ) | 5,684,043 |
Comparative net movement in funds, included in the above are as follows: |
Incoming | Resources | Gains and | Movement |
resources | expended | losses | in funds |
£ | £ | £ | £ |
Unrestricted funds |
General fund | 746,772 | (662,228 | ) | 78,026 | 162,570 |
Revaluation Reserve | - | - | (309,742 | ) | (309,742 | ) |
746,772 | (662,228 | ) | (231,716 | ) | (147,172 | ) |
TOTAL FUNDS | 746,772 | (662,228 | ) | (231,716 | ) | (147,172 | ) |
20. | EMPLOYEE BENEFIT OBLIGATIONS |
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 the profit or loss in respect of defined contribution schemes was £10,950 (2023 - £7,066). |
21. | RELATED PARTY DISCLOSURES |