Charity registration number 1152655
Company registration number 08565062 (England and Wales)
LIBURY HALL
ANNUAL REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
LIBURY HALL
LEGAL AND ADMINISTRATIVE INFORMATION
Trustees
Mr B Bennett
Mr A Liddiard
Mrs R Sinclair
Mrs J Salmon
Charity number
1152655
Company number
08565062
Registered office
Great Munden
Near Ware
Hertfordshire
SG11 1JD
Auditor
Moore NHC Audit Limited
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
Bankers
NatWest Bank plc
43 High Street
Hoddesdon
Hertfordshire
EN11 8HE
Cazenove
1 London Wall Place
London
EC2Y 5AU
Solicitors
Withers LLP
Third Floor
20 Old Bailey
London
EC4M 7AN
Investment advisors
Schroder & Co. Limited
12 Moorgate
London
EC2R 6DA
LIBURY HALL
CONTENTS
Page
Trustees' report
1 - 5
Independent auditor's report
6 - 8
Statement of financial activities
9
Balance sheet
10
Statement of cash flows
11
Notes to the financial statements
12 - 21
LIBURY HALL
TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 1 -

The Trustees present their annual report and financial statements for the year ended 31 March 2024.

The accounts have been prepared in accordance with the accounting policies set out in note to the accounts and comply with the Charity's governing document, 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

 

Libury Hall

Libury Hall is a residential care home and is situated near the village of Great Munden in what is considered to be a beautiful part of the Hertfordshire countryside. The home consists of one large house, four cottages, Schorr House Cottage, 4 individual Courtyard flats and an activities centre (known as the Day Centre). It provides residential accommodation for 40 adults of both sexes. 17 of the residents live in the main house. The Cottages and Courtyard provide 20 residents with a greater degree of independence. Schorr House Cottage provides intensive 1-1 support 24 hours a day for 2 residents currently.

 

Purpose

A fundamental component part of Libury Hall’s constitution is the provision of care and shelter for people with mental health issues and learning difficulties. This is delivered through the auspices of an original Declaration of Trust, which states “the land and buildings belonging to the Charity are used for the aged or mentally infirm of both sexes.” It is achieved through the good governance of Libury Hall’s trustees, its management team and staff.

Mission statement

The ethos of Libury Hall is best summed up in its Mission Statement.

 

“Libury Hall believes in people; that every individual has a right to be heard with dignity, to receive optimum care and encouragement to achieve individual goals.”

Public benefit

We have referred to the Charity Commission’s general guidance on public benefit when reviewing our aims and objectives and in planning our future activities.

Funding

The main source of funding for Libury Hall is residents’ fees paid by the local authority, and NHS, in Hertfordshire. Other residents’ fees are paid by other, out of county, local authorities and self-funding residents.

LIBURY HALL
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 2 -
ACHIEVEMENTS AND PERFORMANCE

A busy and demanding year for Libury Hall has provided many achievements.

 

Digital upgrade for residents and Staff: The home has moved forward with the second stage of bringing the home into the digital age with a new and improved internet access. Further development regarding the next stage will involve more digital platforms for staff along with improvements within the accounting system payroll.

 

Care development of staff: More staff have been enabled the move onto the apprenticeship scheme Level 2/3/4. Mental Health training has been development in partnership with Herts Care Providers. Access to Level 7 in strategic management is being explored with 1 member of staff being able to complete the programme later in the year 2024.

Day Centre: Improvements with the Day Centre have been established, new staff have been recruited along with wider inclusive relationship with the local community. Involving Hertfordshire walking group, Standon church, and U3A choir group.

 

Libury Hall Donations: Local business have sent donations some of these include Rotary clubs, local businesses connected to Libury Hall. Trustee links to other areas outside the care sector regarding a marathon run and other smaller fun runs. Families and local charities with an affiliation to Mental Health.

 

Residents: All residents have enjoyed the wider community links along with holidays and overnight stays with familiar places they have grown to enjoy over the years. Many have visited Art Galleries in London, pop concerts at Wembley, Safari parks and swimming centres. External teachers have enjoyed engaging with residents’ hobbies of flower arranging, knitting and art. Residents continue to enjoy the countryside surrounding Libury Hall utilising the local pubs for food and walks within the local area.

Training and development

A clear and concise policy for training and development of all staff is now in place.

FINANCIAL REVIEW

Review of financial position

Total income in the year amounted to £2,015,367. The net movement in funds for the financial year, after investment revaluations, was a surplus of £61,434. Grants were received of £4,940 for the year. Net gain on investments totaled £48,677.

Reserves policy

The Trustees aim to achieve a level of reserves (excluding tangible assets) to cover at least 1.5 months' running expenses. The situation is kept under regular review.

Investment policy

The Investment Managers aim to produce sufficient growth to match or better inflation rates and to produce income to make possible structural or other major repairs. The Trustees review performance on a regular basis and discuss results with the investment manager. The Trustees are satisfied with the current performance of investments.

Risk management

The Trustees and Director have constructed a Risk Register that identifies the various levels of major risk faced by the Charity and the mitigating factors that control or reduce the level of risk in respective areas. A comprehensive monitoring and review process is in place to identify any new risks and implement any actions required. An action plan is devised to address any concerns and the plan is reviewed annually at the AGM or before if required.

LIBURY HALL
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 3 -

The following is a summary of the principal risks and uncertainties facing the Charity, as identified by the Trustees, together with their plans and strategies for managing those risks:

 

 

 

Future planning

Planning for the future is an ongoing exercise and covers every aspect of Libury Hall. Financially, operationally and professionally, the Management Team are focused on maintaining current standards of excellence and making improvements wherever necessary.

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document and constitution

Libury Hall is a company limited by guarantee and not having a share capital, incorporated on 11 June 2013 and registered as a charity on 1 July 2013.

 

The Charity was established under a memorandum of association, which established the objects and powers of the Charity, and it is governed by its articles of association.

The Trustees

The Trustees, who are also the directors for the purpose of company law, and who served during the year were:

 

Mr B Bennett
Mr A Liddiard
Mrs R Sinclair
Mrs J Salmon

Recruitment and appointment of trustees

The Trustees shall consist of at least three persons who are individuals over the age of 18 all of whom must be members, support the objects and have signed a written declaration of willingness to act as a charity trustee of the Charity.

 

The Trustees may at any time co-opt any individual who is eligible under Article 5.3 as a trustee to fill a vacancy in their number or as an additional trustee, but a co-opted trustee holds office only for one year. A retiring trustee who is eligible under Article 5.3 may be reappointed. A quorum at a meeting of the Trustees may be fixed by the Trustees and unless so fixed shall be two trustees.

 

None of the Trustees has any beneficial interest in the Charity. All of the Trustees are members of the Charity and guarantee to contribute £1 in the event of a winding up.

LIBURY HALL
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 4 -

Management team

Mrs Smith is the CEO of Libury Hall to lead the change needed with the strategic development of the business. Mrs Smith has been employed at the home since the year 2000. Before her appointment to CEO in 2014 she was the Registered Manager.

 

Ms Jane Davis (previously the Deputy Manager 2015-2018), has been appointed the Registered Manager of Libury Hall and has held the post since 31st July 2018, reporting to the Trustees/CEO.

 

Mr Lloyd Graver was appointed Deputy Manager 1st July 2018, reporting to the Trustees /CEO. Supporting the Registered Manager in all aspects of the day to day running of the home.

How decisions are made

Trustees exercise leadership by setting priorities towards strategic issues. The Trustees meet regularly with the Director to discuss strategic issues. Day to day operational management of the home is dealt with by the Registered Manager overseen by the Director and Trustees.

Induction and training of trustees

Training and induction will accord with NCVO guidelines.

 

Trustees seek ways to improve board effectiveness by updating and reviewing their training on an annual basis. Several Trustees completed training days over the year covering a variety of topics: Mental Capacity Act, Deprivation of Liberty, Governance Responsibilities of Charitable Trustees.

Remuneration policy

Pay and remuneration for the Charity's key management personnel is discussed and approved at the AGM by the Trustees. National Industry information is available for benchmarks and parameters.

Statement of Trustees' responsibilities

The Trustees, who are also the directors of Libury Hall 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; 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 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.

Auditor

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

LIBURY HALL
TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT)
FOR THE YEAR ENDED 31 MARCH 2024
- 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 B Bennett
Trustee
Dated: 28 November 2024
LIBURY HALL
INDEPENDENT AUDITOR'S REPORT
TO THE MEMBERS OF LIBURY HALL
- 6 -

Opinion

We have audited the financial statements of Libury Hall (‘the Charity’) for the year ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the 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, 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 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; and
-

have been prepared in accordance with the requirements of the Companies Act 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 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.

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 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 is responsible for the other information. 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 there is a material misstatement in the financial statements or a material misstatement of the other information. 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.

 

LIBURY HALL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIBURY HALL
- 7 -

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

-

the information given in the Trustees' report for the financial year for which the financial statements are prepared, which includes the directors' report prepared for the purposes of company law, is consistent with the financial statements; and

-

the directors' report included within the Trustees' report has been prepared in accordance with applicable legal requirements.

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the Charity and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

-

adequate 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; or

-

the Trustees were not entitled to prepare the financial statements in accordance with the small companies regime and take advantage of the small companies' exemptions in preparing the Trustees' report and from the requirement to prepare a strategic report.

Responsibilities of Trustees

As explained more fully in the 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

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.

A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor's report.

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. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an 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 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.

LIBURY HALL
INDEPENDENT AUDITOR'S REPORT (CONTINUED)
TO THE MEMBERS OF LIBURY HALL
- 8 -
Francis Corbishley (Senior Statutory Auditor)
for and on behalf of Moore NHC Audit Limited
4 December 2024
Chartered Accountants
Statutory Auditor
First Floor
73-75 High Street
Stevenage
Hertfordshire
SG1 3HR
LIBURY HALL
STATEMENT OF FINANCIAL ACTIVITIES
INCLUDING INCOME AND EXPENDITURE ACCOUNT
FOR THE YEAR ENDED 31 MARCH 2024
- 9 -
Unrestricted
Restricted
Total
Unrestricted
Restricted
Total
funds
funds
funds
funds
2024
2024
2024
2023
2023
2023
Notes
£
£
£
£
£
£
Income and endowments from:
Donations and legacies
2
-
3,903
3,903
-
11,373
11,373
Charitable activities

Residential care home

3
2,006,062
-
2,006,062
1,827,133
-
1,827,133
Other trading activities
4
12
-
12
672
-
672
Investments
5
450
-
450
783
-
783
Other income
6
4,940
-
4,940
21,995
-
21,995
Total income
2,011,464
3,903
2,015,367
1,850,583
11,373
1,861,956
Expenditure on:
Raising funds
7
-
-
-
170
-
170
Charitable activities

Residential care home

8
2,002,610
-
2,002,610
1,830,132
-
1,830,132
Total charitable expenditure
2,002,610
-
2,002,610
1,830,132
-
1,830,132
Total expenditure
2,002,610
-
2,002,610
1,830,302
-
1,830,302
Net gains/(losses) on investments
12
48,677
-
48,677
(3,835)
-
(3,835)
Net movement in funds
57,531
3,903
61,434
16,446
11,373
27,819
Fund balances at 1 April 2023
3,314,102
20,114
3,334,216
3,297,656
8,741
3,306,397
Fund balances at 31 March 2024
3,371,633
24,017
3,395,650
3,314,102
20,114
3,334,216

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.
LIBURY HALL
BALANCE SHEET
AS AT
31 MARCH 2024
31 March 2024
- 10 -
2024
2023
Notes
£
£
£
£
Fixed assets
Tangible assets
14
2,854,157
2,920,205
Investments
15
468,740
320,063
3,322,897
3,240,268
Current assets
Debtors
16
52,305
22,425
Cash at bank and in hand
147,935
165,627
200,240
188,052
Creditors: amounts falling due within one year
17
(127,487)
(94,104)
Net current assets
72,753
93,948
Total assets less current liabilities
3,395,650
3,334,216
Income funds
Restricted funds
19
24,017
20,114
Unrestricted funds
Designated funds
20
2,854,157
2,920,205
General unrestricted funds
517,476
393,897
3,371,633
3,314,102
3,395,650
3,334,216
The financial statements were approved by the Trustees on 28 November 2024
Mr B Bennett
Mr A  Liddiard
Trustee
Trustee
Company registration number 08565062
LIBURY HALL
STATEMENT OF CASH FLOWS
FOR THE YEAR ENDED 31 MARCH 2024
- 11 -
2024
2023
Notes
£
£
£
£
Cash flows from operating activities
Cash generated from operations
24
81,857
57,864
Investing activities
Purchase of investments
(224,536)
(250,000)
Proceeds from disposal of  investments
124,537
-
Investment income received
450
783
Net cash used in investing activities
(99,549)
(249,217)
Net cash used in financing activities
-
-
Net decrease in cash and cash equivalents
(17,692)
(191,353)
Cash and cash equivalents at beginning of year
165,627
356,980
Cash and cash equivalents at end of year
147,935
165,627
LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
- 12 -
1
Accounting policies
Charity information

Libury Hall is a private company limited by guarantee incorporated in England and Wales. The registered office is , Great Munden, Near Ware, Hertfordshire, SG11 1JD.

1.1
Accounting convention

The financial statements have been prepared in accordance with the Charity's memorandum and articles of association, 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)". 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 accounts have been prepared under the historical cost convention, modified to include certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2
Going concern

At the time of approving the accounts, the Trustees have a reasonable expectation that the Charity has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the accounts.

1.3
Charitable funds

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

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the financial statements.

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.

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.

Residents' fees are accounted for when receivable.

 

LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 13 -
1.5
Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned 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.

As the charity is not registered for VAT, all expenditure includes VAT and is recorded on an accruals basis. Charitable expenditure is expenditure incurred in running the home and includes governance costs.

Governance costs are those costs associated with the governance arrangements of the charity, and these include audit, legal advice for trustees, costs associated with trustee meetings and the cost of the preparation of the statutory accounts.

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:

Freehold property
2% per annum on cost
Plant and equipment
5% per annum on cost

Freehold land and assets in the course of construction are not depreciated.

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
Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and 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.

1.8
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).

1.9
Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term liquid investments with original maturities of three months or less.

LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
1
Accounting policies
(Continued)
- 14 -
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 instruments are recognised in the Charity's balance sheet when the Charity becomes party to the contractual provisions of the instrument.

1.11
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.

1.12
Retirement benefits

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

1.13

Government grants

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.

 

Government grants relating to turnover are recognised as income over the periods when the related costs are incurred.

2
Donations and legacies
Restricted
Restricted
funds
funds
2024
2023
£
£
Donations and gifts
3,903
11,373
3
Charitable activities

Residential care home

Residential care home

2024
2023
£
£

Residents' fees

2,006,062
1,827,133
LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 15 -
4
Other trading activities
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Shop income
12
672
5
Investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Interest receivable
450
783
6
Other income
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£

Government grants

4,940
21,995
7
Raising funds
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Fundraising and publicity
Advertising
-
170
-
170
LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 16 -
8
Charitable activities

Residential care home

Residential care home

2024
2023
£
£
Staff costs
1,463,253
1,297,750
Depreciation and impairment
66,047
66,047

Repairs and decorations

120,770
101,140

Food and beverages

110,502
104,429

Household and laundry

33,008
32,148

Travel expenses

31,850
33,919

Light and heating

57,665
68,861

Telephone

14,802
13,495

Water

9,659
11,374

Insurance

31,303
38,386

Garden

15,730
11,917

Staff recruitment and training

1,997
3,502

Office expenses

25,265
24,666

Other expenses

3,595
6,032
1,985,446
1,813,666
Share of governance costs (see note 9)
17,164
16,466
2,002,610
1,830,132
9
Support costs
Support costs
Governance costs
2024
2023
£
£
£
£
Audit fees
-
9,768
9,768
9,400
Legal and professional
-
7,396
7,396
7,066
-
17,164
17,164
16,466
Analysed between
Charitable activities
-
17,164
17,164
16,466

Governance costs includes payments to the auditors of £9,768 (2023- £9,400) for audit fees.

10
Trustees

None of the trustees (or any persons connected with them) received any remuneration during the year and none of the trustees were reimbursed any expenses (2023 - no Trustee received remuneration or was reimbursed).

 

LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 17 -
11
Employees

The average monthly number of employees during the year was:

2024
2023
Number
Number
44
44
Employment costs
2024
2023
£
£
Wages and salaries
1,329,036
1,186,457
Social security costs
108,345
89,429
Other pension costs
25,872
21,864
1,463,253
1,297,750
The number of employees whose annual remuneration was more than £60,000 is as follows:
2024
2023
Number
Number
£60,000 - £70,000
1
1
12
Net gains/(losses) on investments
Unrestricted
Unrestricted
funds
funds
2024
2023
£
£
Revaluation of investments
48,677
(3,835)
13
Taxation

The charity is exempt from tax on income and gains falling within section 505 of the Taxes Act 1988 or section 252 of the Taxationof Chargeable Gains Act 1992 to the extent that these are applied to its charitable objects.

LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 18 -
14
Tangible fixed assets
Freehold property
Plant and equipment
Total
£
£
£
Cost
At 1 April 2023
3,275,085
63,164
3,338,249
At 31 March 2024
3,275,085
63,164
3,338,249
Depreciation and impairment
At 1 April 2023
388,970
29,075
418,045
Depreciation charged in the year
62,400
3,647
66,047
At 31 March 2024
451,370
32,722
484,092
Carrying amount
At 31 March 2024
2,823,715
30,442
2,854,157
At 31 March 2023
2,886,115
34,090
2,920,205
15
Fixed asset investments
Listed investments
Cash in portfolio
Total
£
£
Cost or valuation
At 1 April 2023
318,982
1,081
320,063
Additions
224,536
2,135
226,671
Valuation changes
47,042
-
47,042
Disposals
(125,036)
-
(125,036)
At 31 March 2024
465,524
3,216
468,740
Carrying amount
At 31 March 2024
465,524
3,216
468,740
At 31 March 2023
318,982
1,081
320,063
16
Debtors
2024
2023
Amounts falling due within one year:
£
£
Trade debtors
1,785
1,250
Other debtors
25,851
-
Prepayments and accrued income
24,669
21,175
52,305
22,425
LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 19 -
17
Creditors: amounts falling due within one year
2024
2023
£
£
Other taxation and social security
25,998
27,083
Trade creditors
61,325
40,543
Accruals and deferred income
40,164
26,478
127,487
94,104
18
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 £25,872 (2023 - £21,864).

19
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:
Movement in funds
Movement in funds
Balance at
1 April 2022

Income

Balance at
1 April 2023

Income

Balance at
31 March 2024
£
£
£
£
£
Amenity fund
8,741
11,373
20,114
3,903
24,017

The Amenity fund represents money received from fundraising on behalf of residents and is managed for the general benefit of all residents at the home.

20
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
Movement in funds
Balance at
1 April 2022

Expenditure

Balance at
1 April 2023

Expenditure

Balance at
31 March 2024
£
£
£
£
£
Designated fund
2,986,251
(66,046)
2,920,205
(66,048)
2,854,157
2,986,251
(66,046)
2,920,205
(66,048)
2,854,157

The designated fund represents the net book value of the charity's tangible fixed assets.

LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 20 -
21
Analysis of net assets between funds

Unrestricted funds

Restricted funds

Total

Unrestricted funds

Restricted funds

Total
2024
2024
2024
2023
2023
2023
£
£
£
£
£
£
Fund balances at 31 March 2024 are represented by:
Tangible assets
2,854,157
-
2,854,157
2,920,205
-
2,920,205
Investments
468,740
-
468,740
311,322
8,741
320,063
Current assets/(liabilities)
72,753
-
72,753
93,948
-
93,948
3,395,650
-
3,395,650
3,325,475
8,741
3,334,216
22
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:

2024
2023
£
£
Within one year
-
7,718
23
Related party transactions
Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2024
2023
£
£
Aggregate compensation
242,258
218,259

During the year, the charity was charged fees £332 (2023 - £115) by Chapelfarm Consultants Limited relating to the ongoing development and maintenance of the charity’s properties. All of the fees have been charged to the statement of financial activities and are inclusive of irrecoverable VAT.

LIBURY HALL
NOTES TO THE  FINANCIAL STATEMENTS (CONTINUED)
FOR THE YEAR ENDED 31 MARCH 2024
- 21 -
24
Cash generated from operations
2024
2023
£
£
Surplus for the year
61,434
27,818
Adjustments for:
Investment income recognised in statement of financial activities
(450)
(783)
Fair value gains and losses on investments
(48,677)
3,835
Depreciation and impairment of tangible fixed assets
66,047
66,047
Movements in working capital:
(Increase) in debtors
(29,880)
(10,828)
Increase/(decrease) in creditors
33,383
(28,225)
Cash generated from operations
81,857
57,864
25
Analysis of changes in net funds

The Charity had no debt during the year.

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