RUSTINGTON CONVALESCENT HOME (CARPENTERS COMPANY)
Financial health, per its FY2024 accounts
The accounts state that free reserves of £608,925 are below the trustee's policy target of six months' expenditure, although the charity holds significant permanent endowment investments. Per the trustees' report, the charity generated a net increase in funds of £3,791,354 largely due to the sale of land and investment gains, resulting in total net assets of £34,566,907.
What the accounts disclose
“One employee earned £70,000 - £80,000 during the year, including taxable benefits but excluding employer’s national insurance and pension contributions (2023 – one).” — page 25
“One employee earned £70,000 - £80,000 during the year” — page 25
“The current level of free reserves of £608,925 represents 2.9 months’ expenditure and therefore is below the target level.” — page 10
“General administrative expenses and salaries allocated from the Worshipful Company of Carpenters to the charity during the year amounted to £44,592 (2023 - £40,042). The balance due to the Worshipful Company of Carpenters at the year end was £22,296 (2023 - £20,000). Expenses of £2,398 (2023 - £1,965) were paid by the Worshipful Company of Carpenters to members of the Committee of Management. These were not recharged to the charity.” — page 30
“Surveyor costs in connection with Rustington Convalescent Home of £3,800 were paid to Mr R C Galbraith during the year (2023: £3,800 to Mr R C Galbraith and James Boatman Chartered Surveyors). Mr J W Preston is an Equity Partner of James Boatman Chartered Surveyors. Mr R C Galbraith and Mr J W Preston are Members of the Committee of Management.” — page 30
“General administrative expenses and salaries allocated from the Worshipful Company of Carpenters to the charity during the year amounted to £44,592 (2023 - £40,042). The balance due to the Worshipful Company of Carpenters at the year end was £22,296 (2023 - £20,000). Expenses of £2,398 (2023 - £1,965) were paid by the Worshipful Company of Carpenters to members of the Committee of Management. These were not recharged to the charity.” — page 30
“Surveyor costs in connection with Rustington Convalescent Home of £3,800 were paid to Mr R C Galbraith during the year (2023: £3,800 to Mr R C Galbraith and James Boatman Chartered Surveyors). Mr J W Preston is an Equity Partner of James Boatman Chartered Surveyors. Mr R C Galbraith and Mr J W Preston are Members of the Committee of Management.” — page 30
Structured financials (annual return, FY ending 31/12/2024)
Trustees
- THE WORSHIPFUL COMPANY OF CARPENTERS
Income and spending
| Financial year end | Income | Spending |
|---|---|---|
| 31/12/2024 | £4.3m | £2.5m |
| 31/12/2023 | £1.3m | £2.2m |
| 31/12/2022 | £1.1m | £1.8m |
| 31/12/2021 | £915k | £1.3m |
| 31/12/2020 | £872k | £1.2m |
Common questions
Is RUSTINGTON CONVALESCENT HOME (CARPENTERS COMPANY) financially healthy?
The accounts state that free reserves of £608,925 are below the trustee's policy target of six months' expenditure, although the charity holds significant permanent endowment investments. Per the trustees' report, the charity generated a net increase in funds of £3,791,354 largely due to the sale of land and investment gains, resulting in total net assets of £34,566,907. Its FY2024 accounts were audited by Buzzacott Audit LLP.
What does the highest-paid employee of RUSTINGTON CONVALESCENT HOME (CARPENTERS COMPANY) earn?
Per its FY2024 accounts, the highest-paid employee was in the £70,001 - £80,000 band, and 1 employees earned over £60,000.