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← Chescombe Trust Limited

2022-03-31-accounts

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Chescombe Trust Limited. .

(A company limited by guarantee)

Trustee's Report and Financial Statements for the Year Ended 31 March 2022

Registered number: 02585927

Charity number: 1002187

Chescombe Trust Limited

Contents

Reference and administrative details of the charitable company, its Trustees and Advisers 4;

Trustees’ report 2 to 10
Statement ofTrustees’ Responsibilities 11
Independent Auditors' Report 12 to 15
Statement of Financial Activities 16
Balance Sheet 17 to 18
Statement of Cash Flows 19
Notestotheaccounts 20to34

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Chescomhe Trust Limited

Reference and administrative details of the charitable company, its Trustees and Advisers

Trustees AJC Healy, Chair D WJ Anderson D A Jones G R Silver D M Tremayne Company Registration Number 02585927 Charity Registration Number 1002187 Registered office 168 Gloucester Road Patchway Bristol BS34 5BG Secretary C M Panter Chief Executive Officer P Morris Independent Auditors Corrigan Accountants Limited 1st Floor 25 King Street Bristol BS1 4PB Senior Management Team J Pearce, Registered Manager and House Manager C Horn, House Manager C Cook, House Manager P Morris, Registered Individual C Panter, Finance Manager

Page 1

Chescombe Trust Limited

Trustees' report For the year ended 31 March 2022

The Trustees present their annual report together with the audited financial statements of the Company for the year 1 April 2021 to 31 March 2022. The Annual report serves the purposes of both a Trustees’ report and a directors' report under company law. The Trustees confirm that the Annual report and financial statements of the charitable company comply with the current statutory requirements, the requirements of the charitable company's governing document and the provisions of the Statement of Recommended Practice (SORP) applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) (effective 1 January 2019).

Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strategic report required of medium and large companies under the Companies Act 2006 (Strategic Report and Directors’ Report) Regulations 2013 is not presented.

In setting objectives and planning for activities, the Trustees have given consideration to general guidance published by the charities commission relating to public benefit, including the guidance ‘public benefit: running a charity (PB2)’.

Chair’s Report:

The new Finance Manager Cathy Panter is now in position. This change came about due to the retirement of the previous incumbent Mike O’Shea, who had been in post since 2011. The Board and Staff at Chescombe have extended their gratitude to him for his sterling work and effort over these years especially as Mike often worked beyond the scope of a Finance Manager. Doug Pearce a long serving member of staff has also retired. He has been with Chescombe Trust since its inception and has given excellent service both as a carer and additionally as a handyman, again thanks from all for his excellent work.

Staff turnover continues to be low. Overtime is still running high. This is due to staff not being able to move freely between houses, this restriction is in place to reduce the potential spread of COVID 19. This causesa loss of flexibility, although with the relaxation of the guidelines, some flexibility has returned.

Cases of COVID-19 in residents and staff have been relatively low. We are fortunate and much relieved not to have lost any residents or staff to COVID-19.

We have sadly however had two residents pass away in December 2021 and March 2022 respectively. This loss in conjunction with bereavements in previous years has affected the staff deeply and caused much reflection within the Trust. Staff were able to attend their funerals and their loss is greatly felt.

As a result of this reflection, several senior members of staff have been trained to host debriefing sessions with any members of staff who wish to discuss issues that have arisen from these losses. In addition a defibrillator has been installed to provide additional assurance for staff and residents, although this would not have changed the outcome in these cases.

Page 2

Chescombe Trust Limited

Trustees’ report For the year ended 31 March 2022

The Board and Managers continue to devote much time in discussions with the Local Authorities regarding the funding of Residents. Funding is tighter and Local Authorities are introducing new systems to control their budgets. Understanding the requirements of these systems has proved challenging, however our relationship with Local Authorities remains good and we continue to obtain increased funding for residents as appropriate.

We were thrilled to welcome a new service user to Chescombe Trust in November 2021. He has settled in well to Orchard House.

Our financial position is reasonable which will allow us to meet the Government requirements and our wish to pay the staff, the ‘Living Wage’.

We have been lucky enough to benefit from some grants and funding from South Gloucestershire County Council, in respect of paying for increased staff costs due to Covid-19 for which we are most grateful.

The rapid increase in inflation and general staff shortages is now presenting a challenge. To retain staff we are forced to increase salary levels in order to remain competitive with other employment sectors.

COVID-19, is still impacting us, whilst the general public have seen the removal of most restrictions, the local authorities are maintaining a more cautious approach in the care sector.

Regular testing and restrictions are still in place. We are however, very pleased to say that all residents and staff are fully vaccinated.

The outlook for the future is more hopeful as the pandemic subsides and the Residents can return to a more open and social future. Inflation now represents our biggest concern.

Special note

It was with great sadness that the Trust must report the death of Mr David Andrews who passed away on the 25th of March 2022. David was a former Chairman, Trustee and great friend of the Trust. David oversaw the Trust through an extremely difficult period, masterminding the Trust’s move from its old, dilapidated premises at St Christophers to its new purpose-built premises at Patchway. All in his own time, voluntarily given up, David found the land, appointed architects and sought planning. Concurrently with this he raised funds from friends, from charitable agencies and charitable lenders. It was through his efforts that the money was raised, the land was purchased, the buildings built and in 2011 the Trust moved in. Without David's self-sacrifice, determination and foresight the Trust would not exist in its current form. David was a gentleman anda friend and will be sorely missed.

Page 3

Chescombe Trust Limited

Trustees' report For the year ended 31 March 2022

1. Trust Aims & Objectives

Chescombe provides a comfortable, homely environment in which individuals are supported to develop their personal skills in a community living setting, whilst maximising their potential to live a safe, fulfilling and happy lifestyle. At our most recent inspection by the CQC we received ‘Good’ across the board for our care. e We adhere to the above philosophies, and to work with each individual using a person centred approach,

2. Chescombe History

Chescombe Trust has been providing a safe, comfortable and stimulating home environment for adults with severe learning disabilities since 1991. In 2011 we moved froma large Victorian building into our current purpose built facilities consisting of 3 homes and 3 self contained flats. These smaller units provide an environment which is more like a home than was possible in the previous property.

3. Structure, Governance and Management

The company is registered as a charitable company, limited by guarantee and was set up by a Memorandum of Association on 27 February 1991.

Chescombe Trust is governed by a Board of 5 Trustees, from commercial business, industry, and healthcare, whose skills and experience benefit the Trust. It has executive control over finances and offers support to the CEO & Financial Manager with respect to business operations. All spends over an agreed amount must be put to the board for authorisation. Strategic guidance is also provided by the Board with respect to the changing environment in which the Trust has to operate.

The Board also provides support in respect of regulations as set out by the CQC and in developing the Care requirements of the Trust.

The Trustees hold board meetings every two months in which we discuss the operational and strategic needs of the Trust. An agenda is issued prior to the meeting and decisions made are recorded in the minutes. If needed the Board will vote to come to a decision, but usually a consensus is reached. Communication outside of the Board meeting is via email and telephone. Individual board members regularly visit the site to discuss various issues and adhoc meetings are held as required.

The management structure of the Trust is as follows:

Chief Executive Officer and Nominated Individual with CQC - Philip Morris, who has overall operational responsibility and line responsibility for the managers

Registered Manager with the CQC and Lead House Manager - Jo Pearce, House Manager of Treetops House Manager - Chris Cook, House Manager of Lavender Lodge House Manager - Clare Horn, House Manager of Orchard House

Page 4

Chescombe Trust Limited Trustees’ report For the year ended 31 March 2022

Financial Manager - Catherine Panter, Financial Manager started in April 2022

Pay and remuneration of key management personnel are set by reviewing the market place for posts within the care sector and taking appropriate decisions accordingly.

4, Governance and Quality Assurance As a Registered Care Home, Chescombe Trust is required to meet the standards set out by the Care Quality Commission, is currently rated as 'Good' and works continually to maintain and improve the quality of care it provides.

Prospective Trustees are identified by existing Trustees. They are initially invited to a Board meeting as observers. The current Board members are introduced and policies and working practices explained. If agreed by the Board, they are then invited to this role. All the Trustees give their time voluntarily. Trustees may claim reimbursement of their travel expenses. There were no Trustees’ expenses in the | year. There is no time limit to service on the Board either as a Trustee or as Chair of Trustees, but all members need to stand for re election every 2 years.

The Trustees have assessed the major risks to which the company is exposed, in particular those related to the operations and finances of the company and are satisfied that systems and procedures are in place to mitigate our exposure to the major risks.

The Trust maintains a comprehensive Risk Assessment Review document which is reviewed on a regular basis and updated annually in February. Within the Risk Assessment Review document, a Risk Register is maintained covering 1. Strategic & Reputational Risk. 2. Operating Risk. 3. Compliance Risk and 4 Financial Risk.

The Trust’s insurances are reviewed by way of face to face meeting and site visit with an independent broker and cover is increased as necessary in line with current financial performance and assessed risks. This is backed up by a bi annual visit from Ecclesiastical insurance who carry out a site survey and examine our records in respect of fire alarm testing, gas certification etc.

The Covid 19 pandemic has presented the Trust with significant challenges since the spring of 2020. The safety of our residents and staff remains an absolute priority. A specific set of risk assessments has been created to cover the additional risks presented by the virus and is adapted as governmental and local authority guidelines are changed. Sufficient PPE has been sourced and adequate stocks are being maintained. Stocks of test kits are also maintained and both residents and staff are being tested in line with guidelines.

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Chescomhe Trust Limited

Trustees' report For the year ended 31 March 2022

5. Improvement to Facilities

Site

A major upgrade to the internet and Wi-Fi is underway due to the use of cloud-based work systems for staff and entertainment systems for residents

Repairs and upgrading of gardens/fencing across the site due to storm damage and age

Home visits started again once allowed and some service users were able to go away on a holiday summer 2021

No staff salary increases during 21-22 due to Covid-19 restricting Trustee meetings. The normal April 21 rise was given early in December 20. All staff received a Christmas bonus of £100 and a Retention bonus of £144

Purchase of a defibrillator

Orchard House

Repainting of Orchard’s kitchen

New garden furniture paid for by a donation

Lavender Lodge

Decorating refreshments

Treetops

Decorating refreshments

6. Financial Review

The Trust has a financial regime that operates in accordance with modern working practices; all spending is fully transparent, accountable and attributable. The use of cash as a spending medium is limited. Management accounts are produced in house on a monthly basis and are reviewed in depth by the Trustees for accuracy and an external accountant on a quarterly basis. Proper budgets are used to manage spending thus ensuring value for money whilst maintaining a pleasant environment. Access to residents' accounts is electronic and on an auditable basis, scrutinised by at least two but generally three officers of the Trust. The Trust is fully aware of its income and expenditure as it arises enabling complete understanding of its financial position on a monthly basis.

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Chescombe Trust Limited

Trustees’ report For the year ended 31 March 2022

6.1 The financial highlights of 2021/2022 have been:

Fee Income from charitable activities: £1,676,809 down from £1,703,403 (2021). Costs: £1,717,857 up from £1,623,379 (2021). Loss before donations, COVID-19 grant and Personal Independence Payments (PIP) income £41,048 (2021 surplus: £158,652). Total surplus £73,437 down £140,982 from a total surplus of £214,419 (2021). It should be noted that during the Financial Year 2021/2022 the Trust had the benefit of COVID-19 sustainability income from Local Authorities of £52,385. These funds have been spent on additional costs caused by COVID-19.

It is the Trustees' policy to ensure that the Trust is in a positive financial position based on fee income only, before voluntary donations are accounted for. Voluntary donations should be used to enhance the experience of our residents and The Trust should not be dependent on these to provide the basic needs of the residents.

Long term debt finance: Reduced by £10,152 (2021: £39,607 reduction) DonationsPIP income and: £50,448 legacies(2021: income:£53,660 £11,652) (2021: £2,107 )

The Trustees are aware that the introduction of the living wage presents a serious challenge to the financial stability of the Trust. The Trust is continuing to make progress agreeing new fees with local authorities in accordance with the wage increases and recognise that this process will take time to complete.

The Trust has successfully negotiated new fees for the majority of its residents and has a small number of outstanding fee negotiations to complete. The Trust will continue with the policy of funding the care of the residents from fee income, and capital expenditure from donations or allocated capital within the reserves, thus ensuring the long term security, for the benefit of the current and future residents. Although we foresee interim periods where reserves may have to be utilised, these periods will be kept to a minimum.

6.2 Reserves

Free reserves (£344,074) are defined as unrestricted funds available for spending and are calculated by taking the total unrestricted funds of the charity (£2,559,282, 2021: £2,486,344) and deducting any balances not available for spending i.e. fixed assets of £2,149,355 (2021: £2,187,050).

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Chescombe Trust Limited

Trustees' report For the year ended 31 March 2022

For the purposes of short and medium term financial management, the trustees are concerned more with the management of working capital. The healthy working capital position is entirely in line with their policy of holding free resources sufficient to fund the eventuality of a material decline in incoming resources. The Trust have assessed the possible loss of income with a view to what the likely maximum loss could be in the short to medium term barring complete disaster. This has been assessed as a loss of one third of the residents with a commensurate drop in income of £51,000 per month. The Trust has also assessed the likely losses incurred during the period when the fee negotiations are being carried out, as well as any serious consequences of Covid 19. The Trust has a cash reserve policy to six months of reduced income (£306,000) with a variance of +/ £20,000, giving a total reserve of £286,000 to £326,000. This, in the opinion of the Trustees, would give adequate time to adjust the trusts costs, complete fee negotiations and/or fill some of the vacancies.

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It is planned that any excess cash in the Trust's accounts will be used in one of three ways: 1. Capital expenditure to improve the facility.

  1. Capital expenditure to improve the resident's life experience. 3. To reduce the Capital Loan.

The Trustees review the reserves policy on an annual basis.

Total funds held by the charity at 31 March 2022 were £2,679,554 (2021: £2,606,117) of which £120,272 (2021: £119,733) was restricted. The majority of these funds, restricted and unrestricted, could only be realised by the sale of the property and other assets.

7. Goals and plans for the coming year

We have developed a comprehensive business plan for the next 5 to 10 years. The priorities within this plan, which will be the focus for the year, include: maintaining the high quality of care and planning for end of life care where appropriate; completing the staff grading and salary structure; ensuring appropriate and adequate funding for all residents from the Local Authorities; to use the funding to improve the life experience of our residents.

7.1 Maintaining the quality of care

The Trust will continue to provide stimulation and entertainment for its residents, however, currently these are subject to Government/CQC Guidance during the COVID 19 pandemic. These will restart as easement and safety of our residents allows. Typical events are

Page 8

Chescomhe Trust Limited

Trustees’ report For the year ended 31 March 2022

7.2 Staff Grading and Salary Review

Historical grading and salaries anomalies continue to be removed as staff turnover and pay rises permit. Senior staff salaries are compared against similar positions in the appropriate sector and by reviews with the managers. However, the annual increase in the 'working wage’ with the financial constraints from Local Council funding means increases in salaries are limited.

During the COVID-19 Pandemic a one off payment of £144 has been made to all staff and an increased Christmas bonus to £100, taking the total to £244.

The Board, along with the CEO and Finance Manager are trying to improve this situation, however, the response of the local Councils can take well in excess of a year to achieve additional funding.

7.3 Increasing Income

All staff are receiving at least the 'working wage', which was implemented in April 2016. This will impact on 'salary' costs. Pension auto enrolment will also continue to impact our staffing costs. Increasing our income from donations and Local Authority funding, alongside continued cost effective planning, are therefore a priority for the coming year.

8. Fundraising

Fundraising this year has been placed on hold due to COVID 19, however, as easement occurs events will be explored.

The events are organised and run by the staff and volunteers of Chescombe Trust. The Trust does not employ professional fundraisers.

The Trust has complied with fundraising standards and fundraising regulations.

Fundraising activity by the Trust from the Public is monitored by the Board of Trustees and the Trust’s Finance Manager. No complaints have been received by the Trust regarding its fundraising activities.

The Summer Fayre is a public event held in a public area where all donations and purchases are made voluntarily. Senior members of staff are in attendance to ensure fundraising activity is appropriate. All events at the Fayre are protected by the Trust’s Liability insurances.

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Chescombe Trust Limited

Trustees' report For the year ended 31 March 2022

Disclosure of information to auditors

Each of the persons who are Trustees at the time when this Trustees' report is approved has confirmed that:

In preparing this report, the Trustees have taken advantage of the small companies exemptions provided by section 415A of the Companies Act 2006.

Auditors

The auditors, Corrigan Accountants Limited, have indicated their willingness to continue in office. The designated Trustees will propose a motion reappointing the auditors at a meeting of the Trustees.

Approved by the Trustees on .............+..... and signed on its behalf by:

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hairJ C Healy of Trustees | 2 y|O7TKYL
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Chescombe Trust Limited

Statement of Trustees' Responsibilities For the year ended 31 March 2022

The Trustees (who are also the directors of the charitable company for the purposes 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. Under company law, the Trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and of its incoming resources and application of resources, including its income and expenditure, for that period. In preparing these financial statements, the Trustees are required to:

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The Trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company's transactions and disclose with reasonable accuracy at any time the financial position of the charitable company 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 charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

Page 11

Chescombe Trust Limited

Independent Auditor's Report to the trustees of Chescombe Trust Limited

Opinion

We have audited the financial statements of Chescombe Trust Limited (the 'charitable company’) for the year ended 31 March 2022, which comprise the Statement of Financial Activities, Balance Sheet, Statement of Cash Flows, and the related notes 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:

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 charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the United Kingdom, including the Financial Reporting Council’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.

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Chescomhe Trust Limited

Independent Auditor's Report to the trustees of Chescombe Trust Limited

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, except to the extent otherwise explicitly stated in our report, 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 | toperformed,report that wefact. conclude that there is a material misstatement of this other information, we are required

We have nothing to report in this regard.

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 and Reports) Regulations 2008 requires us to report to you if, in our opinion:

Responsibilities of trustees

As explained more fully in the Statement of Trustees' Responsibilities (set out on page 11), the Trustees (who are also the directors of the charitable company for the purposes 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 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.

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Chescomhe Trust Limited

Independent Auditor's Report to the trustees of Chescombe Trust Limited

Auditor’s responsibilities for the audit of the financial statements

We have been appointed as auditor under section 144 of the Charities Act 2011 and report in accordance with regulations made under section 154 of that Act.

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.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The specific procedures for this engagement and the extent to which these are capable of detecting irregularities, including fraud is detailed below:

Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more that compliance with a law or regulation is removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation.

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Chescombe Trust Limited

Independent Auditor's Report to the trustees of Chescombe Trust Limited

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at https://www.frc.org.uk/Our-Work/Audit/Audit-and-assurance /Standards-and-guidance/Standards-and -guidance-for-auditors/Auditors-responsibilities-for-audit /Description-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's report.

Use of our report

This report is made solely to the charitable company's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company's 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 trustees, as a body, for our audit work, for this report, or for the opinions we have formed.

Corrigan Accountants Limited, Statutory Auditor

1st Floor

25 King Street Bristol, BS1 4PB

nat, oAz/ 0...

Corrigan Accountants Limited are eligible to act as auditors in terms of section 1212 of the Companies Act 2006.

Page 15

Chescombe Trust Limited

Statement of Financial Activities (incorporating income and expenditure account) for the Year

Ended 31 March 2022

Unrestricted Restricted Total funds Total funds
funds funds 2022 2021
Note £ £ e £
Income from:
Donations and legacies é 5,288 6,364 11,652 2,107
Charitable activities 4 1,727,257 52,385 1,779,642 1,835,691
Total Income 1,732,545 58,749 1,791,294 1,837,798
Expenditure on:
Charitable activities : (1,659,607) (58,250) (1,717,857) (1,623,379)
Netincome/(expenditure) 72,938 499 73,437 214,419
Transfer between funds = 3 - =
iy
Netmovement in funds 72,938 499 73,437 214,419
Reconciliation of funds
Fund balances brought forward 2,486,344 119,773 2,606,117 2,391,698
Fundbalancescarriedforward 2,559,282 120,272 2,679,554 2,606,117

The Statement of financial activities includes all gains and losses recognised in the year. The notes on pages 20 - 34 form part of these accounts.

Income and expenditure by fund is shown in note 15.

There are no recognised gains or losses other than the results for the year as set out above.

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Chescombe Trust Limited

Balance Sheet as at 31 March 2022

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||||||||||| |---|---|---|---|---|---|---|---|---|---| |2022|2021| |Note|£|£| |Fixed|assets| |Tangible|assets|11|2,149,355|2,187,050| |Current|assets| |Debtors|12|65,853|55,772| |Cash|at|bank|and|in|hand|18|708,417|640,829| |774,270|696,601| |Current|liabilities| |Creditors:|Amounts falling due within|one year|13|(72,786)|(96,097)| |Net|current|assets|701,484|600,504| |Total assets|less current|liabilities|2,850,839|2,787,554| |Creditors:|Amounts falling due|after|more|than|one|year|14|(171,285)|(181,437)| |Total|net|assets|2,679,554|2,606,117| |The funds|of the|charity:| |Unrestricted|funds|15|2,559,282|2,486,344| |Restricted funds|15|120,272,|119,773| |Total funds|2,679,554|——2,606,117_|

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Chescomhe Trust Limited

Balance Sheet as at 31 March 2022

The notes on pages 20 - 34 form part of these accounts.

The entity was entitled to exemption from audit under section 477 of the Companies Act 2006.

The members have not required the entity to obtain an audit for the year in question in accordance with section 476 of the Companies Act 2006.

However, an audit is required in accordance with section 145 of the Charities Act 2011.

The Trustees acknowledge their responsibilities for complying with the requirements of the Act with respect to accounting records and preparation of financial statements.

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

The financial statements were approved and authorised for issue by the Trustees ON ..........0000. and jgned on their b¢half by: l) D0 hey JCHealy 13/o07/% Director

Page 18

Chescombe Trust Limited

Statement of Cash Flows for the Year Ended 31 March 2022

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|||||||||| |---|---|---|---|---|---|---|---|---| |2022|2021| |Note|£|£| |Cash|flows from|operating|activities| |Net|income|73,437|214,419| |Adjustments|for|non-cash|items| |Depreciation|11|23,836|26,293| |Loss on|disposal|of tangible|fixed|assets|1,681|5,401| |98,954|246,113| |Working|capital|adjustments| |(Increase)/decrease|in|debtors|12|(10,081)|27,135| |Decrease|in|creditors|13|(23,899)|(1,465)| |Net|cash|flows from|operating|activities|64,974|271,783| |Cash flows from|investing activities| |Sale|of tangible|fixed|assets|16,910|400| |Purchase|of tangible|fixed|assets|1.|(4,732)|(32,119)| |Net|cash|flows from|investing|activities|12,178|(31,719)| |Cash|flows from|financing|activities| |Repayment of loans and|borrowings|(9,564)|(9,055)| |Net|increase|in|cash|and|cash|equivalents|67,588|231,009| |Cash|and|cash|equivalents|at|1|April|640,829|409,820| |Cash|and|cash|equivalents|at 31|March|708,417|640,829| |The|notes|on|pages|20|- 34 form|part|of these|accounts.|

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Page 19

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

1 General information

The company is a private company limited by guarantee, and a charity registered in England and Wales. The members of the company are the Trustees named on page 1. In the event of the company being wound up, the liability in respect of the guarantee is limited to £1 per member of the company.

2 Accounting policies

Summary of significant accounting policies and key accounting estimates

The principal accounting policies applied in the preparation of these financial statements are set out below. These policies have been consistently applied to all the years presented unless otherwise stated.

Basis of preparation

The financial statements 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), the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) and the Companies Act 2006.

Chescombe Trust Limited meets the definition of a public benefit entity under FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value unless otherwise stated in the relevant accounting policy.

Going concern

The financial statements have been prepared on a going concern basis. There are no material uncertainties relating to events or conditions that may cast doubt on the charity's ability to continue as a going concern.

Income

All income is recognised once the charitable company has entitlement to the income, it is probable that the income will be received and the amount of income receivable can be measured reliably. Income from residential care fees is recognised as services are provided.

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

Page 20

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

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. All costs are allocated directly to the single activity of Care of Residents.

Support costs are those costs incurred directly in support of expenditure on the objects of the company. Governance costs are those incurred in connection with administration of the company and compliance with constitutional and statutory requirements.

Expenditure on charitable activities is incurred on directly undertaking the activities which further the charitable company's objectives, as well as any associated support costs.

All expenditure is inclusive of irrecoverable VAT.

Interest receivable

| Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the charitable company; this is normally upon notification of the interest paid or payable by the institution with whom the funds are deposited.

Tangible fixed assets and depreciation

Tangible fixed assets costing £200 or more are capitalised and recognised when future economic benefits are probable and the cost or value of the asset can be measured reliably.

Tangible fixed assets are initially recognised at cost. After recognition, under the cost model, tangible fixed assets are measured at cost less accumulated depreciation and any accumulated impairment losses, All costs incurred to bring a tangible fixed asset into its intended working condition should be included in the measurement of cost.

Depreciation is charged so as to allocate the cost of tangible fixed assets less their residual value over their estimated useful lives.

Depreciation is provided on the following basis:

==> picture [366 x 57] intentionally omitted <==

----- Start of picture text -----
|||||| |---|---|---|---|---| |Freehold|property|No|depreciation| |Motor vehicles|25%|reducing|balance| |Fixtures and|fittings|20%|reducing|balance| |Computer equipment|25%|on|cost|

----- End of picture text -----

No depreciation has been provided on the freehold property as the charge would be immaterial due to the high residual value of the property and the length of its remaining useful economic life.

Debtors

Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the amount prepaid.

==> picture [2 x 2] intentionally omitted <==

----- Start of picture text -----
,
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Page 21

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

Cash at bank and in hand

Cash at bank and in hand includes cash and short-term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account.

Liabilities and provisions

Liabilities are recognised when there is an obligation at the Balance sheet date as a result of a past event, it is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably.

Liabilities are recognised at the amount that the charitable company anticipates it will pay to settle the debt or the amount it has received as advanced payments for the services it must provide.

Provisions are measured at the best estimate of the amounts required to settle the obligation. Where the effect of the time value of money is material, the provision is based on the present value of those amounts, discounted at the pre-tax discount rate that reflects the risks specific to the liability. The unwinding of the discount is recognised in the Statement of financial activities as a finance cost.

Financial instruments

The charitable company only has financial assets and financial liabilities of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value with the exception of loans which are subsequently measured at amortised cost using the effective interest method.

Operating leases

Rentals paid under operating leases are charged to the Statement of financial activities on a straight line basis over the lease term.

Pensions

The charitable company operates a defined contribution pension scheme and the pension charge represents the amounts payable by the charitable company to the fund in respect of the year.

Fund accounting

General funds are unrestricted funds which are available for use at the discretion of the Trustees in furtherance of the general objectives of the charitable company and which have not been designated for other purposes.

Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charitable company for particular purposes. The costs of raising and administering such funds are charged against the specific fund. The aim and use of each restricted fund is set out in the notes to the financial statements.

Page 22

| |

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

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----- Start of picture text -----
|||||| |---|---|---|---|---| |3|Income from|donations|and|legacies| |Unrestricted|Restricted|2022| |£|£|£| |Donations|5,288|6,364|11,652| |Unrestricted|Restricted|2021| |£|£|£| |Donations|1,107|1,000|2,107| |4|Income|from|charitable|activities| |Unrestricted|Restricted|2022| |£|£|£| |Care of Residents|1,727,257|52,385|1,779,642| |Unrestricted|Restricted|2021| |iE|£|£| |Care|of Residents|1,794,684|41,007|1,835,691|

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5 Analysis of expenditure on charitable activities

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----- Start of picture text -----
Summary by fund type
Unrestricted Restricted 2022
£ £ £
Direct costs - Care of Residents 1,659,607 58,250 1,717,857
Unrestricted Restricted 2021
£ £ £
Direct costs - Care of Residents 1,574,189 49,190 1,623,379
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Chescomhe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

6 Analysis of income from charitable activities by type of income

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----- Start of picture text -----
|||||||| |---|---|---|---|---|---|---| |Unrestricted|Restricted|2022| |£|£|£| |Fee|Income|1,676,809|-|1,676,809| |Personal|Independence|Payments|30,448|°|SD AS8| |Covid-19|sustainability income|°|52,385|52,385| |Job|Retention|Scheme|Grant|:|-|-| |1,727,257|52,385|1,779,642| |Unrestricted|Restricted|2021| |£|£|£| |Fee|Income|1,703,403|-|1,703,403| |Personal|Independence|Payments|53,660|-|53,660| |Covid-19|sustainability|income|26,635|41,007|67,642| |Job|Retention|Scheme|Grant|10,985|-|10,985| |1,794,683|41,007|1,835,690|

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7 Analysis of expenditure by activities

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||||||| |---|---|---|---|---|---| |Activities| |undertaken| |directly|Support|costs|2022| |£|£|£| |Care|of|Residents|1,607,361|110,496|1,717,857| |Activities| |undertaken| |directly|Support|costs|2021| |£:|£|£| |Care|of Residents|1,523,268|100,111|1,623,379|

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Page 24

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

|

|

Analysis of direct costs
Care of Care of
Residents Residents
2022 2021
£ £
Staffcosts 1,323,294 ‘1,257,313
Depreciation
Residents' food costs		 23,836
80,172		 26,293
61,272
Dayand social care costs
Other residents' costs		 1,237
7,488		 1,458
1,566
Stafftrainingand DBS checks 4,848 3,764
Light and heat 24,492 24,387
Rates and water 12,677 12,648
Insurance 34,070 26,579
Cleaning andwastedisposal 18,769 25,080
Repairsand maintenance 35,138 34,448
Mortgage interest 11,099 11,608
Sundries
Registration
Motorand travel costs		 1,814
2,381
7,577		 1,551.
2,388
6,522
Postageand stationery 2,773 4,188
Telephone 4,665 4,369
Computer costs 1,278 4,126
Subscriptions
Bank charges		 7,042
1,030		 7,370
937
(Profit) / losson disposal offixed assets 1,681 5,401
1,607,361 1,523,268
Analysis ofsupport costs
Care of Care of
Residents Residents
2022 2021
£ £
Staff costs 93,637 85,109
Legal and professional 9,873 9,008
Auditor's remuneration 6,050 5,322
Trustees’ indemnity insurance 936 672
Trustees’ expenses 2 2
110,496 100,111

During the year, the company incurred the following Governance costs: £16,859 (2021 - £15,002) included within the table above in respect of Care of Residents.

Page 25

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

8 Auditor's remuneration

2022 2021
£ £
Fees payable tothe charitable company's auditorforthe audit ofthe
charitable company's annual accounts 6,050 5,322
9
Staff costs
The aggregate payroll costswere as follows:
2022 2021
£ £
Wages and salaries 1,260,929 1,193,451
Social security costs 107,738 101,214
Contribution to defined contribution pensionschemes 48,264 47,757
1,416,931 1,342,422
Theaverage number ofpersonsemployed bythe charitable company duringtheyearwas as follows:
2022 2021
No No
Employees 54 54

The average number of persons employed by the charitable company during the year was as follows:

No employee received remuneration amounting to more than £60,000 in either year.

The total remuneration and benefits received by key management personnel during the year was £229,535 (2021: £210,685).

10 Remuneration of the Strategic Leadership Team

During the year, no Trustees received any remuneration or other benefits (2021 - £NIL).

During the year ended 31 March 2022, expenses totalling £0 were reimbursed (2021 - £0).

Page 26

|

| | |

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

11 Tangible fixed assets

11 Tangible fixed assets
Freehold
property		 Motor
vehicles		 Fixtures and
fittings		 Computer
equipment		 Total
£ £ £ £ £
Costor valuation
At 1 April 2021 2,085,690 78,951 143,516 12,955 2,321,112
Additions
Disposals		 -
(16,910)		 -
:		 3,949
(12,121)		 783
-		 4,732
(29,031)
At31 March2022 2,068,780 78,951 135,344 13,738 2,296,813
Depreciation
At 1 April 2021 - 27,198 94,565 12,299 134,062
Charge forthe year - 12,938 10,244 654 23,836
Eliminated on disposals - - (10,440) - (10,440)
At31 March 2022 - 40,136 94,369 12,953 147,458
Net bookvalue
At31 March 2022 2,068,780 38,815 40,975 785 2,149,355
At31March2021 2,085,690 51,753 48,951 656 2,187,050

Included in freehold property is land purchased at a cost of £463,678 (2021: £463,678) which is not depreciated. Nor is the building depreciated. The Trust's premises were built to a high standard and completed in 2011. No depreciation has been provided on the freehold property as the charge would be immaterial due to the high residual value of the property and its remaining useful economic life. Freehold property also includes interest charges of £98,490 incurred during the period of construction of the property.

12 Debtors

12 Debtors
2022 2021
£ £
Due within one year
Trade debtors 58,491 52,178
Other debtors 4,623 3,594
Prepayments 2,739 -
65,853 55,7/2 7/2

Page 27

Chescomhe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

13 Creditors: amounts falling due within one year

13 Creditors: amounts falling duedue within one year
2022 2021
£ £
Other loans 10,104 9,516
Trade creditors 2,827 9,724
Othertaxationand social security 26,241 25,335
Othercreditors 14,236 31,726
Accruals and deferred income 19,378 19,796
72,786 96,097

14 Creditors: amounts falling due after one year

14 Creditors: amounts falling due after one year
2022 2021
£ £
Other loans 171,285 181,437
Included in the creditors are the following amountsdue aftermore than fiveyears:
2022 2021
£ £
Between one andtwo years
Other loans 10,705 10,104
2022 2021
£ £
Between two and five years
Other loans 36,336 34,204
2022 2021
£ £
Over five years
Otherloans 124,244 137,129

The above loan is secured on the freehold property of the charitable company.

Page 28

Chescombe Trust Limited

|

;

Notes to the financial statements for the Year Ended 31 March 2022

15 Statement of funds

Statement of funds - current year

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----- Start of picture text -----
||||||||| |---|---|---|---|---|---|---|---| |Balance|at| |Balance|at|1|Transfers|31|March| |April|2021|Income|Expenditure|in/out|2022| |£,|£|£|£|£| |Unrestricted|funds| |General|funds|2,486,344|1,732,545|(1,659,607)|-|2,559,282| |Restricted|funds| |Land|and|Buildings| |Capital|Fund|100,000|-|-|=|100,000| |Fixtures|and|Fittings| |Capital|Fund|5,369|~|(1,074)|-|4,295| |Galloway|Capital|Fund|14,404|-|(3,591)|-|10,813| |Covid-19|Sustainability| |Fund|-|52,385|(52,385)|-|-| |Orchard|House|-|1,200|(1,200)|-|=| |Treetops House|-|5,164|=|-|5,164| |Total|restricted|funds|119,773|58,749|(58,250)|-|120,272| |Total funds|2,606,117|1,791,294|(1,717,857)|-|2,679,554|

----- End of picture text -----

Page 29

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

Details of funds

Land and Buildings Capital Fund A grant of £100,000 was received from Future Builders England Ltd towards the land purchase and build costs associated with the new centre. A restriction is placed on this grant for 25 years from 16 October 2008.

Fixtures and Fittings Capital Fund

A grant of £50,000 was received from Future Builders England Ltd towards the cost of fitting out the new centre. A restriction is placed on this grant for 25 years from 16 October 2008.

Galloway Capital Fund

The Galloway Capital Fund represents donations received from a parent of one of the residents. The donations relate to the purchase of capital items such as a television and a motor vehicle.

Covid 19 Sustainability Income

Included within the grant income received to mitigate the impacts of Covid 19 was income totalling £52,386 (2021: £41,007) from South Gloucestershire Council which was for specific costs relating to the pandemic. That income, and the related costs, have therefore been allocated toa separate fund.

Orchard House and Treetops House funds

These smaller funds relate to donations which are restricted to expenditure on one of the Charity’s three houses.

Page 30

|

|

Chescomhbe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

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----- Start of picture text -----
||||||||||| |---|---|---|---|---|---|---|---|---|---| |Statement|of funds|-|prior year| |Balance|at|Balance|at| |1|April|Transfers|Transfers|31|March| |2020|Income|Expenditure|in/out|in/out|2021| |£|£|£|£|£|£| |Unrestricted|funds| |General|funds|2,262,918|1,795,791|(1,574,189)|1,824|-|2,486,344| |Restricted|funds| |Motor|Vehicle| |Capital|Fund|1,824|-|-|(1,824)|-|=| |Land|and|Buildings| |Capital|Fund|100,000|-|-|-|-|100,000| |Fixtures|and| |Fittings|Capital| |Fund|6,711|-|(1,342)|-|-|5,369| |Galloway|Capital| |Fund|20,245|1,000|(6,841)|-|-|14,404| |Covid-19| |Sustainability|Fund|-|41,007|(41,007)|s|E|.| |Total|restricted| |funds|128,780|42,007|(49,190)|(1,824)|-|119,773| |Total|funds|Pc2,391,698Ea|I|1,837,798aA RAI|Bd(1,623,379)i|5|rr-|ei-|2,606,117Ee|

----- End of picture text -----

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Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

Motor Vehicle Capital Fund

A grant was received from the Social Enterprise Investment Fund for the purchase of three motor vehicles. The Trust was not allowed to dispose of these vehicles without prior approval from the grantor, unless the Trust purchased a similar asset of the same or equal value. The grant body subsequently agreed that the vehicles could be disposed of and remaining funds released to unrestricted funds to be spent on the general charitable objectives of the charity. The last of the three motor vehicles originally purchased with these funds was disposed of in the previous year. A transfer of £1,824 was made from this fund to the unrestricted fund. The fund was then closed.

16 Summary of funds

Summary of funds - current year

panel
Pp		 Income Expenditureoe oe Balanceat
31March
2022
General funds 2,486,344 1,732,545 (1,659,607) - 2,559,282
Restricted funds 119,773 58,749 (58,250) - 120,272
2,606,117 1,791,294 (1,717,857) - 2,679,554
Summary offunds - prioryear
Balance at1
April2020		 Income ‘
Expenditure		 Transfers
in/out		 Balance at
31March
2021
General funds 2,262,918 1,795,791 (1,574,189) 1,824 2,486,344
Restricted funds 128,780 42,007 (49,190) (1,824) 119,773
2,391,698 1,837,798 (1,623,379) - 2,606,117

17 Analysis of net assets between funds

Analysis of net assets between funds - current year

Unrestricted Restricted Total
funds funds funds 2022
£ £ £
Tangible fixed assets 2,034,247 115,108 2,149,355
Current assets 769,106 5,164 774,270
Creditorsduewithinoneyear (72,786) ° (72,786)
Creditorsdue in morethanyear (171,285) 7 (171,285)
2,559,282 120,272 2,679,554

Page 32

Chescombe Trust Limited

| |

|

Notes to the financial statements for the Year Ended 31 March 2022

Analysis of net assets between funds - prior year

Unrestricted Unrestricted Restricted Restricted Total
funds funds
funds 2021
£ £ £
Tangiblefixed assets 2,067,277 1195773 2,187,050
Currentassets 696,600 ° 696,600
Creditorsduewithinoneyear (96,096) - (96,096)
Creditorsdue inmorethan year (181,437) 7 (181,437)
2,486,344 119,773 2,606,117
18 Analysis ofcash and cash equivalents
2022 2021
£ £
Cash in hand 708,417 640,829
19 Analysis ofchanges in net debt
Other At 31
At 1 April non-cash March
Cash atbankand in hand
Gabeduewithin Larear		 2021
E
640,829
(9,516)		 Cashflows
£
67,088
9,516		 changes
£
.
(10,104)		 2022
£
708,417
(10,104)
Debtdueafter1year (181,437) = 10,152 (171,285)
449,876 77,104 48 527,028

Income and expenditure by fund is shown in note 15.

There are no recognised gains or losses other than the results for the year as set out above.

20 Pension commitments

The company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the company in an independently administered fund. The pension cost charge represents contributions payable by the company to the fund and amounted to £48,264 (2021 - £47,757).

Contributions totalling £7,117 (2021 - £7,088) were payable to the fund at the balance sheet date and are included in creditors.

Page 33

Chescombe Trust Limited

Notes to the financial statements for the Year Ended 31 March 2022

21 Assets held on trust

The charity holds funds on trust for three residents (2021 - three residents). At 31 March 2022, the amount held on trust was £1,492 (2021- £3,421). These amounts are not included on the charity's balance sheet.

22 Operating lease commitments

At 31 March 2022 the charitable company had commitments to make future minimum lease payments under non-cancellable operating leases as follows:

2022 2021
£ £
Within one year 839 839
In two to five years 419 1,258
1,258 2,097

23 Related party transactions

There were no related party transactions in the year other than the reimbursement of expenses disclosed in Note 10.

Page 34