Chescombe Trust Limited
IA company limited by guarantee)
Trustees, Report and Financial Statements
for the Year Ended 31 March 2024
Registered number: 02585927
Charity number: 1002187

Chescombe Trust Limited
Contents
Reference and administrative details of the charitable company, its Trustees and Advisers
Trustee5' report
2tolO
Statement of Trustees, Responsibillties
li
Independent Auditors, Report
12to15
Statement of Financial Activities
16
Balance Sheet
17to18
Statement of Cash Flows
19
Notes to the accounts
20to34

Chescombe Trust Limited
Reference and administrative detai15 of the charitable company, its Trustees and Advlsers
Trustees
AJ C Healy. Chair
D A Jones
D M Tremayne
D W J Anderson
G R Silver
S Vyas (appointed 13 July 2023)
Company Reglstratlon Number 02585927
Charlty Registratlon Number
1002187
Registered office
168 Gloucester Road
Patchway
8ristol
B534 5BG
Secretary
C M Panter
Chlef Executlve Officer
P Morrls
Independent Audltors
Corrigan Accountants Llmlted
1st Floor
25 King Street
Bristol
BSI 4PB
Senlor Management Team
J Pearce, Reglstered Manager and House Manager
C Horn, House Manager
C Cook, House Manager
P Morris, Registered Individual
C Panter, Finance Manager
Page I

Chescombe Trust Limited
Trustees, report
For the year ended 31 March 2024
The Trustees present their annual report together with the audited financial statements of the Company
for the year l April 2023 to 31 March 2024. 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
flnancial 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 {SORPI applicable to charities preparing their accounts in accordance with the
Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS1021 (effective l January
20191.
Since the Company qualifies as small under section 382 of the Companies Act 2006, the Strateglc report
required of medlum and large companie5 under the Companles Act 2006 (Strategic Report and Directors,
Report) Regulations 2013 is not presented.
In setting objectives and planning for activitie5, the Trustees have given consideration to general
guldance published by the charities commisslon relating to public benefit, Including the guidance 'publi
beneflt.. running a charity IPB2)'.
Chalrfs Report:
We are pleased to report that the Trust was able to revert to offerlng pre-covld levels of servlce, wlth
resldents now able to enloy a full programme of activities, Sncluding singing and swimmin& withln a
hl8hly soclable community.
Chescombe Is supportive of all the resldents that want the opportunity to go on hollday and thls year the
Trust is org3nising its first overseas holiday with two of our residents heading to Disneyland Paris.
The work of maintalning staffing levels at Chescombe is an on-goin8 process and whilst we do stlll lose
staff, the turnover rate has reduced. Many of our departin8 Staff are leavlng the care sector for
alternative professions.
We continue to try to maintain remuneration levels at a margin above the living wage to Incentivise and
retain our ex15ting staff and to recruit new staff when vacancles arise. The increase in the living wage
continues to place pressure on our finances,
Local Authorltles are under slgnificant financlal constraints, and thls doe5 make funding dlfflcult.
However, due to the hard work by the Manager5 and Board Members our relationships with Local
Authorltles remaln positive and allow for constructive discusslons regarding levels of fundlng.
Page 2

Chescombe Trust Limited
Trustees, report
For the year ended 31 March 2024
We are pleased to welcome a new member to the board of Trustees this year. They bring with them
knowledge in Supported Living as well as experience gained from supporting other good causes.
As stated last year, with the ending of the Covid pandemic we have been looking towards the future. To
that end the Trust purchased a buildlng next to our current site to allow for expansion. We have held
dlstussions with Local Authorities about what they see to be their future needs. These have been very
constructive and they are supportive of our venture. Plans based on these discussions, along with
information gained from other charities that have also expanded in a similar manner, are currently being
drawn up.
Chescombe15 currently fully occupied with 19 residents and our financial position is reasonable. De5Plte
the pressure on salaries, we remain confident about the future of Chescombe Trust.
I, Trust Aims & Objectives
Chescombe provldes a comfortable, homely environmÈnt in which Sndlviduals are supported to develop
their personal skills in a communlty living setting, whilst maximising their potential to Ilve a safe, fulfllllng
and happy lifestyle. Our inspectlon rating by the CQC is 'Good' acr05S the board for our care.
We adhere to the above philosophies, and work with each Individual uslng a person-centred
approach.
We develop Personal Care Plans for each resident whlch identify each person's essentlal Ilfe style
needs and aspiratlons.
We then deliver the appropriate care in accordance with that care plan.
2. Chescombe Hlstory
Chescombe Trust has been providing a safe, comfortable and stimulating home environment for adults
with severe learning disabilities since 1991. In 2011 we moved from a large Victorian bullding into our
current purp05e-built facilitles conslsting of 3 homes and 3 self-contained flats. These smaller unlts
provide an environment which Is more like a home than was posslble in the previous property.
Page 3

Chescombe Trust Llmited
Trustees, report
For the year ended 31 March 2024
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 6 Trustees, from commerclal business. Industry. and
healthcare, whose skills and experience benefit the Trust. It has executive control over flnances and
offers support to the CEO & Financial Manager with respect to business operatlon5. All spends over an
agreed amount must be put to the board for authorisation. Strategic guidance 15 a150 provided by the
Board with respect to the changing environment in whlch 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 requlrements of the Trust.
The Trustees hold board meetings every one to two months In whlch dlscusslons on the operational and
strategic need5 of the Trust are discussed. An agenda is issued prior to the meeting and decisions made
are recorded In the mlnutes. If needed the Board will vote to come to a decision, but usually a consensus
Is reached. Communlcatlon outside of the Board meeting is via email and telephone. Indlvidual board
members regularly vislt the site to discuss varlous Issues and ad hoc meetings are held as required.
The management structure of the Trust is as follows:
Chlef Executlve Offlcer and Nominated Individual wlth CQC- Phillp Morris, who has overall operatlonal
responsibility and line responsibility for the managers
Registered Manager wlth 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
Flnanclal Manager- Catherine Panter, Financial Manager started in April 2021
Pay and remuneration of key management personnel are set by reviewlng the market place for posts
within the care sector and taking appropriate decisions accordingly.
Page 4

Che5combe Trust Limited
Trustees, report
For the year ended 31 March 2024
4. Governance and Quallty Assurance
As a Reglstered 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 ar)d improve the
quality of care it provides.
South Gloucester County Councll has conducted a PAMMS inspection and found Chescombe to be
compliant in all areas. This provides good preparation for when the CQC carry out thelr inspection.
Prospective Trustees are Identlfied by existing Trustees. They are Inltially invited to a Board meeting as
observers. The cvrrent Board Members are introduced and policle5 and working practices explalned. If
agreed by the Board, they are then invited to this role. All the Trustees give thelr tlme voluntarily.
Trustees may clalm 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 mltlgate our exposure to the major risks.
The Trust maintaln5 3 comprehenslve Risk Assessment Review document whlchls revlewed on a regular
basls and updated annually in February. Within the Risk Assessment Review document, a Risk Reglster Is
maintained covering l. Strategic & Reputatlonal Risk. 2. Operatin8 Risk. 3. Compliance Rlsk and 4
Flnancial Risk.
The Trust's Insurance5 are revlewed by way of face-to-face meeting and site vlsit with an Independent
broker and cover is increased as necessary in line with current financial performance and assessed risks.
Thls is backed up by vlslts from Eccle5iastlcal insurance who carry out a site survey and examine our
record5 in respect of flre alarm testin& gas certification etc.
Page 5

Chescombe Trust Llmited
Trustees, report
For the year ended 31 March 2024
5. Summary of Changes for 2023124
Purchase of Plnnacle House
Chescombe Trust has been looking to increase the range of support it offers for people with special
needs and has acquired Pinnacle House which adjoin5 our existing propertyto allow for expansion.
It is currently planned to convert this building in to separate 5elf-contalned flats and offer these to the
Loc31 Authorities for supported living accommodation.
Several meetings With Local Authorities have taken place to understand the current demand and
requirements for supported living accommodation. The Local Authoritles have been very supportive in
this as they have a significant shortage of available places.
Resldents
The Trust continues to support those resldents who wish to go on holiday and Is currently arranging its
first international hollday for two residents who will be visitin8 Disneyland Paris.
Daily outings and vislts home continue.
Fortnightly singing session5 happen with an external provider.
Weekly swimming sessions occur for some residents.
Some service users have had aromatherapy massages from an external provlder.
Slte
Each house has had various rooms decorated to maintain fresh and pleasant surroundings.
Two rooms have had the existing tired carpets replaced with Ilnoleum. Thls provides a more resllient
surface and alds In keeping the rooms clean.
Feasibility studies for the conversion of some bathrooms to wet rooms after a couple of residents are
finding it difficult to cope with the baths.
Alr conditioning has been fitted in Orchard (paid for by a don3tlon).
New contract set up with BG for electricity May 2024.
Staffing
Staff continue to undertake Diplomas In Health and Social care dellvered by an external provider.
• A salary increase of 8.3% was awarded to staff in April 2024 to continue to stay ahead of the Living
Wage legislation and compete with other sectors vying for staff. {Note: not in the financial year being
audited).
All staff received a Chrlstmas bonus of £60.
Increased staff monthly driving incentive to £40 to encourage more drivers.
Page 6

Chescombe Trust Limited
Trustees, report
For the year ended 31 March 2024
Local Authority
Managers continue to work hard on reviews for resident funding.
We have had successful fee reviews including backdated income from Bristol City Councll.
Fundraising
Car boot sale planned in 2024.
6. Financlal Revlew
The Trust ha5 a financial regime that operates in accordance with modern working practices; all spendlng
Is fully transparent, accountable and attributable. The use of cash as a Spending medlum is limlted.
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. Acce55 to residents, account5 Is
electronlc and on an auditable basls, 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 enabllng complete understanding of its
flnanclal position on a monthly basls.
6.1 The financlal highllghts of 202312024 have been:
Fee Income from charitable activities.. £2,252,136 up from £1,820,630 (2023). Costs: £1,999,540 up frorn
£1,776,802120231.
Surplus before donatlons, COVID-19 grant and Personal Independence Payments {PIP} Income £257,038
12023: £47,028). Total surplu5 £298,825 up £193,833 from a total surplus of £104,992120231.
£90,000 of payments by BCC for the fee backpay are accounted for In this year. Taking this Into account
the operating surplu5 using fee income only for the year would therefore have been £167,038.
It is the Trustees, pollcy 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
experlence of our residents and The Trust should not be dependent on these to provide the baslc needs
of the residents,
We are pleased to report that our three year average surplus on fee income has been 5%, which 15
neither excesslve or too low, and is in accordance with our plan.
Page 7

Chescombe Trust Limited
Trustees, report
For the year ended 31 March 2024
Long term debt finance: Reduced by £116.49312023: £10,753 reduction)
Donations and legacies income: £5,177 (2023: £2,461)
PIP income: £55,86112023.. £47,028)
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
authoritie5 in accordance with the wage increases and recognise that thls proces5 will take time 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 reserves1£536.7931 are defined as unrestricted funds available for spending and are calculated by
taking the total unrestricted funds of the charity1£3,005,242, 2023- £2,672,896) and deducting any
balances not available for spending i.e. fixed assets of £2,969,00612023.' £2,136,103).
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
thelr pollcy 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 Ilkely maxlmum
loss could be In the short to medium term barring complete disaster. Thls has been assessed as 3 loss of
one third of the residents with a commensurate drop in income of £62,WO per month. Post covld the
trust has re-assessed the likely losses incurred during the period when the fee negotiations are being
carrled out. The Trust has a cash reserve policy to four months of reduced Income1£248,0001 with
variance of +1 £20,000, givlng a total reserve of £228,000 to £268,CK)O. 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.
In the perlod, the cash reserves were reduced below this value for a period of time, due to the purchase
of a further property. The Trustees put in place alternative measures during this period to ensure cash
was avallable If needed.
The excess cash built up over previous years has now been utilised to purchase a new property as noted
aboce, this property is planned to be used to provide a supported living facility. The Trustees revlew the
reserves policy in an annual basis.
Total funds held by the charity at 31 March 2024 were £3,114,18012023'. £2,784,546} of which £108,938
(2023: £111.6501 is restricted. The majority of these funds, restricted and unrestricted, could only be
realised by the sale of the property and other assets.
Page 8

Chescombe Trust Limited
Trustees, report
For the year ended 31 March 2024
7. Goals and plans for the coming year
We have developed a comprehensive business plan for the next 5 to 10 year5. 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 resident5 from the Local Authorities; to use the funding to
improve the life experience of our re51dents.
In addition to the above we will be developing a seven flat facility for supported livlng dlrectly adjacent
to our 51te, widening our service provision to ald those. in need.
7.1 Maintalnlng the quallty of care
The Trust will contlnue to provide stimulation and entertainment for its re51dents. Typlcal events are:
Barbeques when the weather permlts.
Blrthdays and partles for special events and celebrations.
Monthly singing sessions.
Local sports facllities also allow the offer of swimmlng.
Weekly shopping trlps, lunches out and cinema visits also run alongslde dally outings for all residents.
We will continue to offer all residents the opportunity to take a summer holiday (subject to
Government and CQC guldancel supported by the Trust. Several residents are also supported by the
Trust to take home v151ts to their famllles In order to maintain family relatlonships with parents and
slblings.
7.2 Staff Gradlng and Salary Revlew
Hlstorical gradlng and 5a13rles anomalies continue to be removed as staff turnover and pay rlses permlt.
Senior staff salaries are compared against similar positions in the appropriate sector and by reviews wlth
the managers. However, the annual increase in the 'living wage, with the financial constraints from Local
Council funding mean5 Increase5 in salaries are limited.
Page 9

Chescombe Trust Limited
Trustee5' report
For the year ended 31 March 2024
8. Fundraislng
As easement occurs fundraising events are being explored.
Residents sponsored walk at Little stoke Park
Various Car Boot Sales
Monles ralsed/donated by residents, families
The event5 are organised and run by the staff and volunteers of Chescombe Trust. The Trust does not
employ professional fundraisers.
The Trust has complied with fundralsing standards and fundraising regulatlons.
Fundraising activity by the Trust from the Public is monitored by the Board of Trustee5 and the Trust's
Flnance Manager. No complalnts have been received by the Trust regarding its fundraising actlvltles.
Disclosure of Information to audltors
Each of the persons who are Trustees at the time when this Trustees, report is approved has conflrmed
that:
So far as that Trustee Is aware, there Is no relevant audlt information of which the charltable
ompany's auditors are unaware
that Trustee has taken all the steps that they ought to have been taken as a Trustee in order to be
aware of any informatlon needed by the charitable companls auditors In connectlon wlth preparing
their report and to establlsh that the charitable ¢ompanVs auditors are aware of that Informatlon.
In preparin8 this report, the Trustees have taken advantage of the small companies Èxemptions provided
by section 415A of the Companles 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 meetlng of the Trustees.
App
ved by the Trustee
on .................... and signed on its behalf by:
C Healy
air of Trustees
Page 10

Chescombe Trust Limited
Statement of Trustees, Responsibillties
For the year ended 31 March 2024
The Trustees (who are also the directors of the charitable company for the purposes of company lawl 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 appllcation of resources, including its income and expenditure, for that period. In preparing these
financial statements, the Trustees are required to..
select suitable accountlng policies and apply them consistently;
observe the methods and principles of the Charities SORP IFRS 1021;
make Judgements and accounting estlmates that are reasonable and prudent;
state whether applicable UK Accounting Standards IFRS 1021 have been followed, subject to any
material departures disclosed and explained in the financial statements; and
prepare the financial statements on the going concern basis unless it is inappropriate to presume that
charitable company wlll contlnue in business.
The Trustees are responsible for keeping adequate accounting records that are sufficlent to Show and
explain the charltable company's transactions and disclose with reasonable accuracy at any time the
flnancial position of the charltable company and enable them to ensure that the flnancial statements
comply with the Companles 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
Oplnlon
We have audited the financial statements of Chescombe Trust Limited {the 'charitsble company'l for the
year ended 31 March 2024, whlch 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 Reportin8 Standard 102 'The Finonciol Reporting Standard
t7pplicable in the UK ond Republic of Ireland, (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
give a true and falr vlew of the state of the charitable company's affairs as at 31 March 2024 and of its
Incoming resources and application of resources, including it5 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 requlrements of the Companles Act 2006.
Basls for oplnlon
We conducted our audit in accordan￿ with International Standards on Auditing (UK) (ISAS IUKII and
applicable law. Our responsibilities under those standards are further described in the Auditor's
respon51bilities for the audlt of the financial statements section of our report. We are independent of the
charltable 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 evldence we have obtained is sufficient and appropriate to provide a basis for our
opinlon.
Concluslons relatlng to golng concern
In auditing the financial statements, we have concluded that the Trustee5' use of the going concern basis
of accounting In the preparation of the financlal statements is approprlate.
Based on the work we have performed, we have not Identlfied any material uncertainties relating to
events or conditions that, indlvidually or collectively, may cast significant doubt on the charitable
company'5 ability to continue a5 a going concern for a period of at least twelve months from when the
financial statement5 are authorised for Issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are described
In the relevant settions of thls report.
Page 12

Chescombe Trust Limited
Independent Auditor's Report to the trustees of Chescombe Trust Limited
Other information
The other information comprlses the information included in the annual report. other than the financial
statements and our Auditorfs report thereon. The Trustees are responsible for the other information
contained withln 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
incon515tencies or apparent materlal misstatements, we are required to determine whether thls gives
rise to a material mi5Statement in the financial statements themselves. If, based on the work we have
performed, we conclude that there is a material misstatement of this other informatlon, we are required
to report that fact.
We have nothing to report in thls regard.
Matters on whlch we are required to report by exceptlon
We have nothing to report In respect of the following matter5 In relation to which the Charitles
(Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinlon:
the information given In the financlal statements is inconslstent in any materlal respect with the
trustees. report; or
the charltable company has not kept adequate accounting records; or
the flnancial statements are not In agreement with the accounting records and returns. or
• we have not received all the informatlon and explanations we require for our audlt.
Responslbllltles of trustees
As explained more fully in the Statement of Trustees, Re5ponsibllities (set out on page 10), 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 belng satisfied that they give a true and fair view,
and for such internal control a5 the Trustees determine Is necessary to enable the preparatlon of
flnancl31 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 abllity to continue as a going concern, disclosin& 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.
Page 13

Chescombe Trust Limited
Independent Auditor's Report to the trustees of Chescombe Trust Limited
Audltorfs responsibilltle5 for the audit of the financial statements
We have been appointed as auilitor under sectlon 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 financlal 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. Rea50nabSe assurance is a high level of assurance, but is not a guarantee that an
audit conducted in accordance with ISAS {UKI 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 economlc declslons of users taken on the
basis of these financial statements.
Irregularitles, including fraud, are instances of non-compliance with laws and regulatlons. We design
procedures in line with our responsibilities, Outlined above, to detect material misstatements in respect
of Irregularltles, Including fraud. The speclfic procedures for this engagement and the extent to which
these are capable of detecting irregularitles, Including fraud is detalled below..
We obtained an understanding of the legal and regulatory frameworks appllcable to the charltable
company and the sector in which It operates.
We obtalned an understanding of how the charitable company is complying with those legal and
regulatory frameworks by maklng enquiries to management. We corroborated these enquirles
through, where applicable, our review ofthe mlnutes of trustee5' meetSngs.
We assessed the susceptibility of the charitable company's flnanclal Statements to material
misstatement, includlng how fraud might occur. Audit procedures performed by the engagement
team included:
o identifying and assessing the design effectiveness of controls management has in place to
prevent and detect fraud;
o understanding how those charged with governance considered and addressed the potential
for override of controls or other inappropriate influence over the financial reporting process,,
o challenging assumptions and judgements made by management in any significant accountlng
estimates;
o Identifying and testlng journal entries, In particular any unusual Journal entries; and
o assesslng the extent of compllance with the relevant law5 and regulations.
Because of the inherent limltations of an audit, there is a risk that we will not detett all irregularitles,
including those leading to a material misstatement in the financial statements or non-compliance with
regulation. This rlsk increases the more that compliance with a law or regulation Is removed from the
events and transaction5 reflected in the financial statements, as we will be less likely to become aware of
Instances of non-compliance. The risk 15 also greater regarding irregularities occurring due to fraud
rather than error, as fraud involves Intentional concealment, forgery, collusion, omisslon or
mlsrepresentation.
Page 14

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.uklOur-Work/Audit/Audit-and-assurance
/Standards-and-guidancelStandards-and -guidance-for-auditors/Auditors-responsibilities-for-audit
IDescription-of-auditors-responsibilities-for-audit.aspx. This description forms part of our auditor's
report.
Use of our rÈport
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
Audltors, report and for no other purpose. To the fullest extent permitted by law, we do not accept or
assume respon51bility 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 Audltor
1st Floor
25 King Street
Bristol, BSI 4PB
Date..
Corrigan Accountants Limited are eligible to act as audltors in terms of section 1212 of the Companles
Act 2006.
Page 15

Chescombe Trust Limited
Statement of Financial Actlvities (incorporatlng income and expenditure account) for the Year
Ended 31 March 2024
Unrestricted
funds
Restricted
funds
Total funds
2024
Total funds
2023
Note
Income from:
Donations and legacies
177
5,177
2,461
Charitable activities
2,323,997
2,323,997
1,879,333
Total Income
2,324,174
2,329,174
1,881,794
Expendlture on:
Charitable activitles
{1,996,8281
12,712) 11,999,540)
{1,776,802)
Net incomel {expendlture)
327,346
2,288
329,634
104,992
Transfer between funds
15
Net movement In funds
327,346
2,288
329,634
104,992
Reconcillatlon of funds
Fund balances brought forward
2,677,896
106,650
2,784.546
2,679,554
Fund balances carrled forward
3,005.242
108,938
3,114,180
2,784,546
The Statement of financial activities includes all gains and losses reco8nised in the year.
The notes on pa8es 19 - 33 form part of these accounts.
Income and expenditure by fund is shown In note 15.
There are no recognised gains or10sses other than the results forthe year as set out above.
Page 16

Chescombe Trust Limited
(Registration number: 02585927)
Balance Sheet as at 31 March 2024
2024
2023
Note
Flxed assets
Tangible assets
li
2,969,006
2,136,103
Current assets
Debtors
Cash at bank and in hand
12
81,566
193,897
92,847
815,452
18
275,463
908,299
Current Ilabilities
Creditors.. Amounts falling due within one year
13
(86,2501
199,3241
Net current assets
189,213
808,975
Total assets less current Ilabllitles
3,158,219
2,945,078
Credltors: Amounts falling due after more than one year
14
144,0391
{160,5321
Total net assets
3,114,180
2,784,546
The funds of the charltv:
Unrestricted funds
Restricted funds
15
3,005,242
108,938
2,672,896
111,650
15
Total fund5
3,114,180
2,784,546
Page 17

Chescombe Trust Limited
(Registration number: 02585927)
Balance Sheet as at 31 March 2024
The notes on pages 19- 33 form part of these accounts.
The entlty 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 wlth 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 flnancl31 statements have been prepared In accordance with the provisions appllcable to erbtlties
subject to the small companies regime.
The flnancial statements were approved and authorised for Issue by the Trustees on
signed on their beha
fbv:
and
C Healy
ector
Page 18

Chescombe Trust Limited
Statement of Cash Flows for the Year Ended 31 March 2024
2024
2023
Note
Cash flows from operating actlvities
Net Income
329,634
104,992
Adjustments for non-cash Items
Depreciation
Loss on disposal of tangible fixed assets
li
15,797
308
19,551
973
345,739
125,516
Worklng capltal adjustments
Decrease/{increasel in debtors
{Decreasel/lncrease In creditors
Net cash flows from operating activities
12
11,281
{5,7501
126,9941
25,938
13
351,270
124,460
Cash flows from investing actlvltles
Purchase of tangible fixed assets
li
1849,0081
17,272)
Cash flows from flnanclng actlvltles
Repayment of loans and borrowlngs
Net (decreasellincrease In cash and cash equivalents
Cash and cash equivalent5 at l April
Cash and cash equivalents at 31 March
1123,817)
110,1531
(621,5551
107,035
815,452
708,417
193,897
815,452
The notes on pages 19- 33 form part of these accounts.
Page 19

Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2024
l General informatlon
The company15 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 l. 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 policles
Summary of slgnlficant accountlng policies and key accountlng estlmates
The principal accounting policies applled in the preparation of these financial statements are set out
below, These policies have been consistently applied to all the year5 presented unless otherwise stated.
Basis of preparatlon
The financial statements have been prepared in accordance wlth the Charities SORP (FRS 1021
Accounting and Reportlng by Charities: Statement of Recommended Practice applicable to charities
preparlng their accounts in accordance with the Financial Reporting Standard applicable in the UK and
Republic of Ireland IFRS 102) (effective l January 20191. the Financial Reporting Standard applicable in
the UK and Republic of Ireland IFRS 1021 and the Companies Att 2006.
Chescombe Trust Llmited meets the definitlon of a publlc beneflt entlty under FRS 102. Assets and
liabilities are Initially recognised at historical cost or transaction value unless Otherwise stated in the
relevant accounting policy.
Golng concern
The financial Statements have been prepared on a 8olng concern basls. There are no material
uncertainties relatlng to events or conditions that may cast doubt on the charity's abillty to continue as a
golng concern.
Income
All Income is recognlsed once the charltable company has entitlement to the income, it is probable that
the Income will be recelved and the amount of income receivable can be measured reliably. Income from
resldentlal care fees Is recognlsed as services are provided.
Income tax recoverable in relation to donations received under Glft Aid or deeds of covenant Is
recognised at the time of the donation.
Page 20

Chescombe Trust Llmited
Notes to the financial statements for the Year Ended 31 March 2024
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 obligatlon can be measured rellably. 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 admin15tration of the company and complian
with constitutlon31 and statutory requlrements.
Expendlture on charltable activitles Is incurred on directly undertaking the activities whlch further the
charitable company's objectives, as well as any associated support costs.
All expendlture Is Inclusive of irrecoverable VAT.
Interest receivable
Interest on funds held on deposlt Is included when receivable and the amount can be measured rellablv
by the charitable company; this Is normally upon notification of the interest paid or payable by the
Institutlon with whom the funds are deposited.
Tangible flxed assets and depreclation
Tangible flxed assets costing £200 or more are capitalised and recognlsed when future economlc
benefits are probable and the cost or value of the asset can be measured reliably.
Tangible flxed assets are initially recognised at cost. After recognltion, under the cost model, tanglble
fixed assets are measured at cost le55 accumulated depreciatlon and any accumulated impalrment
10sse5. All costs Incurred to bring a tanglble fixed asset into Its Intended worklng condition should be
Included in the measurement of cost.
Depreciation is charged so as to allocate the cost of tangible fixed assets less their resldual value over
their estimated useful lives.
Depreciatlon Is provided on the following basis:
Freehold property
Motor vehicles
Fixture5 and fittings
Computer equipment
No depreciation
25% reducln8 balance
20% reducing balance
25% on cost
No depreciation has been provided on the freehold property as the charge would be immaterial due to
the high resldual value of the property and the length of its remaSnin8 useful economic Ilfe.
Debtors
Trade and other debtors are recognised at the settlement amount. Prepayments are valued at the
amount prepaid.
Page 21

Chescombe Trust Limited
Notes to the flnancial statements for the Year Ended 31 March 2024
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 provislons
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.
Liabilitles are reco8nlsed at the amount that the charitable company antlcipates 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 obllgation. 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 rlsks Specific to the liability. The
unwinding of the discount is recognised in the Statement of financial activitie5 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 amort15ed cost using the effective interest method.
Operatlng leases
Rentals pald under operating leases are charged to the Statement of flnanclal activities on a straight Ilne
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 accountlng
General funds are unrestricted funds which are available for use at the discretlon of the Trustees in
furtherance of the general objectlves 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 restrictlon5 imposed by
donors or which have been ra15ed by the charitable company for particular purposes. The costs of raislng
and admlnistering such funds are charged against the speclfic fund. The aim and use of each restricted
fund 15 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 2024
3 Income from donatlons and legacies
Unrestrfcted
Restrlcted
2024
Donations
177
5,000
5,177
Unrestricted
Restrlcted
2023
Donations
2.461
2,461
4 Income from charitable activitles
Unrestrlcted
Restrlcted
2024
Care of Residents
2,323,997
2,323,997
Unrestricted
Restrlcted
2023
Care of Re51dents
1,879,333
1,879,333
5 Analysls of Èxpendlture on charltable actlvltles
Summary by fund type
Unrestrlcted
Restricted
2024
Dlrect costs - Care of Residents
1,996,828
2,712
1,999,540
Unrestrlcted
Restrlcted
2023
Direct costs - Care of Residents
1,768,180
8,622
1,776,802
Page 23

Chescombe Trust Limlted
Notes to the financial statements for the Year Ended 31 March 2024
6 Analys15 of income from charitable activitle5 by type of Income
Unrestricted
Restricted
2024
Fee Income
2,252,136
2,252,136
Personal Independence Payments
55,861
55,861
Cost of living income
16,LX
16,000
2,323.997
2,379,858
Unrestricted
Restricted
2023
Fee Income
1,820,630
1,820,630
Personal Independence Payments
47,028
47,028
Cost of living Income
11,675
11,675
1,879,333
1,926,361
7 Analysls of expendlture by actlvltles
Activities
undertaken
dlrectly
Support costs
2024
Care of Resldents
1,874,305
122,523
1,996,828
Actlvltles
undertaken
dlrectty
Support costs
2023
Care of Residents
1,660,820
115,982
1,776.802
Page 24

Chescombe Trust Limited
Notes to the financlal statements for the Year Ended 31 March 2024
Analysis of dlrect Costs
Care of
Residents
2024
Care of
Residents
2023
Staff costs
Depreciation
Residents, food costs
Day and soclal care costs
Other residents, Costs
Staff tralnlng and DBS check5
Llght and heat
Rates and water
Insurance
Cleaning and waste disposal
Repairs and maintenance
Mortgage Interest
Sundries
Reglstration
Motor and travel costs
Postage and stationery
Telephone
Computer costs
Subscriptlons
Health and safety
Bank charges
(Profltl / loss on dlsposal of fixed assets
1,516,171
15,797
80,146
24,731
446
13,082
39,350
21,152
40,512
28,314
54,693
3,723
1,325,437
19,551
78,785
8,472
1,872
13,781
29,071
18,861
35,022
20,790
64,226
10,509
30
2,388
11,646
2,392
6,919
956
8,071
2,388
11,200
3,395
7,125
748
7,979
2,064
977
308
1,068
973
1,874,305
1,660,820
Analysls of sUPPOrt costs
Care of
Resldents
2024
Care of
Resldents
2023
Staff costs
Legal and professSonal
Auditor's remuneration
Tru5tees' indemnity insurance
Trustees, expenses
102,225
10,659
8,277
1,362
94,933
11,696
8,175
1,178
122,523
115,982
During the year, the company incurred the following Governance costs:
£20,298 {2023 - £21,049) included within the table above in respect of Care of Residents.
Page 25

Chescombe Trust Limlted
Notes to the financial statements for the Year Ended 31 March 2024
8 Auditor's remuneration
2024
2023
Fees payable to the charitable company's auditor for the audit of the
charitable company's annual accounts
8,277
6.900
9 Staff costs
The aggregate payroll costs were as follows..
2024
2023
Wages and salarles
Social security Costs
Contribution to defined contribution penslon schemes
1,400,603
120,884
S9.593
1,257,665
114,388
48,317
1,581,080
1,420,370
The average number of persons employed by the charitable company during the year was as follows:
2024
2023
No
No
Employees
53
50
No employee recelved remuneratlon amountin8 to more than £60,(KJO In eitheryear.
The total remuneration and benefits received by key management personnel during the year was
£258,803 {2023: £238,375).
10 Remuneratlon of the Strateglc LeadershlpTeam
Durirsg the year, no Trustee5 received any remuneratlon or other benefits12023 - £0).
Durlng the year ended 31 March 2024, expenses totalllng £0 were reimbursed (2023- £01.
Page 26

Chescombe Trust Limlted
Notes to the financial statements for the Year Ended 31 March 2024
11 Tangible fixed assets
Freehold
property
Motor
vehicles
Flxtures and
fittings
Computer
equipment
Total
Cost or valuatlon
At l April 2023
Additlons
Disposals
2,068,780
837,472
78,951
139,106
8,259
18001
10,951 2,297,788
3,277
849,008
11,1831
11,9831
At 31 March 2024
2,906,252
78,951
146,565
13,045 3,144,813
Depreciatlon
At l April 2023
Charge for the year
Ellmlnated on disposals
49,840
7,278
101,287
7,503
(4921
10,558
1,016
(1,1831
161,685
15.797
11,6751
At 31 March 2024
57,118
108,298
10,391
175,807
Net book value
At 31 March 2024
2,906,252
21,833
38,267
2,654 2,969,006
At 31 March 2023
2.068,780
29.111
37,819
393 2,136,103
Included In freehold property Is land purchased at a cost of £463,67812023: £463,678) which is not
depreciated. Nor is the brought forward building depreciated. The Trust's premises were built to a hlgh
standard and completed in 2011. No depreciation has been provided on the freehold property as the
charge would be Immaterlal due to the hi8h resldual value of the property and its remalning useful
economic life. Freehold property a150 Includes Interest charges of £98,490 incurred durlng the perlod of
construction of the propertv.
12 Debtors
2024
2023
Due wlthin one year
Trade debtors
Other debtors
Prepayments and accrued income
53,682
27,038
846
85,263
6,737
847
81,566
92,847
Page 27

Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2024
13 Credltors: amounts falling due wlthln one year
2024
2023
Other loan5
3,380
14,832
25,029
16,111
26,898
10,704
12,974
32,356
14,429
28,861
Trade creditors
Other taxation arsd social security
Other creditors
Accruals and deferred income
86,250
99,324
14 Credltors: amounts falllng due after one year
2024
2023
Other loan5
44,039
160,532
Included In the creditors are the following amounts due after more than five years..
2024
2023
Between one and two years
Other loans
3,582
11,409
2024
2023
Between two and fjve years
Other loans
12,127
38,541
2024
2023
Over five years
Other loans
28,330
110,582
The above loanls secured on the freehold property of the charitable company.
Page 28

Chescombe Trust Limited
Notes to the flnanclal statements for the Year Ended 31 March 2024
15 Statement of funds
Statement of funds- current year
Balance at
31 March
2024
Balance at I
Aprll 2023
Transfers
Inlout
Income
Expenditure
Unrestrlcted funds
General funds
2,672,896
2,324,174
{1,996,8281
5,000
3,005,242
Restrlrted funds
Land and Building5
Capital Fund
Fixtures and Flttin8S
Capital Fund
Galloway Capital Fund
Treetops House
loo,000
loo,000
3,436
8,174
40
1687)
{1,985)
(40)
2,749
6,189
5,0(Y)
{5,0001
Total restrlcted funds
111,650
(2,7121
(5,000)
108,938
Total funds
2,784,546
2,329,174
{1,999,540)
3,114,180
Page 29

Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2024
Details of funds
Land and Buildin
sca
ital Fund
A grant of £IOO,000 was received from Future Builders England Ltd towards the land purchase and bulld
costs associated with the new centre. A restriction is placed on this grant for 25 years from 16 October
2008,
Fixtures and Fittin
sca
Ital Fund
A grant of £50,000 was received from Future Builder5 England Ltd toward5 the cost of fitting out the new
centre. A restriction is placed on this grant for 25 years from 16 October 2￿8.
Gallowa
ital Fund
The Galloway Capital Fund represents donatlons received from a parent of one of the resldents. The
donatlons relate to the purchase of capital items such as a television, a motor vehlcle and an alr
condltlonlng unlt.
Treeto
s House fund
This smaller fund relates to donations which are restricted to expenditure on one of the Charity's three
houses.
Page 30

Chescombe Trust Limited
Notes to the financial Statements for the Year Ended 31 March 2024
Statement of funds - prior year
8alance at I
Aprll 2022
Transfers
in/out
Balance at 31
March 2023
Income
Expenditure
Unrestricted funds
General funds
2,559,282
1,881,794
{1,768,180)
2,672,896
Restrlcted funds
Land and Buildings
Capital Fund
Fixtures and Fittln8S
Capital Fund
Galloway Capita
Fund
Treetops House
100,000
100,000
4,295
(859)
3,436
10,813
5,164
(2,639)
{5,124}
8,174
40
Total restricted funds
120,272
{8,6221
111,650
Total funds
2,679,554
1,881.794
(1,776,802)
2,784,546
Page 31

Chescombe Trust Limited
Notes to the financial statements for the Year Ended 31 March 2024
16 Summary of funds
Summary of funds- current year
Balance at I
April 2023
Transfers
in/out
Balance at
31 March
2024
Income Expenditure
Gener31 funds
2,672,896 2,324,174 11,996,828)
111,650
12,712)
5,000 3,005,242
(5,0001 108,938
Restricted funds
2,784,546 2,329.174 11,999,540)
3,114,180
Summary of funds- prior year
Balance at I
April 2022
Balance at
31 March
2023
Income Expendlture
Transfers
Inlout
General funds
2,559,282 1,881,794 11,768,180)
120,272
18,622)
2,672,896
111,650
Restricted funds
2,679,554 1,881,794 11,776,802)
2,784,546
17 Analysls of net assets between funds
Analysis of net assets between funds - current year
Unrestrlcted Restricted
funds
funds
Total
funds 2024
Tangible fixed assets
Current assets
2,860.068
108,938 2,969,006
275,463
186,2501
144,039)
275,463
186,2501
144,0391
Creditors due within one year
Credltors due in more than year
3,005,242
108,938
3,114.180
Page 32

Chescombe Trust Limited
Notes to the financial statement5 for the Year Ended 31 March 2024
Analysis of net assets between funds- prior year
Unrestrlcted Restrlcted
funds
funds
Total
funds 2023
Tangible fixed assets
Current assets
2,024.493
908,259
199,3241
(160,532)
111,610
2,136,103
908,299
40
Creditors due within one year
Creditors due in more than year
{99,3241
1160,5321
2,672,896
111,650
2,784,546
18 Analysis of cash and cash equlvalents
2024
2023
Cash in hand
193,897
815,452
19 Analysls of changes In net debt
Other
non-cash
changes
At31
March
2024
At l Aprll
2023
Cash flows
Cash at bank and In hand
815,452
110,7041
1160,532)
1621,555)
10,704
193,897
13,3801
144,0391
Debt due withSn l year
Debt due after l year
{3,3801
3,380
113,113
644,216
{497,7381
146,478
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 penslon 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 £59,593 12023
£48,317).
Contributions totalling £8,53812023 - £8,038) 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 2024
21 Assets held on trust
The charity holds fund5 on trust for six residents12023 - five residents}. At 31 March 2024, the amount
held on trust was £6,688 {2023- £2,999). These amounts are not included on the charity'5 balance sheet.
22 Operatlng lease commitments
At 31 March 2024 the charitable company had commitments to make future mlnlmum lease payments
under non-cancellable operating leases as follows:
2024
2023
Within one year
350
419
23 Related party transactlons
There were no related party transactions in the year other than the relmbursement of expenses
disclosed in note 10.
Page 34