ST VINCENT'S CHARITABLE TRUST
TRUSTEES, REPORT AND FINANCIAL STATEMENTS
FOR THE YEAR ENDED 31 MARCH 2024
Charity Number. 1014889
Company Number.. 2721809

ST VINCENT'S CHARITABLE TRUST
FOR THE YEAR ENDED 31 MARCH 2024
Contents
Page
Reference and administrative information
Trustees, report
2-14
Independent auditor's report
15-17
Statement of financial activities
18
Balance sheet
19
Statement of cash flows
20
Notes to the financial statements
21-31

ST VINCENT'S CHARITABLE TRUST
Reference and Administrative Information for the year ended 31 March 2024
Trustees
Alan Joseph Edmondson
Fr John Patrick Deehan,
Sr Kathleen Fox,
Robert Christopher Horsburgh2.4
William Parisutham,
Jacqueline Ann Redrup
Dr Devkishan Chauhan,
Gail Williams,
Deepak Talwar '
Dominic Parisutham
Anthony Joseph Corish,.
Martin Hopson
Fr Tom Montgomery
(resigned 13 June 2023)
{resigned 26 September 2023)
Member of Quality, Risk & Safety Sub-committee
2 Member of Remuneration, Staffing and Nominations Sub-committee
Member of Finance, Audit & Public Benefit Sub-committee
Member of Strategy Sub-committee
Company registered number
2721809
Charity registered number
1014889
Registered office
Wiltshire Lane, Eastcote, Pinner, Middlesex, HA5 2NB
Company secretary
Kerry Secretarial Services Ltd
Independent Auditors
Jacob Cavenagh & Skeet, 5 Robin Hood Lane, Sutton SM1 2SW
Bankers
Barclays Bank Plc, 355 Station Road, Harrow, Middlesex, HA1 2AN
Solicitors
Stone King LLP, 13 Queen Square, Bath, BA12HJ
Page I

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
Introduction
The Objects of St Vincent's Charitable Trust are..
to promote the relief of sickness by such charitable means as the Charity shall from time to
time think fit
to relieve need, suffering and distress, including through the provision of residential care
facilities
to advance the Charitable Objects of the Roman Catholic Church
These are currently delivered through St Vincent's Nursing Home in Eastcote, which opened in 2006.
The origins of the Charity can be traced back to the decision of the Daughters of Charity of St Vincent
de Paul to send some of their Sisters from France to England in 1847. At that time London was not a
welcoming place for the Sisters and they returned home, but after ten years they were inspired to
return and have had a presence in England ever since.
Their charitable work has included,.
the opening of a Soup Kitchen near Westminster Cathedral
setting up a Home for disabled boys in Ruislip In 1910
development of an orthopaedic hospital which closed in March 2000 following government
reforms
The Charity was determined to carry on the traditions set by the Daughters of Charity and their Palron
St Vincent de Paul, whose motto is 'the Love of Christ impels us,.
In 2006 a new nursing home was opened and many of its first residents included Sisters of the
Daughters of Charity, who had retired after long and demanding lives of service in the hospital. The
number of these residents has diminished over time, and the Home is open to all who are happy to
come to a Catholic Nursing Home.
An important value of the Home is that it should be a safe and secure place where the residents feel
they can live out their lives without the threat of having to move again.
A proportion of our profit goes into a Public Benefit Fund which is used to help those who run out of
resources to ensure that no one who comes to St Vincent's will be turned out because they cannot
pay their way. Only the operating staff receive a salary.
This is an important aspect of our object of relieving need, suffering and distress.
The elderly continue to live longer which presents a challenge for the Home and the Trustees as to
how we meet the requirements of our residents through updates to existing facilities and the provision
of new ones.
The Trustees and Management are starting to meet this challenge by..
A program of capital expenditure, delivering upgrades to existing internal and external facilities
in 2024
Development of a 5-year plan to determine optimal use of assets and additional facilities
required
Dr Robert Christopher Horsburgh
Chairman, Board of Trustees
19 September 2024
Page 2

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
The Trustees, who are also Directors of the company, are pleased to present their Directors, report
for the purposes of section 417 of the Companies Act 2006 and Trustees, Annual Report for the
purposes of section 162 of the Charities Act 2011 together with the Financial Statements of the Charity
for the period ending 31 March 2024.
The financial statements have been prepared in accordance with the accounting policies set out on
the following pages and comply with the charitable company's Articles of Association, the Charities
Act 2011 and the Statement of Recommended Practice for Charities (SORP) They confirm that it has
complied with the duty outlined in section 17 of the Charities Act 2011 to have due regard to the
Charity Commission's guidance in relation to public benefit.
STRUCTURE, GOVERNANCE AND MANAGEMENT
St Vincent's Nursing Home is a company limited by guarantee {Number 02721809) incorporated 9
June 1992 and also registered with the Charity Commission (Charity Number 1014889). It is governed
by its Memorandum and Articles of Association dated 9 June 1992 as amended by a special resolution
dated 22 March 2017.
The Trustees are all unpaid. There shall always be at least two-thirds of the membership who profess
the Roman Catholic faith. Each member agrees to contribute £1 in the event of the Charity winding
up
Our Values guide the Charity's decision making and place the well-being of the resident first, ensuring
dignity, respect, individuality, the ethos of St Vincent and Excellence.
Trustee Induction and Training
Newly appointed Trustees receive an information pack consisting of information about the Charity, the
governing document, terms of reference of all sub-committees of the Board of Trustees, the Trustee's
annual report and accounts, budgets, relevant policies and minutes, and information about trusteeship
in the form of the Charity Commission booklet CC3, The Essential Trustee and the Charity
Governance Code, and we believe that by following the seven principles we are meeting the legal and
regulatory responsibilities. In addition, the Chairman and General Manager provide a detailed briefing
and a guided tour, during which new Trustees are able to meet key employees. There is an ongoing
assessment of the training needs of the Trustees and Management team, and additional training is
provided as required. Trustees are encouraged to attend appropriate external training events where
these will facilitate the undertaking of their role.
Strong governance is at the heart of what we do and is critical to our long-term success. Our Trustees
are responsible for ensuring that we are run effectively and responsibly in line with our articles.
Trustees ensure that there is a clear strategy in place, that we use our resources to deliver the highest
quality of care to the residents, and that we safeguard our finances and property.
We review our governance arrangements and underlying procedures on a regular basis. We have
also compared our approach with the Governance Code ('the Code,) which is endorsed by the Charity
Commission and leading sector bodies and believe that by following the seven principles we are
meeting the legal and regulatory responsibilities.
We currently have 11 Trustees and feel that this provides us with a broad range of skills and
experience in areas relevant to St Vincent's Nursing Home. We recognise the value of a diverse board
and consider this within the Trustee recruitment process. Trustees are recruited by the Board and full
Human Resource checks are undertaken and the selection is based on their knowledge, skills, and
professional experience. We ensure that Trustees retain a wide range of professional and other skills.
All new Trustees receive a handbook outlining our work and meet members of the management team,
other staff and residents in order to acquaint themselves with the Home.
Page 3

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
The Board of Trustees
The Board administers the Charity and fulfils the Trustees, legal duty by ensuring that funds are spent
in accordance with the objects of the Charity. The Board meets on four occasions per annum and is
responsible for approving strategic plans, the annual business plan including the annual budget, and
for approving the annual accounts and Trustees, report.
At each meeting, the Trustees receive reports on financial results and activity levels, and the progress
made against the annual budget and business plan to ensure that they Gan exercise their fiduciary
responsibilities. The Trustees are encouraged to attend relevant external training courses where
appropriate. The Trustees delegate certain powers in connection with the management and
administration of the Charity to sub committees.. Quality & Risk Committee, Remuneration Committee,
Finance and Public Benefit Committee and Strategy Committee.
Key Management Personnel
A General Manager is appointed by the Trustees to manage the operations of the Charity. To facilitate
effective operations, the General Manager has delegated authority, within terms approved by the
Board of Trustees, and is supported in this role by the Management team for operational and
employment matters. Our current General Manager commenced in May 2022., he comes from an
extensive background of Social, Assisted-Living Housing and Complex-critical Care. The Finance
Manager is responsible for all matters relating to finance and the Clinical Services Manager is
responsible for all clinical management and policy implementation. Staff salaries are set by comparing
market rates, NHS Employers pay scales and other nursing homes. They are agreed at the
remuneration sub-committee meetings and ratified at the board meeting. Our Quality Governance
Facilitator ensures that all governance matters are audited and monitored.
Our new Clinical Services Manager commenced in April 2023, to lead the Nursing and Care team.
This position is currently supported by a Deputy Clinical Services Manager and there is room for
additional administrative support. Our General Manager took on the additional responsibility of
Registered Manager in April 2023 and was interviewed by the CQC, gaining official Registered
Manager status in November 2023.
Corporate Governance
The Board of Trustees strongly supports the principles of corporate governance. Their rnain
responsibility is to protect the long-term security of the Charity, by ensuring that the Home is well
managed and that it maintains appropriate standards of clinical care.
Clinical Governance
A structure of policy setting, and monitoring is well established in line with the requirements of the
Health and Social Care Act 2008 (Regulated Activities) Regulations 2014 (Part 3) and the standards
as laid out by the regulator, the Care Quality Commission (Registration) Regulations 2009 (Part 4).
Chaplaincy Service
The Charity offers a Chaplaincy Service to care for the spiritual, pastoral, and religious needs of
residents, relatives, and staff, whatever their faith and belief. There is a daily mass held in our on-site
chapel for residents. In November 2023 our resident Chaplain retired, and a new resident Chaplain
was recruited to continue the services we provide. The transition was successful and offered an
opportunity to utilise unused accommodation on-site and save expenditure on an external property
we own, which has now been let out.
Page 4

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
Management Structure and Update
During this reporting period, there have been changes within our board and management structure at
St Vincent's. Our chairperson stepped down but has remained as a board member. One other member
stepped down to pursue work commitments outside of the area. We remain open to applications from
inlerested potential board members that may utilise their experience and connections to further
advance the Trust in its charitable objectives and maintain diversity in our decision making.
Our General manager is now in his second year with the Trust and implementing improvements and
developments under the guidance and support from the chair and wider Trustees. Feedback and
performance measures continue to be positive and meet the Trust's objectives and strategy.
Through the senior management team our General Manager is able to delegate duties and set KPIS
that are aligned to the Trust's vision to achieve overall success and future growth.
The recent developments with our additional respite rooms and upgrades have ensured the nursing
home remains the place of choice amongst our residents and staff alike. In the coming year the
General Manager will work closely with the strategy committee to achieve our longer-term plans.
Our Finance, Governance and Clinical leads have continued to provide a robust and effective
management service throughout the Home, which has been commented upon during local authority
inspections and by our residents and visitors.
Face-to-face training is further supported by our on-line mandatory training courses. Through the
support of Governance, we continue to expand our on-line training programme to ensure staff maintain
their skills and knowledge.
During this reporting year St Vincent's senior management team has utilised their time to make
internal continuous improvements towards training, quality, costs and structure. Through our internal
audits and mock CQC inspections we strive towards our strategic objective to achieve an
"Outstanding CQC rating. The programme of management meetings, sub-committee and board
meetings is well planned in advance. Reporting of incidents and audits is well documented alongside
action and development plans.
During the latter part of the year the board and senior management team looked at ways to enhance
our policies and procedures around the health and wellbeing of our staff. It was widely recognised
that the trust wanted to implement sick pay in addition to the standard statutory sick pay. On 1. April
2024 St Vincent's Nursing home introduced a week's full sick pay for its employees. This will be
assessed over the upcoming reporting year with a view to extending this should it prove successful.
OBJECTIVES AND ACTIVITIES
In line with our objectives, the Trust provides nursing care to 62 residents through our nursing home.
Within the nursing home we are able to offer a range of care and social activities which further support
the needs of our residents and meet our objectives.
During the last year we have continued to advance in our care of people living with varied levels of
dementia, be it through additional staff training or adapting the buildings layout and furnishings to
better meet our residents, requirements, We are ever aware of the changing needs and demands for
additional care beds on a national scale. In the last year we have reviewed how we utilise space and
have been able to create two further bedrooms, thus expanding the service and further meeting the
demand. Through the nursing care services we offer and our good reputation within the community,
St Vincent's Nursing Home has managed to complete the year at full capacity, with a continued waiting
list of prospective residents.
Page 5

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
We continue to provide our distinctive care because we believe that many elderly people would
otherwise not be able to obtain the specialist care and support they may need. Our Home fills an
important place in the spectrurn between hospitals and standard care homes. We ensure that our
catholic ethos is shared throughout the Home and offer a daily mass, held in our on-site chapel and
celebrated with our resident chaplain. We encourage the celebration of all faiths through our activities
programmes and respecting religious feast days.
During the last year, the average age of the residents in our Home is 90, though ages range from 75-
101 years. The range of care needs remains the same as previous years although we are seeing an
increase in the demand for palliative care beds. With this demand in mind, we have worked closely
with a local hospice to support them with their capacity and allowing referrals for fast-track care when
we have had a space.
To maintain the high standards of St Vincent's and to keep us competitive In the market, during the
last year we have given focus towards the refurbishment of our nursing home. The majority of the
planning and project management of this work has been undertaken by our General manager. By
doing so, we further ensured our investment into the Home was utilised efficiently. We are proud to
have been able to introduce a further two ensuite bedrooms so that we may extend our capacity for
respite and palliative care. Our residents, kitchens were fully refurbished, adding ovens, that have
proved successful towards offering cookery classes to our residents which encourages the
maintenance of skills and independence.
The Home has also advanced with digitalisation, introducing a welcome screen in our reception area
in addition to digitalising our residents, newsletter, so that it may also be emailed to families further
afield. There are further works to cornplete and these form part of a long-term plan which is supported
through our Strategy Committee.
We assist residents in maintaining and enhancing mobility and encourage involvement in activities
and personal interests which help to improve confidence, enhance independence, and create a vibrant
sense of community. The focus this year has been towards person centred care and person specific
activities that ensure positive outcomes and are evidenced through our residents, care plans. Primarily
our aim is lo ensure our residents remain as independent, both mentally and physically, for as long
as possible. This is more focused with the introduction of the CQC Single Assessment Framework
(SAF) which ensures we tailor our care and activities in response to not only what residents enjoy and
prefer, but also with a view as to how they feel. It is based around 'l' and 'we' statements. 'I' is from
the resident's perspective as in '1 like,, '1 feel, etc and 'We' is how St Vincent's responds. The sarne
formal applies to staff welfare. The resident and staff surveys are built around this framework. Staff
have all received a training package on this new framework and how it affects the care and provisions
we provide.
We continue to provide a wide range of activities both on site and in the extended community. The
nursing home is fortunate to have extensive well-maintained gardens that our residents enjoy
throughout the year. The gardens are used extensively for outdoor activities and our very popular
annual summer party.
The nursing home benefits from two self-catering rooms in our Sisters, house where we are able to
offer bed and breakfast style accommodation to visiting families, who travel long distances to Pinner.
This service continues to prove of significant benefit to families, as their loved one approaches end of
life, so family members may remain on-site without losing personal space.
Public Benefit
St Vincent's admits residents funded through a variety of sources that include private, NHS and Social
Services funding or a combination of these. During the current financial year an average of 8
permanent beds (2023. 6) out of a total capacity of 60 (and later 62) beds were occupied by residents
where the room rate was bein
subsidised b the charitable Trust.
Page 6

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
The Charity seeks to benefit a number of people within the local community who need assistance. As
part of our continued strategic reviews, our ability to identify recipients for subsidised care according
to their ability to pay is developed with the aim of embedding this in the Charity's admissions policy.
A number of other charitable initiatives including a yearly contribution to St Luke's Hospital in Nablus
is in place. The Trustees consider the Charity Commission's guidance on public benefit.
Our Care Service
We are pleased that we have been able to achieve average occupancy of 98 % in 2024 (960/0 in 2023).
The cost of providing care to residents has risen by 4 % in 2024 (2023.. 40/0) This increase reflects the
charity's investment in staff and systems which are necessary for operating and delivering the highest
quality, as well as investment into the refurbishment of our Home.
We set our occupancy figure at 97 % in order to maximise the number of beneficiaries who we care
for each year. When setting our fees, we seek to achieve a balance between affordability and a level
which is consistent with the standards of care and accommodation we provide for our residents. One
of St Vincent's charitable objectives is not to exclude anyone on the grounds of financial hardship.
This means that we welcome residents whose care is funded from a variety of sources and is drawn
from a wide geographical area.
Relationship with the NHS
The Charity maintains a strong relationship with the NHS and our GP service has continued to provide
a safe and effective primary health care provision for all our residents. We use UCPIACP - Urgent
care plans and advanced care plans. These are electronically available to emergency services, GPS,
Hospital staff and community care, to ensure people die in their preferred place of death and have
proved vital in limiting confusion and distress at such a significant time, Discussions continue to be
held with residents and approved familylnext of kin, to ensure information is kept up to date and in
line with our resident's wishes.
The available space we enjoy at St Vincents Nursing Home allows us to offer extensive on-site
services and continue to work in partnership with specialist services that assist in meeting the ongoing
clinical care needs of our residents. All of these service groups are able to visit the Horne to provide
our residents with necessary care, without the need for residents to travel and wait in the community.
As a key provider in the local area, we actively embrace our responsibility to the wider community
close to the Home. Through our Clinical and Governance departments, we stay involved in a range
of innovative projects which aim to raise the standard of care for our residents. We have maintained
our links with the National Care Forum, NCVO, NAPA organisations that support not-for-profit care
providers to ensure we are exposed to progressive developments across the country and ensure we
review our practices.
We operate in a highly regulated sector and are subject to unannounced inspections by the Care
Quality Commission (CQC) to ensure that statutory fundamental standards for Care Homes are met.
The Home was last inspected in April 2021 and rated as 'Good'.
Since this inspection, work continues to take place across our clinical and operational departments.
Policies, procedures, and audits are regularly reviewed. Mock inspections with external inspectors
take place to further uphold our ongoing improvements. We are confident that when our next
inspection is due, we will be able to demonstrate the consistent high level at which we work.
A full copy of the report can be found on our website www.svnh.co.uk.
The Home has worked hard to maintain our 'Good' rating with a view to 'Outstanding' and in doing so
we continue to demonstrate our strengths.
Pagc 7

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
Strategic Update
Our strategic objectives for the year have been set towards the redecoration of the nursing home and
a review of our staffing structure with a view to the future needs of the Trust and the nursing home.
Part of the focus has been a review of the management structure of the Home to ensure that there is
a senior management team in place that covers the different functions on the Home to ensure the
best services possible are provided for our current residents, but also to look at how the Charity can
develop going forward.
The Strategy Sub-committee meets on a quarterly basis and is made up of Trustees who have interest
and experience in setting strategic objectives that are achievable and meet the objectives of the trust.
Whilst there has been some discussion towards implementing a Fundraiser for the Trust, it is not a
position the trust feels is essential to fill at this stage.
The Strategy Sub-committee consists of six Trustees and our executive team of two senior managers
and our General Manager.
St Vincent's Nursing Home's aim of continual improvement in service delivery, enables the Home to
improve our operating performance and drive the delivery of the Charity's objectives which are..
Our Residents
Putting our residents at the heart of everything we do
Recruit and retain the best staff and to become an employer of choice
Delivering the highest quality of patient centred care with compassion
and excellence
Our Staff
Our Results
Our Facilities
Offering an outstanding experience by ensuring the facilities are homely
and of a high standard
St Vincent's Nursing Home benefits from a strong retention of its staff, although there have been some
changes this year with some members of the staff team retiring after a considerable length of service.
Whilst this comes with the challenges of change, the General manager has used the opportunity
positively to encourage Internal Job opportunities wherever possible and appropriate. This has formed
part of the General Manager's structure of direct reports and has supported the Home to be more
efficient and structured in its delivery of services.
All staff are supported and encouraged to participate in training and development programmes and in
particular the statutory and mandatory training requirements which are linked to their annual appraisal.
Every member of staff has their own 'lraining schedule, which ensures that they are clear about their
own training needs and deadlines, which empowers them to take ownership for their training.
We have maintained our standards under the General Data Protection Regulations (GDPR) and
continue to develop with upgrades and taking advantage of IT infrastructure developments. Our
website was not updated in the last year and is now in need of work. For this we are in contact with
developers and expect to have a refreshed version in the coming year.
The electronic care planning system (PCS), which is person-centred, ensures the care needs of the
residents are up to date and that families and Power of Attorneys (POA'S) are able to be kept informed
of their loved one's healthcare needs. With resident agreement, families can be granted online access
to care updates for their relative. This has proven to be a positive means of inclusion for relatives and
has also ensured sensitive communication remains confidential.
We continuously review all contracts for efficiency, effectiveness and value as a cosubenefit exercise.
Page 8

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
This year we replaced our electronic rostering system with something that meets our needs and is
more cost effective. In the upcoming year we shall be reviewing our IT support functions in addition
to our own environmental governance.
The essential role of the volunteers
Our volunteers are very generous with their time. Alongside our care and activities staff, they cover
wide range of activities to support the care and welfare of residents as well as supporting fundraising
initiatives such as raffles and plants sales. The Trustees are full of gratitude to all our volunteers for
their support which enables residents to enjoy such a wide range of activities and outings. We are
particularly grateful to our volunteers who chair our relatives, and friends, forums which continue to
add value to our Home and our residents.
Communicating and meeting residents, needs
We are committed to finding out and meeting the needs of our residents and potential beneficiaries
and use a number of informal and structured approaches to obtain feedback from residents and their
families about the services we provide. Resident's and staff surveys are scheduled, completed, and
monitored through our Quality Governance Facilitator.
Communication with families and friends of residents who live within the Home will always be
extremely important. We continue with the production of newsletlers, keeping our readers up to dale
with the latest news and upcoming events and activities. We welcome feedback via multiple means,
direct communication, compliments and suggestion forms, surveys and residentlrelatives and staff
meetings. Through our in-house governance, we are able to respond in a positive and timely manner.
Digital advances
Keeping up to date with technological advances and ensuring our team work alongside these together
has proven to be an ongoing effort. We have published the DSPT certificate which is a self-
assessment tool which ensures our IT systems and processes offer safe digital care and integration
and provides the assurance for the NHS and Hillingdon Council that our IT network is safe and that
there are plans in place should an IT event such as hacking or failure occur. The DSPT needs
republishing annually. A number of business-critical systems such as NHS.NET email and care
funding from Hillingdon Council are dependent on us having the DSPT published. As mentioned
earlier, Ihrough our General Manager and Finance Manager, all current contracts are reviewed for
effectiveness and cost. With any change of service provider, resident safety and compliance with
governing standards will always be a priority To maintain advances in communication with our staff
and stakeholders we continue to grow in digital communication. In the past year we have introduced
e-links for every member of staff, so that our policies and procedures are now online and updated on
each of our 4 wings on a monthly basis.
To further promote communication with our residents and reduce on wastepaper, we are introducing
digital means of publishing our monthly newsletters and quick updates on what's happening within
the building, utilising an internal TV channel that residents may view or listen to in their room, or in
our lounge areas.
Fundraising
The Charity does not employ the services of professional fundraisers. The Charity is therefore not
registered with the Fundraising Regulator. No complaints about fundraising activities have been
received during the year. The Charity has policies in place to protect vulnerable donors.
Page 9

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
REVIEW OF THE FINANCIAL POSITION
Tolal incoming resources at £4,851,691 (2023. £4,293,204) are £558,487 higher than the previous
year. Donations and bequests for the year totalled £6,924 (2023.. £10,532). Resident fees at
£4,656,627 (2023. £4,122,529) are £534,098 higher than the previous year and were achieved with
an average occupancy of 58.5 (2023.. 57.8) residents. Average income per resident per day was
£218.08 (2023.. £195.41), an increase of 11.6 % on the previous year. Investment income and bank
interest at £73,130 (2023.. £78,441) is £5,311 lower than the previous year. Rental income for the year
totalled £70,012 (2023. £70,020).
Total resources expended are £4,228,391 compared to £4,075,339 in 2023. The cost of generating
funds was £2,663 (2023. £18,253}, this was all paid to Quilter Cheviot and Evelyn Partners in
investment management fees. It is lower this year because Quilter Cheviot reimbursed the total of
their management fees for the year as a gesture of goodwill. Expenditure on charitable activities
during the year increased by £168,642 to £4,225,728 (2023.. £4,057,086). This expenditure includes
staff costs at £3,092,073 (2023. £2,967,677), an increase of £124,396 from the previous year. Wage
increases varied between 4 % and 10% with the higher increases given to the lower paid staff
members. Average permanent staff numbers were 99, the same as last year. The increase in funds
for the year was £1,228,359 (2023.. £90,123 decrease). The increase was mainly due to the £605,059
gain on investments, as well as higher occupancy than budgeted.
In terms of applications for residence, this has remained fairly constant. There is however noticeable
inflationary pressure on wages and diff iculties with staff recruitment.
The Trust is conscious that pressure on local authority finances will result in an increased number of
applications being made by residents for financial assistance from charitable funds. The Trustees are
confident that the current build-up of reserves and a continuing proactive management style will
ensure that the charitable company is well placed to combat any adverse financial developments it
may face in the foreseeable future.
Reserves Policy
Total reserves at the year-end were £12,615,902, all of which were unrestricted. The Trustees have
examined the requirement for free reserves, i.e. those unrestricted funds not invested in tangible fixed
assets, designated for specific purposes or othemise committed . It is the policy of the charitable
company to maintain free reserves at a level of at least £1 million . In the current climate the Trustees
believe that this, which includes listed investments, should provide sufficient flexibility to.. cover
temporary shortfalls in incoming resources, for example due to timing differences in income flows.,
adequate working capital to cover core costs., and to allow the charitable company to cope with and
respond to unforeseen emergencies whilst specific action plans are implemented. At 31 March 2024
free reserves were £2,153k (2023.. £1,654k) equating to approximately six months of operating
expenditure.
Designated funds have been set aside to help fund future public benefit provision and to create a
building reserve fund. The purpose of the public benefit reserve is to subsidise the fees of residents,
existing and future, who would otherwise be unable to afford the fee rates. The building reserve fund
has been set aside to ensure funds are available when major repairs are needed to the Nursing Home.
A portfolio of investments is now established and managed to provide for the long-term sustainability
of the charitable company. The Trustees are also aware of the uncertain and difficult economic climate
that continues to exist and any fall in resident numbers over the next 12 months could dramatically
alter the financial position. Furthermore, it is difficult to quantify the number of residents who will run
out of funds and experience difficulty in meeting their fees in full and for how long their fees will need
to be subsidised. The Trustees are therefore committed to a prudent reserves policy which is kept
Page 10

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
under constant review. The Trustees do not consider that at the present time there is any over
provision of reserves.
Investment Performance
The Trustees are rebuilding their investment portfolio with a view both to securing their current
activities and supporting future developments as determined by the on-going strategy review. St
Vincent's Charitable Trust takes all reasonable steps to ensure that any decisions taken in respect of
its corporate investments are consistent with its mission and objects. The value of the investment
portfolio increased during the year from £1,969,544 to £2,183, 163 due to unrealised gains.
Investment Policy and Principals
Investment Committee
This year we have transferred the management of part of our portfolio from Quilter Cheviot to Evelyn
Partners. The Trustees delegate the responsibility for the management of finance and contact with
Quilter Cheviot and Evelyn Partners to the Finance Manager. Meetings are held at least once a year
with the investment managers,. any number of the current Trustees can be present In meetings
discussing the portfolio. Valuations and performance details are provided by Quilter Cheviot and
Evelyn Partners to the Finance Manager monthly, along with Capital and Income statements.
Aims ob'ectives and risk
The investment objective is to save for planned or unexpected future capital expenditure and help
fulfil the organisation's charitable purposes. The Trust is prepared to accept that there could be
enhanced volatility for assets designated for long term investment. This could be as much as a third
of the total value of portfolios from peak to trough. A major part of the management of risk is through
diversification by including investment in domestic and International equities, bonds, alternatives,
including infrastructure, listed private equity, leasing and precious metals. The investment managers
are required to keep the Charity updated on the volatility of their portfolios and to report on other
widely accepted risk measures.
The Charity operates within its means and aims to generate more than it spends. The overall long
term objective is to manage the portfolio on a total return basis, with a moderate ability to bear loss
and a risk level of medium.
Selection and monitorin
of Investment Mana
ers
The Manager is required to report against agreed performance benchmarks. Managers will be
expected to follow Environmental, Social Governance (ESG) principles either by use of an external
provider or by internal processes.
Investment Princi
les
There is increasing scrutiny of corporate responsibility in all these areas including ESG screening.
The charity has adopted an ethical investment policy to ensure that its investments do not conflict with
its aims. Direct investments in companies that currently partake in the following activities will be
avoided..
Armaments - Absolute exclusion for conventional weapon manufacture
Gambling - Exclusion if significant revenue (>30/0)
Genetics- Absolute exclusion of Embryonic Stem Cell Research, Foetal Tissue
Research, Use of Foetal Cell Lines, Human Embryonic Stem Cell Cloning and
Enabling Technology
Human Rights - Avoid investing in companies that fall short of relevant industry best
practice on Human Rights, Gender and Racial Discrimination.
High interest consumer lending - Exclusion if significant revenue (>3'/0)
Page 11

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
Nuclear - Absolute exclusion for non-conventional manufacture i.e. biological,
chemical, nuclear and ballistic missiles
Pornography - Exclusion if significant revenue (>3 % )
Sanctity of Life Absolute exclusion for abortion and contraceptives production,.
Exclusion if >10 % revenue from distribution of contraceptives
Tobacco - Absolute exclusion for manufacturing,. Exclusion if significant revenue
(>100/0) from distribution.
In addition to the negative screening set out above, the Trustees are also dedicated to positive
screening to invest in and support those companies that are operating in line with the Charity's
objectives. They also recognise that with the rapid change of pace in many areas, it is important to
keep this policy under constant review.
The portfolio is invested on a best endeavours basis due to a number of collectives included.
Risk Management
The Board of Trustees has implemented a risk management strategy in relation to the Charity
which comprises..
The development of a risk register that is reviewed by the Board on a quarterly basis
The establishment of systems, action plans and procedures to manage those risks identified
The implementation of procedures to minimise any potential impact on the Charity, should
those risks materialise
Day-to-day operations with oversight from a strong group of Trustees
Trustees consider that the principal risks and uncertainties facing the Charity, and the plans which are
in place for managing these are as follows.,
Risk and uncertainty
Business Performance..
Management Plan
The Charity needs to maintain a certain level of
activity so it can continue its key objective to
serve the sick and the dying.
Recruitment and retention of high quality
care staff, including nurses..
Apply multiple approaches to attract nurses in an
environment of national shortage.
High quality training, management support and
working environment to help retain teams.
Effective recruitment, training, development &
retention of staff.
Provision of the highest quality of patient centred Monthly internal audits central to quality
care for residents..
performance.
Independent evaluation of performance by
external specialists.
Page 12

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
Risk and uncertainty
Secure required level of fundraising income
Management Plan
Implement fundraising strategy with a focus on
encouraging individual and regular donors.
Proactive grant applications.
Serious Incident, accident or safeguarding
allegation=
Wide ranging staff training programme.
Regular risk assessments.
Lead nurse monitor standards of care.
Quality assurance regular audits.
Robust whistleblowing and safeguarding policies
In place.
Loss of key staff due to salaries not in line with
NHS..
Keep updated on current pay rates.
Subsidised meals.
Training and development.
Good working environment.
Inflation greater than the returns generated from Ensure budgets are maintained and costs kept
investments or business units and depletes withinthese.
reserves..
Regular monitoring of investments and costs.
Increasing cost of energy..
Fixed rate until December 2024.
Looking at other sources of energy.
Constant contact with Energy providers to ensure
we get the best deal.
More demand for public benefit as financial Keeping tight control on costs to ensure enough
pressure increase on Local Authorities..
funds for public benefit claims.
Carrying out financial checks on any potential
new residents.
Key Controls:
The key controls used by the Charity include..
Formal agendas for all committees and Board activity
Detailed terms of reference for all committees
Comprehensive strategic planning, budgeting and management accounting
Established organisational structure and lines of reporting
Formal written policies
Using external professional advice where appropriate
Supplemented by appropriate insurance
The Heads of Department and General Manager maintain the Risk Registerwhich is updated regularly
as part of a formal risk management process. This involves examining the types of risk we face and
prioritising them in terms of likelihood of occurrence and consequence. The Finance and Public
Benefit Committee, Remuneration and Quality and Risk Sub committees review potential risks four
times a year and consider that we have a clear plan which enables us to continue providing the highest
quality of care.
l)age 13

ST VINCENT'S CHARITABLE TRUST
Trustees, Report for the year ended 31 March 2024
STATEMENT OF TRUSTEES, RESPONSIBILITIES
The Trustees (who are also directors of St Vincent's Charitable Trust for the purposes of company
law) are responsible for preparing the Trustees, Report (incorporating the directors, report) and the
financial statements in accordance with 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).
Company law requires the Trustees to prepare financial statements for each financial year which give
a true and fair view of the state of affairs of the charitable company and of the income and expenditure,
of the charitable company for that period. In preparing these financial statements, the Trustees are
required to..
select suitable accounting policies and then apply them consistently,.
observe the methods and principles in the Charities SORP.,
make judgments and accounting estimates that are reasonable and prudent,.
state whether applicable UK Accounting Standards 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 the charitable company will continue in business.
The Trustees are responsible for maintaining proper accounting records which disclose with
reasonable accuracy at any time the financial position of the charitable company and enable them to
ensLJre that the financial statements comply with the Companies Act 2006. They are also responsible
for safeguarding the assets of the charitable company and hence for taking reasonable steps for the
prevention and detection of fraud and other irregularities.
In so far as the Trustees are aware..
there is no relevant audit information of which the charitable company's audilors are unaware.,
and
the Trustees have taken all steps that they ought to have taken to make themselves aware of
any relevant audit information and to establish that the auditors are aware of that information.
The Trustees, Report was prepared in accordance with the special provisions relating to small
companies.
This report, which incorporates the Strategic Report, was approved and was signed on behalf of the
Trustees by..
Dr Robert Christopher Horsburgh
Chairman
Date.. 19 September 2024
Page 14

Independent auditor's report to the members of St Vincent's Charitable Trust
Opinion
We have audited the financial statements of St Vincent's Charitable Trust (the 'charity') for the year
ended 31 March 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the
Statement of Cash Flows and the notes to the financial statements, including a summary of significant
accounting policies. The financial reporting framework that has been applied in their preparation is
applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard
102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom
Generally Accepted Accounting Practice).
In our opinion the financial statements-.
give a true and fair view of the state of the charitable company's affairs as at 31 March 2024
and of its incoming resources and application of resources for the year then ended,.
have been properly prepared in accordance with United Kingdom Generally Accepted
Accounting Practice., and
have been prepared in accordance with the requirements of the Companies Act 2006.
Basis for opinion
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAS (UK)) and
applicable law. Our responsibilities under those standards are further described in the Auditor's
responsibilities for the audit of the financial statements section of our report. We are independent of
the charitable company in accordance with the ethical requirements that are relevant to our audit of
the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our
other ethical responsibilities in accordance with these requirements. We believe that the audit
evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Conclusions relating to going concern
In auditing the financial statements, we have concluded that the Trustees, use of the going concern
basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to
events or conditions that, individually or collectively, may cast significant doubt on the Charity's ability
to continue as a going concern for a period of at least 12 months from when the financial statements
are authorised for issue.
Our responsibilities and the responsibilities of the Trustees with respect to going concern are
described in the relevant sections of this report.
Other information
The other information comprises the information included in the annual report, including the Trustees,
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
staternents 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
performed. we conclude that there is a material misstatement of this other information, we are required
to report that fact. We have nothing to report in this regard.
l)age 15

Independent auditor's report to the members of St Vincent's Charitable Trust
Opinions on other matters prescribed by the Companies Act 2006
In our opinion, based on the work undertaken in the course of our audit..
the information given in the Trustees, report, which includes the directors, report prepared for
the purposes of company law, for the financial year for which the financial statements are
prepared is consistent with the financial statements., and
the directors, report included within the Trustees, report has been prepared in accordance with
applicable legal requirements.
Matters on which we are required to report by exception
In the light of the knowledge and understanding of the charity and Its environment obtained in the
course of the audit, we have not identified material misstatements in the directors, report included with
the Trustees, report.
We have nothing to report in respect of the following matters in relation to which the Companies Act
2006 requires us to report to you if, in our opinion.
adequate and proper accounting records have not been kept, or returns adequate for our audit
have not been received from branches not visited by us., or
the financial statements are not in agreement with the accounting records and returns,. or
certain disclosures of Trustees, remuneration specified by law are not made; or
we have not received all the information and explanations we require for our audit.
Responsibilities of Trustees
As explained more fully in the Trustees, responsibilities statement, 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 thal they give a true and fair view, and
for such internal control as the Trustees determine is necessary to enable the preparation of financial
statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the Trustees are responsible for assessing the charity's ability
to continue as a going concern, disclosing, as applicable, matters related to going concern and using
the going concern basis of accounting unless the Trustees either intend to liquidate the company or
to cease operations, or have no realistic alternative but to do so.
Auditor's responsibilities for the audit of the financial statements
Our objectives are to obtain reasonable assurance about whether the financial statements as a whole
are free from material misstatement, whether due to fraud or error, and to issue an auditorfs report
that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee
that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when
it exists. Misstatements can arise from fraud or error and are considered material if, individually or in
the aggregate, they could reasonably be expected to influence the economic decisions of users taken
on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed
below..
Based on our understanding of the charity, we identified that the principal risks of non-compliance with
laws and regulations related to employment, financial reporting legislation and health & safety
regulations and we considered the extent to which non-compliance might have a material effect on
the financial statements. We also considered those laws and regulations that have a direct impact on
the preparation of the financial statements such as the Companies Act 2006 and Charilies Act 2011.
Page 16

Independent auditor's report to the members of St Vincent's Charitable Trust
We assessed the susceptibility of the company's financial statements to material misstatement,
including obtaining an understanding of how fraud might occur, by making enquiries of management,
considering the internal controls in place and discussion amongst the engagement team.
We determined that the principal risks were related to property classification and valuations,
management override of controls, posting inappropriate journal entries and management bias in
accounting estimates.
In response to the risks identified we designed procedures which included, but were not limited to..
reviewing use and valuations of properties
agreeing financial statement disclosures to underlying supporting documentation
identifying and testing journal entries
reviewing Trustees and finance meeting minutes
evaluating the charity's internal controls
challenging significant accounting estimates such as valuation of investment land and property
There are inherent limitations in the audit procedures described above. The more removed that laws
and regulations are from financial transactions, the less likely it is that we would become aware of
non-compliance. Material misstatements that arise due to fraud can be harder to detect than those
that arise from error as they may involve deliberate concealment or collusion.
A further description of our responsibilities for the audit of the financial statements is located on the
Financial Reporting Council's website at.. http.'Ilwww.frc.org.uklauditorsresponsibilities. This
description forms part of our auditor's report.
Use of our report
This report is made solely to the charitable company's members, as a body, in accordance with
Chapter 3 of Part 16 of the Companies Act 2006 and regulations made under that Act. Our audit work
has been undertaken so that we might state to the charitable company's members those matters we
are required to state to them in an 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 its members as a body, for our audit work. for this report, or for the opinions we have
formed.
Paul Newton FCA
enior Statutory Auditor)
for and on behalf of Jacob Cavenagh & Skeet
Statutory Auditor
Chartered Accountants
5 Robin Hood Lane
Sutton
Surrey
SM12SW
Date".
Page 17

>mo
(o
In
fo
O (D
In
￿0)
IJJ
(ci ai
¢n oi c

ST VINCENT'S CHARITABLE TRUST
Balance Sheet as at 31 March 2024
Company registered number". 2721809
2024
2023
Notes
Fixed assets
Tangible assets
Investments
6,806,558
4,783,163
7,098,542
3,819,544
10
11,589,721
10,918.086
Current assets
Debtors
Cash at bank and in hand
11
127,545
1.428,456
131,800
889,664
1,556,001
1,021,464
Creditors. Amounts falling due within one
year
12
{401,4871
1353,6741
Net current assets
1,154,514
667,790
Total assets less current liabilities
12,744,235
11,585,876
Creditors.. Amounts falling due after more
than one year
{128,333}
1198,3331
Net assets
15
12,615,902
11,387.543
Funds
Unrestricted Funds
14
12,615,902
11,387.543
Total funds
12,615,902
11,387,543
The financial statements have been prepared in accordance with the provisions applicable to entities subject to
the small companies regime.
The notes on pages 21 to 31 form part of these financial statements.
These financial statements were approved by the Board of Trustees and authorised for issue on 19 September
2024 and are signed on behalf of the Board by.
Eb£ /hrFL
Dr Robert Christopher Horsburgh
Chair of Trustees
Page 19

ST VINCENT'S CHARITABLE TRUST
Statement of Cash Flows for the year ended 31 March 2024
2024
2023
Cash flows from operating activities
Net cash provided by operating activities
650.341
153,174
Cash flows from investing activities
Investment income
Purchase of tangible fixed assets
Purchase of investments
Proceeds from sale of investments
179,659
( 219,6481
(1,909,302)
1,837,742
153.453
145,1261
(302,0071
242,074
Net cash (used in)Iprovided by investing activities
(111,549)
48,394
Net increase in cash
538,792
201,568
Cash brought fomard at 1 April
889,864
688,096
Cash carried forward at 31 March
1,428,456
889,664
a) Reconciliation of net movement in funds to net cash flow from operating activities
2024
2023
Net incomel(expenditure) for the year
1,228,359
(90,1231
Adjuslmenl for..
Depreciation
(Gainslllosses on investments
Investment income
224,632
210,026
307,988
{605,0591
(179,659)
4,255
{153,453)
127,435)
{ 93,8291
Decreasel{increasel in debtors
Increase in creditors
{ 22,187)
650,341
153,174
Page 20

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
ACCOUNTING POLICIES
St Vincent's Charitable Trust is a charitable company limited by guarantee 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. The charitable company is incorporated in England and
Wales. The address of the registered office is.. Wiltshire Lane, Eastcote, Pinner, Middlesex HA5 2NB.
Basis of preparation
The financial slalements have been prepared under the Companies Act 2006 and the Charities Act 2011, and
in accordance with the Charities Statement of Recommended Practice (Charities SORP {FRS 102)), and
Financial Reporting Standard 102 IFRS 102}
The financial statements are prepared in sterling, rounded to the nearest pound. The charity is a Public Benefit
Entity as defined by FRS 102. Assets and liabilities are initially recognised at historical cost or transaction value
unless othe￿iSe stated in the relevant accounting policy.
Going concern
No material uncertainties exist about the ability of the charity to continue as a going concern for the foreseeable
future. Our cashflow forecasts and budgets do not suggest that there is any reason for concern. This. as well
as the fact that the charity has investment monies to fall back on, means that the Trustees have no areas of
concern.
Income
Vvhilst all income is recognised once the 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.
For legacies. entitlement is taken as the earlier of the date on which either.. the company is aware that probate
has been granted, the estate has been finalised and notification has been made by the execulorls) to the Trust
that a distribution will be made, or when a distribution is received from the estate, Receipt of a legacy, in whole
or in part, is only considered probable when the amount can be measured reliably and the company has been
notified of the executor's intention to make a distribution. Where legacies have been notified to the company, or
the company is aware of the granting of probate, and the criteria for income recognition have not been mel, then
the legacy is treated as a conlingenl asset and disclosed if material.
Other income is recognised in the period in which it is receivable and to the extent the goods have been provided
or on completion of the service.
Interest on funds held on deposit is included when receivable and the amount can be measured reliably by the
company., this is normally u pon notification of the interest paid or payable by the Bank.
Expenditure
Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit lo a third
party, it is probable that a transfer of economic benefits will be required in settlement and the amount of the
obligation can be measured reliably Expenditure is classified by activity. The costs of each activity are made
up of the total of direct costs and shared costs, including support costs involved in undertaking each activity
Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute
to more than one activity and support costs which are not attributable to a single activity are apportioned between
those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of
time spent, and depreciation charges allocated on the portion of the asset's use.
Costs of generating funds are costs incurred in attracting voluntary income, and those incurred in trading
activities that raise funds.
l)age 21

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
ACCOUNTING POLICIES {continued)
Expenditure (continued)
Charitable activities are costs incurred on the company's care operations, including support costs and costs
relating to the governance of the company apportioned to charitable activities.
All expenditure is inclusive of irrecoverable VAT.
Tangible fixed assets and depreciation
All assets costing more than £500 are capitalised.
A review for impairment of a fixed asset is carried out if events or changes in circumstances indicate that the
carrying value of any fixed asset may not be recoverable. Shortfalls be￿een the carrying value of fixed assets
and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the
Statement of Financial Activities incorporating Income and Expenditure Account.
Tangible fixed assets are carried at cost, nel of depreciation and any provision for impairment, Depreciation is
provided al rates calculated lo write off the cost of fixed assets, less their estimated residual value, over their
expected useful lives on the following bases..
Freehold property
Motor vehicles
Fixtures and fittings
20/0 Straight line
20 % reducing balance
100/0 1250/0 Straight line
Investments
Investments are a form of financial instrument and are initially recognised at their transaction cost and
subsequently measured al fair value al the Balance Sheet date, unless fair value cannot be measured reliably
in which case il is measured al cost less impairment. Investment gains and losses, whether realised or
unrealised, are combined and shown in the heading 'Gainslllosses} on investments, in the Statement of
Financial Activities incorporating Income and Expenditure Account,
Debtors
Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments
are valued al the amount prepaid net of any trade discounts due,
Cash at bank and in hand
Cash al 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 req uired in settlement, and the amount of the settlement can
be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle
the debt or the amount it has received as advanced payments for the goods or services il must provide.
Provisions are measured at the best estimate of the amounts required to settle the obligation. Lease premiums
are spread over the minimum lease term.
1.10
Pensions
The company operates a defined contribution pension scheme and the pension charge represents the amounts
payable by the company to the fund in respect of the year.
Page 22

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
ACCOUNTING POLICIES (continued)
1.11
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 company and which have not been designated for other purposes.
Designated funds comprise unrestricted funds that have been set aside by the Trustees for particular purposes.
The aim and use of each designated fund Is set out in the notes to the financial statements.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or
which have been raised by the Charity for particular purposes
1.12 Financial instruments
The Charity 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 bank loans which are subsequently measured at amortised cosl using
the effective interest method.
1.13 Critical accounting estimates and areas of judgement
In preparing these financial statements the Trustees have had to make estimates and assumptions that affects
the amounts recognised in these financial statements. Estimates and judgements are continually evaluated and
are based on historical experience and other factors, including expectations of future events that are reasonable
under the circumstances. The only area where adjustments would have a material effect was depreciation.
Page 23

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Ststements for the year ended 31 March 2024
Donations and legacies
2024
Total
2023
Total
Unrestricted
Restricted
Donations
Legacies
Other coronavirus grants
6.924
6,924
10,019
500
6,924
6,924
10,532
Income from charitable activities
2024
Total
2023
Total
Unrestricted
Restricted
Residents, fees
4,656,627
4,656,627
4,122,529
Investment income
2024
Total
2023
Total
Unrestricted
Restricted
Rental income
Income from listed investments
Bank interest
Grazing rights
70,012
73.130
33,179
3,338
70,012
73,130
33,179
3,338
70,020
78,441
1,879
3,113
179,659
179,659
153,453
Page 24

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
Expenditure on charitable activities
2024
2023
Consultancy fees
Repairs and maintenance
Provisions
Utilities and rates
Legal and professional
Medical
Laundry
Training
Insurance
Registration and subscriptions
Other costs
Travel and transport
Premises costs
Residents. welfare
Marketing
Print, postage and stationery
IT and website costs
Staff uniforms and welfare
Consumables
Wages and salaries
National insurance
Pension cost
Depreciation
25,224
148,098
148,504
110,236
1,343
88,098
11,088
11,316
54,315
13,251
7,473
2,849
37,589
35,319
1,150
17,767
89,236
11,867
80.764
2,785,979
243.022
63,072
224,632
41,617
130,019
142,047
88,670
2,454
82,021
11,069
9,763
44,292
12,853
30,424
4,607
47,315
28,270
850
19,404
90,845
14,254
64,449
2,676,915
233,409
57,353
210,026
Governance
Audit fees
Accountancy fees
11,280
2,256
12,000
2,160
4,225,728
4,057,086
Analysis of expenditure by activity
2024
Total
2023
Total
Staff costs
Depreciation
Other costs
Raising funds
Investment management
2,663
2,663
18,253
Charitable activities
Governance costs
3,092,073
224,632
895,487
13,536
4,212,192
13,536
4,042,926
14,160
3,092,073
224.632
911,686
4,228,391
4,075,339
Page 25

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
Net incomellexpenditure
This is stated after charging..
2024
2023
Depreciation
Auditor's remuneration audit
Auditor's remuneration accountancy
Previous auditor's remuneration - audit
224,632
11,280
2,256
210,026
10,800
2,160
1,200
Staff costs
2024
2023
Wages and salaries
Social security costs
Pension costs
2,785,979
243,022
63,072
2,676,915
233,409
57,353
3,092,073
2,967,677
Number
2024
Number
2023
Average number of employees
99
99
Employees earning £60,000 - £70,000
Employees earning £70.000 - £80,000
During the year. no Trustees received any remuneration, benefits in kind or reimbursed expenses12023.. £nill.
Payments totalling £nil12023.' £2,113) were made to a third party on behalf of the Trustees for training.
The total remuneration (including taxable benefits and employer's national insurance and pension contributions)
ofthe key management personnel for the year was £209,89812023. £236,036} The key management personnel
are considered to be the General Manager. Clinical Services Manager, Finance Manager and Quality
Governance Facilitator.
Page 26

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
Tangible fixed assets
Freehold
property
Motor
vehicles
Fixtures and
fittings
Total
Cost or valuation
Al 1 April 2023
Additions
Disposals
Transfers
9,318,348
41,864
859,435
219,648
(114,121}
10,219,647
219.648
1114,121)
1410,0001
(410,000}
Al 31 March 2024
8,908,348
41.864
964,962
9,915,174
Depreciation
At 1 April 2023
Charge for year
Released on disposal
Transfers
2,483,847
152,463
35,574
1,258
601,684
70,911
(114,121)
3,121.105
224,632
1114,121)
(123,000)
(123,000)
At 31 March 2024
2,513,310
36,832
558,474
3.108,616
Net book value
Al 31 March 2024
6,395,038
5,032
406,488
6,806,558
At 31 March 2023
6.834,501
6,290
257,751
7,098,542
Pagc 27

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
10
Investments
Programme
related
investments
Investment
land &
property
Listed
securities
Total
Valuation
Al 1 April 2023
Additions
Disposals
Transfers
Revaluation
1,690,000
160,000
1,969,544
1,909,302
{1,837,742)
3,819,544
1,909,302
(1.837,7421
287,000
605,059
287,000
463,000
142,059
Al 31 March 2024
1,690,000
910,000
2,183,163
4,783,163
Historical cost
At 31 March 2024
420,000
427.545
2,060,182
2,907,727
At 31 March 2023
420,000
17,545
2,019,489
2,457,034
All the fixed asset investments are held in the U K.
The transfer this year relates to a house which was let out at a commercial rent on 101n May 2024. This was
valued by Robsons on 4th April 2024.
The programme-related investment and investment land were professionally valued at market value by VDBM,
chartered surveyors in October 2023 and the Trustees believe the valuation has not changed al the year end.
11
Debtors
2024
2023
Trade debtors
Prepayments and accrued income
Other debtors
86,866
40,679
50,956
78,937
1,907
127,545
131,800
Page 28

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
12
Creditors: Amounts falltng due within one year
2024
2023
Trade creditors
Other tax and social security
Other creditors and accruals
Accruals and deferred income
97,062
56,425
50,719
197,281
43,347
49,940
64,172
196,215
401,487
353.674
13
Creditors: Amounts falling due after more than one year
2024
2023
Accruals and deferred income
128,333
198,333
This balance has arisen due to tenants paying rent upfront of £700,000 for a ten-year period commencing on
the 1 February 2017. This balance is being released monthly over the life of the lease.
Page 29

QCL Q]
co
*•

ST VINCENT'S CHARITABLE TRUST
Notes to the Financial Statements for the year ended 31 March 2024
15
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 £63,072 (2023. £57,353). Contributions
totalling £11,400 (2023.. £9,996) were payable to the fund at the balance sheet date and are included in creditors.
16
Operating lease commitments
Al 31 March 2024 the total of the Charity's future minimum lease payments under non-cancellable operating
leases wa5..
2024
2023
Amounts payable:
Within 1 year
Between 2 and 5 years
5,153
18,035
4,248
23,188
4,248
Lease payments recognised as expense
4,931
5,889
17
Related party transactions
There were no related party transactions during the year.
18
Capital commitments
Capital commitments of £54,590 (2023. £nil) were in place al 31 March 2024.
Page31