ST VINCENT'S CHARITABLE TRUST TRUSTEES, REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Charity Number: 1014889 Company Number: 2721809 'AE8410JK* 1510912025 COMPANIES HOUSE A10
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ST VINCENT'S CHARITABLE TRUST FOR THE YEAR ENDED 31 MARCH 2025 Contents Page Reference and administrative information Trustees, report 2-15 Independent auditor's report 16-18 Statement of financial activilies 19 Balance sheet 20 Statement of cash flows 21 Notes to the financial statements 22-32
ST VINCENT'S CHARITABLE TRUST Reference and Administrative Information for the year ended 31 March 2025 Trustees Fr John Patrick Deehan Sr Kathleen Fox Robert Christopher Horsburgh , William Parisutham Jacqueline Ann Redrup Dr Devkishan Chauhan Gail Williams Deepak Talwar3,4 Anthony Joseph Corish2,4 Martin Hopson ' Fr Tom Monlgomery (resigned 21 November 2024) (resigned 11 February 2025) (resigned I l February 2025) (resigned 28 April 2025) (resigned 9 August 2024) 1 Member of Quality, Risk & Safety Sub-committee 2 Member of Remuneration, Staffing and Nominations Sub-committee 3 Member of Finance, Audil & Public Benefit Sub-committee 4 Member of Strategy Sub-committee Company registered number 2721809 Charlty reglstered number 1014889 Registered office Wiltshire Lane, Eastcote, Pinner, Middlesex, HA5 2NB Company secretary Kerry Secretarial Services Ltd Independent Audltors Xeinadin Audit Limited, 5 Robin Hood Lane. Sutton SM12SW Bankers Barclays Bank Plc, 355 Stalion Road, Harrow, Middlesex, HA12AN Solicitors Stone King LLP, 13 Queen Square, Bath. BA12HJ Page I
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 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 advan 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: Ihe 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 Patron 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 seniice in the hospital. The number of these residents has diminished over time, and the Horne 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 long lifespan of many residents continues to pose a challenge for the Home and the trustees. How do we continue to meet the requirements of our residents? What facilities need changing and updating and what new ones are required? The Trustees and Management are starting lo meet this challenge by: Continuing the program of capital expenditure delivering upgrades to existing internal and external facilities started in 2024 Refinement and tuning of the 5-year development, started in 2024, this has been boosted by the appointment of a dedicated Facilities Manager Recognition that both clinical and mental wellbeing of the residents are equally important by developing a holistic approach to the clinical care of our residents and the activities they are offered Page 2
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 Ensuring that both the clinical and a1VitieS leads work closely together to offer comprehensive care package for all resident to ensure their physical and mental wellbeing. Dr Robert Christopher Horsburgh Chalrnian, Board of Trustees g September 2025 Page 3
ST VINCENT'S CHARITABLE TRUST Trustses, Report for the year ended 31 March 2025 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 togetherwith the Financial Statements of the Charity for the period ending 31 March 2025. 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 Slaternent 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 ofAssociation 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 failh. 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. Trusteo Inductlon and Traonlng 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 Truslee's annual report and accounts, budgets, relevant policies and minutes, and information about trusteeship in the form of the Charity Commission booklel 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 al the heart of what we do and is Gritical lo 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, thal 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 govemance arrangements and underlying procedures on a regular basis. We have also Gompared 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 6 Trustees and are currently in the processing of recruiting in this area. We wish our Trustees to provide 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 Page 4
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 handbook outlining our work and meet members of the management team, other stsff and residents in order to acquaint themselves with the Home. The Board of Trustees The Board adminislers 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 can 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. Executive Leadership 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 temis approved by the Board of Trustees, and Is supported in this role by the Management tearn for operational and employment matters. The Finance Manager is responsible for all matters relating to finance and the Clinical Services Manager is responsible for all clinical managemenl and policy implementation. A Facilities Manager joined the leadership team in September 2024 and is responsible for all matters relating to the building and its safety. Our Quality Governance Manager ensures that all governance matters are audlted and monitored. Staff salaries are benchmarked against NHS pay scales and sector comparators. They are agreed at the remuneration sub-committee meetings and ratified at the board meeting. Our Clinical Services Manager resigned in March 2025 due to health reasons. and the position was filled again in May 2025. Staff Development Staff salaries are benchmarked against NHS pay scales and sector comparators. All staff are supported through comprehensive face-to-face and online training. In April 2024, the Trust introduced enhanced further staff benefits, including one week's full sick pay, supporting staff well-being and retention. This has been reviewed during the reporting period and has continued into 2025. Volunteer Engagement Our volunleers contribute immeasurably to daily life at St Vincent's, supporting aclivities, pastoral care, and family engagement forums. Their commitment significantly enhances our community and resident experience. During the last year there has been a significant increase in family engagement, with further inclusion on decision making that benefits our objectives. Corporate Governance The Board of Trustees strongly supports the principles of corporate govemance. Their main 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. Page S
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 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 Servlce The Charity continues to provide a full Chaplaincy Service with a daily Mass and interfaith support to care for the spiritual, pastoral. and religious needs of residents, relatives, and staff, whatever their faith and belief. During the past year we have further enhanced this by introducing eucharistic ministers within our existing staff team. This has been well received and allows our Chaplin added support when required. Management Structure and Update During this reporting period, there have been changes within our.board and management structure at St Vincent's. Our board members have reduced to 6 but have continued to remain effective. We remain open to applications from interested 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 third year with the Trusl, continuing to build upon improvements and developments, under the guidance and support from the Chair and wider Trustees. Feedback and perfomiance measures continue to be positive and meet the Trust's objeiveS and strategy. Through the senior management team our General Manager is able lo delegate duties and set KPIS that are aligned to the Trust's vision to achieve overall success and future growth. The developments with our additional respite rooms and upgrades have ensured the nursing home remains the place of choice amongst our residents and staff alike. Our Finance, Governance, Facilities and Clinical leads have continued to provide a safe and effective management service throughout the Home, which has been commented upon during our local authority quality inspection (May 2024), our CQC inspection (September 2024), and by our residents and visitors. Training continues to be at the forefront of our staff and trustees, development. Face-to-face training is further supported by our on-line mandatory training courses. Through the support of Governance, we continue to assess and review our on-line training programme lo ensure staff maintain their skills and knowledge. During this reporting year St Vincent's senior management team has ulilised their time to make internal continuous improvements towards training. quality. costs and departmental structure. This ongoing focus has supported Ihe reduction in expenditure and allowed surplus to be utilised for the benefit of our residents. Ongoing internal audits and mock CQC inspections have further supported our strategic objective to achieve an 'Outstanding° CQC rating. During an unannounced CQC inspection (September 2024) we received an overall "Good" rating in all five domain areas, leading us on the way to achieve our objective. On 1st April 2024 St Vincent's Nursing home introduced a working week's full sick pay in addition to statutory payments for its employees. This was assessed over the reporting year and was well received and utilised. This has continued into this reporting year and shall continue to be measured for success. Page 6
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 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 building's 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. Through the nursing care services we offer and our good reputation within the community, St Vincent's Nursing Home has managed to complete the majority of the year at full capacity, with a continued waiting list of prospeclive residenls. 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 spectrum 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 falths through our activities programmes and respecting religious feast days. During the last year, the average age of the residents in our Home is 91, Ihough ages range from 76- 103 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 maintaln the high standards of St Vincent's and to keep us compelitive in the market, during the last year we have continued with the ongoing refurbishment of our nursing home. 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 complete and these form part of a long-term plan which is supported through our Strategy Committee. We have invested in robust handheld devices for use on the wings to reduce down-time with broken l uncharged devices, whilst ensuring they are future-proof and expandable to allow for the introduclion of electronic medication administration. We have completed and published the Data Security Protection Toolkit (DSPT), which is an NHS England requirement which helps us to ensure our digital data is secure and our systems and processes reflecl this. Completion of the DSPT gives us access to NHS.NET secure email, GP connect and HillingdonlNHS funded residents. We assist residents In maintaining and enhancing mobility and encourage involvemenl in activitles 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 Ihat ensure positive outcomes and are evidenced through our residents, care plans. Primarily our aim is to 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 .1, 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 same formal applies to staff welfare. The resident and slaff 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 also sent a specific suNey to the relatives for the first time in 2024 to gather their thoughts and feelings whilst simultaneously scouting for volunteers. We received several offers of Page 7
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 help which are being actively progressed. 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 benefils 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 conlinues 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 admrts residents funded through a variety of sources that include private, NHS and Social Sen4ices funding or a combination of these. During the current financial year an average of 9 permanent beds {2024: 8) out of a total capacity of 62 beds were occupied by residents where the room rate was being subsidised by the charitable Trust. 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 lo their ability to pay is developed with the aim of embedding this in the Charity's admissions policy. A number of other charitable initialives including a yearly conlribution 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 980/0 in 2025 (98 % in 2024). The cost of providing care to residents has risen by 90/9 In 2025 {2024.' 4 % ) 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 970/0 in order lo 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 lo 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 geo9raphical area. Relationship with the NHS The Charity maintains a strong relationship with the NHS and our GP Servi has continued to provide a safe and effective primary health care provision for all our residents. We use UCPIACP - Urgent are plans and advanced care plans. These are electronically available to emergency services. GPS, Hospital staff and community care, lo ensure people die in Iheir preferred place of death and have proved vital in limiting confusion and distress at such a significant lime. 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 Community Advanced Nurse Practitioner is able to contribute to and update resident's electronic care plans via GP Connect. The available space we enjoy at Sl Vincents Nursing Home allows us to offer extensive on-site services and continue to work in parlnership with specialist services that assist in meeting the ongoing linical care needs of our residents. All of these service groups are able to visit the Home 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 Page 8
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 close to the Home. Through our Clinical and Governance departments, we stay involved in a range of innovative projects which aim to raise the stsndard 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 regulaled 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 September 2024 and rated as 'Good' in all five domains. Since this inspection. work continues to take place across our clinical and operational departmenls. Policies, procedures, and audils 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. Strateglc Update Our strategic objectives for the year have continued towards the redecoration and upgrades of the nursing home plus 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 drfferent functions in 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. We have been successful by introducing a new tier of clinical leadership enhanclng the skills and knowledge of our carers. This enables us to maintain and exceed our residents and relatives, expectations 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 Irust feels is essential to fill at this stage. The Strategy Sub-committee consists of 4 Trustees. joined by our General Manager and Finance Manager. St Vincent's Nursing Home's aim of continual improvement in service delivery, enables the Home to improve our operating perf0rrnan and drive the delivery of the Charity's objectives which are: Our Residents Putting our residents al the heart of everything we do Recruit and retain the besl staff and to become an employer of choice Delivering the highest quality of patient ntred 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 stsndard St Vincent's Nursing Horne continues to benefit from a strong retention of its staff; we are aware and have succession plans in place across all departments with ongoing recruitment for key positions. We also benefit from a heathy resource of bank staff, available to cover short absences or fill recruitrnent gaps to ensure our service level remains consistent and safe at all times. Page 9
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 All staff are supported and encouraged to participate in training and development programmes and in particular Ihe statutory and mandatory training requirements which are linked to Iheirannual appraisal. Every member of staff has their own 'training 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. We have had no data breaches in the lasl 5 years which is a testamenl to the rigorous training, tight procedures and oversight we have across the Home. 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 infomied of their loved one's healthcare needs. We continuously review all conlracts for efficiency, effectiveness and value as a cosvbenefit exercise. The essential role of the volunteers Our volunteers are very generous with their time. Alongside our care and aclivities staff, they cover a 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 activilies 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. Communlcatlng and meetlng residents, needs In line with the new Single Assessment Framework, we are even more committed to finding out and rneeting the needs of our residents and potential beneficiaries and use a number of informal and structured approaches to obtain feedback from resldents and their families about the serlices we provide. Resident's and staff surveys are scheduled, completed, and monitored through our Governance Manager. These surveys are aligned with the single assessment framework and the annual survey for staff is based around the published annual staff survey from the NHS. Communication with families and friends of residents who live within the Home will always be extremely important. We continue with the production of newslelters, keeping our readers up to date with the latest news and upcoming events and activities. We welcome feedback via multiple means, direct communication. compliments and suggestion forms, surveys and residenvrelatives 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 logether 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, through 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. Page 10
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 To further promote communication with our residents and reduce on wastepaper, we continue with the use of digital methods 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. To further promote communication with our residents and reduce on waslepaper. we are introducing digital means of publishing our monthly newsletters and quick updates on what's happening within the building, utilising an inlernal TV channel thal residenls 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 wilh the Fundraising Regulator. No complaints about fundraising activities have been received during the year. The Charity has policies in place lo protect vulnerable donors. REVIEW OF THE FINANCIAL POSITION Total incoming resources at £5,353,394 (2024.. £4,851,691) are £501,703 higher than the previous year. Donations and bequests for the year totalled £9,296 (2024.. £6,924). Resldent fees at £5,111,847 {2024", £4.656,627) are £455,220 higher than the previous year and were achieved with an average occupancy of 60 (2024: 58.5) residents. Average income per resident per day was £233.42 (2024: £218.08). an increase of 7QA on the previous year. Investment income and bank interest at £73,094 (2024: £73,130) is £36 lower than the previous year. Rental income for the year lotalled £97,532 (2024: £70,012). Total resources expended are £4,609.834 compared to £4.228,391 in 2024. The cost of generating funds was £20,840 (2024: £2,663). this was all paid to Quilter Cheviot and Evelyn Partners in investment management fees. It was lower last year because Quilter Cheviot reimbursed the total of their management fees for the year as a gesture of goodwill, Expenditure on charitable activilies during the year increased by £363.266 to £4,588,994 (2024: £4,225,728). This expenditure includes staff costs at £3,325,205 (2024: £3,092,073), an increase of £233,132 from the previous year. Wage increases varied between 40/0 and 100/0 Wlth the higher increases given to the lower paid staff members. Average permanent staff numbers were 91, less than the 99 last year. The increase in funds for the year was £747,376 (2024: £1,228,359). The increase was mainly due to higher occupancy and lower salaries than budgeted. In terms of applications for residence. this has remained fairly constant. There is however noticeable inflationary pressure on wages and difficulties with staff recruilment. The Trust is conscious Ihat pressure on loca5 authority finances will result in an increased number of applications being made by residenls 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 Ihe foreseeable future. Reserves Policy Total reserves at the year-end were £13,363,278, all of which were unrestricted. The Trustees have examined the requirement for free reseples, i.e., those unrestricted funds not invested in tangible fixed assets. designated for specific purposes or otherwise committed . It is the policy of the charitable company to maintain free reserves at a level of at least £1 million . In Ihe current climate the Trustees believe that this, which includes listed investments, should provide sufficient flexibility lo: 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 Page 11
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 respond to unforeseen emergencies whilst specific action plans are implemented. At 31 March 2025 free reserrfes were £2.701k (2024: £2,153k) 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 reseNe 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 residenl numbers over the next 12 months could dramatically altar the financial position. Furthermore, it is difficult to quantfy 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 resep4es policy which is kept under constant review. The Trustees do not consider that at the present time there is any over provision of reserves. Invostment Performance The Trustees are rebuilding their investmenl 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 ils corporate investments are consistent with its mission and objects. The value of the investment porrfolio increased during the year from £2,183,163 10 £2,238,676 due to purchases exceeding disposals. 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 provlded by Quilter Cheviot and Evelyn Partners to the Finance Manager monlhly, along with Capital and Income ststements. Aims ob'ectives and risk The investment objective is to save for planned or unexpected future capital expenditure and help fulfil the organisation's charilable 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 porttolios from peak to trough. A major part of the management of risk is through diversification by including investment in domestic and intemational 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. Page 12
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 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: Annaments - Absolule 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 induslry best practice on Human Rights, Gender and Racial Discrimination. High interest consumer lending - Exclusion if significanl revenue (>3 % ) Nuclear- Absolute exclusion for non-conventional manufacture i.e. biological, chemical, nuclear and ballistic missiles Pornography - E)(clusion if significant revenue (>30/0) Sanctity of Life - Absolute exclusion for abortion and contraceptives production; Exclusion if >100/o revenue from distribution of contraceptives Tobacco - Absolute exclusion for manufacturing,. Exclusion if significant revenue (>10 % ) 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 colleclives included. RSsk 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 lo minimise any potential impact on the Charily, 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 Perfonnance: Management Plan The Charity needs to maintain a certain level of activily so it can continue its key objective to serve the sick and the dying. Recruitmenl and retention of high quality care staff, including nurses: Apply mulliple approaches lo attract nurses in an environment of national shortage. High quality training, management support and working environment to help retain teams. Page 13
ST VINCENT'S CHARITABLE TRUST Trustees, Report for the year ended 31 March 2025 Effective recwitment, training, development & retention of staff. Risk and uncertainty Management Plan Provision of the highest quality of palienl centred Monthly internal audits central to quality are for residents: performance. Independent evaluation of perfomiance by external specialists. Secure required level of fundraising income Implemenl fundraising strategy with a focus on encouraging individual and regular donors. Proaclive 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. Inflalion grealer 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 2026. Looking at other sources of energy. Constanl contact with Energy providers to ensure we get the best deal. More demand for public benefit as financial Keeping light control on costs to ensure enough pressure increase on Local Authorities., funds for public benefit claims. Carrying out financial checks on any potential new residenls. Key Controls: The key controls used by the Charity include: Formal agendas for all committees and Board activity Detailed temis 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 Register which is updated regularly as part of a formal risk management process. This involves examining the types of risk we face and .prioritising them in lemis of likelihood of occurrence and consequence. The Finance and Public Page 14
ST VINCENT'S CHARITABLE TRUST Trustees. Report for the year ended 31 March 2025 Benefil Committee, Remuneration and Quality and Risk Sub committees review potenlial risks four times a year and consider that we have a clear plan which enables us to continue providing the highest quality of care. STATEMENT OF TRUSTEES, RESPONSIBILITIES The Trustees (who are also directors of St Vincent's Charitable Trust for Ihe 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 Piactice). Company law requires the Trustees to prepare financial statements for each financial year which give a true and fair vlew 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 Ihe 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 Ihe financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the Trustees are aware: there is no relevant audit information of which the charitable company's auditors 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 prepad 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: 9 September 2025 Page 15
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 2025 which comprise the Statement of Financial Activities, the Balance Sheet, the Statement of Cash Flows and the notes to the financial stalements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion the financial statements: give a Iwe and fair view of the state of the charitable company's affairs as at 31 March 2025 and of its incoming resources and application of reSoUrS 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 requiraments 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 stalements, 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 Ihe 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 statements does not cover the other information and, except to the extent otherwise explicitly stated in our report. we do not express any fonn 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 detemiine whether this gives rise to a material misstatement in the financial statements Ihemselves. 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 Ihat fact. We have nothing to report in this regard. Page 16
Independent auditor's report to the members of St Vincent's Charitable Trust Opinions on other matters prescrlbed by the Companles Act 2006 In our opinion, based on the work undertaken in the course of our audit: the informalion 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 wlthln Ihe 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 obtsined 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 followlng 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 adequale for our audlt have not been received from branches not vlsited 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 Trustoes 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 that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements Ihat are free from material misstatemenl, whether due to fraud or error. In preparing the financial statements. the Trustees are responsible for assessing Ihe charity's ability to continue as a going concern, disclosing. as applicable, matters related to going concern and using the going concem 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'8 responsibilities for the audit of tho 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 lo 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 statemenls. 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 Ihose laws and regulations Ihat have a direct impact on the preparation of the financial statements such as the Companies Act 2006 and Charities Act 2011. Page 17
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 detemined that the principal risks were related to propety classification and valuations, management override of controls, posting inappropriale journal entries and management bias in accounling estimates. In response to the risks identified we designed procedures which included, but were not limited to: reviewing use and valualions of properties agreeing financial statement disclosures to underlying supporting documentation identifying and testing journal entries reviewing Trustees and finance meeting minules 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 responsibllities for the audit of the financial statements is located on the Financial Reporting Council's website at: http:Ilwww.frc.org.uklaudilorsresponsibilities. This descriplion forms part of our auditorfs 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 nol 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 (Senlor Statutory Audltor) for and on behalf of Xeinadin Audit Limited Statutory Auditor Chartered Accountants 5 Robin Hood Lane Sutton Surrey SM12SW Date: 9 September 2025 Page 18
ST VINCENT'S CHARITABLE TRUST Statement of Financlal A¢tlvitles (Includlng Incomo and Exp•ndlturo Account) for tho y•ar ended 31 March 2025 2025 Tot•1 2024 Tot•1 Not•• Unr••trfct•d R••trfet•d Unr•itrfct•d R•sct•d Incom• from Omalons and ChBrlt8ble 8clvilk88 Invesimgni Incomo Olher In¢omè 9,296 3,111.847 227,475 4.77e 9,296 5,111.847 227,475 4,778 fj,924 4.856.627 179,059 8.481 6.924 4.656,627 179,659 8,481 Tot•1 Sn¢om• 5,353.394 5,353,394 4,851,691 4,851.891 Exp•ndlturn on Ralwng funds Charftsble ac¥08 20.840 4.588.994 20,840 4,$88.994 2,e63 4.225.728 2,663 4.225.728 Tot•1 •xp•ndllur• 4.609.834 4,e09,834 4,228.391 4,228.391 N•t Incom• b•lor• In•trnIn1 g•lrbBllloM•sl 743.860 743.5eo 823,3 623,300 Noi galnsllloB8881 on Inv8slrn•ni• io 3.818 3,818 eos,059 805,059 N•t Incom•l(•xp•ndltur•l 747,376 747,378 1,228,359 1,228.359 Tran•l•r• b•lw••n fund• N•t mtyv•m•nt In fund• 747,376 747,37e 1,228,359 1,228.350 R•¢¢nclll•tlon ol fvrbd• Tot81 lunds brou1 foMard 12,615.902 12.615.W2 11,387,S43 11.387.343 Total lund• ¢*thed toTh¥•rd 13,363,278 13,383,278 12.615,W2 12,615.902 All of the above results are derived from conllnuln9 actlvtties. All gains and losses recognl8ed In the year are IrKluded above. The nol88 of pages 22 10 32 form parl ol these (Inancial statemènts. Page 19
ST VINCENT'S CHARITABLE TRUST Balance Sheet as at 31 March 2025 Company registèred number: 2721809 2025 2024 Notes Fixed assets Tangible assets Investments 6.765,774 4.838.676 6,806,558 4.783,163 10 11,604.450 11,589,721 Current assèts Debtors Cash at bank and in hand 11 108,652 2,094,692 127.545 1,428,456 2,203,344 1.556,001 Creditors: Amounts falling due within one year 12 (386,183) (401,487) Net ¢urr•nt as8•18 1.817.161 1,154,514 Total assets less Gurr•nt liabilities 13.421,611 12,744,235 Credltor8'. Amounts falling due after more than one year 13 (58,333) (128,333) N•t assets 15 13,363,278 12,615,902 Fund¥ Unrestricted Funds 14 13,363,278 12.615.902 Total fund8 13,363,278 12.615,902 The financial statements have been prepared in accordance with the provisions applicable to entities subject to the small companies regime. The notes on pages 22 10 32 form part of these financial statements. These financial statements were approved by the Board of Trustees and authorised for issue on 9 September 2025 and are signed on behalf of the Board by.. Dr Robert Christopher Horsburgh Chair of Trustees Page 20
ST VINCENT'S CHARITABLE TRUST Statement of Cash Flows for the year ended 31 March 2025 2025 2024 Cash flows from operating actlvSti•s Net cash provided by operating activities 683.115 650.341 Cash flows from Investing activities Investment income Purchase of langible fixed assets Purchase of investments Proceeds from sale of investments 227,475 (192,657) (340,775) 289,078 179,659 ( 219,648) (1,909,302) 1.837.742 Nel cash (usod In) Inv•stlng a¢tlvities { 16,879) (111,549) Net In¢reas• In cash 666.236 538,792 Cash brought forward at 1 Aprll 1,428,456 889,664 Cash carrled forward at 31 March 2,094,692 1,428,456 a) Reconclllatlon of n•t movement In funds to not cash flow from operatlng a¢tlvltlo8 2025 2024 Net income for the year 747,376 1,228,359 Adjustment for: Depreciation (Gains) on investments Investment income Decrease in debtors Decrease in credltors 233,441 224,632 (3,816) (605,059) {227.475) (179.659) 18.893 4,255 {85,304) (22,187) 683,115 650,341 Page 21
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 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 regisiered office is: Wiltshire Lane, Eastcote, Pinner, Middlesex HAS 2N8. Basis of preparation The financial statements have been prepared under Ihe Companies Act 2006 and the Charities Act 2011, and. in accordance with the Charities Slalement of Recommended Practice (Charities SORP (FRS 102)). and Financial Reporting Standard 102 (FRS 102). The financial staternents 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 cosl or transaction value unless otherwise staled in the relevant accounting policy. Going conc•m No material uncertainties exlst about the ability of the charlty 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. Incom• Whilst all income Is recognSsed once the company has entitlement to the income. It is probable thai 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 executor{s) to the Trust Ihat a dislribution 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 nolified of the executor's inlenlion to make a distribution. Where legacies have been notrfied lo the company, or the company is aware of the granting of probate, and the criteria for income recognition have nol been met, then the legacy is treated as a contingent asset and disclosed if material. Other income is recognised In the period In which il Is receivable and to the extent the goods have been provlded or on cornpletion 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 upon nolification of the interest paid or payable by Ihe Bank. Expenditure Expendilure is recognised once there is a legal or constructive obligation to transfer economic benefit to a thlrd 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 direcl 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 nol 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. Page 22
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 ACCOUNTING POLICIES (continued) Expendlture (continued) Charitable activilies 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 depro¢iation All assets costing more than £500 are capitalised. A review for impairment of a fixed asset is carried out rf events or changes in circumslances indicate Ihat the carrying value of any fixed asset may not be recoverable. Shortfalls between the carrying value of fixed assels and their recoverable amounts are recognised as impairments. Impairment losses are recognised in the Statement of Financial Activities incorporating Income and Expenditure Account. Tangible flxed assets are carried at cost, net of depreciatlon and any provision for Impalrment. Depreclation 58 provided al rates calculated to 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 Flxtures and fittings 20/0 Straight line 200/0 reducing balance 100/0 125Vo Straight line Investments Investrnents are a form of financial Instwment and are Initially recognlsed at thelr transaction cost and subsequently measured at fair value al the Balance Sheet dale, unless fair value cannot be measured reliably in which case it is measured at cost less impairment. Investment gains and losses. whether realised or unrealised, are combined and shown in the heading 'Gainsl{losses) on investments, in the Statement of Financial Activities incorporating Income and Expenditure Account. Debtor8 Trade and other debtors are recognised at the settlement amount after any trade discount offered. Prepayments are valued al the arnount prepaid net of any trade discounls due. 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 dale of acquisition or opening of the deposit or similar account. Liabilitles and provisions Liabilities are recognised when there is an obligation at the Balance Sheet date as a result of a past evenl. it Is probable that a transfer of economic benefit will be required in settlement, and the amount of the settlement can be estimated reliably. Liabilities are recognised at the amount that the company anticipates it will pay to settle the debt or'the amount it has received as advanced payments for the goods or services it musl 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 Penslons 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 23
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 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 oul 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 8elllement value with the exception of bank loans whlch are subsequently measured at amortised cost using thè effective inlerest method. 1.13 Critlcal accountlng estimates and areas of Judgement In preparing these financial statements the Trustees have had to make estimates and 8ssumplions that affects the amounls recognised in these financial statements. Estimates and judgements are conllnually 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 deprecialion. Page 24
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 Donations and legacles 2025 Total 2024 Total Unrestrlcted Restrlcted Donations 9,296 9,296 6,924 9,296 9,296 6,924 Incomo from charitabl• activitles 2025 Total 2024 Total Unrestricted Restricted Residents, fees 5.111,847 5,111,847 4,656,627 Investment Income 2025 Total 2024 Total Unr•strlcted Re8trlcted Rental income Income from listed investments Bank interest Grazing rights 97.532 73,094 53,299 3,550 97,532 73,094 53,299 3,550 70,012 73,130 33,179 3,338 227,475 227,475 179.659 Page 25
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 Expenditure on charitable activities 2025 2024 Consultancy fees Repairs and maintenance Provlslons Utililies and rates Legal and professional Medical Laundry Training Insuranc8 Registration and subscriptions Other costs Travel and transport Premises costs Residents, welfare Marketing Print, postage and stationery IT and websile costs Staff uniforms and welfare Consumables Staff costs (note 8) Depreciation 29,145 171,273 148,710 124,059 3.946 127.731 11,554 24,085 59,075 13,543 28,795 4,234 41,323 50,945 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 3,092,073 224,632 15.326 80,951 13,754 67,619 3,325,205 233,441 Governance Audit fees Accountancy fees 11,916 2,364 11,280 2,256 4.588,994 4,225,728 Analysls of expenditure by actlvlly 2025 Total 2024 Total Staff costs Depreclatlon Other costs Ralsing funds Investment management 20,840 20,840 2,663 Charitable activities Governance costs 3,325,205 233.441 1.016,068 14,280 4.574.714 14,280 4.212.192 13,536 3,325.205 233,441 1,051,188 4,609,834 4,228,391 Page 26
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 Net Incom• This is stated after charging: 2025 2024 Depreclation Auditor's remuneration - audit Auditor's remuneration - accountancy 233,441 11,916 2,364 224.632 11.280 2.256 Staff costs 2025 2024 Wages and salaries Social security costs Pension costs 2.989,184 265,413 70.608 2,785.979 243,022 63,072 3,325,205 3.092,073 Number 2025 Number 2024 Average number of employees 91 99 Employees earning £70,000 - £80,000 During the year. no Trustees received any remuneration. benefits in kind or reimbursed expenses {2024: £nil). The total remuneration (Includlng taxable benefits and employer's national insurance and pension contribulions) of the key management personnel for Ihe year was £244,582 {2024'. £209,898). The key management personnel are considered to be the General Manager, Clinical Services Manager, Finance Manager, Quality Governance Manager and Facilities Manager. Page 27
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 Tangible fixed assets Freehold property Motor vohiGI•s Fixtures and flttlngs Total Cost or valuation At 1 April 2024 Additions Disposals 8,908,348 41,864 964.962 192,657. (39,833) 9,915,174 192.657 {39,833) At 31 March 2025 8,908,348 41,864 1,117,786 10,067,998 Depreciation At l Aprll 2024 Charge for year Released on disposal 2,513,310 144.263 36,832 1,006 558,474 88,172 (39.833) 3,108,616 233,441 (39,833) At 31 March 2025 2,657.573 37,838 606.813 3,302,224 Nét book value At 31 March 2025 6,250.775 4,026 510,973 6,765,774 At 31 March 2024 6,395.038 5,032 406,488 6,806,558 Page 28
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 10 Inveslments Programme related Investments Investment land & property List•d securltles Total Valuatlon At 1 April 2024 Additions Disposals Revaluation 1,690,000 910,000 2,183,163 340,775 (289,078) 3,816 4.783,163 340,775 (289,078) 3,816 Al 31 March 2025 1,690,000 910,000 2,238,676 4,838,676 Historical cost At 31 March 2025 420,000 427,545 2,125,787 2,973,332 At 31 March 2024 420,000 427,545 2,060,182 2,907,727 All the fixed asset investments are held in the UK. The investment property was valued by Robsons on 41h April 2024 and the Trustees believe the valualion has not changed since then. The programme-related investment and Investment land were professionally valued at market value by VDBM, chartered supieyors in October 2023 and the Trustees believe the valuation has not changed since then. 11 Debtorn 2025 2024 Trade debtors Prepayments and accrued income 67,571 41.081 86,866 40,679 108.652 127,545 Page 29
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 12 Creditors: Amounts falling due withln one year 2025 2024 Trade creditors Other tax and social security Other creditors and accruals Accruals and deferred income 35.963 60.964 70,611 218.645 97,062 56.425 50,719 197,281 386,183 401,487 13 Credltor8: Amount8 falllng due after more than on• year 2025 2024 Accruals and deferred income 58.333 128.333 This balance has arisen due to tenants paying rent uplront 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 30
ST VINCENT'S CHARITABLE TRUST Not•s to the Flnanclal Stat•m•nts for tho year frnded 31 March 2025 14 Unr••trlct•d Fund• 8alanc• a¢ 1 Aprll 2024 In¢om• Exp•ndllur• Tr•nsf•r$ Galn B•lanc• at 31 M•rch 2025 D•slgnatqd fund• Public benefil fund Building ras•N• 358.203 700,000 1130,3991 1179,0001 174,831 370,C 405,435 891,000 1,056.203 S,¢JOO 1309,3991 544,631 1,296,435 G•n•ral fund• 11,559.899 5,348,394 14,300,435> 1544,8311 3,818 12.088,843 Toi41 lund 12,615,902 5,353.394 14,609,834) 3,816 13.363,278 Bal•nc• •11 Aprll 2023 In¢om• exp•ndllur• Tran•l•r• G•ln B•l•n¢• at 31 March 2024 D••lgnt•d fund• Public benefit fund Buildlng reserve 234,641 550,000 s,000 1139.7241 1146.200 256.286 296.200 356.203 7CQ,OC 784,841 s.000 1285.924 552.486 1,056,203 Gen8r81 funds 10,6D2.902 4,846.697 13,942.4671 1552.4861 605,059 11.559,699 Total lund8 11,387,543 4,851.691 14,228,391) 605,059 12,61 5,902 Publlc B•n•flt Fund.. Hald for the purposes ol provlding subsidlsèd rat•s lo r•sid8nts who would othèMis• b8 unabl8 10 afford th8 rnsld8nt 18•$. Bulldlng R•••rv•: Thlg 1$ held to cover any lar9e Items of expendlture appert8inin9 to the building. Page 31
ST VINCENT'S CHARITABLE TRUST Notes to the Financial Statements for the year ended 31 March 2025 15 Pénsion ¢ommitment6 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 contribulions payable by the company to Ihe fund and amounted to £70.608 (2024: £63,072). Contributions totalling £12,964 {2024: £11,400) were payable to the fund at the balance sheet date and are included in creditors. 16 Oporating lease commitments At 31 March 2025 the total of the Charity's future minimum lease payments under non4ancellable operating leases was: 2025 2024 Amount8 payable: Within 1 year Beeen 2 and 5 years 5,153 12.811 5,153 18,035 17.964 23,188 Lease payments recognised as expense 4,931 4,931 17 Related party transactions There were no related party transactions during the year. Capital commitments Capital commitments of £nil (2024: £54,590) were in place at 31 March 2025. Page 32