' ETh¥dO￿ ID.. FEE9AlA24￿144cw1F￿16OT65Qc4A Cornwall Care Limited Annual Report and Consolidated Financial Statements period from 1 January 2022 to 31 March 2023 Company registration T￿mber.. 03079623 Charity registralion number: 1053486 *ACHXFIBS" 0811212023 COAIPANIES HOUSE A14 OouJSlgn Envdopo ID.. FEE9A1A2iC144CCM1F&16078XW31 Cornwall Care Limited Contents Reference and Administralw Delals Directors, report (Incorporating Trustees. report arKI stralegK report) 21010 Independent Auditots, Report 11 to15 Consolidated Statement of Finarrial Activi 16to17 Consolidated Balan¢e Sheet 18 881ance Sheet 19 Consolidated Slatement of Cash FIcAvs Notes to the Financial Statements 21 to44 Docusign Envebpe D.. FEE9A1A2￿Cl44Cc041Fe-l6O78SC￿4A34 Cornwall Care Limited Reference and Administrative Details Diroctots Ms L Blackwood Ms S Clarke-Kuehn Mi E Lunt Ms N Warren Mr J Whilmore Mr P Williams Secrntary Ms N Seyrnour Register•d Offic• Sanctuary House Chamber Court Castle Street Worcesler Worcestershire WR1 3ZQ The d￿rits￿e company is incorporated in England and Wales. Company Registration Number 03079623 Charltable Company Regi$tralion Numb¢r 1053486 Solicitors Foot Antsey LLP High Water House Malpas Road TnJro TR1 1QH Bankers u0￿5 Bank PIC PO Box 128 8 Royal Parade Pl￿ne￿I￿ PL1 1LX Auditor PKF Francis Cl ststutory ALhJitor Lowin House Tregolls Road Truro TR1 2NA Page 1 Docu&gn Envdepe ID.. FEE9AlA2￿1HCc0￿lF￿l6O78Xc4A34 Cornwall Care Limited Directors, report {incorporating Trustees, report and strategic report) The Directors present their annual reKKJrL inwporating the Trustees. report and Strategic report, for the 15 month period to 31 March 2023 under Ihg Companies Acl 2006 together with the audiled consolidated financial stalefflents for the period and confirm that the latter ¢ompli8s with the requirements of the Act, the Articles of Asso(aation and the Charities SORP FRS 102. Tru5toe5 and OfficOT5 The trustees and officers seNing during the Jear and SIn￿ the year end were a5 follows.. D1￿Cl￿.. Ms H Bennett Iresi9ned 21 October 20221 Ms L Blackwood (appointed 21 October 2022} Ms S Clarke-Kvehn (appointed 21 October 2022) Mr J Day (resigned 21 October 2022) Mr l Harris lapwnted 13 Janvary 2022 and ￿Igned 21 October 2022) Mr O Law (resigned 21 October 20221 Mr E Lunt (appointed 21 October 2022) M5 T Sorensen OBE {resigned 21 Odober 2022) Mr P Stewart (resigned 21 October 20221 Mrs S Taylor {resNJrTred 22 October 2022} Ms N Warren (appointed 21 October 2022) Mr J Whthore (appc4nted 21 October 2022} Mr P Wiliams {4winted 21 O¢t(*)er 2022) Seuetary: Ms N se￿nour lapwinled 21 Oclober 2022} Objectlves and actfvitlos Objects and aims The Cornw￿1 Care Group's objects, as set ¢xrt in the group's AJtides of Asst￿￿1￿0n, are: lal lo promote the relief of and provide relief. support and assistanc* to indMduaLs by reason of old age, or physical or menlJ handicap, require speaal care and attentic¥): Ibl lo promote and prowde relief to thildren and youThJ pe￿e WIK) requi￿ special care and attention.. and l¢} lo promote, in particular the of. and provide support arKI assistsn￿ to. beneficiaries who are resident in or associated with the County of Comwall. the County of Devon and the Isles of Scilly. 'Beneficiaries' means the people referred to in the points above. Page 2 00gJSign Envelope ID.. FEE9A1A2ffjC144CCO.81F&1fOJ789JC4A34 Cornwall Care Limited Directors, report (incorporating Trustees, report and strategic report) Public beneflt The group's charilable obl￿tIveS are set ¢yJt above. Throuthoul the ￿ar the Directors have sought lo benefit the puNic ty. . providing care to those funded by means tested assistance from the Local Authority and Kernow Clinical Commissioning Group- and • lo conbnue lo work closely with the Local Authorities and the Kemow Clinical Commissioning Group on IM￿eMenting change in the way that Ca￿ for (Adef Feopk. those V•ilh dementia and those wlh leaming difficulties is provided. A5 such the Directors confirm that they comply with thgir duty lo have due regard lo the Charity Cornmission's guidance on pU￿1C benefft in exercising their powers and duties and consider it in all aspects of the Comwall Care Group's a¢tsvitses as r&fie¢ted throughoul the Directors, Report. Prln¢ipal Activlties Cornwall Care Limiteil (the Company) was incorporated on 8 June 2001 under the Cornpanies Act number 04231521. The Compan￿$ ultimate parent undertaking is Sanctuary Housing Association and the Company form5 part of the Sanctuary Grotjp of entities (the Sanctuary Group). The principal activity of the Company continues to be the provision of Ca￿ for adults and older people throughout Cornwall. Our dtents recEive qualty care seNices that a￿ provided in the followng ways.. . Care Homes: Our care homes provide caffj for older frail peop￿ and those with dementia. either on a pemianent bags or for rehabilitation and respite visits. Nursing seThices in operation in nine of these homes for the full year. Extra Care I Supported Living: A number of our properlies conlain I￿lependent living units which provide accommodation enabling adults vAlh mental health issues lo live semi-independent lives within the community. Home Care: ()Jr domiciliary and communty care services deliver care and related services to clients in their own ￿rnes. Page 3 DooJSkJn en¥ek?￿ ID". FEE9AlA2￿l44cCts81E￿16078Sc(4A34 Cornwall Care Limited Directors. report (incorporating Trustees, report and strategic report) Re$ulls and glft aid ￿YmeThts The conscAidaled results of the Comwall Care Group for the period ended 31 March 2023 are sel out on page 16. There was no gift ai¢J payment made for 202212023 to the Compan¥s ulit'male parent undertaking, Sanctuary Housing Assou"ab"on12021". £nill. ltsy ￿rfOrnianc0 indicators The Company manages the followwu bed spaces: Key performance indicators are shown in the tsNe below and compare the finanryal periods ended 31 Marth 2023115 monlhs) and 31st Decembo12021 112 months). .Ave'ragec(i¢rupancy". p:erweek Occupancy.#&'&.S￿f.tl)l*l,.btaSPa￿.IY•￿￿y￿l Page 4 DoL¥S￿n Envelope ID.. FEE9A1A2rt114CCO-B1F&1607850C4AY Cornwall Care Limited Directors, report (incorporating Trustees, report and strategic report) Revlew of business On 21 octc￿er 2022 Ihe Company became a Whol￿ owned subsidiary of Sanctuary Housing Association. Over recent years the Company had faced a c(Knbination of sedor-wide and organisalion specific challeThJes. Joining Sanctuary wll restore financial viability, improve the quality of the Compan￿$ assets through reinvestment and development, increase the elfi¢iency of the Companls support services ar)Y enhance local stakeholder relationships. A new strategic partnership has been forged with Comwall Council by Sanctuary which wll enable the tsyo organisalions to work dosety logether to ensure peo￿¢ in the County get htgh-quality care and support when they most need it. 2022123 saw Ihe stsrt of the. recovery on the care seck* fol¢y•ving the pandemic. Whilst Ihere ha5 been an increase in occupancy and income streams. the availability of stsff remained a challenge. During Ihis time. the Company has continued lo see operational teams rise lo the challerKJes presented and show(ase a commilment to residents. as well as their tenacity and ability to innovate to deliver a walty service. Recovery of ocujpancy has been slow and steady during 202212023 with some fluctuations resulting from the change to the e£Jnlractual agreement in place with the local authority. as a consequence of the change in ownership of Comwall Care Limited and Comwall Care Services Limited. At the start of ihe finanaal year I￿￿e homes were dosed. Trengrouse. Mountfoid and Headlands. Trengrouse was transferred badE lo Comwall Council wior to the acquisitKJn by Sant￿￿Ory Group. Comwall Care has gone through a pr￿sS of adopting SanctU8ry Care's working practices and govemanco to ensure homes meet Care Quality Cornmis5ion ICQCI. Intemal quality assurance monitoring accurately retiects the CQC inspection standard and the Company is committed to working with the CQC to maintain the ddivery of high quality care. Comwall ca￿,$ CQC compliance {rated G¢X•d or Outstsndingl is 92 per cent and is favourable to the sector average of 79 pef cent. Future developments Over the next 12 months the Company wll (￿nIlnue lo integrale systems and processes lo align wth the Sanctuary Group. wlh a focus on occupancy growth and cost ￿ntrOl. Investment into the home5 wll continue across the [￿rtfOlIO. Page 5 Dowsign Envdope ID.. FEE9AlA2￿c144Cc￿8lF&I6OT8￿A3¢ Cornwall Care Limited Directors, report (incorporating Trustees, report and strategic report) Princlpal rlsks and uncortalntles Principal risks The Company is a subsidiary of Sanctuary Hwsing Association and part of Ihe Sanctuary Group. The Company. as part of the Sanctary Group. operates a cOMp￿herIslve risk mapping process as part of ils annual business planning cycle. This prrxess identifies a number of extemal faclors affect both th8 Sanctuary Group and the Company. The Executive Committee and Griyjp Audit and Risk Committee revwi and scrutinise the risk maps all Sanctuary Group entilies. The Sanctuary Group Board approves the Sanctuary Group risk map. The principal risks for the Company induded in ts risk map cC￿s1￿ered by the Board during 202212023 are: Staff recruitment - The aknlity to recruit and retain qualified carers and nurses is a continuing challenge for all care home operatws. It impacts directly on the costs of operating care homes and the quality of care provided. The chalknge to effectively recruit and maintain adequate staffing levels is now being met head on. w7th pay increases for fronline staff in April 2022, investment in adve￿"$Ing and recruitment campaigns and incentives such as our Refer a Friend scheme and welcome payTnents. as well as enhanced trainirvj and career prcyes5ion opr*)rtunities. Longer term occupancy issues - The Company face5 competib.on from other care providers in th8 regions in which il operates. If a home were lo experience an increase in the volume of vacant rooms or Ihe duration of the vacancy, income slreams arKI wofitability of the care home will be impacted. The Company fftanages occupancy levds closely and ensures that the reiabon5hips il has with local authorities ar￿ olher commissioning bodies remain strong and that there is also an established proportion of sell lunding clients in each trKJme to en$￿￿ that rooms are filled promptly as they become vacant. . Changes to governmenl pc4icy. legislation and regula11L￿ - The Compan￿$ operations are dos8ly regulated by the Care auality Commission ICQC}. The consequences of nOn-￿mplIanc? with regulab.ons could btr swJnifi¢anl for the Company_ The Company has a robLrst audit system in place to ensure adherence to polioes and complian(* wilh wulatrry requirements. Changes to CQC compliance are Monito￿ lo ensure policies and proce&8es are updated. The upcoming Fair Costs of Cafe is awaiting further delails of tK)w it could impact the Company. The Company rnaintains a risk m8P that is rgviewed by the Board and also by the Sanctuary Group Audil arKI Risk Committee. Risks also include those around health and safety compliance. legislative requirements and contractual risks. Flnanclal flsk The Company has extemal debl finance in the forni of both an intefcompany loan with Sanctuary Affordable Housing Limited anil a loan wlh Comwall Couwl relating to the closure of the LGPS deferred benefit pension scheme. Further information is detailed in note 19 on page 38. The Directors Iherefore viw the overajl level of financial risk of the Company as h)w. Pw6 Docusign Envolopg ID.. FEÉ9A1A24t144CC￿ÈlF&I6D78scc4A34 Cornwall Care Limited Directors, report (incorporating Trustees, report and strategic report) Employee involvemenl Regular meetings are held be￿een senior managers and each business uniys management team to review progress and developments in business. Within each business unit the manager holds regular staff meetings lo ensure that the group's goals and objectives aTe fully understood. Views and opinions of members of stsff Irom around the whole Comwall Care subgroup are collated annually in an anony7nous We￿baSed slaff survey. Busines$ relationships The CcMmpan¥s relationship with key bu5tnes5 partners is integral to the success of the Company. Refer lo the business relationships section in Ihe s172 statement ￿ page 8. H¢alth and safety It is the dear intention of the Sanctuary Group to ensure. as far 8$ reasonabty praclicable. the health, safety and welfare at work of all its employees. The Sanctuary Group undertakes to comply. as a minimum, with the provisions of the Health and Safety at Work Act 1974 and other relevant legislation lo meet the oty'ective of achiewng ihe highest wssible standards. Investfflenl In technology Sanctuary Care has continued to rolkout kradbe. which is an In4￿uSe electroThc care planning app, as well as both electronic medication administration records {eMAR} and staff communications with the Kronos Dimensions app. Dedicaled trainin9 is being provided to stsff through the iMp￿￿en￿bOn of the new technology lo ensure a smooth transformation from the paper-based approach. In tiwne this will be extended lo Comall Care group of entities as part of the integration plan. Funds hold a$ custodian tnth on behall of others Details a￿ set cwt in note 25 to Ihe financial statements. Page 7 Do￿sIgn Envekipelo." FEE9A1A24t144CCtyBIF&160785(C4A34 Cornwall Care Limited Directors, report (incorporating Trustees, report and strategic report) Section 172 - Dlrectors. Dudes The Directors of the Company. as tIH)5e of all UK companies. must act in accordance with a set of general duties. These duties are delaled ￿ section 172 of the UK CoMpan￿S Act 2006 whith is summarised as follows= The Board consider. both irKIMdually and together. that th&y have acted in the way ihey consider. irb good laith, would be most likely lo profflote the success of the C(Mnpany for the benefft of its members as a whole Ihawng ￿3rd to the stakeholders and matters sot (yjt in s17211 Ilavfj of the Act) irb the decisions taken during the yE8r. In doing this, section 172 requires a direclor to have regard. amongst other malters, to the: the likely consequences of any decisions in the lon*temi: . the interests of the Companls emplo>ws; . the nee¢J to foster the Compan￿$ business relationshw￿ wth 8￿pIlers. clients and others. . the impact of the Compan￿5 operatK)ns on the c(￿MunitY and en￿ronfflenL • the desirability of the Company maintairdro a reputslion for high standard5 of business conduct," and . the need to act fairty as befvleen members of the Company.. Detailed below is how the Board has rnantained its commitment to promoting the success of the Company. Con$equène•s of d•clslon$ The Board promotes a strong culture of govem•)ce 7Mthin tho Company. and continually rnonilors performance through the vse of key perf(ffi)ance indicators. as outlined ￿ page 4. The long-tern strategy of the Company is embedded in the strategy of the Sanctsury Group, and detsils of the Corporate Strategy 2023-2026 fan be f(KJnd on the Sanduary <>oup website at https.'IlvThM.sancluary-grwp.co.ukJaboul-uslour-corporale-strategy Employoos The Company is committed lo equal opportunities in emplo>TrmenL Oui employees have the key responsibility of providirvj residents wth a quality level of care, and are fundamental lo our success. Our emplO￿e satisfacl￿n is monilored through employee engagement surve￿. and employees are invow in matters affecting their lunctiorts. It is Groijp wAicy to involve all employees in matters affecting th&r f￿ctiOns. At a formal level this lakes place through the Staff Courril Whe￿ management consult with elected staff ￿PresentatIVes. At an operational level a team briefing system i% in pla￿ lo keep all employees updated on ￿re Group bu￿neSS issues. Page 8 Docu&gn Envelope ID.. FEE9AlA2￿l44CCO-blF&Ieo78￿A34 Cornwall Care Limited Directors, report (incorporating Trustees, report and strategic report) BusIn￿$ relationships Our key customer is our respjents and the monitortng of (wr (x)mpliance CQCI ratings ensures we continue to provide a qualrty level of care. The Company is continually develLwing its use of techr￿lO9Y to improve our quality of resident Ca￿ and the strength of the SUPVY chain. Communlty & envlronmenl The impact of the Companls operations on Ihe community is integrdl to the actiwties of the Company and the Sanctuary Group of entitses. Sanctuary Group is a strong investor in communf(ies. investing over a million pounds in cash, time and rescAJrces each year. High standarf of wMlu¢t The Company meets the r￿dS of ts residents through conbnuous intemal and extemal monitoring. through the CQC regulators to conb'nuously improve the standard of Care we Fffjvide. Detsils ol the CQC ratings are gr¥en on page 5 rn the review of business. Act lairly between members The Companls sole memt)er is its parent undertaking Sanctuary Housing AssocAalion. We encourage honest conversations be￿en staff and managers al all levels. and through these ccfflversats.ons we work t(￿ether even MO￿ effectNely. Our inlention is to behave responsibly towards the stsff we employ and treat them fairfy and equalty. so they will benefil from Ihe SU￿SsIU1 deh'very of the Group's strategic pl￿. Pa98 9 Docusiw envdope ID". FEEg41A2-OC144CWIF&1e4J78XC4A31 Comwall Care Limited Directors, report (incorporating Trustees, report and strategic report) ststoment of Directors. responsibilities The Directors (who are also the directors of Comwall Care Lirnited for the purposes of company lawl are responsible for preparing the Directors. report lincorporaling Trustees, report and slralegic report} and the financial Statements in a¢￿dance with applicable law and United Kingdom Accovnting Standards (United Kingdom Generally Accepted A￿Unting Practice), including FRS 102 'The Financial Reporting Standard applicaNe in tr* UK arKI Republic ol I￿larKI". Company law requires Ihe Direclors to prepare financial statemer)ts for oach financial persod. Under company law the Directors must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the parent Gharitable company and the group and of the incoming resources and applThlK)n of resources, indudiny its income and expenditure, of the ¢haritable group for that period. In preparing these financial stste￿nts, the Directors are required to: select sulta￿e accounting policies and appty them con5islenlly. observe the methods ansj pvinoples in the Charities SORP.. make judgements and estimates that are reasonable and pruden¢ stale whether applI￿￿e accounb'ng standards. comprising FRS 102 have been followed. subj'ect lo any material departures disdosed and explained in the financial statements.. and prepare the financial statements on the going concem basis unle55 it is inappropriate to presume that the parent charitable ￿rnPany wbll f￿ntinUe in business. The Directors a￿ resFM)nsibJe for keeping Proper accounting records that can disclose wth reasonable accuracy al any b.me the financial position of the parent charitable company arhd the group and enable them lo ensure that the financial statements CoM￿Y ￿th the Companies AGt 2006. They are also responsible for safeguar¢Jing the assets of the parent charitable company and the group and hence for tsking reasonable steps for the wevention and detection of fraud and other irregularities. The Directors are respons*Ae for the maintenanc¢ and intwity of the ccffporate and financial information inclLKled on the charitable cDmpanls webstie. Legislation governing the preparation and disseminatKJn of financial statements may drffer from kgislation in otherjurisdictions. 30.11.2023 The annual report was approved by the Directors of the tharitsble company on signed on its behalf by. and M5 L Blackwood TTLislee Page 10 DGruSiw Envek)w ￿1". FEEgA1m2￿cl*4Cc(￿8lF￿16078Y￿4A34 Cornwall Care Limited Independent Auditorfs Report to the Members of Comwall Care Limited Oplnion We have audlted the finanoal slatemenls of Comwall Care Limited Ilhe 'charitable parent companrfl and ils subsidiaries {Ihe 'group'l for the period from 1 January 2022 lo 31 March 2023, which mprise the Consolidated Statement ol Financial A¢￿v￿e$. Consdidated Balance Sheet. . Balance Sheet, Con501idaled Statement of Cash Flows and Notes to the Finanaal Statements, induding a summary of signifKant accounting policies. The financial rewting framework that has been applied in their preparation is United Kingdom Accounting Standards. comprising Charities SORP - FRS 102 'The Financial Reporting Standard applicable in the UK and Republ￿ of Ireland, and applicable law Iunitetl Kingdom Generally Accepted Ac¥a)unting Practice). In our opinion the finanoal ststemenls.. give a Irue and fair of Ihe slate of the grtyjp's and parent tharitable CoMpan￿S affairs as al 31 March 2023 and of its incoming resources and application of resoufL*S, induding its income and expendrture, for the period then ended- have been properfy prepared in accordance wilh United Kiryd¢)m Generally AcLepted Accounting Practice,. arKI have been prepared in attordanee with the requirements of the Conynies Acl 2006. Ba$Ss for oplnlon We conducled our audit in accordance wilh InlemalKYtal Stsndards on Auditiro {UKI {ISAs IUKII and applicable law. Our responsibilities under those stsndards a￿ further described in the auditor responsibililies for the audtt of the finantsal stslements section of our report. We are independent ol the group in accordance wth the elhic81 requirements that are relevant to our audit of the financial statements in the UK. including the FRC'S Ethical StsrKlard. and we have fijlfilled our other ethical responsibililies in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our ownion. Conclusions relating to going concem In auditing the finanrAal slalemen15, we have conduded that the Direclors use of Ihe going concern basis of accounting in the preparation of the ffinancral swements is appropriate. Based on the work we have performed. we have rK*t identified any material LFncertainties ￿lating to events or ctsnditions that. indivKlually or collectively. may cast significant doubl on Ihe group'5 ability to continue as a going concern f￿ a period of at leasl iwefvo months from wh8n the original financial statements We￿ authorised fof Issue. Our responsibilities and the resporksibiliti.es of the tirectors with respect to going C￿CeM are described in the relevant sections of this report. Other infornbation The Oireclors are respc￿s•b1e for the other information. The other information comprises Ihe information included in the annual report. other than the financial statements our auditor'5 report thereon. Our opinion on the finan&al sialements does not cover the other information and. except lo the exlenl otherwise explicilty staled in our report, we do not express any lorm of assurance conclusion there￿. P&Je 11 OoEuSign Envefyjpe ID.. FEE9Al*2it1HCC￿1F￿16078W￿1d Cornwall Care Limited Independent Auditorfs Report to the Members of Comwall Care Limited In connection our audit of the finanaal statements. our resFonsibility is to read the other information and, in doing so. consider whether the oth8r infomiation is materially inconsistent wtth the financial statgments or our krTh￿edgft obtained in thg audit or oth¢Th¥ise appears to be materially missialed. If we klenlify such material inconsistencies or apparent material misstatements, we are required to deterniine whether there is a rnaterial misstatemenl in Ihe financial statements or a material misstatement of the other information. If. based on the work we have performed, we conclude that there is a material misslalement of this other inlormaticffl. ￿ a￿ required to report that fact. We have nothing to report in this regard. Oplnlon on other matter prescribed by tho Compani•s Act 21)06 In our opinion. based on the work undertaken in the course of the audit.. the information given in the arKI Direct(Y5' report lin¢orporalirvJ Tru51ee5' report and strategic report) for the financial pertod for which the finanaal statements are prepareil ts consistent wth the financial slalemenls- an the and Directors. report (incorporating Tru51ees' rek)Ort aThJ strategic report} have been prepare in accordance wilh applI￿ble legal requirements. Matters on which w? are required to report by ex¢eption In the ligh( of our knowledge and understanding of Ihe group and the parent charitable company and its environment obtained in the course of Ihe audil. we have not ideniified mateiial fflisstsloments in the arbd the Direclcrfs, rew)rt lincorporabng Twslees. report and strategic report) . We have noihing to report in respect of the foliowng matters where the Companies Act 2006 requires us lo report to you rf. in our wnion.. adequate acccyjnling records have not been kept by the parent tharitable cornpany, or retum5 adequate for our audit have r￿1 been received from branches not visited by us.. or the parent charitable company financial slalements are not in agreoment vrith the accounting records and rebjrns" or certain disdosures of Directors remuneration speafied by law are Mt made.. or we have not received all the infcvmation and eWanat¥)ns we requ*e for our audit. Re$ponslbllbtie$ of Directors As explained more fully in Ihe Staiement of [*reCt￿5, respK)n5ibilths {5et out on page 101, the Directors are resp￿sIble for the preparation ol Ihe financial 51atemenls and for being satisfied that they give a true and fair view. and for such inlemal control as the Directors determine is necessary to enable the preparation of finanual statements that are free from material mis5talemenL whether tlue to fraud or error. In preparing the financial 5talement5. the Directors are responsible for assessing the Charitable company's a￿lIty to conlinue as a gLxng concem, disclosing, as ap￿ICab￿. matter5 related to going concern and using the ging COr￿M basis of accounting unless the Directors either intend lo liquidate the charitsble company or to cease operatM)ns, or have no realistic allemalive bul lo do so. Page 12 DoGu&w Envew ID.. FEE9A1A24C144cCO41F8-160785C￿A34 Cornwall Care Limited Independent Auditorfs Report to the Members of Comwall Care Limited Auditor rpspon$ibiliti•s for the audit of th• financial statements Jr objectives are lo obtain reasonable assurance about whether the finwal statements a5 a Vh￿Ie are free from material rnisslalemenl. whether due lo fraud or error, and to issue an auditorfs report that in¢lu¢Jes our opinion. Reasonable assurance 15 a hvjh level of assurance, but is N)l a gLtarantee that an audit conducted in accordance ISAS (UK} wll ahvays detect a material misstatement when it exists. Misstatements can arise from fraud OT error and a￿ conSide￿d material if. individually or in the aggregate. they could reasonabty be expected lo influence Ule ectsnomic decisions of users taken on the basis of these financial statements. Irregularities. in¢luding fraud, are inslan¢es of non-compliance laws aTrJ regulations. We design procedures in line with our responsibilities, outlir*d above, to detect material misslatemenls in respect of irregularities. including fraud_ The extent to whi(* our procedu￿$ are capable of delecling irregularities. induding fraud is detaded belw. Pag&13 Do￿$s9n en¥•W i): FEE9A1A24C144CCM1F&16078WA34 Comwall Care Limited Independent Auditorfs Report to the Members of Cornwall Care Limited As part of our audit planning, we obtained an understanding of Ihe legal and regulatory framewo that is applicable to ihe Comwall Care group of compan￿. We gained an understsnding of the industry in whith the Cornwall Care Group operates as part of this assessment to identify the koy laws and regulations affecting the Comwall Care Group and parent cornpany. As part of thi5. ￿ reviewgd the Comwall Care Group's website for indicalion of any regulations and certification in pla¢e and discussed these with the relevant indiwduals res￿nsIble for compliance. The key regulations we identified were the regulations of the Care Quality commiss￿ (CQCI. as well as health and safely regulations. tax legislation.emK4oymenl law and breaches of The General Dats ProleGtion Regulation I°GDPR"). We also considered those laws and regulations that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We discJJssed with management how the Complian￿ these laws and wulalions is monitored and discussed policies and procedures in ￿ate. A5 part of our planning pr¢xe￿u￿. we assessed the risk of any non-complian￿ with laws and regulations on the Comwall Care Group and parent compan￿$ ability lo continue opefab'ng and the risk of material misstatement to the accounts. We also evaluated management's incentives and opportunities for fraudulent manipulation of the financial statements. Based on understsnding we designed our audit prccedures to identify non-compliance with such lavts and regulalKtrns. ￿r procedures invofved the frAlowng'. Enquiries of managgment regarding tr*ir knothlge of any n0n-c0mpjon￿ ￿ laws and regulab'ons that owld affect the finanual statgments. Rewew of CQC ratings and reports and enquiries of management in relation lo any ongoing CQC reviews and communications. Rewew of the Comwall Cwe Group's GDPR register and enquiries of the Cornwall Care &oup's )MplIan￿ officer as to the occurrence and outcome of any reportable breaches. Reviewed legal and professional costs to identify any possible non-compliance OT legal costs in respecl of non-compliance. We assessed the su$￿p￿bIlity of the finanrAal statements to material Mlsstaten￿nt through management override LY fraud, including in rel81ion to cash income and expentliture. accuracy of revenue rAJt off, and obtsined an understanding of the c￿ntrol$ in place to mitigate the risk of fraud. We also discussed with management whether there had been any instances of known OT alleged fraud, of which there wefe none. Based upon our understsnding we designed an(J conducted audit procedu￿$ induding.. Audited the risk of management override of controls. induding Ihrough testing journal entries and other adjustments for approprialeness. and evaluating the business rationale of 5ignifi¢ant transactions outside Ihe normal course of business. Reviewed estimates and judgemenis made in the accounts for any indicalion of bias and challonged assumptions used by managemenl in making the esbmates. 8ecause of the inherent limitstions of an audit. there is a risk that we will not detect all irregularities, including those leatling to a material misslalement in the finanaal statements. This risk increases the further removed non-complian¢o wth laws and regulatioris is from the events and transactions reflected in the finan¢ial statèments as we are less likely to become aware ol instances of non-compliance. The risk of rtot delecting a material misstatement due to fraud is higher than the risk of not detecting one resultsng from error, as fraud may invdve deliberate concealment. collusion, omission or misrepresentation. A further description of our respmsi￿lilieS is availabte on Ihe Financial Reporting Counal's website at.. www.frc.org.ukJauditorsrespon5ibilities. This dexription fofft￿ part of our audttorfs reporL Page 14 Dr*u&yn Envebpe ID.. FEE9A1A2iC1UCCO41F&1607850C Cornwall Care Limited Independent Auditorfs ReF)Ort to the Members of Comwall Care Limited Us• of our report This report is made solely to the charitat4e pafent companls Memb￿5. as a body. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken 50 that we mtrjhl slate lo ihe group's member5 Ihose matters we are required to stale to Ihem in an audilorfs report and for no other purpose. To the fullest extent pemiitted by law, we do not accept or assurne responsibilty lo anyone other than the charitable parent company its members as a l)c¥Jy, for our audit work, for this ￿port, ¢y for the opirbions we have formed. PAF Duncan Leslio (Senior Stalutsy Auditor) PKF Francis Clark. Stalulory Auditor Lowin House Tregolls Road Truro TR1 2NA Date=.. 0111212023 Page1S CknrAJSwn Envelcy ID.. FEE9AlA2￿C1uCC041F&16O7SX Cornwall Care Limited Consolidated Statement of Financial Activities Period from 1 January 2022 to 31 March 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Vnr•strlctod fund$ £000 Restrfcted funds £oDo Total 2023 £000 Income and Endowment$ fr¢)m: Donation5 and legaae5 Charitable aclivilbes Investment income Olher income 33 45.968 33 45.968 545 545 Totsl income 46,547 46.547 Expenditure on: Charitable acliwlie5 47.538 47.538 Totsl experKJitu Exceptional items (47.5381 3.666 147.5381 (3.666 Net expenditure Transfers betsveen funds {4,6571 {11) (4,6571 11 Other Tec¢gni$od gains and losses Gainsllosses on revalualion of fixed assets 39 39 Net movement in lunds {4.6291 (4,6181 Reconciliation of funds Total lunds brought foTh¥ard Total lurHJs ￿[ried fopward 19.814 216 20.030 21 15.185 227 15,412 The notes on pages 21 to 44 frym an integral part of these financaal slatements. Pa98 16 Do¢uSYJn Envelope10.. FEE9AlA?￿l44Cc081F￿lffj078￿A)4 Cornwall Care Limited Consolidated Statement of Financial Activities Period from 1 January 2022 to 31 March 2023 (Including Consolidated Income and Expenditure Account and Statement of Total Recognised Gains and Losses) Year ended 31 December 2021 Unrestricted funds £000 Restricted funds £000 Total 2021 £000 Note Income and Endowments from: Donations and legaoes Charitable activities Other In￿rne 50 38,067 2.265 38.067 2.265 Total ineome 40.382 40,382 Expenditure ¢)n: Charitable acliwlies 40.186 140,186 Total expern4ilu (40.186) 2,675 140.1861 2.675 Excepbond items Net income 2.871 2,871 Other re¢ognis•d gains and 10s$8$ Gainsllosses on revaluation of fLKed assets 676 676 Net movement in funds 3.547 3,547 R¢¢on¢iliation of funds Totsl funds broughl fo￿ar(F Totsl funds carried forward 16,264 216 16.480 21 19,811 216 20.027 Al of the group's activities derive from continuing operations during the above t¥vo perM)ds. The lunds b￿akdOWn for 2021 is ShCr￿ in note 21. The Th)les on pages 21 to 44 form an integral part of1￿? fwwKial statements. Pag¢17 DoLwSign Enwlry ID. FEE9A1A2JJC144CCO41F&16078 Cornwall Care Limited Consolidated Balance Sheet 31 March 2023 31 March 31 D•￿rnber 2023 2021 £ODO £000 Nol• Fixed assets Tangible asstrls 13 30.574 32.299 Current assets Stocks Debtors Cash at bank and in hand 15 16 17 1.801 2.720 736 2,675 3.256 2,281 5.257 8,212 (6.844) Croditors: Amounts falling du• within on• ￿ar 18 7.210) Net current {liabillti•sllas$•ts Total assets less current liabilities {1.953 1.368 28.621 33.667 Creditors: Amounts falling dua aft•r more than one yw 19 13.210 13,637 Net assets 15.411 20,030 Funds of th¢ group: Restrlcted incomè funds ReslTiCted fvnds 21 227 216 Unrestrided in¢om¢ fvnd$ Unreslrided fvnds 21 15.184 19.814 Total funds 21 15.411 20.030 The ffinancial statements on pages 16 to 44 were approved by the Directors. arKI autho¢ised for issue oAO:LI:2023 . and signed on th*r behalf ty. Ms L Blackwocrf1 Trustee The on pages 21 to 44 ftym an int¢gral part of th¥st fm8rri81 statements. Page18 Dowsign Envek)pe ID.. FEE9AIA2-CC144CCO.B1F&1601650C4K14 Cornwall Care Limited Balance Sheet 31 March 2023 31 Ma￿h 31 De¢omber 2023 2021 £000 £000 Notg Fixed assets Tangible assets 13 30.574 32.266 CuThent assets Stocks Debtors Cash al bank arKI in hand 15 16 17 2,720 661 3.245 2.266 3.392 5.511 Credit¢rs: Amounts lalling due withln on? year 18 18.2881 {6.2731 Net Current Ilabilities 762 Total assets less current liabilitie5 25.668 31,504 Credit¢rs: Amounts falling due after morn than one year 19 13.210 13,637 Net assels 12.458 17.867 Funds of the charitable ¢¢)mpany- Restricted income funds Reslricled funds 21 227 216 UnTeslri¢ted income funds Un￿$111cted funds 12.231 17,651 Total fund$ 21 12.458 17,867 The financi￿ slalements C￿ pages 16 to 44 were approved by the Dwectors, ar#J authorisgd for issue on30. 11. 2023 and siwed on their behaff by.. I4wF5￿1BlI7W........... Ms L 81ackwood Trustee The notos C￿ pages 2110 44 fomi an integral pwt otlhesg financial stsl•m•nts. Page 19 DocuSty3n Enve￿Pe KJ". FEE9A1A24)C144CCO41F&160785CUA34 Cornwall Care Limited Consolidated Statement of Cash Flows Period from 1 January 2022 to 31 March 2023 2023 £000 2021 £000 Note Cash flows from 0￿ratIng activities Net cash {expendTrlur9￿Inc0ffle (4,618) 3.547 Adju$bnent$ to cash fl£)ws from non•cash items Depreciation Investment income Inlerest payable Loss on disposal of fixed assets held for the group's own use Impairment loss on disposal of asset$ hekl for the group'5 own use Freehold property revalualK 1,308 1,193 722 1,042 419 39 677 (1.552) 4,482 Working capital adjustments Decrea5ellincrease} in stocks Oecrease in debtors Inuease in creditors Decrease in deferred inwme 15 16 18 19 874 (2,591) 33 1,120 500 1.012 Nel cash flow5 from operating actiwt*s 870 Cash flows from investing a¢livitles Interest feceivable and similar income Purchase of tangible fixed assets Net cash flows from investirMJ activiiies 13 614 1.007 613 1.007 Cash flows from ffinancing activities Interest payable and similar tharges Value of new loans obtained during the peri￿3 Repayment of h)ans arKI borrOY￿n9s Net cash flows from financing activities Net Idecreaseyincrease in cash and cash equivalents Cash and cash equivalents al 1 January (722) {419) 959 781 18 1,8021 241 (1.545) 2.281 1.296 Cash and cash equivalents at 31 March 736 2.281 All of the cash flows are derived fmm witinLNng operations during the above two peNJds. The notes cffi pa9es 21 to44 fomi an integral part of Ihese finanrial sts1wn￿ls. Page 20 Dorijsign EnVd0￿ ID.. FEÉ9A1A2iC144CCO41F&1PA)789)C4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 1 Charitable company sta￿S The Charitable company is limited by guarantee. incorporated in England and Wales, and cons¢quenUy does not have share capital. Each of the Directors is Irable lo contribute an amount not exceeding £1 towards the assets of Ihe charitable company in the event of liquidatign. The address of its registe￿ office is.. Sanctuary House Chamber CLXJrt Casue Street Worcester Worcesler5hiTe WR1 3ZQ 2 A¢countlng poll¢les Summary of slgnlficant ac¢ountlng pollcles and key accountlng •stlrnates The principal accounting policies applied in the preparation of these financial slalements are set out below. These policies have been consistenlly applied to all the ￿ar5 presented, unless otherwise slated. Staternont of complianc• The financial statements have been prepared in accordan￿ wilh Accounting and Reporting by Charities: Statement of Recommended Practice {ap￿ICable to chanties preparing their accounts in accordance wrth the Finan¢ial Reporting Standard applicable in the UK and Republic of Ireland IFRS 102}I (issued in October 2019} - (Charities SORP {FRS 1021). the FinarKial Reporting Standard applicable in the UK arkj Republic of IrelarKI {FRS 102) and the Companies Act 2006. Basis of preparatlon Cornwall Care Lirniled meets the defini11￿ of a public benefft enbty under FRS 102. Assets an¢J liabilibes are initialty recognised al historical cost or transaction value unless otherwise slated in the relevant accounting policy notes. Golng cOn￿M The prior yearfs rep¢)rt highlighted the final stsges of a merger. The Comwan Care Group was acquired by Sancluary Housing Association (part of the Sanduary Group) in September 2022. The 8CqUlSltion has Secured the going concem of the ComwaN Care Gr￿p. The directors can crmfimi that Ihere are no 0)n￿rn$ to rekK•rt and that the group wll meet its financFal obligations for the fO￿Seeable futu￿. The Board are confKlenl thal the group is aNe to continue as a going concern and the financial slalements have therefo￿ been drawn up on the going concem basts. Pag8 21 DwJS¥Jn Envelope ID.. FEE9A1A241C144cCO-8IF&1￿7OS￿ Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 2 A¢counting policies (¢ontinued} Crltl¢al a¢¢ountlng judg8m•nts and key sour¢•$ of estirnation un¢ertainty In the applicatic￿ of the group's accounting pdicies management is required lo make judgements. eslimales and assumptions about the caryng values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Aclual results may differ from these estimates. The estimates arKI undedying assumptions are rewewed ijn an ongoing basis. Revisths lo accounting estimales are reccvJni5ed in the period in which the estimate 15 revised il the revision affects only that period, or in the period of the revision and future periods rf the revision affects both current and future periods. The key judgement that has a signthcanl impact ¢Jn the fifta￿￿ statements is in respect of going eoncem, as described above. Other aecounting 8slimate$ The key sources of e51imats.on uncertainty Ihat have a significant effect on the amounts reccYJnised in the fmanu81 stalemonts are described belthv.. Land and building5. Properties are carried al valuatM)n. Thi5 require5 an esbmation of thg value of properties as al the balan￿ sheet (iale. and adjusting the carrying value aGcordingly. Trade debtors. Provision i% made against amounts whth are ￿)nSIde￿d doubtful on a specffic dient by client basis. The carrwng value of trade debtors at the year end s £2.029.00012021 - £2,772.0001. Income and endowmerrts All income is recognised once the Charitab￿ company has entiuement to ihe income. it is probable that the income will be received and Ihe amount of the income re￿1vable can be measured reliably. Donations andlegacies DonatJon$ are recognised when the d)aritable company has been notified in writiNJ of both the amount and settlement dale. In the event that a donation is subject to condilions that require a level of performance by the charitsble company before the d)arilable company is entided to the funds. the income is deferred arKI not reccYJnised unb"l either those conditi.ons are fvlly mel, or the fulfilment of those conditions is wholly wthin the control of the charitable company and il is probable that these conditions will be fijlfilled in the repcyting wiod. Legacy gifts are recognised on a case by case basis fdlom.ng the grant of probate when the adminislr8torlexe¢ulor for the estate has communi¢ate¢J in wribng both the amount and settlement dale. In the event that the gift is in the fom of an asset other than cash or a financial asset traded on recognised stock exchange. recognition is su￿.eCt to the value of the gtft being reliably meastjrable with a degree of reasonable accuracy and the ts"Oe lo the asset havin9 been transferred to the charitable company. P￿e 22 Oovisign Envelope ID.. FEE9AIA2-OC144cCO41F&1￿T8y)C4A34 Cornwall Care Limited Notes lo the Financial Statements Period from 1 January 2022 to 31 March 2023 2 Ac¢ounting polici•s Icontinuedl Grants re￿1vable Grants are recognised vthen the group has an entiljement to the funds and any con¢thtions linked to the grants have been mel. Where perfomiance coThJitKJns are attached to the grant and are yel lo be mel. the income is recognised as a liability and wKluded on the balance sheet as deferred income to be released. Investment Income Dividends 8re retx)gnised once Ihe dividend has been dedared arKI notification has been received ol the dividend due. Expenditure All expenditu￿ is recognised once there is a legal or c￿stnJct1ve obligation to that expenditure. it is probable settlement is required and the amount can be measured reliably. ￿1 costs are allocated lo the applicable expenditure heading that a99￿gate similar costs to that category. Where costs cannot be dire￿lY attributed lo particular headtngs they have been allocated on a bas15 u)nsistenl with the use of resources, with central staff costs allocated on the basis of time spent. and depreciation charges allocated on the Fh)rtion of ihe assefs use. Oiher support costs are allcrated based on the spread of staff cost5. Charitable 4¢tivitie$ Charitsble expenditure comprises those costs incurred by the chariiable company in the delivery of ils ath"vities and Services for its beneficiaries. It indudes both costs Ihat can be allocated dtrectly lo such activities and those costs of an Indire￿ nature necessary to support them. Support costs Support costs include central functions and have been allocated to activity cost categories on a basis consislenl wilh the use of resources. for example, allocaling property costs by flo￿ areas. or per capita. staff costs by the time spent and other costs by their usage. Tax*ion The charitable Company is considered to pas$ the tests set out in Paragraph 1 SthedLFle 6 of the Finance Act 2010 and therefore il meets the definilion of a charitable cornpany for UK corporation tax purposes. Accordingly. the Charitab￿ company 15 potentially exempt from taxation in respecl of income or capilal goins received within categories wvered by Chapter 3 Part 11 01 the Corporation Tax Act 2010 ¢y Sedion 256 of the Taxation of Chargeable Gains Acl 1992, to the extent Ihal such income or gains are applied exdusivety to Charitable purposes. Tanglble Ilxed assets Properties are recorded at valuation. AJE other fixed assets are initsally recorded al cost. less any subsequent accumulated depreuation and subsequent accumulated impairment losses. Page 23 OotrJSiw Envelope ID.. FEE9AlA?￿l*4CCO-bIF￿l6o76$)c4A34 Cornwall Care Limited Notes to the Financial Ststements Period from 1 January 2022 to 31 March 2023 2 Accounting policles {¢ontinu•d Dtpro¢iation and amortl$atlon Deprecialion is promded on tangible fixed assets so as to write ofl the cosl or valuation, less any estimaled residual value. over their expected useful economic life as follows". Assot ¢lass Freehdd propety Long leasehold properties Computer equipment Fixtures. ffftin9s and other equipment Motor vehides Long tem equipment Photo voltaic panels Depreciation mothod and rate 2% straight line over Ihe term ol the lease 25% straighl line 25% $trai9hl line 25% straighl line 10% straighl line 4% straight line Research and development Research and develoF4nent expenditure is Written off as inrJJfred. Stock Stock is valued al the lower of fXJSt and estimated selling price less costs to complete and sell, after due ￿gard for obsolete and slow moving stod(s. Cosl is determined usiThJ the first4n, fifSt-OUt IFIFO}. Trade debtors Trade debtors are amounts due from custc¥ners for mer(*andise sokj or seNces pertomied in the ordinary course of business. Trade debtors are recognised initialty at the transa(*on price. They are subsequently measured at amortised cost using the effective interest methoj. les5 prowsion for impairn￿nt. A provision for the impairment of trade debtors is established when there is objective evidence thal the charitable company will not be able to cdlect all amounts due a¢t4)rding to the original temis of the recetvables. Cash and cash equlvalents Cash and Cash equivalents ￿n￿riSe cash on hand arKI call depo￿ts. and other 5hort-term highly liquid investments that are re8JJily convertd)le to a knovm amount of cash arKI are subje¢t to an insignificant risk of changè in value. Page 24 Ck)piSvJn En¥ek)pg ID.. FEE9A1A2￿c144CcQ.8lF&1￿7B5OC4A3d Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 2 A¢¢ounting polici•s {¢ontlnued) Trad• creditors Trade credilors are Obliga￿n$ to pay for gocxjs or services that have been acquired in the ordinary courstr of busine$s from suppliers. Aw)unts payable are classified as currenl liabilities rf the charitable company d*s not have an urKonditional rKJht. at the end of the ieporting per￿. to defer set￿eMent of the ￿edrtor for at least tsvelve months after the reporting dale. If Ihere is an un¢ondilion81 right lo defer seitlement for at least months after the reporting date, they are presented as non-curyenl liabil￿es. Trade Creditors are ￿C£YJn1sed inilially al the tsansacb¢)n wice and subsequ$nlly measured al amortised cost using the effective inleresl method. Borrowings Inlerest-bearing tQTrcMings are inilialty recorded at fair value, nel of transaction costs. Interest-bearing tKJrrowings are subsequgnuy carried at amortised cost, with the dtfference beNveen the procegds. nel of transaction costs, and the amount due on redemption being reGognised as a charge to the Statemenl of Financial Activities over the period of the relevant borrowing. Interest expense is recognised on the basis of the effective interest method and rs indLKled in interest payable and sirnilar charges. Borrowings are classified as current liaixlities unless the charitable company has an uncondilional right to defer setilement of the Iratxlty for at least Iwelve mnths after the reporting date. Fund strudure Un￿Stricted In￿Me fvnds are general funds Ihat are avarf*)le for use at the Directors discretion in furtherance ol the obJ'e¢ts"ves of the group. Desvjnated funds are unrestricted funds set aside for $peThf￿ pur￿Se$ at the lis￿ellon of the trustees. Restricted income funds are those donaled lor use in a parliojlar area or for Specif￿ purposes. the use of which is restricted lo that area or purpose. P•n5ions and other post retirem•nt obligations The group operates a defined contn.but￿n pension Scheme which is a pension plan under which fixed nlribulions are paid into a pensKJn fund and the group has no legal or construcb.ve obligabon lo pay fvrther (x)niributions even if the lund does not hold sufficient assels lo pay all ernployees the benefits relating to employee seNce in the ￿ffent and prior p8ri&ts. Contribution5 lo defined conlribution plans are roujgnised in the Statement of Financial Activities when they are due. If contribution payments exceed the contributlon due for seryice, the excess is recognised as a prepayment. Pw25 DrKuSign Envebpe ID.. FEE9A1h24K144CCO-BIF&1f4J78￿¢4Ay Cornwall Care Limited Notes to the Financial Ststements Period from 1 January 2022 to 31 March 2023 2 k¢ountlng poll¢les Icontinued) Financial instruments Thg group has elected to appty the provi5tons of Section 11 Basic Financlal InstnJments' and Section 12 '0ther Financial Instrumenls Issues. of FRS 102 to all of ils financial instruments. Financial instruments are recognised %then the group becomes paty to the contractual provisions of the instnjment. Financial assets and liabilibes are offset, wth the net amounts presented in the financial slalements, when there is a legalty enforceable right 10 Sel off the recognised amounts and there is an intention to setlle on a net basis or to realise the asset and setlle the liability Simultaneou￿Y. Basi¢ financial assets. which include trade and other debtor5. amounts due Irom group undertakings and ¢ash and bank balances, are iniliamy measured al transaction price induding transaction costs and ar8 subsequently carried at amortised cost. Financial assets are de￿cogniSed only when the contractual rights to the cash Ilows from the asset expire or are setlled. or when the company transfers the ffinancial asset and substantially all the risks and rewards of ownership to another entity. or rf some significant risks and rewards of ownership a￿ retsined but control of the asset has translerred to another party that is able 10 Sell the asset in its entirety to an unrelated third party. Basic finanaal liabilities. inclL*thng trade and other ¢reditoYs and amounts due lo group Llndertakings are initially recognised at transaction price unless the arrangement constitutes a financing transaction. where the debt tnslrumenl is measured al the present value of the future payments discounted at 8 market rale of interest. Debt instruments are subsequenuy ￿rried al amortised cost, using tho effective interest rate method. Finanual liabilities are d*rftwgnised when. and onfy when, the mpanls cDnlraclual obtigations are dischwged. cancelled. or they expl￿. Investments Investments in subsidiaries are measured al cost less impainnent. 3 Income from donations and legacies Unrestrl¢t•d funds General £000 Total funds £000 Donations and legacies: Donations from individijals Grants. including capilal grants- Grants from other charities 23 10 10 Total for peri)sts 33 1.308 1.193 26 {2.6751 10 Trustees remuneration and expenses No director5 of the company received remuneration in the year (2021'.2 directots re￿ived £24,000). No directors r￿1Ved r￿Mbur5ernen1 for travel costs and subsistenco for atterKling meetings and training courses. The company has Directors and Officers Liabilty insurance with R¢)yal aTrJ Sun Aliance which provides £2m of indemnity insurance for the directors_ 11 Staff costs The aggwate payToII ￿$ts were as I￿Ows. 2023 £000 2021 £000 Staff ¢o$ts durlng the perlod were: Wage5 and salaries Social security costs Pension costs 26,785 2.181 24.235 1.782 500 29.624 26.517 The monthly average wmber of persons {indudirvJ senior M￿gement I leadership team) employed by the group dumg the perifyj exwessed as bme equivalents was as follows.. 2023 No 831 136 2021 Care services Management and Administration 663 176 967 839 Do￿SIgn Envdopg ID.. FEEgA1A2<¢1¥4Cw1F8-16078￿A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 12 Taxation All of the parent companls income is a￿led tharilable purposes aThJ therefore the company is exempl from c4Jrporation tax, lThever the trading subsNJiaries are subject lo c(vp￿tIOn tax. No tax has been accrued for the profits of the trading sub5Trdiaries as the gift a*Y payment will be made before 31 D￿ember 2023. nine months after Ihe end. 13 Tanglble Ilxed assets GTOUP Land and Furnlture and building$ equipment £000 £000 Motor vehicles £000 Total £000 Cost At 1 January 2022 Revalualior15 Additions Disposals 29.496 (8061 6.050 {1251 190 35.736 (931) 614 1.173 865 At 31 March 2023 27.825 6.223 34,246 D•pro¢iation At 1 January 2022 Revaluations Charge for the year Eliminated on di$￿SalS 496 (8501 468 89 3.43S {9411 1.308 (130 191) 797 (123 43 At 31 March 2023 107 3,433 132 3,672 Net book valuo At 31 March 2023 27.718 2.7W) 66 30.574 At 31 December 2021 29.O¢XI 3.2CQ 101 32,301 Included wilhin the net b￿k value of land and buildings above is £10.308,689 {2021 - £6,160,246} in respect of freehdd land arKI ￿Nkling$ antj £17.409.000 {2021- £22.838,9801 in respect of leaseholds. P•Jg 31 Docu&gn En￿￿pe ID." FEÉ9A1A24JC1UCCO41F&160Y8YK4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 13 Tanglblg flx•d assets (continued) Charltable company Land and Furniture and building$ èquipment £000 £000 Motor vehiclgs Total £000 Cost At 1 January 2022 Revaluations Additions Disposals 29.496 I8(￿) 5.925 35.611 (8061 614 1.173 308 At 31 March 2023 27.825 6.223 198 34,246 Depreciation At 1 January 2022 Revaluations Charge for the year Eliminated on disp05als 496 1850} 2.759 89 (8501 1,308 (130 797 123 43 At 31 March 2023 107 3.433 132 3,672 Net book valu• At 31 March 2023 27,718 2.75YI 30.574 At 31 Dec*mber 2021 29.000 3,166 101 32,267 Induded withrn the net b¢￿k value of land and buiklings above is £10.308,88912021 - £6.160.246) in respect of freehdd land and t￿ildIng$ and £17.409.00012021- £22.838.980) in respect of leaseholds. Page 32 0￿￿$15n EnvebpB ID.. FEE9A1A2.LflUcCO41F&160785￿4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 14 Fix•d asset investments Charltable company Shares in group undertakings and participatlng Interests Subsldiary undertakings £000 Cost Al 1 January 2022 At 31 March 2023 Provision for impairn*nt At 1 January 2022 At 31 March 2023 Net b(¥ok value Al 31 March 2023 Detslls of undertaklng$ Details of the inveslments in which the charitsble company IK)k1s 20% of the nominal value of any class ol share capilal are as follows= Country of incorpor•tlon Proportion of voting rights and shares held 2023 2021 Principal activity Undertaking Holding Subsidiary undertaklngs Cornwall Care EnglarKI and Services Limited Waes Ordin 100% Care services 100% Cornwall Care Property Limited Englarbj and Wales Property developer Ordinary 100% 100% r*j￿sKJn En¥eknpe ID.. FEE9A1A24￿I￿4Cc0.8lF&1￿78sCC4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 14 Fixed asset investments (continuedl Subsidlarigs The profil for the finanual peric#J of Comwall Care SerV￿es Limited was £1,537.000 12021 £1,263,000} 8nd the aggregate amount of capilal and reserves at the end of the period was £3.779,000 (2021- £2,204.000}. The loss for the financial period ol Comwall Care Property Limrted was £896.000 (2021 - £{19,00011 and the aggregate am¢xJnt ol Capital and reserves at the end of the period was £1829,000) 12021 £67.000). The shares in Comwdl Care prO￿ty Limited are held by Comwall Services Limited, a vthc4ly owned subsidiary of Comwall Care Limited. 15 Stock Group 2021 £000 2,675 Charlty 2021 £000 2023 £000 2023 Development properties Consumables 1.801 2.675 16 Debtors Group 2021 £000 2,772 153 331 Charity 2021 £000 2.772 142 331 2023 £000 2.029 97 594 2023 £000 2.029 97 594 Trade debtors Prepayments Accrued income 2.720 3.256 2.720 3.245 Page 34 Do￿sign Énveknpe D.. FEE9A1A24)C144CCM1F&1eo7850C4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 17 Cash and cash equlvalonts Group 2021 £000 10 2.271 Charity 2021 £000 10 2,256 2.266 2023 £000 2023 £000 Cash on hand Cash at bank 725 6SO 736 2.281 661 18 Creditors: amounts falllng due wlthln one y￿r Group 2021 £000 700 1,248 434 Charlty 2021 £000 700 1.248 434 2.460 2023 £000 2023 £000 Bank loans Trade creditors Other loan5 Due to group undertakings Other tsxalion and social security Other cretlitors Accruals 1.397 261 1.268 4.117 1.321 1,447 1.697 1,2 4.117 235 1.197 7.210 6.847 8.288 6,274 Prye 35 Do￿sign Enwdlcp ID." FEE9A1A24C1Mc￿1F￿l￿T8sc(4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 19 Creditors: amounts falling du• aft•r one year Group 2021 £000 11.228 2.409 13.637 Charlty 2021 £000 11,228 2.409 13,637 2023 £000 2023 £ooD Bank loans Other loan5 13,210 13.210 13.210 13.210 Group Included in the creditors are the fdlowing amounts due afler mwe than five years.. 2023 2021 £000 8.679 After more than five yeaTr by instalments Charitable company Included in the creditors are the following amounts ¢hJe after more than five JEars'. 2023 £000 2021 £000 8.679 After more than five Yea￿ ty instslments Bank and other loans The company had tsvo bank toans in operation at the p￿r Jear er￿. during the period both balances wwe repaid. Other loan balances for 2023 indude an irrtra%roup loan agreemenl ente￿￿ in the year. The balance outstsnding at the year end was £11.3m 12021.. £nil}. The inlra group loan is held wth Sanctuary Affordable Housing Limited and is secured against fixed and floating charges over the assets of the company. Durin9 2019. the company t￿k a loan with Comwall Counril whith relates lo the settlement of the LGPS deferred benefit pension scheme taken up in September 2018 for £4.2m with an interest rale at 1.75% repayable over 115 months. The balance outstanding as at 2023 was £1.8m (2021.. £2.4ml. Page 36 Oocusign Enveljpe ￿.. FEE9AlA2￿l44Cc￿81F￿l￿785(w34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 20 Deflned contrfbution pension scheme The group operates a deefined conln"but*)n pension scheme. The pension wst tharge for the year represents contributions par4ble by the group lo the schem arnl amounted ￿ £493.729 {2021.. £438,630). The year end creditor in respecl of pension contributions was £64.736 {2021.. £150,450). 21 Funds Group Balance at 1 January 2022 £000 Incoming resources Balance at 31 March 2023 £000 Transfers £000 Unrestrided fvnds General General fund Pension post selllemenl lund Revaluati￿ Resefve 1.342 (2.7961 21.213 (4.316) 503 806 12.9851 {2,2931 20.407 15.129 19.759 (4.619) (11) Design•ted Homes, amenities account 55 55 Total unre5trictsd funds 19,814 (4.619) (111 15,184 Restricted funds Huddy legacy 216 227 Total funds 4,619 15,411 The Homes. 8menities accounts are to provide minor 1￿MfOrt$ a￿1 benefits for residents in consultation wlh the residents and slaff. The Huddy legacy is for the benefit of resKlenls at Trevarna Care Home. Page 37 Ducusign Env•W ID.. FEE9A1A241c1HC￿lF￿16O78x￿4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 21 Fund$ leontinued) Balanco at 31 December 2021 £000 Balance at 1 January 2021 £000 Incomlng resources Unrestricted funds General General fijnd Pension post selllemenl fund Revaluation Reserve 11.0981 13.2301 20.537 16.209 2,440 434 676 1,342 12.7961 21.213 3,550 19.759 Dg$lgnat8d Homes. amenities accojnl 55 55 Total unrestricted funds 16.264 3,550 19,814 R•strict•d funds Huddy legacy 216 216 Total funds 16.480 3.550 20.030 P*Je 38 Oovisign Énvdopv ID.. FEE9A1A24f1•ACCM1F&16076Y￿4A￿ Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 21 Funds {¢ontlnu¢d) Charity Balance at 1 January 2022 Incoming rnsourc•s £000 Balance at 31 March 2023 £000 Transfvrs £000 UnrestrS¢led funds General General fund 1821) (5,106) (11) 15.938} Designated Homes. amenities act￿nI 55 55 Other Pension post settlement Revaluation reservo 12,796) 21.213 503 (2.2931 20,407 18.417 303 18,114 Total unrnstricted funds 17.651 15.4091 12,231 Restricted lunds Huddy legacy 216 227 Total funds 5,409 12.458 Page 39 DovJSign En¥ebpe D.. FEE9A1h2iC144c￿B1F￿l￿78scC4A5I Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 21 Funds (continu•d) BaTanu at 31 De¢omber 2021 £000 Balance at 1 January 2021 £000 In¢omlng Wesour¢¢s £000 Unrestricted fund$ General General fund (3.475) {821) Designated Homes, amenities account 55 55 Other Pension post settlement Revaluaticffi reserve (3.230) 20.537 434 676 {2,796) 21.213 17.307 1.110 18.417 Total unr¢strl¢tsd funds 13.887 17.651 Restricted funds Huddy legacy 216 216 Total funds 14,103 3,764 17,867 Page 40 Doc¢tSkJn Env*)w ltr. FEE9A1A2-OC1I4CCO41F&160785LW34 Cornwall Care Limited Notes to the Financial Statemenls Period from 1 January 2022 to 31 March 2023 22 Analysis of nèt assets between funds Group Total Pension Funds as post at31 G¢n•ral Designatgd Revaluation settlemont Restrlded ￿¢0mboT Fund Fund Reserve Fund Fund 2023 £000 £000 £000 £000 £000 £000 10.183 20.407 30,590 4.975 5,257 17.210) (7.2101 10.917 13.210 Tangible f￿ed assets Current assets Current liabilities Creditors over 1 year 55 227 2.293 Total net assets 2,969 55 20.407 2.293 227 15.427 Total Penslon Funds as post at31 G•neral Designated Revaluation tsettlemont Restrictgd D￿ember Fund Fund Reserve Fund Fund 2021 £000 £ODO £000 £000 £000 11,087 21,213 32.300 7.941 8.212 {6.845) (6.845) 10.841) 113.637 Tangible fixed assets Cuirent assets Current Ik4bilities Creditors over 1 year 216 2.796 Total net assets 1.342 21,213 2.796 216 20.030 PwJe41 Dwjsign Envelope ID.. FEE9A1A24JC14-1C￿81F￿1G0785CcI￿34 Comwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 22 Analy$ls of not assets between fvnds (contlnuodl Charity Total Pension Funds as P05t at31 General Deslgnated Revaluatl¢)n settlement R•strl¢ted December Fund Fund Reserve Fund Fund 2023 £ooD £000 £000 £ODO £000 10.167 30.574 3,100 3,382 {8,288) 18.2881 10.917} 13.210 {5.938 Tangible fixed a55ets Current assets Currenl liabilities Creditors over 1 year Totsl nel assets 20.407 55 227 2.293 55 20.407 2.293 227 12,458 Total Pension Funds as post at31 Genoral Dt$lgnatsd R•valuall¢)n sott18ment Restricted December Fund Fund Reserve Fund Fund 2021 £000 £000 £000 £000 £000 11,053 32,266 5,240 5,511 (6,274) 16.2741 10.841} 13.637 822 Tangible fixetl assets Current assets Current liabilities Creditors over 1 year 21,213 55 216 2.796 Totsl nel assets 55 21.213 2.796 216 17.866 42 .0￿1*S￿n env81ow ID.. FEE9A1A2iC144ccO-B1F&1e￿7B￿(4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 23 Analysis of net fund$ Group At 1 January 2022 £000 2.281 At 31 March 2023 £000 2,281 Cash al bank and in hand Nel debt 2.281 2,281 At31 De¢embgr 2021 £000 985 At 1 January 2021 £000 Cash at bank and in hand Nel debt 985 Charity At 1 January 2022 £000 2,266 At 31 March 2023 £000 2.266 Cash al bank and in hand Net debt 2,266 2,266 At31 December At 1 January 2021 £000 2021 £000 883 Cash al bank arKI in hand Nel debt 883 24 Rglateql party transactions Group There were no related party tranSact*￿S in the period. The company has taken advantage of expemption under Ihe term5 of FRS102 frcm disclosing related paty transactions th entities that are part ol the Comwall Care Limited group. P*J• 43 DoryJs￿rI EnV*k)￿l0. FEE9AlA2￿I44Cc0￿lF&1￿T85(C4A34 Cornwall Care Limited Notes to the Financial Statements Period from 1 January 2022 to 31 March 2023 25 Custodian trustee The company is custodian trustee of residents. savings bank accounts. The money held in Ihese bank accounis at 31 March 2023 was £41k12021". £46kl. These ac(x>unts are in the residents own names, are separate from the Compan￿$ own bank acc4)unt and are not induded in these financial slalements. Page44