Docusign En¥ÈlopÈ ID". 18E225A4-A43E4650-BE58-62E6FEDDDE23 NoR￿00D Taking on life together NORWOOD RAVENSWOOD (A Charitable Company Limited by Guarantee) Trustees. Annual Report and Financial Statements Forthe year ended 31 March 2023 IJGcorfid￿l F.INDRAISING REIXILATOR Patron HM Queen Elizabeth Registered Charity No. 1059050 Registered Company Nurnber '. 03262519 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 |Contents|Page| |---|---| |Charity Information|3 – 4| |Chairman’s Statement|5| |Trustees’ Annual Report (incorporating Strategic report)|6 – 22| |Independent Auditor’s Report|23 – 27| |Consolidated Statement of Financial Activities|28| |Consolidated Balance Sheet|29| |Consolidated Cash Flow Statement|30| |Notes to the Financial Statements|31 – 53| 2 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Charity Information Patron Her Majesty Queen Elizabeth Patron of Children’s Cherie Blair CBE KC Services Patron of Adults’ Services Norma Brier OBE Patron of Volunteering Chief Rabbi Sir Ephraim Mirvis Presidents Lord Jon Mendelsohn, Lady Nicola Mendelsohn CBE Honorary Life Presidents Sir Trevor Chinn CVO, David Ereira, Carol Sopher, Sir Evelyn de Rothschild (deceased 7.11.22), Clive Marks OBE Vice President Ronnie Harris Trustees and Directors Neville Kahn (Chair) Justine Harris Ronnie Harris (Vice chair) Philip Hertz (resigned 19.5.23) Angela Hodes Rachael Davis-Stollar Ben Freeman (Joint Treasurer) Tamara Finkelstein CB Gary Sacks Tim Isaacs (Joint Treasurer) Glynnis Joffe Senior Leadership Team Chief Executive Officer - Beverley Jacobson to 11.11.22 - Naomi Dickson from 16.1.23 Director of Finance and Corporate Services - Patrick Murphy Director of Fundraising, Communications and Community Engagement - Hazel Kaye to 20.8.22 - Liz Jessel from 12.10.22 Director of Services and Development - Caroline Taylor to 1.4.23 - Hannah Barnett from 1.4.23 Director of Human Resources - Steve Bennett Director of Change Management - Johanna Day to 31.1.23 Director of Risk and Compliance - Philippa Shirtcliffe from 1.4.23 Director of Major Projects - Caroline Taylor from 1.4.23 3 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 |Company Secretary|Patrick Murphy| |---|---| |Auditors|Grant Thornton UK LLP, 30 Finsbury Square, London EC2A 1AG| |Investment Managers|CCLA Investment Management Ltd, 85 Queen Victoria Street, London| ||EC4V 4ET| ||Sarasin & Partners LLP, 100 St Paul’s Churchyard, London EC4M 8BU| |Bankers|| ||Barclays Bank plc, 126 Station Road, Edgware, HA8 7RY| |Principal and Registered|| |Office|Broadway House, 80-82 The Broadway, Stanmore, HA7 4HB| 4 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Chairman’s Statement I am happy to share with you the Norwood Ravenswood Annual Report for the financial year ending 31 March 2023. I am incredibly proud to be Chair of this organisation, as it goes through an exciting time in its ongoing development, to ensure that it continues to provide a lifeline of support for vulnerable members of the community, now and in the future. An important aspect of being a communal charity is working to embed that sense of community and Jewish culture into each of our services, as part of the day-to-day quality person-centred care we provide to each one of the people we support. This past year has seen us undertake a review of our adult service structure to ensure that each individual is living in an environment that enables them to live a fulfilling life, one that empowers them to make their own choices, and use their voice to express preferences in their day-to-day activities. We continue to prioritise our engagement with families, staff and stakeholders across all our services. I want to take this opportunity to thank Dr Beverley Jacobson, who stepped down from her role as CEO of Norwood in November 2022, for her passionate and energetic leadership and the significant contribution she made during her three years at the helm of our organisation. In January 2023, we welcomed her successor Naomi Dickson to Norwood. Naomi is highly regarded as an established charity leader, both within and outside of the Jewish community. Since joining the organisation, she has prioritised engaging with our staff, the people we support and a range of stakeholders. Having listened hard to the feedback, Naomi is leading a new values and strategic review, focusing on developing a sustainable five-year business plan that expands on our commitment to deliver quality services, by focusing on collaborating with the people we support, staff, families and other stakeholders. This report reflects what has been a very challenging year across the charity sector and beyond. The cost of living crisis has impacted every aspect of Norwood’s operations, in common with other organisations and individuals. Our financial priority this year and for the year to come remains ensuring that we focus on recruiting permanent staff, which will allow us to reduce our reliance on more costly agency staff, whilst retaining continuity and quality of care. Our professional team has also been working to address the increasing gap between commissioned care packages and the cost of providing quality care, meaning that many of our statutory care packages are significantly underfunded. This position cannot continue. As a charity, we have traditionally relied too heavily on our fundraising activities and voluntary contributions to redress this disparity and to enhance our services. We are robustly reviewing those care packages and engaging with the relevant local authorities to ensure they reflect the care we provide for each individual we support. I continue to be inspired by the commitment of our staff and volunteers, and the engagement of our families and supporters, all of which enable us to do what we do best at Norwood – helping the people we support across all our services to live their best lives. With very best wishes, Neville Kahn Chair 5 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Trustees’ Annual Report (incorporating Strategic Report) The trustees are pleased to present their annual report and audited financial statements for the year ended 31 March 2023. These statements comply with the Charities Act 2011 and the Charities (Protection and Social Investment) Act 2016, the Companies Act 2006, the Memorandum and Articles of Association, and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland – FRS102 (effective 1 January 2019). ## About Norwood Founded in 1795, Norwood is the oldest Jewish charity in the UK. We support people with learning disabilities and autism and offer support to vulnerable children and families. The ways we work continually evolve, but our motivation remains the same: to do everything we can to help people live their best possible lives. Each year, Norwood supports the needs of more than 2,500 people, including some of the Jewish community’s most vulnerable children, adults and families. ## Our Services Norwood’s sector-leading services celebrate our Jewish culture and are run in accordance with Jewish values but are open to all who need our support. Our services fall into two main categories namely: children and families facing challenges and anyone with a learning disability or autism. We offer a range of programmes for children and the whole family experiencing a range of social, educational and mental health challenges. These include family support, parenting programmes, support groups for siblings and parents of children with learning disabilities, short breaks for families who have children with complex needs, specialist therapy, counselling, and psychotherapy. Our adult services comprise registered care and supported living homes for those with a learning disability or autism, and other associated complex needs. ## Children & Family Services The Children and Family team has returned to delivering a range of 'in person' one-on-one and group support sessions during the past year (since the Covid-19 pandemic), whether based at the Kennedy Leigh Family Centre or in a school environment. Our holistic offer provides practical, social and emotional support to families impacted by learning disability and autism. This includes: - Support Groups for the individual affected and their family members - Parenting Courses (Non-Violent Resistance and Exploring Autism) - Key worker support to provide holistic support to ensure that the family and child receive cohesive and well-coordinated services - Unity (our short breaks holiday provision) - Inbetweeners (Sunday recreational transition group for young adults aged 16–25 years with learning disabilities) 6 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 We continue to offer advice, support and signposting to the community through our direct-touser advice line. We also provide generic groups and courses, including: - Rainbows (for the parents of children with a range of need) - Rainbow Plus (for the parents of older children with a range of need) - 2Gether Group (parenting drop in) - Twins and More (multiple birth drop in) Our Psychotherapy and Counselling service delivers: - Individual and group psychotherapy for children/young people in schools - Individual and group psychotherapy for children/young people in the community - Individual psychotherapy for young adults (18-25) with learning disability and autism - Psychotherapeutic parenting support - Adult counselling - A range of groups designed to build resilience and increased social and emotional competence - Sessions to enable children with ongoing difficulties to explore their experiences in a safe and non-judgemental space Our Schools & Education team provide a range of services to schools and the wider community. - Specialist teaching, Occupational Therapy, Speech and Language Therapy and Educational Psychology to support children in Jewish schools with SEND / EHCP needs - - - Training and consultancy to teachers/schools - Support to parents through advice clinics, information sessions and courses/training ## Adult Services Our work with adults with learning disabilities and autism is core to our service. It is geared to providing the individual care and support that each person needs, both residential and supported living accommodation services, in London and in Berkshire. Our adult services include the provision of: - Assistive Technology - Overcoming challenges, enhancing safety and promoting independence through the use of technology - Complementary services – promoting good physical and mental wellbeing through education and ease of access to health services. - Transition services – information, guidance, and advocacy - Benefits and welfare advice - Employment training and social enterprise 7 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Compliance and Operational Risk Management Risk is inherent in our operations and the decisions made in pursuit of our charitable goals. The Board is responsible for the nature and extent of the principal risks that we are willing to take. It reviews the principal risks to the organisation and ensures that risks are effectively managed through our governance structure. We have a comprehensive risk management framework to identify and manage financial, strategic, operational, and regulatory risks that may impact our ability to meet Norwood’s objectives. Our risk management procedures are benchmarked against best practice found within social care providers and other not-for-profit organisations. We identify and manage risks in the following ways: - Our principal strategic risks are identified and monitored by the Board via committees. - We undertake regular reviews with the Senior Leadership Team, who are risk owners, to assess the likelihood and impact of risks, and the effectiveness of mitigation strategies. - Our internal audit function is outsourced to RSM UK Group LLP. Our internal audit plan is informed by an analysis of the risks Norwood is exposed to. - The Audit & Risk Committee monitors the progress of these plans. ## Quality and Compliance During 2022-23 Norwood, in preparation for CQC’s changing approach to inspection, has changed the audit process to ensure it is focused on the experience of people using our services and working within our services. In preparation for the required digitalisation of care and support plans, the team has been working to standardise the paperwork used by managers within our services and to ensure our policies and procedures meet best practices and are accessible for all. In 2022-23, as part of our Positive Behaviour Support (PBS) strategy, we re-established the Positive Behaviour Support Panel, conducted a review of the PBS Training and have an experienced core group of PROACT-SCIPr practitioners supporting our services and training our staff. We successfully recruited a Practice Improvement Manager and Positive Behaviour Support Manager to work with the people we support and our staff. In 2023, we commissioned an audit of our PBS approach and will be working with a board-certified behaviour analyst to provide clinical supervision to our PBS practitioners to ensure positive outcomes for the people we support. ## Safeguarding In 2022-23, following a comprehensive training programme, we re-introduced face-to-face safeguarding training at Levels 2 and 3. We provided managers with fact-finding training led by an external training specialist and the senior managers attended Level 4 designated lead training to enhance their knowledge and skills further. In 2023 we commissioned the Ann Craft Trust to carry out a strategic review of our safeguarding processes. This will involve meeting with staff, volunteers, people we support and trustees. We will use the learning from the review to further strengthen our approach to safeguarding. 8 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Health and Safety In 2023, we ran an awareness campaign with operational staff to develop their understanding of accidents, incidents and near-miss reporting and ran a series of workshops to improve practice. This has been supported by managers undertaking the Institute of Occupational Safety & Health training to deepen the registered manager and locality manager's knowledge. In addition, every incident is reviewed and reported upon weekly with monthly themes and trends shared. ## Data Security and Data Protection In 2022 Norwood successfully completed the Data Security and Protection Toolkit and submitted as ‘standards met'. We have fulfilled our legal responsibility throughout 2022/3 in terms of data protection and security in line with the Information Commissioners Code of Practice. ## Our Goals, Challenges and Achievements ## 1. Overview and Adults Services Restructuring Our new Chief Executive Naomi Dickson assumed the role in January 2023 and began the process of reviewing the organisation. - We undertook a review of our Adult Services structure in London and restructured the management of those services and model of care to bring them in line with the CQC's revised strategy around ensuring that social care settings prioritise maximising people’s choice, control and independence. - We embarked on a dialogue with families of adults supported in some of our services, with a view to changing the registration of some of our registered care homes to supported living, which the CQC advocates in an effort to provide care that empowers adults to live independent lives. - We reviewed the care packages for some of the residents in supported living services, in light of their changing care needs, and supported them and their families with a transfer to more appropriate care provision in a registered care home. - We successfully completed the deregistration of Edgeworth Crescent in order for it to become a supported living service. - We participated in an industry-wide staff survey to help us to establish what our staff think we do well at Norwood and to understand where we can improve, as well as benchmarking our performance against other organisations in the sector. ## 2. Pay Review and Financial Sustainability The Board of Trustees approved a recommendation by the Senior Leadership Team to significantly increase Support Worker pay rates. On 1[st] February 2023 the hourly rate for all permanent and bank Support Workers was increased to £11.50 per hour, which represented an average 12.7% increase for all frontline care staff. This uplift in Support Worker pay represents an increase in operating costs of £1.4 million a year for Norwood, at a very challenging time for charities and for fundraising. The move was made ahead of the National Living Wage increase to £10.42 per hour, which became mandatory on 1[st] April 2023. In the interim, and before introducing the new salary scale, Norwood made a series of one-off Cost of Living Relief 9 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 payments as a short-term solution to help support front-line care staff through this latest crisis. We simultaneously embarked on a comprehensive and systematic review of all current care packages for the adults Norwood supports. We have been working to redress the discrepancy between the cost of the statutory services we provide and the funding that we receive from the Local Authority, in line with their obligations to provide the care and support required by the individual in the most appropriate environment. We have embarked on a systematic process of working to resolve the funding issues identified, to help ensure that the required funding from Local Authorities is in place to support the level of care we are committed to providing. This renegotiation has already borne fruit, as we continue to work with all relevant agencies and residents’ families. This work will continue into 2023-24. ## 3. Fundraising There were some key successes throughout the year. The London Marathon saw our biggest team compete with 26 runners and £78,000 raised and we launched a new cycle Challenge in Botswana. We hosted our first in-person Property Lunch since the start of the Covid-19 pandemic, and ran a second matched funding campaign, which reached its budgeted target of £2,100,000. Other successful corporate and community events included YN Property Awards, the Distressed Investing Dinner, the first ever Norwood Carnival, and our Golf Day. However, we also experienced some real challenges, largely impacted by the cost of living crisis. Total trust income for the 22/23 financial year was approximately two thirds of a budgeted £1.4m. The shortfall was due to a shift in many Trusts’ focus to support smaller grassroots charities. Our Philanthropy Team continued to focus on improving the stewardship of our donors, maximising all our fundraising opportunities, and our Young Norwood fundraiser joined their team to ensure the pipeline of future mid-level and major donors is well-stewarded. ## 4. Recruitment and Retention Despite well documented care sector-wide staffing challenges, Support Worker recruitment and retention performance in the year ended 31[st] March 2023 was significantly improved on prior year. Retention in particular was markedly better, with permanent Support Worker turnover 41% lower than in 2021/22. As mentioned above, in February 2023, a 12.7% increase was applied to Support Worker pay rates across the charity to a base rate of £11.50 per hour, and early indications are that this has materially increased the volume of employment applications. In March of the same year, Norwood participated in a national staff wellbeing and engagement survey operated by an independent charity consultancy. In total, 40% of the workforce responded and the management team have developed an action plan to address key findings, which in turn should further enhance recruitment and retention performance in 2023/24 and beyond. ## 5. Ravenswood Village In October 2022, we announced an in-principle decision to transfer operations at Ravenswood Village from Norwood to an alternative provider. Members of Norwood’s Board of Trustees and Senior Leadership Team offered staff and family members the opportunity to scrutinise the plans for the transfer and the future operations objectives at the Village. Subsequent to this, due to the worsening economic climate, the previously-communicated process of due diligence that is required in order to complete the transfer of operations was delayed, and we 10 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 updated stakeholders to inform them that the process of transfer was taking longer than previously anticipated. We are continuing to keep both staff and families of people supported at the Village updated as to the latest timing of the intended transfer. In the meantime, Norwood remains fully committed to providing high standards of care for the residents at Ravenswood Village. We welcomed five new residents into the Village in 2022-23 and continue to explore appropriate referrals to fill voids across the Village. We have also reviewed the needs and care plans of existing residents, facilitating a transfer to other homes that more appropriately meet their needs, where necessary, which included transferring residents of Kadimah to other provision in the Village to facilitate extensive planned refurbishment of that home, to maximise capacity in the future. ## Our Strategic Priorities and Focus for 2023/2024 ## Children and Family Services Review Following an extensive review on our future Children & Family service provision, a decision was taken not to renew the current statutory and private educational services that Norwood provides beyond the end of this academic year. This forms part of Norwood’s commitment to ensuring we focus our resources to meet the needs of the community’s children and families as possible, specialising in holistic support for families of children and young people with learning disabilities and autism. We are conducting a review of our short-breaks provision, which will see us pause overnight short-breaks services over the Summer 2023 period, though day services will remain. This will allow us to continue conversations with Local Authority Commissioners to identify where the need for short-breaks lies. We will also conduct surveys of existing users of short-breaks services, as well as our broader children and family service users to determine what they would like to see from our provision to ensure it meets the needs of the community. We have appointed a new Head of Children & Family Services, who will take up the role in Summer 2023 and who will lead on a review of our children and family operations structure and planning. ## Adult Services Review We plan to embed the adult services staffing restructure across the organisation. We will continue to work to review, update and ensure care packages accurately reflect each individual’s care needs discussing the costs with the relevant local authorities, as well as upgrading properties. We are working to develop consistent staff retention, particularly across our operational services, to ensure we are able to create sustained relationships between staff and service users. Our Chief Executive, supported by the Senior Leadership Team is planning to undertake a review of Norwood’s vision, mission, values and strategy review in the second quarter of the financial year, which will be partly informed by an organisation-wide series of conversations reflecting on what Norwood does well and what can be improved, comprising staff, service users, families and volunteers. 11 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Ravenswood Village The Board of Trustees is committed to continuing to engage with the third-party provider who is interested in taking over the operation of services at the Village. In the meantime, supporting the residents who live there alongside their dedicated staff continues to remain a priority, with new residents settling in well. ## Section 172(1) Statement Of The Companies Act 2006 During the course of their duties, the trustees have had full regard for their obligations in promoting the success of the organisation. Norwood’s detailed charitable objects are contained within its memorandum and articles and in keeping with these, the Trustees set strategic priorities ensure that the charity’s activities are carried out for the public benefit. This has been further clarified in the following sections of this report: - Our Services (Page 6) - Our Goals, Challenges and Achievements (Page 9) - Employee Engagement (Page 12) - Our volunteers (Page 12) - Business Relationships (Page 13) - Energy Efficiency Measures Undertaken (Page 17) ## Employee Engagement The ongoing challenges presented by the Coronavirus pandemic necessitated that we consider new ways of promoting engagement with staff throughout the organisation. In front line services, operations managers have been supported to improve communications through the introduction of a monthly Staff Bulletin, issued by the Director of Services & Development, with the objective of improving the quality and consistency of engagement with and amongst staff, and as a means of creating a formal channel for upward communication. The Senior Leadership Team has developed an organisation-wide leadership development initiative called, ‘Lead to Succeed’ to support managers in improving their performance with respect to staff engagement and motivation. Within the central functions, as most organisations, we have now adopted hybrid (office and home based) working practices, which means less face-to-face Interaction, as a consequence of which we have sought ways to better use technology and online systems of working. Significant investment in our IT infrastructure has significantly improved engagement, knowledge sharing, and problem resolution, and in many instances the increased use of Microsoft Teams meetings has enhanced the quality and effectiveness of cross-functional interactions. ## Our Volunteers During 2022/23, our regular volunteering activities in homes across London and Ravenswood and at the Kennedy Leigh Centre were able to resume, following the lifting of lockdown restrictions and infection control measures. Much of our calendar of volunteer-led activity were able to recommence in-person, including extensive Mitzvah Day activities to deliver daily and seasonal volunteer-led activities direct to our residents. 12 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 Our two Charity shops (Stanmore & Southgate) are both well-staffed with volunteers six days a week, two shifts per day and both shops are running a full Duke of Edinburgh volunteers programme to students over 14 years. Volunteers played an integral part in Norwood’s Matched Giving Campaign both for the telethon and as team leaders. We have been able to invite our volunteers back into Broadway House in Stanmore this year and have seen a growth in the number of placements and new recruits who support Head Office staff. We are delivering training to new staff starters monthly on the importance of volunteering to Norwood and the people we support, the process of requesting new volunteers for their service and volunteer management within the organisation. ## Business Relationships Norwood works closely with its customers and donors, of which some relationships span several decades to ensure we are providing a high level of care. Norwood values its suppliers and has multi-year contracts with key suppliers. Norwood reports its performance and practices in line with reporting requirements. ## Our Fundraising Approach We are committed to achieving the highest standards of professional fundraising. We are corporate members of the Institute of Fundraising, and we are registered with the Fundraising Regulator, to whom we pay the Fundraising Levy. Through the systems and processes we have put in place, we aim to achieve the standards set out in the Fundraising Code of Practice. We are signed up to the Fundraising Preference Service. The Fundraising department works closely with Norwood’s Information Governance Department to ensure our fundraising data protection practices are compliant with the General Data Protection Regulations. A manager within the Fundraising team also has a specific remit for compliance and governance issues. The Audit and Risk Committee of our Board of Trustees has oversight for compliance. Norwood raises most of its voluntary income from individuals and companies via sporting challenges, community fundraising, dinner events, a philanthropy programme Includes postal appeals, payroll giving, and from bid applications to trusts and foundations. We do not employ third-party professional fundraisers or commercial organisations to fundraise on our behalf, but we do engage third parties to manage the logistics of some events and challenges. Some of our fundraising activities are delivered in partnership with committees consisting of staff, Trustees and volunteers. We do not take part in any intrusive or high-pressure fundraising activities, such as street fundraising, door-to-door fundraising or cold-calling by telephone. We respect all requests to stop giving or to stop receiving our fundraising communications and provide guidance to our fundraising staff in these areas. We didn’t receive any complaints arising from our fundraising activities in 2022/23. ## Remuneration Policy Our Senior Leadership Team is responsible for the charity’s affairs on a day-to-day basis. In view of the nature of the charity, the salaries of our senior staff are benchmarked against pay levels in similar sized charitable organisations. 13 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Trustees And Lay Leaders’ Recruitment and Remuneration Policy We adopt a transparent and objective approach when recruiting our trustees and lay leaders. Arrangements are made for new members to meet the Board of Trustees, the Chief Executive and the Senior Leadership Team, visit some of our homes and meet with some of the service users. Our trustees are also pleased with key sector updates. All are invited to attend relevant training, some of which is mandatory, to ensure they are kept abreast of prevailing changes that may affect the charity and the social care sector. None of our trustees or lay leaders receive remuneration, expense claims or benefits in kind for their work with the charity. They are, however, entitled to receive reimbursements of travel expenses. Any connection between a trustee and the charity’s stakeholders is declared to the Board of Trustees in the same way as any contractual relationship with a related party. Such disclosures are dealt with by the board and committee meetings in the form of Declaration of Interests. No allegation of fraud was raised against any trustee or lay leaders in the year. Details of related party transactions and trustees’ expenses are disclosed in Note 21 of the financial statements. ## Financial Review In the 2022/23 financial year, the charity - like others in the sector - has experienced significant headwinds where recruitment and retention of frontline staff and insufficient local authority funding continued to present significant financial pressures. These significant challenges are most acute in our registered care services and are experienced across the sector. Although our London supported living services returned a contribution of £0.1m, a turnaround of £0.7m compared to the prior year, we still incurred an operating deficit of £3.6m (2022: deficit £2.0m). Norwood’s underlying operating performance worsened by £1.6m compared to the prior year. In 2022/23, there were unrealised losses on investment property revaluation of £0.6m (2022: gain £3.2m) and unrealised investment portfolio losses of £0.8m (2022: gains £0.8m). The growing funding gap for adult social care from local authorities continues to be a significant challenge for Norwood as it is across the sector. The uplift in fees offered by the local authorities does not cover the increased costs being incurred. The funding gap is expected to continue to grow, although we continue to work closely with commissioning authorities to access additional support and rectify this. Norwood will continue to pursue operational efficiencies and maximise limited resources. ## Income The total income we generated was £27.7m (2022: £28.6m). £18.6m, 67% (2022: £18.9m, 66%) of this was generated from providing paid-for services in line with our charitable purpose. £8.0m, 29% (2022: £8.5m, 30%) was generated from voluntary donations while the remainder was realised from trading and investment income. We saw a decrease in income received from local authorities of 2.6% reflecting attrition in our services and continued challenges within the sector. While we were successful at securing some annual increases from some local authorities, the majority we work with were not forthcoming with increases that kept pace with inflation, and some did not increase at all. We 14 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 will continue to liaise with local authorities to ensure the level of fees we receive is commensurate with the level of care being provided. During the year work was undertaken to perform an hours and pricing review for each service user, on top of annual uplifts to address cost of living increases. With this data we have begun to a take a robust approach around unsustainable contracts. We raised £8.0m from our fundraising activities and legacies which was a 6.2% reduction on the prior year performance. Legacy income was £0.7m (42%) below the prior year reflecting the uncertain nature of this income stream whilst our donation income rose to £7.1m (2022: £6.9m). Norwood took the decision in 2021, due to the challenges faced by the high street, to commence the phased closure of its retail operations. Trading from the two remaining shops generated income of £0.2m (2022: £0.3m). ## Expenditure Our total expenditure was £31.3m. This was £0.5m (1.6%) higher than the previous year mainly due to increased fundraising activities following the opening up of events and challenges postCovid. Marketing and the fundraising costs of generating voluntary income were £3.0m, £0.8m more than the previous year. Our expenditure on charitable activities was £28.0m, being £0.4m (1.4%) lower than the prior year. This relates to the direct and support costs of providing care and support services to the people we support. Despite achieving efficiencies in some areas of our operations, agency staff were used to meet staffing requirements not met due to the recruitment and retention crisis in social care. Agency staff costs were £3.6m (2022: £2.7m). ## Going Concern In addition to the risks outlined below, further work has been carried out to assess the going concern of the charity, factoring in additional assessments and financial forecast scenarios concluding that it is appropriate for the financial statements to continue to be prepared on a going concern basis. The Board of Trustees do not consider there to be uncertainty over the charity and group’s ability to continue as a going concern for the next 12 months. The majority of Norwood’s income is secure as it arises from statutory sources. However, we have modelled a 4% and 6% reduction in statutory income due to attrition rates, with 6% being an extreme case. Fundraising and investment income has been modelled to fall by 25%. Under these models Norwood has sufficient reserves to continue operating for more than the next 12 months. Investments were valued at £15.7m, as at 31 March 2023 (2022: £16.6m). In addition, deposit funds with CCLA totalled £0.9m. Free reserves were £4.8m (2022: £8.0m). The analysis supports the accounts being prepared on a going concern basis. ## Reserves Policy An important role for trustees is to manage the long-term sustainability of the charity. Norwood’s reserves policy sets out the basic principles that should: - give confidence to funders by demonstrating good stewardship and active financial management, - demonstrate to beneficiaries, funders and the public, Norwood’s resilience, and capacity to manage unforeseen financial difficulties, 15 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 - give voluntary funders an understanding of why funding is needed to undertake projects, - give assurance to lenders and creditors that Norwood can meet its financial commitments, and - manage the risk to Norwood’s reputation from holding substantial unspent funds at the year-end without an explanation. The trustees calculate the free reserves as that part of the charity’s unrestricted income funds that is freely available after taking account of the restricted and endowment funds that have been earmarked for specific projects. Norwood’s restricted / endowment funds are subject to specific conditions which have been declared by the donor, or with their authority but still within the objects of the charity. They may be restricted income funds, which are expendable at the discretion of the trustees in furtherance of some particular aspect of the objects of the charity, or they may be capital funds, where the assets are required to be invested, or retained for actual use, rather than expended. Furthermore, endowment funds may be permanent endowments which trustees cannot expend without seeking consent from the Charity Commission. Understanding the nature of the funds allows trustees to identify unrestricted funds which can be spent on any purposes of the charity i.e. freely available to it. As at 31 March 2023, unrestricted reserves were £34.5m whilst the free reserves of the charity was £4.8m. This is calculated as follows: ||31-Mar-23|Restated
31-Mar-22| |---|---|---| ||£’000|£’000| |Group net assets (Total reserves)|42,447|47,472| |Less endowment funds|(1,888)|(1,982)| |Less restricted funds|(6,040)|(6,622)| |Less unrestricted fixed assets|(19,728)|(20,325)| |Less Investment property|(9,970)|(10,580)| |Free Reserves|4,821|7,963| Our minimum reserves level incorporates liquid cash, ensuring we have sufficient cash holdings to meet our immediate organisational needs, and investment balances. The trustees have set a target range of free reserves of 3 months or more, being £7.8m of gross expenditure. Whilst free reserves are under the target set, two thirds of the charity’s income is from statutory sources and Norwood has sufficient liquidity within its investment portfolio of £15.7m to meet its working capital requirements for the foreseeable future. ## Investment Policy and Performance Norwood holds investments to generate income for the furtherance of its charitable activities. As part of the trustees’ diversification strategy, two fund managers are appointed to manage its investment portfolio (Sarasin and Partners and CCLA). 16 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 The Board of Trustees has delegated the regular monitoring of investment performance against the objectives to the Investment Committee. The trustees understand that to generate returns, in the longer term, in excess of inflation and net of the total costs associated with managing and operating an investment fund, it will be necessary to expose the portfolio to a degree of risk. The trustees’ risk appetite for all its funds is medium risk. At the end of the financial year, Norwood reported a portfolio value of £15.7m (2022: £16.6m). There were net losses on the investment portfolio of £0.8m (2022: gains of £0.8m). Investment losses for the year follow a continued period of elevated levels of inflation with central banks raising interest rates. The investment fund managers’ performance was in line with their peers in the ARC Charity Indices. ## Ethical Investments Norwood takes all reasonable steps to ensure that any decisions taken by its investment managers in respect of its corporate investments are consistent with its social care policies. Regular review of the investment managers’ Ethical Investment Policy is undertaken by the Investment Committee. ## Section 17 of The Charities Act 2011 The trustees confirm that in the course of their duties they have had full regard to the Charity Commission’s general guidance on public benefit, “Charities and Public Benefit”. Norwood’s detailed charitable objects are contained within its memorandum and articles and in keeping with these, the trustees’ strategic priorities ensure that the charity’s activities are carried out for the public benefit. ## Energy Efficiency Measures undertaken by the charity Work to upgrade our energy efficiency during the year has included: - LED lighting was installed across the estate where previous lighting failed, or additional lighting was required. - There have been upgrades to the thermostatic controls at sites and lagging on hot water pipes has been replaced. - Where boilers have been replaced, these have been replaced with new more efficient systems: using A-rated systems (Energy-Related Products Directive) for both hot water and heating efficiency. We anticipate that further improvements will take place during the coming year, which will include new LED lighting, insulation improvements and boiler upgrades. 17 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Principal Risks ||| |---|---| ||| |Risk Title|| ||Existing Treatment and Mitigating Actions| ||| ||| ||| |The future of Ravenswood|Continue to manage the project professionally and diligently;
being transparent with our information sharing (including timely
updates regarding our financial position)
- Maintaining close engagement with potential partners and
working collaboratively where appropriate
Continue with a ‘business as usual' approach across the site to
ensure safe, high-quality services.| |Village|| ||| ||| ||| |Losses continue due to|A proactive targeted approach to fee management and
increases. Engagement with Access Care to support fee
negotiations.| |significant underfunding of care|| |hours, lack of historical fee|| |increases and rising costs,|| |including staff salaries and|| |regulatory requirements|| |Pay rates and recruitment and|A 12.7% increase was applied to Support Worker pay rates
across the charity to a base rate of £11.50 per hour, and early
indications are that this has materially increased the volume of
employment applications.
Norwood participated in a national staff wellbeing and
engagement survey operated by an independent charity
consultancy. 40% of the workforce responded and
management developed an action plan to address key findings,
which should further enhance recruitment and retention
performance in 2023/24 and beyond.| |retention continue to present|| |staffing challenges for the|| |organisation|| ||| |Lack of regulatory compliance|Quality Audit Framework in place with Key Audits, follow up and
Thematic audits taking place, with resulting action plans
developed to drive continuous improvement.
Weekly reporting on safeguarding and incident analysis is
carried out, with monthly internal reviews and trustee committee
meetings.
Face to Face Induction training is now delivered over 4 days in
the classroom, with a work-based competency assessment
required before full induction is signed off.
Governance Meetings in place for both regulated services in
which lessons are shared and risks highlighted.| |with CQC and Ofsted result in|| |services being closed,|| |registration being suspended,|| |harm to people we support and|| |staff, and reputational damage|| ||| 18 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ||| |---|---| ||| |Risk Title|| ||Existing Treatment and Mitigating Actions| ||| ||| ||| |Risk of underreporting in|Several external audits, recent surveys upon the changes in
service provider and the change of recent internal personnel
suggest all regulatory compliance is in place.
To mitigate the risk of under-reporting within services, a new
programme of Health and Safety support visits have
commenced by the Health & Safety Manager, as well as
monitoring via the Health and Safety Operational meetings.
A Risk, Health & Safety Committee has now been established
of senior leaders and stakeholders (including an external
industry representative) to provide additional oversight that
Norwood remains compliant with its regulatory obligations.| |services, contrary to regulatory|| |requirements|| ||| ||| |Historic underinvestment in IT|
Pilots completed on care planning software and strategy
developed following competitive tendering process with project
commenced to implement digital care planning.
Phase 1 of a new website has been rolled out with phase at
planning stage. The development of a new intranet platform has
commenced with completion anticipated by Autumn 2023.
Work to improve the CRM applications has commenced to
improve user experience and functionality.| |solutions including care|| |management system, intranet|| |and CRM has created inefficient|| |paper-based working methods,|| |contrary to best practice for adult|| |social care provision.|| ||| ||| 19 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Our Trustees and Committee Members The trustees who were in office during the year are highlighted in bold. Lay leaders are coopted members who provide invaluable support to Norwood’s committees and contribute to the overall governance of the charity. Please refer to our website at Norwood.org.uk for further details of our trustees. |Angela Hodes – ARC, OSC
Alfred Garfield – CSC, FRC (appointed
17.3.23)
Andrew Viner – IC
Ben Freeman – CSC, ARC*, IC*
Carol Sopher - FRC
Dan Adler – IC
David Ereira – OSC, FRC
David Freedman – IC (resigned 11.11.22)
Gary Sacks – PSG, FRC
Glynnis Joffe – OSC*
Isabel Geerlings – ARC
Jon Mendelsohn - FRC
Jourdan Rajwan – PSG
Justine Harris
Lisa Goldstone – ARC
Mark Lee – CSC (resigned 9.3.23)
Mark Pollack - FRC|Michael Hart – OSC (resigned 22.8.22)
Michael Rosehill – IC (resigned 11.11.22)
Mike Myers – IC
Neville Kahn - FRC
Nicky Sugarman – CSC
Paul Huberman – PSG
Paul Moser – OSC
Philip Hertz - CSC (resigned 19.5.23)
Richard Estrop – PSG
Rachael Davis-Stollar
Roger Filer – OCS
Ron Raye – PSG
Ronnie Harris – PSG, FRC
Simon Shelley – PSG
Tamara Finkelstein
Tim Isaacs CSC*, ARC, IC
Tracy Murrell - OSC| |---|---| ARC – Audit and Risk Committee CSC – Corporate Services Committee OSC – Operational Services Committee IC – Investment Committee PSG – Property Strategy Group FRC – Fund Raising Committee - = Committee Chair 20 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Streamlined Energy and Carbon Report (SECR) Norwood is required to report under the Streamlined Energy and Carbon Reporting (SECR) framework. The trustees are committed to complying with the new mandatory UK-wide energy and carbon reporting framework which seeks to improve transparency and help reduce UK carbon emissions associated with large business and charities. ## Methodology Norwood’s footprint is calculated in accordance with the Greenhouse Gas (GHG) Protocol and Environmental Reporting Guidelines: Including streamlined energy and carbon reporting guidance. 2022 Department for Environment, Food and Rural Affairs (DEFRA) emission factors have been used for all emission sources as this provides the most comprehensive list of factors available. They allow an activity to be converted into carbon dioxide equivalent (CO2e). Market based emissions factors have been sourced from each relevant supplier. ## Scope The scope of emission included natural gas, diesel (gas oil), electricity, Bio Diesel and petrol. For ease of reporting and comparison, the emission types were categorised as: - Scope 1: comprises emissions associated with the combustion of fuels as well as additional emissions sources such as transport fuels. - Scope 2: comprises primarily the emissions associated with electricity consumption as well as emissions associated with any other generated electricity. - Scope 3: relates to indirect emissions occurring as a consequence of activities not owned or controlled by the company e.g. business travel. ## SECR Dashboard 21 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Trustees Responsibilities Statement The trustees (who are also directors of Norwood Ravenswood for the purposes of company law) are responsible for preparing the Trustees’ Annual Report and the financial statements in accordance with applicable law and regulations. Company law requires the trustees to prepare financial statements for each financial year. Under that law the trustees have elected to prepare the financial statement in according with United Kingdom Generally Accepted Accounting Practice (United Kingdom Accounting Standards and applicable law, including FRS 102 the Financial Reporting Standard applicable in the UK and Republic of Ireland. Under company law the trustees must not approve the financial statements unless they are satisfied that they give a true and fair view of the state of affairs of the charitable company and the group and of the Incoming resources, including the income and expenditure, of the group 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 (FRS 102), - Make judgements 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. The trustees are responsible for keeping adequate accounting records that are sufficient to show and explain the charitable company’s transactions and disclose with reasonable accuracy at any time the financial position of the 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. The trustees confirm that: - So far as each trustee is aware, there is no relevant audit information of which the charitable company’s auditor is unaware; and - The trustees have taken all the steps that they ought to have taken as trustees in order to make themselves aware of any relevant audit information and to establish that the charitable company’s auditor is aware of that information. The trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. Neville Kahn Ben Freeman Director/Chair Director/Joint Treasurer 04 August 2023 22 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Independent auditor's report to the members of Norwood Ravenswood ## Opinion We have audited the financial statements of Norwood Ravenswood (the ‘parent charitable company’) and its subsidiaries (‘the group’) for the year ended 31 March 2023, which comprise the Consolidated Statement7 of Financial Activities, the Consolidated and Parent Balance Sheet, the Consolidated Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards including Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group’s and parent charitable company's affairs as at 31 March 2023 and of the group’s incoming resources and application of resources including, its income and expenditure for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## Basis for opinion We have been appointed as auditor under the Companies Act 2006 and report in accordance with regulations made under that Act. 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 We are responsible for concluding on the appropriateness of the trustees’ use of the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the charitable company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify the auditor’s opinion. Our conclusions are based on the audit evidence obtained up to the date of our report. However, future events or conditions may cause the company to cease to continue as a going concern. In our evaluation of the trustees’ conclusions, we considered the inherent risks associated with the charitable company’s business model including effects arising from macro-economic uncertainties such as Brexit, Covid-19 and cost of living crisis, we assessed and challenged the reasonableness of estimates made by the trustees and the related disclosures and analysed how those risks might affect the charitable company’s financial resources or ability to continue operations over the going concern period. In auditing the financial statements, we have concluded that the trustees’ use of the going 23 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the directors 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 Trustees’ Annual Report, other than the financial statements and our auditor’s report thereon. The trustees are responsible for the other information contained within the Trustees’ Annual Report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether there is a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## Opinion on other matters prescribed by the Companies Act 2006 In our opinion, based on the work undertaken in the course of the audit: - the information given in the Strategic Report and the Directors’ Report, prepared for the purposes of company law, included in the Trustees' Annual Report for the financial year for which the financial statements are prepared is consistent with the financial statements. - the Strategic Report and the Directors’ Report included in the Trustees' Annual Report have been prepared in accordance with applicable legal requirements. ## Matter on which we are required to report under the Companies Act 2006 In the light of the knowledge and understanding of the group and parent charitable company and their environment obtained in the course of the audit, we have not identified material misstatements in the Strategic Report or the Directors’ Report included in the Trustees' Annual Report. ## Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept by the parent charitable company, or - returns adequate for our audit have not been received from branches not visited by us; or - the parent charitable company’s 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 24 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 - we have not received all the information and explanations we require for our audit. ## Responsibilities of trustees for the financial statements As explained more fully in the Trustees' Responsibilities Statement set out on page 24, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the group and the parent charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## Auditor’s responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: - We understood how Norwood Ravenswood is complying with those legal and regulatory frameworks by making enquiries of management, those responsible for legal and compliance procedures and the audit committee. We corroborated our enquiries through our review of board minutes, papers provided to the Audit Committee and correspondence received from regulatory bodies. - The Group is subject to many laws and regulations where the consequences of non-compliance could have a material effect on amounts or disclosures in the financial statements. We identified the following laws and regulations as the most likely to have a material effect if non-compliance were to occur; the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (effective 1 January 2019) ('Charities SORP (FRS 102)), Financial Reporting Standard 102; The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice), Charities Act 2011, Companies Act 2006 and tax legislation. - We assessed the susceptibility of the group’s financial statements to material misstatement, including how fraud might occur and the risk of material override of controls. Audit procedures performed by the engagement team included: - Identifying and assessing the design effectiveness of certain controls management has in place to prevent and detect fraud 25 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 - Challenging assumptions and judgments made by management in its significant accounting policies - Identifying and testing journal entries - Identifying and testing related party transactions - Inspecting the board minutes - Assessing the extent of compliance with the relevant laws and regulations as part of our procedures on the related financial statement item - These audit procedures were designed to provide reasonable assurance that the financial statements were free from fraud or error. The risk of not detecting a material misstatement due to fraud is higher than the risk of not detecting one resulting from error and detecting irregularities that result from fraud is inherently more difficult than detecting those that result from error, as fraud may involve collusion, deliberate concealment, forgery or intentional misrepresentations. Also, the further removed non-compliance with laws and regulations is from events and transactions reflected in the financial statements, the less likely we would become aware of it. - The assessment of the appropriateness of the collective competence and capabilities of the engagement team included consideration of the engagement team’s: - Understanding of, and practical experience with, audit engagements of a similar nature and complexity through appropriate training and participation - Knowledge of the industry in which the group operates, and - Understanding of the legal and regulatory requirements specific to the group including the provisions of the applicable legislation. - The team communications in respect of potential non-compliance with laws and regulations and fraud included the potential for fraud in revenue recognition through manipulation of donation, legacies and grants income, income from charitable activities, trading income and investment income. - We did not identify any matters relating to non-compliance with laws and regulation and fraud. - In assessing the potential risks of material misstatement, we obtained an understanding of: - The group’s operations, including the nature of its revenue sources, to understand the classes of transactions, accounts balances, expected financial statement disclosures and business risks that may result in risks of material misstatement, and - The group’s control environment, including - Management’s knowledge of relevant laws and regulations and how the group is complying with those laws and regulations - The adequacy of procedures for authorisation of transactions and review of management accounts, and - Procedures to ensure that possible breaches of laws and regulations are appropriately resolved. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report. ## Use of our report This report is made solely to the charitable company’s members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. 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 auditor's report and for no other purpose. To the fullest extent permitted by law, 26 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 we do not accept or assume responsibility to anyone other than the charitable company and the charitable company’s members as a body, for our audit work, for this report, or for the opinions we have formed. Stephen Dean Senior Statutory Auditor for and on behalf of Grant Thornton UK LLP Statutory Auditor, Chartered Accountants London 04 August 2023 27 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 Consolidated Statement of Financial Activities For the year ended 31 March 2023 (Incorporating the Income and Expenditure Account) **----- Start of picture text -----**
Continuing Operations Discontinued Operations
Unrestricted Endowment Restricted Total Unrestricted Total
Funds Funds Funds Funds Funds Funds Total Total
2023 2023 2023 2023 2023 2023 2023 2022
Notes £'000 £'000 £'000 £'000 £'000 £'000 £'000 £'000
Income from:
Donations and legacies 2 7,492 - 499 7,991 - - 7,991 8,522
Charitable activities 3 18,555 - 18 18,573 - - 18,573 19,038
Trading activities 4 - - - - 231 231 231 321
Investments 5 918 - - 918 - - 918 875
Total income 26,965 - 517 27,482 231 231 27,713 28,756
Expenditure on:
Raising voluntary income and marketing 6a 2,964 - - 2,964 - - 2,964 2,164
Charitable activities 6a 26,927 - 1,099 28,026 - - 28,026 28,378
Trading activities 6a - - - - 213 213 213 151
Investments 6a 13 - - 13 - - 13 15
Other 6a 99 - - 99 - - 99 68
Total cost 30,003 - 1,099 31,102 213 213 31,315 30,776
Operating (deficit)/surplus (3,038) - (582) (3,620) 18 18 (3,602) (2,022)
Net (losses)/gains on investments 10 (743) (94) - (837) - - (837) 800
Net (expenditure)/income (3,781) (94) (582) (4,457) 18 18 (4,439) (1,222)
Other recognised gains and losses
Net (losses)/gains on financial instrument (5) - - (5) - - (5) 5
Net (losses)/gains on revaluation of fixed assets 10 (580) - - (580) - - (580) 2,905
Net movement in funds (4,366) (94) (582) (5,042) 18 18 (5,024) 1,688
Reconciliation of funds:
Total funds brought forward 22 38,698 1,982 6,622 47,302 169 169 47,472 45,784
Total funds carried forward 16 34,332 1,888 6,040 42,260 187 187 42,447 47,472
**----- End of picture text -----**
All income and expenditure derived from continuing operations is shown separately from discontinued trading operations. The comparative figures for each fund are shown in the notes to the financial statements (Note 22).The accompanying notes on pages 31 to 53 of this report form an integral part of these accounts. There were no gains and losses other than those included in the Statement of Financial Activities 28 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Consolidated and Parent Balance sheet as at 31 March 2023 **----- Start of picture text -----**
GROUP PARENT CHARITY
2023 2022 2023 2022
Fixed Assets Note £'000 £'000 £'000 £'000
Intangible fixed assets 8 155 168 3 4
Tangible fixed assets 9 21,294 21,956 806 869
Investments: Managed investment portfolio 10a 15,730 16,580 14,285 15,078
Directly managed property 10b 9,970 10,580 - -
Total fixed assets 47,149 49,285 15,094 15,950
Current Assets
Debtors 12 1,691 2,341 210 747
Cash at bank and in hand 1,784 4,599 1,193 3,796
Total current assets 3,475 6,940 1,403 4,543
Liabilities
Creditors: amounts falling due within one year 13 (4,782) (4,947) (8,888) (8,252)
Net current (liabilities)/assets (1,307) 1,993 (7,485) (3,709)
Total assets less current liabilities 45,842 51,278 7,609 12,241
Creditors: amount falling due after one year 14 (3,395) (3,806) - -
Total net assets 42,447 47,472 7,609 12,241
Funds
Including cumulative revaluation gains of £7.1m (2022: £8.5m)
Restricted funds 15 6,040 6,622 64 64
Endowment funds 15 1,888 1,982 1,888 1,982
Unrestricted funds 15 34,519 38,867 5,657 10,195
Total Funds 42,447 47,472 7,609 12,241
**----- End of picture text -----**
The accompanying notes on pages 31 to 53 of this report form an integral part of these accounts. Approved by the Board of Trustees on 04 August 2023 _________________________________ Neville Kahn Director/Chair _________________________________ Ben Freeman Director/Joint Treasurer Norwood Ravenswood Registered Company Number: 03263519 29 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Consolidated Cash Flow Statement For the Year Ended 31 March 2023 **----- Start of picture text -----**
2023 2022
Note £'000 £'000
Cash flows from operating activities:
Net cash (used in) operating activities 20 (2,189) (1,852)
Cash flows from investing activities:
Dividends, interest and rent from investments 5 918 875
Purchase of tangible fixed assets 9 (1,014) (1,196)
Purchase of intangible fixed assets 8 (56) (152)
Proceeds on sale of tangible fixed assets 34 5
Net Cash (used in) investing activities (118) (468)
Cash flows from financing activities:
Interest paid on bank loan 6c (122) (50)
Bank loan repaid (386) (322)
Net Cash (used in) financing activities (508) (372)
Change in cash and cash equivalents in the reporting period (2,815) (2,694)
Cash and cash equivalents at the beginning of the period 4,599 7,293
Cash and cash equivalents at the end of the reporting period 20 1,784 4,599
**----- End of picture text -----**
30 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 Notes to the Financial Statements for the year ended 31 March 2023 ## 1. Accounting Policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows: ## a) Basis of preparation The consolidated financial statements have been prepared under the historical cost convention in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102), the Companies Act 2006 and the Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) - effective 1 January 2019. Norwood Ravenswood was incorporated in the United Kingdom and the financial statements are presented in Sterling (£), rounded to thousands. Norwood meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared consolidating the results of the charity – Norwood Ravenswood - and its wholly owned subsidiaries – Norwood Schools Limited and The Hope Charity – which are also registered charitable companies limited by guarantee. The charities within the Norwood group are separately registered and governed by their own memorandum and Articles of Association. The financial statements also consolidate the activities of the Charity’s linked charity – Norwood Home for Jewish Children. As at 31 March 2022, Norwood Home for Jewish Children is the only charity that is linked with the parent charity. There were no financial activities undertaken by the linked charity (under the Charities Act 2011) during the year and no funds were held for it. The results of the parent charity relate to the activities, assets and liabilities undertaken by the company in its own name. The Companies Act exemption from preparing a charity-only Statement of Financial Activities has been used. ## b) Preparation of the accounts on a going concern basis The trustees have considered the appropriateness of preparing the accounts of Norwood Ravenswood on a going concern basis. The majority of Norwood Ravenswood's income is secure as it arises from statutory sources. However, we have modelled a 4% and 6% reduction in statutory income due to attrition rates, with 6% being an extreme case. Fundraising and investment income has been modelled to fall by 25%. Under these models Norwood has sufficient reserves to continue operating for more than the next 12 months. The forecasting performed endorses the accounts being prepared on a going concern basis. The trustees consider this uncertainty not to be material. Further, if necessary, the group could undertake certain actions to protect against any negative impacts. Such mitigating actions could include, but are not limited to, reducing the planned capital expenditure programme, accessing government support grants, schemes and 31 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 business reliefs, divestment from our investment portfolio, reducing revenue related costs, extending overdraft facilities, streamlining services and property disposals. At present, none of these actions are thought to be necessary and the business continues to monitor the uncertainty closely. The trustees do not consider there to be material uncertainty over the charity and group’s ability to continue as a going concern for at least 12 months from the signing of the accounts and accordingly they believe it is appropriate to prepare these financial statements on a going concern basis. ## c) Estimates The preparation of financial statements requires management to make estimates, judgements and assumptions that affect reported assets and liabilities as at the balance sheet date and the amounts reported for revenues and expenses during the year. However, the nature of estimation means that actual outcomes could differ from those estimates. The following judgements (apart from those involving estimates) have had the most significant effect on amounts recognised in the financial statements: ## Fair value of financial instruments Fair value is the amount for which an asset could be exchanged, or a liability settled, between knowledgeable, willing parties in an arms’ length transaction. The financial instruments are initially recognised at fair value, which is normally the transaction price. In certain circumstances, the initial fair values may be based on a valuation technique, which may lead to the recognition of profits or losses at the time of initial recognition. However, these profits or losses can only be recognised when the valuation technique used is based solely on observable market inputs. Norwood has a cap to hedge the interest rate risks of its long-term loan. Subsequent to initial recognition, the cap was carried at fair value, with changes in fair value either reported within the income statement or within equity until the instrument is sold or becomes impaired. ## Fair value of investment properties Directly managed investment properties are periodically valued on the basis of fair value in accordance with the RICS valuation and relevant accounting standards, with desktop valuations conducted in the interim (where there has been no significant change to the underlying asset), with any change recognised in the Statement of Financial Activities. A special assumption was used in the valuation of Broadway House, being that the office element of the property, occupied by Norwood, has been sold on a long leasehold basis for a term of 999 years, at a peppercorn. The purpose of this special assumption is so that we can provide an opinion of Fair Value of the Supermarket element of the property, in isolation. A key assumption used by the valuer for The Hope Centre is that the Heads of Terms agreed complete into a lease. ## Other significant estimates and assumptions Significant estimates and assumptions in these financial statements require the exercise of judgment and are used for, but not limited to, allowance for doubtful clients’ and local authorities’ debtors, estimates of future cash flows and other assumptions associated with asset impairment tests, including the reversal of previous impairments, useful lives for depreciation, determination of discount and other rate assumptions for contingencies. Due to 32 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. There are no significant judgements. ## d) Income recognition All income is accounted for when Norwood has entitlement, there is probability of receipt and the amount is measurable. If income relates to a future period or event and the purpose of that income is to support the costs and activities in the future, the income is deferred and recognised in the appropriate period. ## Legacies Legacies are accounted for when notified, providing the amount can be reliably measured and that ultimate receipt is probable. A receipt is deemed probable when: - there has been a grant of probate; - the executors have established that there is sufficient assets in the estate after settling any liabilities to pay the legacy or confirmation of a fixed sum has been confirmed as receivable by the executor where Norwood’s interest in the legacy is not residuary; and - any condition attached to the legacy is either within the control of the charity or has been met. Where the legacy is measurable but the criteria for income recognition have not been fully met, then the legacy is treated as a contingent asset and disclosed if material. Where a payment is received from an estate after the reporting date but before the accounts are signed and it is clear that the payment had been agreed by the executors prior to the end of the reporting period, the payment is treated as an adjusting event and accrued in the reporting year as income. ## Gifts in kind Donated goods and services are included as income within the Statement of Financial Activities (with an equivalent amount in expenditure) at the estimated value to Norwood, where this is reasonably quantifiable, measurable and material. ## Volunteers The charity benefits from the involvement and enthusiastic support of its volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts. ## Grants Grant income is recognised in the Statement of Financial Activities when received or when Norwood becomes entitled to receipt. Grants that have been received will be treated as deferred income where there are specific requirements in the terms of the grant that the income recognition is dependent on certain activities being completed in a future accounting period. 33 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## Interest receivable Interest on funds held on deposit is included when receivable and the amount can be measured reliably by Norwood which is usually upon notification of the interest paid or payable by the Bank. ## e) Fund Accounting Restricted, endowment, designated and unrestricted funds are separately disclosed, as set out in Note 15. Restricted funds are resources donated, the uses of which are subject to specific restrictions imposed by the donors or by the nature of the appeal. Designated funds are unrestricted fund set aside at the discretion of the Board for specific purposes. Endowment funds are funds where capital is retained and has been invested to provide income that is subject to specific restriction by the donor. All other types of funds which are not endowments, restricted or designated funds form part of general funds. General funds are available to spend at the discretion of the Board in furtherance of the charitable objectives of the charity. Transfers to and from designated funds are recognised as and when the Board designates or un- designates funds. ## f) Expenditure Expenditure is recognised once there is a legal or constructive obligation to make a payment to a third party, it is probable that settlement will be required and the amount of the obligation can be measured. ## Cost of raising funds The costs of raising funds comprise of costs associated with charitable expenditure including fundraising, trading costs and publicity. ## Irrecoverable VAT Irrecoverable VAT is charged as a cost to the Statement of Financial Activities, being allocated on the same basis as the underlying expenditure to which it relates. ## Support costs Support costs are allocated to the different categories of activities. This is based on different apportionment bases as detailed in Note 6 of the financial statements. Support costs include financial management, information systems, central management, human resources, property and facilities management, Jewish culture, volunteering and risk and assurance. ## Governance Costs Governance costs, other than those disclosed specifically in the notes to these accounts, are included within support costs and allocated on the same basis across services, as detailed in Note 6. Governance costs relate to costs associated with the governance arrangements of Norwood. These costs will normally include internal and external audit fees, legal advice for trustees and costs associated with constitutional and statutory requirements, for example the cost of trustee meetings and preparing statutory accounts. Also included within governance costs are any costs associated with the strategic, as opposed to day-to-day, management of the charity’s activities. An appropriate proportion of the central management support costs 34 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 have also been attributed as governance costs to reflect the cost of Norwood’s employees involved in meetings with the trustees and the cost of all administrative support provided to the trustees. ## Grants payable: Grants to individuals are recognised on payment and grants to institutions are recognised when there is a constructive obligation to make the payment. ## g) Intangible and tangible fixed assets ## Intangible fixed assets: Intangible assets are measured at cost less accumulated amortisation and any accumulated impairment losses (if applicable). Software development costs are recognised as an intangible asset when all of the following criteria are demonstrated: - The technical feasibility of completing the software so that it will be available for use. - The intention to complete the software and use. - The ability to use the software. - The software will generate probable future economic benefits. - The availability of adequate technical, financial and other resources to complete the development and to use the software. - The ability to measure reliably the expenditure attributable to the software during its development. Amortisation is charged so as to allocate the cost of intangible assets less their residual values over their estimated useful lives, using the straight-line method. The intangible assets are amortised over the following useful economic lives: ## Software costs - 4 to 7 years ## Tangible fixed assets: Expenditure relating to tangible fixed assets is expected to be used over several years and where the combined value of the asset or group of assets exceeds £1,000. They are capitalised at cost and depreciated over their estimated useful economic lives on a straightline basis. Depreciation is provided on tangible fixed assets in order to write off their cost to their estimated realisable values by annual instalments over the following expected useful lives: |Freehold land|- not depreciated| |---|---| |Freehold buildings|- 50 years| |Long leasehold land and buildings|- 50 years or length of lease if shorter| |Freehold and leasehold improvements|- 10 years| |Motor vehicles|- 10 years| |Furniture, fixtures, fittings and equipment|- 10 years| 35 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 Where there are indications that assets are or may be impaired in value or use, an impairment review is undertaken to establish the net realisable value and the value in use. The carrying amount of the assets is reduced by any excess over the higher of these valuations. In the course of capital projects where costs are incurred for payments on account and assets under construction or installation of equipment, they are not subject to depreciation until they are reclassified after their completion and available for use. ## h) Basic Financial instruments Norwood operates basic financial instruments in terms of its assets and liabilities. ## Financial assets: Financial assets represent financial resources available to the charity and include financial investments in equities, debtors, intercompany debtors, cash and accrued income. Financial assets are carried at fair value and changes in fair value are recognised in the Statement of Financial Activities. ## Financial Liabilities: Financial liabilities are recognised on the date on which Norwood becomes a party to the contractual provisions of the instrument giving rise to the liability. These include trade creditors, other creditors, loan, accruals and intercompany creditors. Financial liabilities are initially recognised at fair value plus transaction costs and are no longer recognised when the contractual obligations are discharged, cancelled or expire. The bank loan is recognised at its principal amount advanced less capital repayments. ## i) Investments ## Investment properties: Investment properties are revalued annually by the trustees and periodically by independent Chartered Surveyors on a fair value basis. Gains and losses are recognised in the Statement of Financial Activities account for the period. Therefore no depreciation is provided on investment properties. ## Equity Investments: Equity investments are stated at fair value. Changes in fair value are recorded in the Statement of Financial Activities. Unrealised gains and losses are calculated based on the carrying value of the investments in the Balance Sheet. ## Investment management fees: Norwood investments are held within collective investment schemes and managed by fund managers. The investment income is reported net of investment management costs. The investment management fees are disclosed in the Statements of Financial Activities. There are no ‘investment management costs’ to report in respect of the COIF Fund holdings because all costs are borne by the underlying Fund. ## j) Debtors Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net of any trade discounts due. 36 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## k) Cash at bank and in hand Cash at bank and in hand includes cash and short term highly liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## l) Creditors and provisions Creditors and provisions are recognised when Norwood has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. Most amounts provided for are expected to be settled within 12 months and are therefore recognised at the estimated settlement amount. ## m) Employee benefits Short-term employee benefits are those expected to be settled wholly before twelve months after the end of the annual reporting period during which employee services are rendered, but do not include termination benefits. These include wages, salaries and any other benefits paid to current employees. All short-term employee benefits are recognised as expenses in the period in which they are incurred. Post-employment benefits, representing contributions into defined contribution plans for current employees are equally recognised as expenses in the period in which the contribution payable is exchanged for services rendered by employees. The assets of the scheme are held separately from the charity. A termination benefit liability is recognised at the earlier of the following dates: · when the entity can no longer withdraw the offer of those benefits or; ·when the entity recognises costs for the restructuring which involves the payment of termination benefits. ## n) Leases Operating lease rentals are charged to the Statement of Financial Activities as they are incurred. ## o) Tax Accounting Policy The entity is exempt from corporation tax as the net income is for charitable purposes. 37 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 2: Incoming resources from donations, legacies and grants **----- Start of picture text -----**
Unrestricted Restricted Total Total
Funds Income Funds 2023 2022
£'000 £'000 £'000 £'000
Donations 6,566 495 7,061 6,919
Legacies 922 - 922 1,599
Grants 4 4 8 4
Total 7,492 499 7,991 8,522
**----- End of picture text -----**
## 3a: Incoming resources from charitable activities by income type **----- Start of picture text -----**
Unrestricted Restricted Total Total
Funds Income Funds 2023 2022
£'000 £'000 £'000 £'000
Statutory income from Local Authorities 17,155 - 17,155 16,842
Gross fee income 233 - 233 286
Rental income 1,146 - 1,146 1,208
Other income 21 - 21 47
Government Grant - 18 18 655
Total 18,555 18 18,573 19,038
**----- End of picture text -----**
Included within Government Grants - Furlough Grants is £nil (2022: £121,000) relating to the Coronavirus Job Retention Scheme (CJRS), Infection Control Fund (ICF) Grants £18,000 (2022: £535,000). ## 3b: Incoming resources from charitable activities by service area **----- Start of picture text -----**
Unrestricted Restricted Total Total
Funds Income Funds 2023 2022
£'000 £'000 £'000 £'000
Adults services 17,679 18 17,697 17,522
Family services 46 - 46 76
Children services 691 - 691 1,323
Support services 139 - 139 117
Total 18,555 18 18,573 19,038
**----- End of picture text -----**
38 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 4: Trading activities - discontinued **----- Start of picture text -----**
Unrestricted Total Total
Funds 2023 2022
£'000 £'000 £'000
Trading income 231 231 294
Governments Grants - - 27
Total 231 231 321
**----- End of picture text -----**
As a result of the challenges faced by the high street, Norwood took the decision to commence the phased closure of its retail operations. Included within Government Grants - Unrestricted Fund shop grants is £nil (2022: £22,000). Furlough Grants is £nil (2022: £5,000) relating to the Coronavirus Job Retention Scheme (CJRS). ## 5: Incoming resources from investments **----- Start of picture text -----**
Unrestricted Total Total
Funds 2023 2022
£'000 £'000 £'000
Bank deposit interest 292 292 229
Investment Income / dividend 227 227 238
Rental income from investment properties 399 399 408
Total 918 918 875
**----- End of picture text -----**
39 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 6a: Resources expended **----- Start of picture text -----**
Direct Staff Other Direct Reallocated
Costs Costs Support Cost Total Total
2023 2022
£'000 £'000 £'000 £'000 £'000
Cost of generating voluntary income 1,018 1,141 221 2,380 1,610
Cost of marketing 306 279 - 585 554
Cost of trading 74 100 39 213 151
Cost of generating investment income - 13 - 13 15
Other - 99 - 99 68
Total cost of raising funds 1,398 1,632 260 3,290 2,398
Charitable expenditure:
Adults services 15,396 5,372 3,644 24,412 25,109
Family services 918 (124) 335 1,129 1,049
Children & educational services 946 1,041 498 2,485 2,221
Total cost of charitable expenditure 17,260 6,289 4,477 28,026 28,378
Total resources expended 18,658 7,921 4,737 31,315 30,776
**----- End of picture text -----**
## 6b: Analysis of reallocated support costs with bases of apportionment **----- Start of picture text -----**
Support costs Adults Family Total Total
(basis of apportionment) services services Children services Fundraising Trading 2023 2022
£'000 £'000 £'000 £'000 £'000 £'000 £'000
Financial Management 616 32 85 26 6 765 879
(percentage of staff)
Information Systems 692 143 91 100 13 1,039 1,153
(number of PCs)
Assistive Technology 48 10 10 - - 68 101
(equipment and time spent)
Human Resources 779 40 107 33 7 966 951
(percentage of staff)
Property and Facilities 575 30 79 24 5 713 536
(percentage of staff)
Central Management 545 28 75 23 5 676 557
(percentage of staff)
Jewish culture 50 3 7 2 - 62 58
(percentage of staff)
Risk and Assurance 59 3 8 2 1 73 32
(percentage of staff)
Volunteering 30 33 2 - - 65 158
(number of volunteers)
Governance 250 13 34 11 2 310 385
(percentage of staff)
Total 3,644 335 498 221 39 4,737 4,810
**----- End of picture text -----**
40 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 6c: Resources expended also include: **----- Start of picture text -----**
Total Total
2023 2022
£'000 £'000
Fees payable to the charitable company's auditor for the audit of the
External audit and related costs:
charitable company's annual accounts 44 44
Fees payable to the charitable company's auditor and its associates
for other services: Audit of accounts of subsidiaries
49 39
Tax compliance services (2) 3
Depreciation: Intangible fixed assets 70 41
Tangible fixed assets 1,551 1,492
Interest payable 122 50
Operating lease rentals: Plant & machinery 183 183
Properties 146 251
Trustees’ indemnity insurance premiums 7 6
(Losses)/gains on disposal of fixed assets (93) (19)
**----- End of picture text -----**
## 6d: Subsidiaries and parent charities Norwood Ravenswood has six dormant subsidiary undertakings. Details of each subsidiary undertaking are listed in Note 11 as well as details of linked charities. The summary results for the active subsidiaries with the assets and liabilities of each subsidiary undertakings and the parent charity are as shown below. ||The Hope|Norwood|| |---|---|---|---| ||Charity|Schools Limited|Parent Charity| ||£'000|£'000|£'000| |2023|||| |Incoming resources/ turnover|62|28,770|7,943| |Resources expended|(104)|(28,404)|(11,795)| |Net (losses) / gains on revaluation & investments|(200)|(442)|(780)| |Net income for the year|(242)|(76)|(4,632)| |Total assets|3,107|40,972|1,402| |Total liabilities|(1,072)|(7,707)|(8,888)| |Net assets|2,035|33,265|(7,486)| |2022|||| |Incoming resources/ turnover|35|29,137|8,079| |Resources expended|(68)|(28,699)|(10,509)| |Net gains on revaluation & investments|2,150|1,204|681| |Net income for the year|2,117|1,642|(1,749)| |Total assets|1,413|40,272|19,886| |Total liabilities|(928)|(8,573)|(5,896)| |Net assets|486|31,699|13,990| Income of £62k has been recognised in the Hope Charity single entity accounts in accounting for a rent-free period for the letting of 228 Walm Lane. This has not been recognised in the group accounts as it is not material at a group level. 41 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 7a: Staff costs ||2023|2022| |---|---|---| ||£'000|£'000| |Direct staff expenditure:||| |Wages and salaries|15,542|16,430| |Social security costs|1,498|1,513| |Pension costs|469|528| |Total direct staff costs|17,509|18,472| |Other Staff expenditure:||| |Agency costs|3,568|2,663| |Other staff costs|526|564| |Total staff expenditure|21,603|21,699| No amount was included within staff costs relating to amounts re-imbursed under the coronavirus Job Retention Scheme (2022 : £126,000). ## 7b: Redundancy and Termination costs: ||2023
2022| |---|---| ||£'000
£'000| |Statutory redundancy payments
Payments in Lieu of notice period
Compensation for loss of office
Total payments on termination included above|7
104
45
137
88
3
140
244| ||| ## 7c: Average number of staff employed and the full-time equivalent **----- Start of picture text -----**
Staff employed Full-time equivalent
2023 2022 2023 2022
Number Number Number Number
Fundraising and trading activities 26 28 26 24
Adults’ Services 517 598 351 407
Children and Family Services 82 28 29 21
Education and Support 15 18 6 10
Support Services 65 65 61 58
705 737 473 520
**----- End of picture text -----**
42 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 7d: Earnings above £60,000 The number of employees who earned more than £60,000 during the year was: **----- Start of picture text -----**
2023 2022
Number Number
£60,001 - £70,000 3 3
£70,001 - £80,000 4 4
£80,001 - £90,000 1 -
£90,001 - £100,000 2 1
£100,001 - £110,000 2 -
£110,001 - £120,000 - 1
£120,001 - £130,000 - 1
**----- End of picture text -----**
Contributions made to the pension scheme for the twelve (2022: ten) employees who earned more than £60,000 amounted to £54,854 (2022: £49,133). The trustees and the senior management team comprise the key management personnel of the charity in charge of directing and controlling, running and operating the charity on a day to day basis. Trustees received no remuneration and were not reimbursed any expenses in either year. The total employee benefits of Key Management Personnel of the group were £884,154 (2022: £693,549) ## 7e: Pension Norwood operates a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the charity. Contributions payable in respect of the year were £431,000 (2022: £528,000) of which £122,000 was outstanding at 31 March 2023. ## 8: Intangible fixed assets **----- Start of picture text -----**
Group Computer Parent Computer
Software Software
£'000 £'000
Cost
At 1 April 2022 2,842 27
Additions 56 -
At 31 March 2023 2,898 27
Depreciation
At 1 April 2022 2,673 23
Charge for the year 70 1
At 31 March 2023 2,743 24
Net Book Values:
At 31 March 2023 155 3
At 31 March 2022 168 4
**----- End of picture text -----**
43 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 9a: Group Tangible fixed assets |||||Fixtures,|| |---|---|---|---|---|---| ||Freehold|Leasehold|Motor|Furniture &|| ||properties|properties|vehicles|Equipment|Total| ||£'000|£'000|£'000|£'000|£'000| |Cost|||||| |At 1 April 2022|32,527|2,795|849|10,131|46,302| |Additions|431|10|-|573|1,014| |Disposals|(42)|(233)|(176)|(128)|(579)| |At 31 March 2023|32,916|2,572|673|10,576|46,737| |Depreciation|||||| |At 1 April 2022|15,412|1,583|594|6,757|24,346| |Charge for the year|871|122|57|501|1,551| |Disposals|(27)|(184)|(170)|(73)|(454)| |At 31 March 2023|16,256|1,521|481|7,185|25,443| |Net Book Values:|||||| |At 31 March 2023|16,660|1,051|192|3,391|21,294| |At 31 March 2022|17,115|1,212|255|3,374|21,956| ## 9b: Parent Tangible fixed assets |||||Fixtures,|| |---|---|---|---|---|---| ||Freehold|Leasehold|Motor|Furniture &|| ||properties|properties|vehicles|Equipment|Total| ||£'000|£'000||£'000|£'000| |Cost
At 1 April 2022|949|1,235|-|342|2,526| |Additions|-|-|-|7|7| |Disposals|-|(58)|-|-|(58)| |At 31 March 2023|949|1,177|-|349|2,475| |Depreciation|||||| |At 1 April 2022|598|727|-|331|1,656| |Charge for the year|8|22|-|3|33| |Disposals|-|(20)|-|-|(20)| |At 31 March 2023|606|729|-|334|1,669| |Net Book Values:|||||| |At 31 March 2023|343|448|-|15|806| |At 31 March 2022|351|508|-|11|870| 44 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 10a: Investments - Managed Investment Portfolio |10a: Investments - Managed Investment Portfolio||| |---|---|---| ||GROUP|PARENT CHARITY| |Market Value|2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Market values at 1 April
Disposals in the year
Net investment (losses) / gains|16,580
15,793
15,078
14,411
-
-
-
-
(850)
787
(793)
667|| |Market value at 31 March|15,730
16,580
14,285
15,078|| ||GROUP|PARENT CHARITY| |---|---|---| |Historical Cost for comparison|2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Historical cost at 31 March|13,734
13,663
12,446
12,375|| |||| |Cumulative revaluation gains (investment portfolio)|1,996
2,917
1,839
2,703|| |The proportions of non-property investments by market value invested by fund manager was:||| |Sarasin and Partners LLP
49%
50%
54%
55%
CCLA
51%
50%
46%
45%||| |The underlying investments may also be analysed as follows:||| |---|---|---| ||GROUP|PARENT CHARITY| |Equity Investments by type|2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Multi-asset Investment Funds
Cash|15,730
16,580
14,285
15,078
-
-
-
-|| |Market Value at 31 March|15,730
16,580
14,285
15,078|| ## 10b: Investments - Directly Managed Properties |10b: Investments - Directly Managed Properties||| |---|---|---| ||GROUP|PARENT CHARITY| |Market Value|2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Valuation at 1 April
Net investment (losses)/gains - unrealised
Provision for Capital expenditure|10,580
7,675
-
-
(580)
2,905
-
-
(30)
-|| |Carrying values at 31 March|9,970
10,580
-
-|| |Cumulative revaluation gains (directly managed properties)|4,826
5,406
-
-|| The investment properties relate to the group's long leasehold interest in 228 Walm Lane, London and freehold interest in the ground floor of the building at 80-82 The Broadway, Stanmore, leased to a third party. The freeholder for 228 Walm Lane is the London Borough of Brent and a long leasehold has been granted for a term of 125 years from 24 June 1997. In April 2023, an independent valuer, Cluttons LLP, undertook a valuation of the investment property. ## 10c: Investments |10c: Investments||| |---|---|---| ||GROUP|PARENT CHARITY| |Market Value|2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Net gains on investments: managed portfolio
Net gains on current asset investments
Net gains on financial instruments: interest rate cap
Net gains on fixed asset: property revaluation|(837)
800
-
-
-
-
-
-
(5)
5
-
-
(580)
2,905
-
-|| |Net gains/(losses) on investments|(1,422)
3,710
-
-|| 45 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 11a: Interests in Subsidiary Undertakings |||Company|Charity| |---|---|---|---| |Subsidiary Undertaking|Activity / Status|Registration|Registration| |||Number|Number| |Norwood Schools Limited|Charitable activities|00516901|307992| |The Hope Charity|Active company but with
discontinued operations|03171884|1056674| |Norwood Ravenswood Services Limited|Dormant company|02260648|n/a| |Sussex Tikvah|Dormant|01699597|286802| |Norwood Child Care Foundation|Dormant|02291681|Removed| |Ravenswood Foundation|Dormant|02617972|Removed| |The Parry Charitable Foundation|Dormant|02790100|Removed| |Norwood Home for Jewish Children|Dormant company with linked|n/a|312359| ||charities||| The parent company is Norwood Ravenswood. All subsidiary undertakings are 100% owned or controlled and incorporated in England. All are consolidated in the group accounts. ## 11b: Linked Charities According to Section 12 of the Charities Act 2011, the following charities are linked to Norwood Home for Jewish Children for registration and accounting purposes. Norwood Ravenswood, the parent company, remains the sole trustee for these charities. There were no activities during the year or any fund balances in these charities. In line with section 21 of the Charity SORP FRS 102, names of the linked charities are disclosed below: Norwood General Endowment Fund The Norwood Fund for Advancement of Religion Norwood Music Fund Mrs Behrend's Library Endowment Norwood Educational Fund Norwood Fund for Advancement in Life Norwood Recreational Fund Doctor Henry Behrend's Memorial Library 46 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 |12: Debtors|GROUP|PARENT CHARITY| |---|---|---| ||2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Trade debtors and Local Authorities' debts
Accrued legacies
Other debtors
Prepayments
Accrued income|874
1,066
-
-
138
548
138
548
250
229
38
42
381
489
34
156
48
9
-
-|| |Total debtors|1,691
2,341
210
747|| |||| |13: Creditors: amount falling due within one yea|GROUP|PARENT CHARITY| ||2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Accruals and deferred income
Amount due to group undertakings
Bank loan repayable within one year
Other creditors
Other taxes and social security costs
Trade creditors|2,169
2,878
327
327
-
-
8,490
7,909
346
363
-
-
253
141
-
-
489
456
-
-
1,525
1,109
71
17|| |Total creditors due in less than one year|4,782
4,947
8,888
8,252|| |||| |13a: Deferred income|GROUP|PARENT CHARITY| ||2023
2022
2023
2022|| |Opening balance at 1 April|£'000
£'000
£'000
£'000
982
906
280
320|| |Amounts released in year|(911)
(734)
(280)
(148)
845
810
96
108|| |Amounts deferred in year||| |||| |Closing balance at 31 March|916
982
96
280|| |Deferred income relates to fee income invoices raised at the year-end which pertain to future periods and money received
for future events.||| |14: Creditors: amount falling due after one year|GROUP|PARENT CHARITY| |---|---|---| ||2023
2022
2023
2022|| ||£'000
£'000
£'000
£'000|| |Bank loan repayable within two to five years
Bank loan repayable after five years|1,421
1,495
-
-
1,924
2,219
-
-|| ||3,345
3,714
-
-|| |||| |Provision for Dilapidation
Rental Deposit|50
50
-
-
-
42
-
-|| |Total creditors due in more than one year|3,395
3,806
-
-|| Loan: In October 2007 Norwood purchased Broadway House in Stanmore with a 25 year loan taken from RBS of £6.68m. Capital repayments commenced after 60 months of loan issue (first 5 years was interest only). The bank loan is secured by a charge over the payments and is repayable in 240 monthly instalments from November 2012. The final payment will be in October 2032. 47 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 15a: Group Restricted Funds ||1 April
2022
Incoming
resources
Outgoing
resources
31 March
2023| |---|---| |note:
JCoSS PSRP Fund
i
JAPH
ii
Somers Court & Residential Fund
iii
Somers Court (ex Daniel Ct.)
Supported Living Properties Fund:
iv
11 Highview Gardens
Holmbury Avenue
Greenwood Road
The Grange Fund
v
Phyllis Somers Capital & Service Fund
vi
Assistive Technology Fund
vii
Lyonsdown Road Rear Garden
viii
Heads Up Kids
ix
Rochelle & Alan Bernard Fund
x
Capital Projects
xi
Binoh SEND Fund
xii
Lyonsdown minibus operational costs
xiii
Braude Trust for Staff Training
xiv
Lira Abivela (Novi Dom)
xv
Autism Services
xvi
Other funds valued under £20k|£'000
£'000
£'000
£'000| ||976
-
(275)
701
25
-
-
25
194
-
(17)
177
308
-
-
308
21
-
(14)
7
617
-
(15)
602
337
-
(17)
320
169
-
(6)
163
154
-
(11)
143
2,466
-
-
2,466
177
115
(41)
251
35
-
(5)
30
87
13
(73)
27
59
-
-
59
502
164
(164)
502
11
38
(14)
35
28
14
(14)
28
217
-
(184)
33
53
-
-
53
23
-
-
23
163
173
(249)
87| ||6,622
517
(1,099)
6,040| ## 15b: Group Endowment Funds ||1 April
2022
Incoming
resources
Outgoing
resources
Investment
gains and
losses
31 March
2023| |---|---| |note:
Ernst & Dola Fischer fund
xvii
Endowment fund for Jewish Children
xviii
Somers fund
xix|£'000
£'000
£'000
£'000
£'000| ||451
-
-
(21)
430
269
-
-
(13)
256
1,262
-
-
(60)
1,202| ||1,982
-
-
(94)
1,888| ## 15c: Group Unrestricted fund - General Fund |||1 April
2022
Incoming
resources
Outgoing
resources
Investment
gains and
losses
31 March
2023| |---|---|---| |||£'000
£'000
£'000
£'000
£'000| ||General funds|38,867
27,196
(30,216)
(1,328)
34,519| |||| |||38,867
27,196
(30,216)
(1,328)
34,519| |||| |||| ||Total funds|47,472
27,713
(31,315)
(1,421)
42,447| 48 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 15d: Parent Charity Funds **----- Start of picture text -----**
Incoming Outgoing Transfer Investment gains 31 March
1 April 2022
resources resources between funds and losses 2023
£'000 £'000 £'000 £'000 £'000 £'000
Unrestricted Fund:
General fund 10,195 7,943 (11,795) - (686) 5,657
10,195 7,943 (11,795) - (686) 5,657
Endowment funds:
Ernst & Dola Fischer fund 451 - - - (21) 430
Endowment fund for Jewish Children 269 - - - (13) 256
Somers fund 1,262 - - - (60) 1,202
1,982 - - - (94) 1,888
Restricted Funds:
Lira Abeleva (Novi Dom) 53 - - - - 53
Other funds valued under £20k 11 - - - - 11
64 - - - - 64
Total 12,241 7,943 (11,795) - (780) 7,609
**----- End of picture text -----**
## Restricted funds i Fund supporting the Pear's Special Resource Provision at JCoSS. ii JAPH Fund to assist Jewish people with physical and/or learning disabilities (LD). iii Somers Court & Residential Accommodation Fund to provide accommodation for young adults with LD. iv Supported Living Properties Fund including capital investments. v The Grange Fund represents the donation of a flat. vi Phyllis Somers Service Delivery Fund: Towards construction, refurbishment and associated costs of family centres and accommodation for adults with disability, plus the operating cost of such services. vii Assistive Technology (AT) Fund: Grants from KC Shasha Charitable Foundation and other Trusts to provide AT and associated support to people with LD and complex needs. viii Lyonsdown Road Rear Garden supporting the landscaping of rear garden. ix Heads Up Kids - supports our work in partnership with Heads Up Kids and PaJes. x Memorial fund set up in memory of Rochelle and Alan Bernard to support children dealing with trauma. xi Capital Projects provided by the Leo Baeck Housing Association, the Locker Foundation and the Gerald and Gail Ronson Family Foundation to support building improvements. xii Binoh Send Fund : supports Binoh's Special Educational Needs and Disabilities Programme. xiii A fund to support the Lyonsdown minibus operational costs: Driver, fuel and fleet charges. xiv Braude Trust funding for staff training and inductions. xv Novi Dom aimed to provide an educational & respite care facility for disabled children. xvi Autism Services funding xvii The Ernst and Dola Fischer endowment was given to fund some of Norwood's services. The original grant given was £350k. xviii The Endowment Fund for Jewish Children is a permanent endowment for Norwood Homes of Jewish Children and represents the original endownment made to it at inception. Income arising from the fund is restricted and can only be used for the provision of services for children. xix The Somers endowment was given to fund Norwood's family centre at Hackney. The original grant received was £1m. 49 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 16: Analysis of Net Assets Between Funds Group ||Unrestricted|Designated|Endowment|Restricted|Total Fund| |---|---|---|---|---|---| ||Fund|Fund|funds|Fund|| ||£'000|£'000|£'000|£'000|£'000| |2023|||||| |Fixed assets|19,728|-|-|1,720|21,448| |Investments|23,084|-|2,553|64|25,701| |Net current assets/(liabilities)|(5,563)|-|-|4,256|(1,307)| |Liability due after one year|(3,395)|-|-|-|(3,395)| |Total net assets|33,854|-|2,553|6,040|42,447| |2022|||||| |Fixed assets|20,325|-|-|1,800|22,125| |Investments|24,869|-|2,227|64|27,160| |Net current assets/(liabilities)|(2,765)|-|-|4,758|1,993| |Liability due after one year|(3,806)|-|-|-|(3,806)| |Total net assets|38,623|-|2,227|6,622|47,472| Parent Charity |Unrestricted|Designated|Endowment|Restricted|Total Fund| |---|---|---|---|---| |Fund|Fund|funds|Fund|| |£'000|£'000|£'000|£'000|£'000| |2023
Fixed assets
809|-|-|-|809| |Investments
11,669|-|2,553|64|14,286| |Net current (liabilities)
(7,486)|-|-|-|(7,486)| |Total net assets
4,992|-|2,553|64|7,609| |2022
Fixed assets
872|-|-|-|872| |Investments
12,787|-|2,227|64|15,078| |Net current liabilities
(3,709)|-|-|-|(3,709)| |Total net assets
9,950|-|2,227|64|12,240| ## 17: Contingent Liability A contribution of £250,000 in respect of the registered care home at 1 Woodcock Dell Avenue in Harrow, is repayable to the Secretary of State for Health should the property cease to be used as a residential care home. 50 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 18: Commitments under operating leases The future minimum payments under non-cancellable operating leases are: **----- Start of picture text -----**
Leased Leased
Other Other
Properties Properties
2023 2022
2023 2022
£'000 £'000 £'000 £'000
Within one year 302 101 317 154
Between one and five years 961 - 895 37
Over five years 2,776 - 2,711 -
4,039 101 3,924 191
**----- End of picture text -----**
The future minimum payments receivable under non-cancellable operating leases are: **----- Start of picture text -----**
Leased Leased
Properties Properties
2023 2022
£'000 £'000
Within one year 548 390
Between one and five years 2,322 1,562
Over five years 9,193 3,883
12,063 5,835
**----- End of picture text -----**
Future minimum lease payments due from letting of 228 Walm Lane and retail space at Broadway House. 51 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 |19: Analysis of changes in net debt|GROUP| |---|---| |1 April
2022
Cash
flows
Other
changes
31 March
2023|| |£'000
£'000
£'000
£'000|| ||| |Cash
4,599
(2,815)
-
1,784
Loans falling due within one year
(742)
(386)
(34)
(1,162)
Loans falling due after more than one year
(4,036)
-
34
(4,002)|| |(179)
(3,201)
-
(3,380)|| ## 20: Notes to the cash flow statement ||2023|2022| |---|---|---| |Net (expenditure)/income
Reconciliation of net income / (expenditure) to Net Cash (used in) / provided by operating activities:|£'000
(5,024)|£'000
1,688| |Depreciation|1,621|1,534| |Losses on disposal of fixed assets|96|19| |Losses / (Gains) on revaluations of assets|1,422|(3,697)| |Increase in Provision for capital expenditure|30|-| |Decrease / (increase) in debtors|651|(533)| |(Decrease) in creditors falling due within one year excluding bank loan|(147)|78| |Decrease in creditors falling due after more than one year excluding bank loan|(42)|(115)| |Investment income|(918)|(875)| |Loan interest & other interest payable|122|50| |Net Cash (used in) operating activities|(2,189)|(1,852)| |Movement in cash funds||| ||2023|2022| ||£'000|£'000| |Opening cash and cash equivalents|4,599|7,293| |Cash at bank and in hand as at 31 March|1,784|4,599| |Movement in cash funds|(2,815)|(2,695)| 52 DocuSign Envelope ID: 18E225A4-A43E-4650-BE5B-62E6FEDDDE23 ## 21: Related Parties Donations received from related parties totalled £269,220 (2022: £241,660). Related party transactions between the charity and The Radlett Centre Trust for the provision of theatre hire amounted to £nil (2022: £2,338). One of the trustees is a director in The Radlett Centre Trust. ## Group companies: In the year, there were related party transactions between the parent charity and a member of the group. Norwood Ravenswood provided income of £9,470,000 (2022: £9,350,000) to Norwood Schools Limited. Norwood Schools Limited incurred expenditure of £1,210,000 (£2022: £589,000) on behalf of Norwood Ravenswood. At the year-end Norwood Ravenswood owed £8,486,000 (2022: £7,907,000) to Norwood Schools Limited. ## Key management personnel compensation: In line with paragraph 33.6 of FRS102 Related Party Disclosures, compensation paid to key management personnel in respect of services provided to the reporting entity is disclosed in Note 7. ## 22: Comparative Statement of Financial Activities ||Unrestricted
Funds
2022
Endowment
Funds
2022
Restricted
Funds
2022
Total
Funds
2022
Unrestricted
Funds
2022
Continuing Operations
Discon|


Restricted
Funds
2022
Total
Funds
2022
Total
2022
Total
2021
tinued Operations| |---|---|---| ||£'000
£'000
£'000
£'000
£'000|£'000
£'000
£'000
£'000| |Income from:
Donations and legacies
Charitable activities
Trading activities
Investments
Other Income
Profit on disposal of property|7,653
-
869
8,522
18,383
-
656
19,038
-
-
-
-
316
875
-
-
875
-
-
-
-
-|| |||-
8,522
9,124| |||-
19,038
19,381| |||5
321
321
472| |||-
875
953| |||| |||-
-
3,136| |Total income|26,911
-
1,525
28,435
316|5
321
28,756
33,066| |Expenditure on:
Raising voluntary income and marketing
Charitable activities
Trading activities
Investments
Other|2,164
-
2,164
26,619
-
1,759
28,378
-
-
-
-
146
15
-
-
15

68
-
-
68|| |||| |||-
2,164
2,280| |||-
28,378
29,023| |||5
151
151
863| |||-
15
-| |||-
68
21| |Total cost|28,866
-
1,759
30,625
146|5
151
30,776
32,187| |Operating surplus / (deficit)
Net gains / (losses) on investments|(1,955)
-
(236)
(2,191)
169
-

718
82
-
800|| |||-
169
(2,022)
879| |||-
-| |||-
800
2,679| |||| |||| |Net income / (expenditure)|(1,238)
82
(236)
(1,391)
169|0
169
(1,222)
3,558| |Transfers between funds
Other recognised gains and losses
Net gains on financial instrument
Net gains on revaluation of fixed assets|157
-
(157)
-
-
-
5
-
-
5
2,905
-
-
2,905|-
-
-
-
5
(35)
-
2,905
-| |Net movement in funds|1,829
82
(393)
1,518
169|0
169
1,688
3,523| |Reconciliation of funds:
Total funds brought forward|36,869
1,900
7,015
45,784|-
45,784
42,262| |Total funds carried forward|38,698
1,982
6,622
47,302
169|-
169
47,472
45,785| 53