NoR￿00D Toking on life together NORWOOD RAVENSWOOD (A Charitable Company Limited by Guarantee) Trustees, Annual Report and Financial Statements For the year ended 31 March 2024 Patron HM King Charles111 Registered Charity No. 1059050 Registered Company Number. 03263519 tIGconfident F￿N0￿￿1<[￿G REGULATOR ElIPL￿ER Contents Page Charity Information Chairman's Statement Trustees, Annual Report (incorporating Strategic report) Independent Auditor's Report 22-25 Consolidated Statement of Financial Activities 26 Consolidated Balance Sheet 27 Consolidated Cash Flow Statement 28 Notes to the Financial Statements 29-52 Charity Information Patron HM King Charles111 Cherie Blair CBE KC Patron of Children's Services Patron of Adults, Services Norma BrierJP, OBE Patron of Volunteering Chief Rabbi Sir Ephraim Mirvis KBE Presidents Lord Jon Mendelsohn. Lady Nicola Mendelsohn CBE Honorary Life Presidents Sir Trevor Chinn CVO. David Ereira. Carol Sopher, Clive Marks OBE (deceased 21.8.23), Ronnie Harris (appointed 24.11.23) Vice Presidents Neville Kahn. Mark Pollack. Gary Sacks (all appointed 24.11.23) Trustees and Directors Miles Webber (Chair) (appointed 15.8.23) Tamara Finkelstein (Vice chair) Angela Hodes Ben Freeman (JointTreasurer) Cassy Martell (appointed 26.9.23) Gary Sacks (resigned 24.11.23) Glynnis Joffe Justine Harris Mark Berelowitz (appointed 15.8.23) Neville Kahn (resigned 24.11.23) Philippe Hertz (resigned 19.5.23) Rachael Davi5-Stollar Ronnie Harri5 (resigned 26.1.24) Tim Isaacs (JointTreasurer) Senior LeadershipTeam Chief Executive Officer Naomi Dickson Director of Finance and Corporate Services Patrick Murphy(to 31.10.23) Robert Morton (Interim) (from 21.11.23 to 31.5.24) Heather Lees (Interim) (from 17.6.24) Director of Fundraising, Communications and Community Engagement Liz Jessel Director of Services and Development Hannah Barnett Director of Children and Family Service5 Emma Gray (from 22.4.24) Director of Human Resources Steve Bennett (to 16.6.23) Director of Peopleand Culture Steve William5 (Interim) (from 1.8.23 to 19.1.24) Tarrance Ryder-Downes (from 27.11.23) Director of Risk and Compliance Philippa Shirtcliffe Director of Major Projects Caroline Taylor Company Secretary Patrick Murphy (to 1.10.23) Nick Bernstein (from 1.10.23) Auditors Haysmacintyre LLP Investment Managers CCLA Investment Management and Sarasin & Partners Bankers Barclays Bank plc Principal and RegiSte￿d Office Broadway House, 80-82 The Broadway, Stanmore HA7 4H B Chairman's Statement l am delighted to share with you the Norwood Ravenswood 'Norwood") Annual Report for the financial year ending 31 March 2024. Assuming the role of the Chair of Norwood last November was a homecoming for me. Norwood gave me the greatest gift at the very start of my life- my family- when a Norwood social worker helped to facilitate my adoption. Visiting my first Norwood home, and on every visit to each of our homes I've made since, I felt that same sense of family and belonging. l am incredibly proud to be leading the organisation. as we look to put in place an exciting new strategy over the next three years that will ensure the 5UStainability of the life- changing support members of the community have benefitted from throughout our extensive history. now and in the future. This past year was our CEO Naomi Dickson's first full financial year at the helm of the organisation, during which she and her dedicated Senior Leadership Team oversaw a significant project to increase our statutory income in an effort to ensure our services are adequately and responsibly funded. Tothat end, thecharity madesignificant progre55 in negotiating an upliftin the care package fees paid by commissioning authorities for adults supported in our residential care and Supported living accommodation, through a coordinated structured fee renegotiation programme. Thi5 generated an additional £4m of income. which, combined with securing a notification of some £2.1m from two legacie5, delivered an operating surplu5 of £1.9m. compared to a deficit of £4.Om in the priorfinancial year ending 31 March 2023. Our total income increased by more than 20% on the previous year to £34m, 680/0 of which was achieved through statutory funding. and de5Plte a challenging year for fundraising across the charitable sector, voluntary donations increased in line with overall income. Looking ahead, the ambitions of our new strategy will require further voluntary income and we are currently developing an engaging fundraising plan to support this. I continue to be inspired by the commitment of our staff and volunteers, and the engagement of our familiesand supporters, all of which enable ustodowhat wedo bestat Norwood-helping the people we support to live their best possible lives. With very best wishes, Miles Webber Chair 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 2024. These statements comply with the Charities Act 2011 and the Charities (Protection and Social Investment) Act 2016, the Companies Act 2006, the Memorandum and Article5 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 Norwood empowers Jewish people of all ages with neurodiversity or neurodevelopmental disabilities, along with their families. to lead fulfilled lives in communities that value them. Founded in 1795, Norwood is the oldest Jewish charity in the UK and although the ways we work continually evolve, our motivation remains the same: to do everything we can to help the people we support live thei r best possi ble l ive5. Our Services Each year, Norwood supports the needs of more than 2,500 people, including some of the Jewish community's mostvulnerablechildren,adultsand families. Oursector-leading service5 celebrateour Jewish culture and have Jewish valuesat their heart butare open to all who need our support. Children & Family Services The entry point to our services, where we continue to offer advice, support and signp05ting to the community is through our advice line. Our Children and Family provision is based in Northwest London. We offer short break facilities for families of children with complex needs, and a range of therapeutic services. Our group work is aimed at the whole family, including parenting programmes and support groups forsiblings and parents of children with learning disabilities. We are proud to run a range of support groups including Parenting Courses. Key worker support to provide cohesive, holistic support for the child and their family, Unity our Short breaks holiday provision, and Inbetweeners. our Sunday recreational transition group for young adult5 aged 16-25 years Wlth learning disabilities. Our broader group support and courses include Rainbow (for the parents of primary school-aged children with a range of need). Rainbow Plus(for the parentsof secondary school-aged children with a range of need). Exploring Autism (a 6-week parenting programme for parents and carers of children with an early diagnosis of autism)- 2Gether Group (parenting drop in); Twins and More (multiple birth drop in)" and Afternoon Homework Club (expert support for schoolchildren who are struggling to complete their homework independently). Our Psychotherapy and Counselling service delivers individual and group psychotherapy for children/young people, in schools or in the community. individual psychotherapy for young adults (18-25) with learning disabilities and autism- Psychotherapeutic parenting 5upport- adult counselling- and a range of group5 designed to build resilience and increased social and emotional competence- and session5 to enable children with ongoing difficulties to explore their experiences in a safe and non-judgemental space. 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 need5 either through residential care or supported living accommodation services, in London and in Berkshire. Residential Care is for people who have a local authority-funded care package to provide person- centred 24/7 specialist care combined with support in a residential care setting. Supported Living Accommodation provides for independent tenancy agreements separate from an individual's care arrangemenL pawng rent funded from a variety of benefits and local authority provision which support their living requirements. Beyond accommodation, our adult services include the provision of Assistive Technology, promoting independence and enhancing day to day living using technology. This take5 the form of telecare systems to alert nighttime support Staff to a resident's health risks without the need for intrusive nighttime checks, Augmentative and Assistive Communication devices to help people communicate and control aspects of their environment, Eye Gaze technology to enable people with barriers to communication to access environmental control systems, as well as to use laptops, music systems, toys and many otherdevices, and devicesto help facilitate communicate and support early screen engagement skills" Complementary services- promoting good physical and mental wellbeing through education and access to health services including equine and hydrotherapy- Transition services, providing information, guidance, and advocacy for parents of 16-25 year-olds with a learning disability and/or autism, to help them navigate the support and policy landscape- Benefits and welfare advice- and Jewish cultural activities. Our Highlights, Challenges and Achievements in the year Values. Strategy and Governance We completed a review of Norwood's values through a consultation which included staff, volunteers, people we Support and their families. We are proud of our new values which reflect our foundations and behaviour: Kindness, Respect. Belonging and Empowerment A series of interactive sessions with our Staff have enabled discussions about the application of each value to our work supporting people with learning disabilities and autism across the range of our services. We are committed to embodying our values across our front line and support services, and beyond through use of photos, videos, devices, group and one to one discussions to ensure that our approach remains fully inclusive. Weembarked upon an ambitiousreview of ourstrategywhich enabled usto clarify ourvision, mission and activities and give us plans for the three years ahead, seeking the views of a range of stakeholders from acr05S the organisation. as well as service users, family members and supporters. Our new strategy will take Norwood on its future journey, ensuring that we have a clarity of mission and excellent quality services which are designed around the needs of the community we support. We conducted a full-scale review of our governance with support from Bayes Busine55 School, the recommendation5 of which will be implemented in 2024/5. 2. New Supported Living Service We successfully reopened and recommissioned our supported living facility Sarah Ronson House, for three young autistic men. 3. Educational Services Following an extensive reviewon ourfuture Children & Familyservice provision,a decision wastaken not to renew the current statutory and private educational services beyond the end of the 23/24 academic year. 4. Staff Remuneration A new pay strategy improved our frontline staff pay to above the National Living Wage The Board of Trustees approved a recommendation by the Senior Leadership Team to maintain this position for 24/25, and in April 2024 hourly rates were increased by a further 8.50/0, keeping frontline wage rates ahead of the National Living Wage. Additionally. we have demonstrated our commitment to supporting ournon-frontlinestaff atthischallenging timeand toensuring that their5alaries reflect their hard work by increasing these salaries by 3 % . Our commitment to increasing pay comes at a very challenging time for charities and forfundraising. We have worked throughout the year to streamline pay for support workers and have also increased the rate paid for sleep-ins. These measures, along with improved induction and professional development opportunities, are designed to ensure that Norwood becomes an employer of choice and that our staff retention rate improves to reflect this, particularly amongst our support worker cohort. Not only have these measures improved both recruitment and retention and supported staff with the cost-of-living crisis, but they have also enabled us to considerably reduce the amount of agency staff Used in our services, saving almost £1m in the year. 5. Fee renegotiation program We reviewed the care packages of all our residents and have embarked on an ambitious three-year fee review, due to be completed in 2025/6. This is to ensure that we are receiving a fair fee for the support we offer for each of the people we support from each of the 56 Local Authorities we work with. In 2023124 it resulted in an additional £4m of income for the charity. 6. Fundraising The 2023/24 yearwasa difficultfundraising environmentgiven the Israel-Gaza war, particularlywith respect to trusts. But despite these significant headwinds there were some key successes in the year: Our first in-person Annual Dinner since 2019. held in November, raised almost £2.3m from approximately 500 donors, with an additional £400,000 in benefactor pledges. There were a large number of new attendees since the previous in-person Annual Dinner in 2019 and guests said how fantastic it was to be back holding an in-person event again after the last few years, online matched giving campaigns and were posltive about the tone and messaging of the event, which focused heavily on giving a voice and platform to people supported by Norwood. The Distressed Investing Dinner, held in September, was a sold-out event raising £490,000 from a combination of sponsorship, table sales, an appeal and a Silent auction. Other events included the annual Norwood Quiz Night in January 2024 which raised almost £20,000, with 265 people making up 26 teams and the Young Norwood (YN) Property Awards Dinner, which was held in February 2024, with 400 guests raising £175,000. Our inaugural Women in Philanthropyeventtook placeatthe Alon Zakaim Gallery in London. The event wa5 designed to engage with potential and existing female donors and supporters to encourage involvement with Norwood. The Norwood Carnival, held in May 2023 was attended by 1,600 people and raised £22,500. 7. Staff Satisfaction Over the past year several activities have continued to focus on enhancing staff satisfaction and retention. We enhanced our benefits, including increasing sleep-in rates and access to the Blue Light Card discount scheme. We focused on delivering mental health first aid, wellbeing and resilient training for managers and refreshed long-service awards to recognise outstanding commitmentand loyalty. We also recently launched a new management development programme. Norwood achieved a 610/0 average positive response rate in the Birdsong Charity survey. The results enabled us to benchmark where we stand against other organisations in the sector, as well as highlighting some key areas that we can collectively work on to improve the organisational culture at Norwood. Future priorities includea review ofour payand reward approach to help put in placean effectiveand competitive policy- further enhancing our benefit and recognition scheme, to include an increase to Support Worker annual leave entitlement and new staff awards" Integrating new organi5ational values and behaviours within our recruitment and onboarding. 8. Ravenswoodvillage We expect that the process and negotiation5 to engage with a third-party provider who is interested in taking over the operation of services at the Village will take some months to progres5 and we are continuing to keep both staff and families of people supported at the Village updated. In the meantime, we remain fully committed to providing the highest standards of care for the residents at Ravenswood Village. We welcomed two new resident5 into the Village in 2023/24, with others expected during 24125. We continue to review the needs and care plans of existing residents on an ongoing basis, as part of our commitment to providing person-centred care and to maximise capacity in the future. Ravenswood Village held its annual Summer Fete in May which was a celebration of it5 service5 and a chance for staff, families and residents to come together. Our Strategic Priorities and Focus for 2024/2025 The implementation of the strategic and governance reviewswill form part of the 3-year strategy that will support Norwood in developing a bold plan to support our vision. The work on the strategy will commence fully from January 2025 and will see Norwood building on its strengths and enhancing its offerto meet the demand identified in our research and outreach. We will focu5 on improving our front door entry point to services, broadening our holistic offer to children and families, strengthening the transltion pathways between children and adult5, and enhancing our offer to adults in relation to residential and wider provision. We will focus on the need to improve and grow our estatesto provide the most appropriate accommodation for the people we support. To underpin the delivery of the strategy we will strengthen our organisational foundations- the culture, infrastructure, 5y5tems and policies that make Norwood the most dynamic. well led organisation it can be. The strategy will be delivered over the nextthreefinancial years. The strategy also includes the commitment of the Board of Trustees to continue to engage with a third-party provider who is interested in taking over the operation of the services at Raven5wood Village. The governance review will change the committee structure that supports the Board of Trustees and the scheme of delegation. and ensure that we are working to best practice, in line with the Charity Commission Code of Governance. Statement on s.172(1) of The Companies Act 2006 and s.17 of The Charities Act 2011 During the course of their duties, the trustees have had full regard for their obligations in promoting the success of the organisation. Norwood'5 detailed charitable objects are contained within it5 memorandum and articles and in keeping with these,theTrusteesset Strategic priorities ensure that the charity'5 activities are carried out for the public benefit. The Trustees also confirm that they have had full regardto thecharity Commi55ion'sgeneral guidance on public benefit, 'Charitiesand Public Benefit" Thi5 has been further clarified in the following sections of this report- Our Services Our Highlights, Challenges and Achievements in the year Employee Engagement Ourvolunteers Business Relationships Energy Efficiency Measures Undertaken Employee Engagement We carried out an inaugural staff engagement survey in March 2023. The results enabled us to benchmark where we stand against other similar organisations and identify areas that we can improve. As a result, we upgraded our intranet to ensure that we provide helpful online advice and information, as part of our commitment to empowering staff to perform their roles. The review of our organisational valuesengaged all stakeholders including staff across the organisation to determine the values thatwesubscribetoin ourcollectivegoal toenablethe people wesupportto livetheir best lives. We also reintroduced long-service awards early in 2024 to show our appreciation for the many staff member5 who have chosen and continue to choose to remain with Norwood. Further steps taken by the organisation toward improving staff wellbeing include training and introducing a cohort of Mental Health First Aiders- a vital initiative that equips employees Wlth the knowledge and skills to recognise and respond to mental health concerns among their colleagues. We launched a'Love to Manage People, Programmeto support our line managers to continue their professional developmentand toundertakethefull rangeof people engagement responsibilitieswith more confidence, as part of a wider18-month People Transformation strategy. This include5 offering managers the opportunity to undertake resilient managers training, delivered by trainers from St. John's Ambulance. We inevitably have work to do to improve how information is communicated across the organisation to help connect our staff with organisational and departmental update5. but we recognise how important our staff are to the charity. Our Volunteers By the end of the 2023/24 financial year, we had 173 volunteers actively engaged in supporting service and cultural activity delivery to the people Norwood supports across adult, children and family services, in addition to 99 individual enquiries from new potential volunteer5. Of these enquirie5, 55 volunteers were successfully recruited and placed in suitable opportunities. Overall, the number of active volunteer5 decreased during this period, largely due to Service closure5 in particular the last two remaining charity shops which closed in January 2024, and which were largely staffed by volunteers. io number of corporate volunteering days were organised across adult services in London and Berkshire, with organisations including National Grid, Wickes, BD UK, Carbonxgen and Johnson & Johnson, and further to a corporate volunteering activity that was successfully run with B&Q in the previous financial year, a grant of £10.000 was received. 100 volunteers were recruited to support at the annual Norwood Carnival in May, with a further 15 volunteer5 supporting at Norwood Night in December. in addition to regularJewish cultural activities being delivered in our home5 by a team of 71 volunteers recruited from local synagogues and communities. We are so grateful to all our volunteers for the time that they give up and for all that they do for us and for the people we support. Business Relationships Norwood values the relationships it has with all the local authoritiesaround the UK and it5 suppliers, holding multi-year contracts with key suppliers. Norwood reports its performance and practices in line with reporting requirements. Fundraising Approach We are committed to achieving the highest standards of professional fundraising. We are corporate members of the Institute of Fundraising and are registered with the Fundraising Regulator, to whom we paythe Fundraising Levy.Through the5yStemsand proce55eswe have in placeweaim toachieve the standards set out in the Fundraising Code of Practice. We arealso 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 ha5 oversight for compliance. Norwood raises most of its voluntary income from individuals and companies via sporting challenges, community fundraising and events. Our philanthropy programme Includes p05tal appeals, payroll giving and bid application5 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 con515ting of staff, trustees and volunteers. We do not take part in any intrusive or high-pre55ure fundraising activities, such a5 Street fundraising, door-to-door fundraising or cold-calling by telephone. We respect all reque5tS to stop giving or to stop receiving our fundraising communications and provide guidance to our fundraising staff in these area5. We didn't receive any complaints arising from our fundraising activities in 2023/24. Remuneration Policy Our Senior Leadership Team is responsible for the charity's affair5 on a day-to-day basis. In view of the nature of the charity, the salaries of our senior leadership Staff are benchmarked against pay levels in similar sized charitable organisations and agreed by our Board Remuneration Committee. Recruitment and Remuneration Policy for Trustees and Lay Leader Ctroptees We adopt a transparent and objective approach when recruiting ourtrustees and sub-committee cc optees. Arrangements are made for new membersto meet the Board of Trustees, the Chief Executive and the Senior Leadership Team, visit our homes and meet service users. Our trustees receive comprehensive reporting on the organisation including 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 trustee5 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 expense5. Any connection between a trustee or co-optee and any of the charity's stakeholders is declared to the charity 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 wa5 raised against any trustee or lay leaders in the year. Details of related party transactions and trustee5' expenses are disclosed in Note 21 of the financial statements. Financial Review In the 2023/24 financial year, the charity made an operating surplus of £1.9m (2023: deficit £4.Om), with the surplus being largely attributable to the notification of two legaciestotalling £2.Im, the cash from which will be received in future periods. In 2023/24, there were unrealised gains on investment property revaluation of £0.2m (2023: losses £0.6m) and unrealised investment portfolio gains of £1.1m (2023:1055es £0.8m). Whilst the statutory funding gap for adult social care persists, we continue to work closely with commissioning authorities to negotiate further fee uplifts to cover increases to frontline staff wage5 and other inflationary pressures. In addition, we will continueto pursue operational efficiencies and maximise limited resources. Income Where our income came from 2023-24 202&24 344 28 28 5tstytLYyFurVJ￿AdU SEMce DirEEtCDtrtriburiDnstD Chldren and F￿llY S2Mce8 FutvJTai*nglncotne InYBstrn8ntinCL￿? 396 1tyJ 664* 654 Other The total income we generated was £34.Om (2023: £27.3m). £23.Om, or 680/0 (2023: £18.6m, 680/0) of this was generated from providing paid-for services in line with our charitable purpose. £9.7m, 290/0 (2023: £7.6m, 280/0) was generated from voluntary donations, including legacies, while the remainder was realised from trading and investment income. The charity made significant progress in improving the fees its commissioning authorities pay to better reflect the support Norwood provides to the people we support through a Structured fee 12 renegotiation programme using a shared costing tool which generated an additional £4m (21 % ) of income from local authorities. Whilst we were successful at securing annual increases from most local authorities, some of the main local authorities commissioning services with us were notable to agree increases that would keep pace with inflation, and funding gaps persist. We will continue to liaise with local authoritie5 to ensure the level of fee5 we receive is commensurate with the level of care being provided. We raised £9.7m from our fundraising activities and legacies which was a 28 % increase on the prior year performance. Within this, legacy income was £3.4m (2023: £0.9m) with Norwood being notified of two large legacies totalling £2.Im. Whilst accounting standards require these to be recognised as income. the money 15 only expected to be received over the next 18 months. Our donation income decreased to £6.3m (2023: £6.6m) due to significant headwinds in the current fundraising environment. As previously disclosed, Norwood took the decision in 2021 to close it5 retail operations. The cessation of retail activities was completed in January 2024 with the c105ure of the two remaining shops. These two shops generated income of £0.2m (2023: £0.2m). Expenditure Where the money was spent 2023-24 2022-23 logh li 124b PAluths5erlces ildr￿A FaThilY￿re5 Costs 78 Our total expenditure was £32.1m (2023: £313m). This was £0.8 higher than the previous year mainly due to inflationary cost pressures on fundraising activitie5. Marketing and the fundraising Costs of generating voluntary income were £3.2m, £0.2m more than the previous year. Our expenditure on charitable activities was £28.8m, being £0.8m morethan the prior year. This relates to the direct and support Costs of providing care and support services to the people we support. Despite inflationary cost pressures Norwood achieved efficiencies in some areas of our operations. For example, in the use of agency staff, used to meet staffing requirements not met due to the recruitment and retention cri515 in social care. Agency Staff costs were £2.7m (2023: £3.6m) with the improvement coming from better deployment of staff across services and negotiating better rates with agencies. Going Concern 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 13 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 60/0 reduction in statutory income due to attrition rates, with 6 % being an extreme case. Fundraising and investment income has been modelled to fall by 250/0. Under these models the charity has sufficient reserves to continue operating for more than the next 12 months. Investments were valued at £14.2m (2023: £15.7m) and free reserves were £9.4m (2023: £5.3m). The analysis supports the accounts being prepared on a going concern ba515. Reserves Policy An important role for trustees is to manage the long-term sustainability of the charity. Norwood's reserve5 policy sets out the basic principles that should- give confidence to funders by demonstrating good stewardship and active financial manage- demonstrate to beneficiaries, funders and the public, Norwood's resilience, and capacity to manage unforeseen financial difficulties- 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 15 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 as detailed in 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 fund5 allows trustees to identify unrestricted funds which can be spent on any purpose5 of the charity i.e. freely available to it. As at 31 March 2024, unrestricted reserves were £38.5m and the free reserves of the charity was £9.4m. This is calculated as follows: 31-Mar-24 31-Mar-23 £m £m Group net assets (Total reserves) Less endowment funds 46.1 42.9 (2.0) (5.6) 38.5 (1.9) (6.0) 35.0 Less restricted funds Unrestricted reserves Less unrestricted fixed assets (18.7) (10.4) (19.7) (10.0) Less Investment property Free Reserves Our minimum reserves level incorporates liquid cash, ensuring we have sufficient cash holdings to meet our immediate organisational needs. and investment balances. The trustee5 have set a target range of free reserves of 3 months or more, being £8.om of gross expenditure. Free reserves are over the target set, in addition two thirds of the charity's income is from statutory sources and 14 Norwood has sufficient liquidity within its investment portfolio of £14.2m to meet its working capital requirements for the foreseeable future. Investment Policy and Performance Norwood hold5 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. The trustees understand that to generate returns, in the longer term, in excess of the rate 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 fund5 IS medium risk and the charity's investment policy mandates that any decisions taken by its investment managers are conslstent with its social care policies. The Board of Trustees has delegated the regular monitoring of investment performance and ethical objectives to the Investment Committee. At the end of the financial year, Norwood reported a portfolio value of £15.2m (2023: £15.7m). There were net gains on the investment portfolio of £1.Im (2023: losses of £0.8m). Our Committees The Charity's committee structure is set up to ensure it can adapt and adequately respond to the evolving challenges facing the charity and the Social care sector as a whole. The structure of our committee5 will be reviewed as part of our wider strategic review in 2024/25. At the current time, the main committees of the Board are: Audit and Risk Committee (ARC).. Oversees the organisational risk assurance framework. It is also responsible forensuring that the Board isapprised of the principal risks and plans are put in place to mitigate those risks. Corporate Service5 Committee (CSC)- Oversees all financial matters including the financial risk register, budget setting financial performance and financial planning. Fundraising Committee (FR): Oversees the planning and implementation of fundraising plans, marketing materials and communications externally to b005t voluntary donation5 and capital fundraising income. Investment Committee (Inv): Oversees the investment portfolio and provides instruction to the investment managers in line with the charity's investment policy. Remuneration Committee(Rem): Provides guidance on governance, lead on the recruitment of new trustee5 and members of the SLT. reviews terms of office, and leads on trustees, induction and training. Operations Committee (Ops): Responsible for overseeing the performance of specific departments to ensure the resource5 are used to support and deliver the Strategic aims of the Charity, while ensuring 5U5tainability and championing best practice. In addition to the above, there are other groups set up to provide additional support to the main committees. These are the Property Strategy Group (Prop) and Safeguarding Group (Safe). The Board of trustee5 may a150 on occasion, set up a task group to provide support to the executive team and oversee the delivery of specific tasks, over a specific period of time. Every committee and group is supported by co-optee5 who are a150 members of the committees and contribute a wealth of experience and expertise to their respective committees or groups. A full list of Trustees and co-optees and the committees on which they served during the year is set out below. Please refer to our website for further details of our trustees. 15 |✓|✓|||||||✓|✓|||||✓|es| |---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---| |✓|*|✓||||✓|*|||||✓|*||| |||||✓|*||||||||||| |||||✓||||||||✓|||| |||||||||✓|es|||||✓|| |||||||||✓|||||||| |||||||||||✓|||||| |||||✓||||||✓|||||| |||✓|||||||||||||| |||||✓||||||||✓|||| |||||||||||✓|es||||| |✓||✓|*|||✓||||✓|||||| |||✓||✓|||||||||||| |||||||✓|||||||||| |||||||||✓|||||||| |||||✓|||||||||||| |||||||✓|||||||||| |||||✓||||✓|||||||| |||||||||✓|||||||| |||||✓|||||||||||| |✓|||||||||||||||| |||||✓|||||||||||| |||||||||||||✓|||| |✓|||||||||||||||| |||||||||||||✓|||| |||||✓|||||||||||| |||✓|||||||||||||| |||||||✓|||||||||| |||||✓|||||||||||| |||✓|||||||||||||| |||||||||||||✓|||| |||||||||✓|||||||| |||||✓|||||||||||| |||||||||||||✓|||| |||||||||✓|||||||| |||||||||✓|||||||| Principal Risks The Board of Trustees believe that the principal risks impacting the charity at the current time are as follows: Risk Title Existing Treatment and Mitigating Actions Uncertainty over the future of Ravenswood Village Maintaining close engagement with potential partners Working collaboratively with regulators and local authorities where appropriate Continue with a 'business as usual, approach acr055 the site to ensure safe, high-quality services and ensuring property is maintained appropriately Fai lure to recruit or retai n staff New people and culture strategy included within transformation plan Carrying out Staff satisfaction survey5 and acting on the results Providing pay rises to ensure that existing staff wish to stay with the organisation and to attract new joiners Fundraising income lower than required New Fundraising committee established. New Trustee appointed with wide experience of fund raising. External consultant appointed to develop fundraising strategy Commissioned fee income is insufficient Fee recovery project established in 2023-24 raised additional £4m in statutory fees for commissioned care hours from local authorities Project is continuing in 2024/25 Wider project commenced to review operational efficiency and reducing central overhead cost5 Adequate fire prevention and evacuation in the event of an incident Fire risk assessments developed Carry out regular fire evacuation tests People we support have individual Person Emergency Evacuation Plans Built environment regularly checked to ensure compliance with regulations Compliance and Operational Risk Management Riskis inherent in ouroperationsand the decisions made in pursuitof ourcharitable goals.The Board 15 responsible for the nature and extent of the principal risks that we are willing to take. It reviews the principal risk5 to the organi5ation and ensures that risks are effectively managed through our gov- ernance 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. In 2023-24 we have been reviewing our corporate and 17 departmental risk registers and will be working with RSM. our internal auditor5 to ensure Norwood is fully identifying, analysing and managing any uncertainties as we operationalise our new strategy. These risk5 are managed on a day-to-day basis by the Senior Leadership Team and overseen by the Audit and Risk Committee on behalf of the board. Quality and Compliance By the end of the financial year 2023-24 all our services were rated 'Good' or 'Out5tanding' by the CQC. We had two inspections under the former CQC inspection framework, our London Supported Living services retained its 'Good' rating and our residential home Carlton Avenue, obtained an 'Outstanding' rating from CQC with the inspector highlighting the positive and inclusive culture within the service and the use of asslstive technology that empowers people to live their best live5. The report specifically highlighted,'The Service continuouslyexplored. introduced, and used various digital communication tools to enable people to be more involved and to be more included in making decisions about their care. This ensured thatpeople live in an inclusive environment and were able to clearly communicate their needs with staff and others. For example, the service purchased an alternative and augmentative (enhancing) communication (AAC) App. This supported people who cannot speak or who have unclear speech to communicate more clearly and tell staff what help they required. The service introduced 'OrCam' which is assistive technology which can be used bypeople who were visually impaired to identify objects that they had difficultyseeing, reading or recognising. This helped one person in particular and had a big impact on the person becoming le55 anxious and being more involved in the day to day running of the service., As CQC have launched their new single assessment process we are supporting manager5 to prepare for inspection under the new approach. The launch of the electronic care records project in 2024 has seen the roll out of care planning software 'Nourish' to our Adult Services. This has been fully embraced by our staff and with the project due to complete in the Autumn of 2024, we will be seeking to develop understanding and use of the system to capture outcomes and feedback from the people we support, families and staff. Safeguarding In 2023 we commissioned the Ann Craft Trust to carry out a strategic review of our safeguarding processes. This involved meeting with staff, volunteers, people we support and trustees and visiting services across London and Berkshire. The report highlighted the work that had been undertaken in the previous years to make safeguarding personal and developing an open and transparent culture. and the recommendations will be enacted during 2024-25. There have been no notifications to the charity commission in 2023-24 in relation to safeguarding and we continue to track and report all concerns and share theme5 and trends with Trustees via the Safeguarding Group. Health and Safety In 2024, the Senior Leadership Team all completed the IOSH safety for executives and directors to ensure that we integrate top level safety management into the wider organisation. Health and Safety remains a high priority and considerable work has been carried out during 2023 and continues in 2024 on Fire Safety and Norwood Fire Strategy. All health and safety incidents continued to be tracked and monitored during 2023-24 and themes and trends reported to the board and committees as appropriate. 18 Data Security and Data Protection In 2023 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. There has been no requirement to report to the ICO during 2023-24. The team plan to work toward cyber essentials certification during 2024-25. Streamlined Energy and Carbon Report (SECR) Norwood is required to report under the Streamlined Energy and Carbon Reporting (SECR) framework, under the Companies (Directors, Report) and Limited Liability Partnerships (Energy and Carbon Report) Regulations 2018. This report cover5 the SECR requirement for Norwood. The tabulated energy use and carbon emissionscan be found below. This covers the 12 months ending 31 March 2024 reflecting the financial year of Norwood. Norwood has reviewed and agrees Wlth all report inclusions and any exclusions where relevant. 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. Scope This report include5 U K energy use, and the associated GHG emissions, that relate to: Activities for which Norwood is responsible involving the combustion of gas, or consumption of fuel for the purposes of tran5port- and The purchase of electricity by the company for its own use, including for the purpose of transport. SECR Dashboard Eneigy Consumption {kWh) Scope l EnerByConsumption Scope 2 Energi Consumption Totsl energy Consumptlon 4,537.316 1,349,934 5.887.310 4,131,164 1,439,330 5.570.494 6.Ckll.297 2,159,￿ 8.2(D,603 .25Y. Carbon Emlssions ItCO2e) Scope l Emissions Scope 2. Location Based ILBI Scope 2- ma￿et Based {MBI Total Carfoon- LB ItC021 Total Carbon- MB ItC021 839 762 -26Y. 278 611 203 376 624 .67% Wllll £747 WIWI .36% 1,137 41% Intensity Ratio 2023124 ItC02e/Heal¢ountl LS L7 Isropes 1. 2 Emlsslons} 19 Energy Efficiency Measures undertaken by the charity Workto upgrade our energy efficiency during the year has included: We have replaced boilers with better energy efficient ones in some of our homes. We have replaced all lighting inside and out at one of the homes in Raven5wood Village (Or- chard) and plan to do the same atanotherfour home5 over the next two years, beginning with the next financial year. All other homes have had LED lighting installed to replace old lamps and fittings as and when theyfail. 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 trustee5 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 sat15fied that they give a true and fair view of the state of affairs of the charitable company and the group and of the Incoming resource5, 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 ma- terial 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 asset5 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 trustee5 to make themselves aware of any relevant audit information and to establish that the charitable company's auditor is aware of that information. 20 The trustees are re5pon5ible 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 otherjurisdictions. Mi/65 W6bb6r Miles Webber Director/Chair Ben Freeman Director/Joint Treasurer 27 September 2024 21 Independent auditor's report to the members of Norwood Ravenswood Opinion We have audited the financial statements of Norwood Ravenswood for the year ended 31 March 2024 which comprise Chairman's Statement, Trustees, Annual Report (incorporating Strategic report), Consolidated Statement of Financial Activities, Consolidated Balance Sheet, Con501idated Cash Flow Statement and note5 tothe financial statements, including a summary of significantaccounting 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 Fi- nancial 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 of the parent charitable company's affairs a5 at 31 March 2024 and of the group'5 and parent charitable company's net move- ment in funds, including the income and expenditure, for the year then ended. have been properly prepared in accordance with United Kingdom Generally Accepted Ac- counting Practice- and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with International Standards on Auditing (U K) (ISAS (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statementssection of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statement5 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 ba515 for our opinion. Conclusions relating to going concern In auditing the financial statements, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertaintie5 relating to eventsor conditionsthat, individuallyorcollectively, may castsignificant doubton the group's ability to continue as a going concern for a period of at least twelve months from when the financial 5tate- ments are authorised for issue. Our responsibilities and the responsibilitie5 of the trustees with respect to going concern are de- scribed in the relevant sections of this report. Other information The trustees are responsible for the other information. The other information comprises the infor- mation included in the Trustee5' Annual Report incorporating the Strategic report and the Chair- man's Statement. 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 assur- ance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other infor- mation and, in doing so, consider whether the other information is materially inconsistent with the 22 financial statement5 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 or a ma- terial misstatement of the other information. If, based on the work we have performed, we conclude that there 15 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 Trustee5' Annual Report(which includes the strategic report and the directors, report prepared for the purposes of company law) for the financial year for which the financial statements are prepared is consistent with the financial statements. and the strategic report and the directors, report included within the Tru5tees' Annual Report have been prepared in accordance with applicable legal requirements. Matters on which we are required to report by exception In the light of the knowledge and understanding of the group and the parentcharitable company and it5 environment obtained in the course of the audit, we have not identified material mi55tatements in the Trustees, Annual Report (which incorporates the strategic report and the directors, report). We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion- adequate accounting records have not been kept by the parent charitable company" or the parent charitable company financial statements are not in agreement with the account- ing records and returns. or certain disclosures of tru5tees' remuneration specified by law are not made" or we have not received all the information and explanations we require for our audit. Responsibilities of trustees for the financial statements A5 explained more fully in the trustees, responsibilities statement set out on page 23, the trustees (who are also the directors of the charitable company for the purposes of company law) are respon- sible 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 prepara- tion of financial statement5 that are free from material misstatement, whether due to fraud or error. In preparing the financial statement5, the trustees are responsible for a55essing the group'5 and the parent charitable company's ability to continue as a going concern. di5c105ing, as applicable, mat- ters related to going concern and using the going concern basis of accounting unless the trustee5 either intend to liquidate the group orthe parent charitable company or to cease operations, or have no realistic alternative butto do so. Auditor's responsibilities for the audit of the financial statements Our objectives are to obtain reasonable assurance about whetherthe 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 errorand are considered material if, individually 23 or in the aggregate, they could reasonably be expected to influence the economic decision5 of users taken on the basis of these financial statements. Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material mis5tatement5 in re- spect of irregularitie5, including fraud. The extent to which our procedures are capable of detecting irregularitie5. including fraud is detailed below- Based on our understanding of the group and the environment in which it operates, we identified that the principal risks of non-compliance with laws and regulations related to charity and company law applicable in England and Wales, and we considered the extent to which non-compliance might have a material effect on the financial statements. We also considered those laws and regulation5 that have a direct impact on the preparation of the financial statements such as the Companies Act 2006. We evaluated management's incentives and opportunities for fraudulent manipulation of the finan- cial statement5 (including the risk of override of controls) and determined that the principal risk5 were related to revenue recognition, in particular in relation to recording income and charitable ac- tivities in the correct accounting period, valuations of investment assets and management override of controls. Audit procedures performed by the engagement team included: Inspecting correspondence with regulators- Discussions with management including consideration of known or suspected instances of non-compliance with laws and regulation and fraud. Reviewing the contro15 and procedure5 of the charity relevant to the preparation of the finan- cial statements to ensure these were in place throughout the year" Reviewing debtor recoverability post year end. Reviewing post balance sheet events. Evaluating management's controls designed to prevent and detect irregularities- Identifying and testing journals, in particular journal entries posted with unusual account combinations, posting5 by unusual users or with unusual description5, and Challenging assumptions and judgements made by management in their critical accounting estimates including legacy valuations and investment property valuations. Because of the inherent limitations of an audit, there is a risk that we will not detect all irregularities, including those leading to a material misstatement in the financial statements or non-compliance with regulation. This risk increases the more thatcompliance with a law or regulation 15 removed from the events and transactions reflected in the financial statements, as we will be less likely to become aware of instances of non-compliance. The risk is a150 greater regarding irregularities occurring due to fraud rather than error, as fraud involve5 intentional concealment. forgery, collusion, omission or misrepresentation. 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 member5, as a body, in accordance with Chapter 3 of Part16 of the Companies Act 2006. Our audit work has been undertaken 50 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, we do not 24 accept or assume responsibility to anyone otherthan 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. Richard Weaver Senior Statutory Auditor forand on behalf of Haysmacintyre LLP Statutory Auditor 10 Queen Street Place London EC4R 1AG 27 September 2024 25 ||||**Continuing Operations**|**Continuing Operations**||**Discontinued Operations**|**Discontinued Operations**||**Restated**| |---|---|---|---|---|---|---|---|---|---| |||**Unrestricted**|**Endowment**|**Endowment**
**Restricted**|**Total**|**Unrestricted**|**Total**||| |||**Funds**|**Funds**|**Funds**
**Funds**|**Funds**|**Funds**|**Funds**
**Funds**|**Total**|**Total**
**Total**| |||**2024**|**2024**|**2024**
**2024**|**2024**|**2024**|**2024**|**2024**|**2023**| ||||||||||| ||Notes|£'000|£'000|£'000
£'000|£'000|£'000|£'000|£'000|£'000| |**Income from:**|||||||||| |Donations and legacies|2|8,980|-|-
725|**9,705**|-|**-**|**9,705**|7,577| |Charitable activities|3|23,022|-|-
-|**23,022**|-|**-**|**23,022**|18,573| |Trading activities|4|-|-|-
-|-|168|168|**168**|231| |Investments|5|1,152|-|-
-|**1,152**|-|-|**1,152**|918| |**Total income**||**33,154**|-|-
**725**|**33,879**|**168**|**168**|**34,047**|27,299| |**Expenditure on:**|||||||||| |Raising voluntary income|6a|3,187|-|-
-|**3,187**|-|**-**|**3,187**|2,965| |& marketing|||||||||| |Charitable activities|6a|27,684|-|-
1,081|**28,765**|-|**-**|**28,765**|28,026| |Trading activities|6a|-|-|-
**-**|**-**|92|**92**|**92**|213| |Investments|6a|7|-|-
**-**|**7**|-|**-**|**7**|13| |Other|6a|95|-|-
**-**|**95**|-|**-**|**95**|98| |**Total cost**||**30,973**|-|-
**1,081**|**32,054**|**92**|**92**|**32,146**|31,315| |
Operating surplus/(deficit)||**2,181**|-|-
**(356)**|**1,825**|**76**|**76**|**1,901**|(4,016)| |
Net gains/(losses) on|10|1,046|94|94
**-**|**1,140**|-|**-**|**1,140**|(837)| |investments|||||||||| |**Net(expenditure)/income**||**3,227**|**94**|**94**
**(356)**|**2,965**|**76**|**76**|**3,041**|(4,853)| |Transfers between funds|15|132|-|-
(132)|-|-|-|-|-| |**Other recognised gains and losses**|||||||||| |Net (losses) on financial|10|-|-|-
-|**-**|-|-|-|(5)| |instrument|||||||||| |Net gains/(losses) on|10|186|-|-
-|**186**|-|**-**|**186**|(580)| |revaluation of investment|||||||||| |properties|||||||||| |**Net movement in funds**||**3,545**|**94**|**94**
**(488)**|**3,151**|**76**|**76**|**3,227**|(5,438)| |**Reconciliation of funds:**|||||||||| |Total funds brought|22|34,787|1,888|1,888
6,040|42,715|187|187|42,902|48,340| |forward - Restated|||||||||| |**Total funds carried forward**||**38,332**|**1,982**|**982**
**5,552**|**45,866**|**263**|**263**|**46,129**|42,902| 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 29 to 52 of this report form an integral part of these accounts. There were no gains or losses other than those included in the Statement of Financial Activities. |||**GROUP**|**GROUP**|**PARENT CHARITY**|**PARENT CHARITY**| |---|---|---|---|---|---| ||||**Restated**||**Restated**| |||**2024**|**2024**
**2023**|**2024**|**2023**| |**Fixed Assets**|Note|**£'000**|**£'000**
**£'000**|**£'000**|**£'000**| |Intangible fixed assets|8|179|179
155|1|3| |Tangible fixed assets|9|20,034|20,034
21,294|528|807| |Investments: Managed investment portfolio|10a|14,169|14,169
15,730|12,593|14,284| |Directlymanagedproperty|10b|10,401|401
9,970|-|-| |**Total fixed assets**||**44,783**|**783**
**47,149**|**13,122**|**15,094**| |**Current Assets**|||||| |Debtors|12|5,505|5,505
2,146|3,239|667| |Cash at bank and in hand||3,183|183
1,784|2,853|1,193| |Total current assets||**8,688**|**688**
**3,930**|**6,092**|**1,860**| |**Liabilities**|||||| |Creditors: amounts falling due within one year|13|(4,346)|(4,346)
(4,782)|(8,331)|(8,888)| |**Net current assets/(liabilities)**||**4,342**|**342**
**(852)**|**(2,239)**|**(7,028)**| ||||||| |**Total assets less current liabilities**||**49,125**|**125**
**46,297**|**10,883**|**8,066**| |Creditors: amount falling due after one year|14|(2,995)|(2,995)
(3,395)|-|-| |**Total net assets**||**46,130**|**130**
**42,902**|**10,883**|**8,066**| ||||||| |**Funds**|||||| |Including cumulative revaluation gains of £5.2m (2023: £6.8m)|Including cumulative revaluation gains of £5.2m (2023: £6.8m)||||| |Restricted funds|15|5,553|5,553
6,040|11|64| |Endowment funds|15|1,982|1,982
1,888|1,982|1,888| |Unrestricted funds|15|38,595|595
34,974|8,890|6,114| |**Total Funds**|15,17|**46,130**|**130**
**42,902**|**10,883**|**8,066**| The accompanying notes on pages 29 to 52 of this report form an integral part of these accounts. ## Miles Webber ## Ben Freeman |||**2024**|**2023**| |---|---|---|---| ||Note|£'000|£'000| |**Cash flows from operating activities:**|||| |**Net cash(used in) operating activities**|20|**(1,601)**|**(2,189)**| |**Cash flows from investing activities:**|||| |Dividends, interest and rent from investments|5|1,152|918| |Purchase of tangible fixed assets|9|(701)|(1,014)| |Purchase of intangible fixed assets|8|(94)|(56)| |Proceeds on sale of tangible fixed assets||539|34| |Proceeds on disposal of investments|10|2,701|-| |**Net cashprovided by (used in) investing activities**||**3,597**|**(118)**| |**Cash flows from financing activities:**|||| |Interest paid on bank loan|6c|(211)|(122)| |Bank loan repaid||(386)|(386)| |**Net cash(used in) financing activities**||**(597)**|**(508)**| |Change in cash and cash equivalents in the reporting period||1,399|(2,815)| |Cash and cash equivalents at the beginningof theperiod||1,784|4,599| |**Cash and cash equivalents at the end of the reporting period**|20|**3,183**|**1,784**| Notes to the Financial Statements For the year ended 31 March 2024 Accounting policies The principal accounting policies adopted, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows- Basis of preparation The consolidated financial statements have been prepared under the historical cost convention in accordancewith 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 Raven5wood was incorporated in the United Kingdom and the financial statement5 are presented in Sterling (£), rounded to thousand5. Norwood meets the definition of a public benefit entity under FRS 102. The financial statements have been prepared con501idating the results of the charity - Norwood Raven5wood - and its wholly-owned subsidiaries - Norwood Schools Limited and The Hope Charity which are a150 registered charitable companies limited by guarantee. The charities Wlthin the Norwood group are separately registered and governed by their own Memorandum and Article5 of Association. 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 trustee5 have considered the appropriateness of preparing the accounts of Norwood Ravenswood on a going concern bas15. The majority of Norwood Ravenswood's income is Secure as it arise5 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 ba515. 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 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. 29 Accounting policies (continued) 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 expense5 during the year. However, the nature of estimation means that actual outcomes could differ from those e5timate5. The following judgements (apart from those involving estimate5) 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 instrument5 are initially recogni5ed at fair value, which is normally the transaction price. In certain circumstance5, the initial fair values may be based on a valuation technique, which may lead to the recognition of profits or 105ses at the time of initial recognition. However, these profits or105ses can only be recogni5ed 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 change5 in fair value either reported within the income statement or within equity until the instrument is sold or become5 impaired. Fair value of investment properties Directly managed investment properties are periodically valued on the ba515 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, was sold in 2023 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 was 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 the inherent uncertainty involved in making estimates, actual results reported in future periods may be different from these estimates. There are no significantjudgements. d) Income recognition and restatement of the reported numbers for the years ended 31 March 2023 and 2022 All income is accounted for when Norwood has entitlement, there is probability of receipt, and the amount is measurable. Previously. the income recognition criteria was that it would be recognised if it wa5 vi rtually certain. 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. 30 Accounting policies (continued) d) Income recognition and restatement of the reported numbers for the years ended 31 March 2023 and 2022 (continued) 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 ha5 been a grant of probate the executors have established that there are 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 15 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 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 service5 are included a5 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 volunteer5 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 thatthe income recognition is dependenton certain activities being completed in a future accounting period. 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. 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 fund5 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 fund5 form part of general funds. General funds areavailableto 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. 31 Accounting policies (continued) 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 VA T Irrecoverable VAT is charged as a cost to the Statement of Financial Activitie5, being allocated on the same basis as the underlying expenditure to which it relates. S(Jpport 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 cost5 and allocated on the same ba515 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. A150 included within governance costs are any costs associated with the strategic, as opposed to day-t(>day, management of the charity's activities. An appropriate proportion of the central management SUPPOrt costs have also been attributed as governance costs to reflect the cost of Norwood's employees involved in meetings with the trustees and the c05t 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 developmentcostsare recognised asan intangibleasset when all 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. 32 Accounting policies (continued) g) Intangible and tangible fixed assets (continued) The ability to measure reliably the expenditure attributable to the 50ftware during its development. Amortisation is charged to allocate the cost of intangible asset5 less their residual values over their estimated useful lives, using the straight-line method. The intangible a55et5 are amortised over the following useful economic lives: Software costs -4to7years Tangible fixed assets Expenditure relating to tangible fixed assets is expected to be used over several year5 and where the combined value of the asset or group of assets exceeds £1,000. They are capitalised at C05t and depreciated over their estimated useful economic lives on a straight-line basis. Depreciation is provided on tangible fixed assets to write off their cost to their estimated realisable values by annual instalments over the following expected useful lives- Freehold land Freehold buildings Long leasehold land and buildings Freehold and leasehold improvements Motor vehicles Furniture, fixtures, fittings and equipment not depreciated - 50 years -50 yearsor length of lease if shorter - 10 years - 10 years - 10 years Where there are indication5 thata55ets are or may be impaired in value or use, an impairment review 15 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. During capital projects where costs are incurred for payments on account and asset5 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 liabilitie5. Financial asset5 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. 33 Accounting policies (continued) h) Basic financial instruments (continued) Financial liabilities Financial liabilities are recognised on the date on which Norwood becomes a party to the contractual provision5 of the instrument giving rise to the liability. These include trade creditors, Othercreditors, loan, accrua15 and intercompany creditors. Financial liabilities are initially recognised at fair value plus transaction costs and are no longer recognised when the contractual obligation5 are discharged, cancelled or expire. The bank loan is recognised at its principal amount advanced less capital repayments. Investments Investmentproperties 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. Equityinve5tments Equity investments are stated at fair value. Changes in fair value are recorded in the Statement of Financial Activities. Unreali5ed gains and losses are calculated based on the carrying value of the investment5 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. i) 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. k) Cash at bank and in hand Cash at bankand in hand includescash and shortterm highly liquid investmentswith a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. i) 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 recogni5ed 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 amounL - - |||||**Restated**| |---|---|---|---|---| ||**Unrestricted**|**Restricted**|**Restricted**
**Total**|**Total**
**Total**| ||**Funds**|**Funds**|**Funds**
**2024**|**2023**| ||£'000|£'000|£'000
£'000|£'000| |Donations|5,579|724|724
**6,303**|6,647| |Legacies|3,400|-|-
**3,400**|922| |Grants|1|1|1
**2**|8| |**Total**|**8,980**|**725**|**725**
**9,705**|**7,577**| ||**Unrestricted**|**Restricted**|**Total**|**Total**
**Total**| |---|---|---|---|---| ||**Funds**|**Funds**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Statutory income from Local Authorities|21,536|-|**21,536**|17,155| |Gross fee income|103|-|**103**|233| |Rental income|1,320|-|**1,320**|1,146| |Other income|41|-|**41**|21| |Government Grant|22|-|**22**|18| |**Total**|**23,022**|-|**23,022**|**18,573**| ||**Unrestricted**|**Restricted**|**Total**|**Total**
**Total**| |---|---|---|---|---| ||**Funds**|**Funds**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Adults services|22,816|-|**22,816**|17,697| |Family services|53|-|**53**|46| |Children services|145|-|**145**|691| |Support services|8|-|**8**|139| |**Total**|**23,022**|-|**23,022**|**18,573**| ||**Unrestricted**|**Restricted**|**Total**|**Total**
**Total**| |---|---|---|---|---| ||**Funds**|**Funds**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Tradingincome|168|-|**168**|231| |**Total**|**168**|-|**168**|**231**| |||**Restricted**||| |---|---|---|---|---| ||**Unrestricted**|**Income**|**Total**|**Total**
**Total**| ||**Funds**|**Funds**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Bank deposit interest|284|-|**284**|292| |Investment Income / dividend|194|-|**194**|227| |Rental income from investment|674|-|**674**|399| |properties||||| |**Total**|**1,152**|-|**1,152**|**918**| ||||**Reallocated**||| |---|---|---|---|---|---| ||**Direct**|**Other**|**Support**|**Total**|**Total**
**Total**| ||**Staff Costs**|**Direct Costs**|**Cost**|**2024**|**2023**| ||£'000|£'000|£'000|£'000|£'000| |Cost of generating voluntary income|1,110|1,488|247|**2,845**|2,380| |Cost of marketing|262|80|-|**342**|585| |Cost of trading|73|-|19|**92**|213| |Cost of generating investment income|-|7|-|**7**|13| |Other|-|95|-|**95**|98| |**Total cost of raising funds**|**1,445**|**1,670**|**266**|**3,381**|3,289| |Charitable expenditure:|||||| |Adults services|16,621|4,717|3,932|**25,270**|24,412| |Family services|995|155|393|**1,543**|1,129| |Children & educational services|470|922|560|**1,952**|2,485| |**Total cost of charitable expenditure**|**18,086**|**5,794**|**4,885**|**28,765**|28,026| |**Total resources expended**|**19,531**|**7,464**|**5,151**|**32,146**|**31,315**| |**Support costs**|**Adults**|**Family**|**Family**
**Children**|**Fund-**|**Fund-**|**Total**|**Total**
**Total**| |---|---|---|---|---|---|---|---| |**(basis of apportionment)**|**services**|**services**|**services**
**services**|**raising**|**Trading**|**2024**|**2024**
**2023**| ||£'000|£'000|£'000
£'000|£'000|£'000
£'000|**£'000**|**£'000**
£'000| |**Financial Management**
_(percentage of staff)_|786|50|50
111|40|40
4|**991**|**991**
765| |**Information Systems**
_(number of PCs)_|713|162|162
108|104|104
4|**1,091**|**1,091**
1,039| |**Assistive Technology**
_(equipment and time spent)_|66|14|14
14|**-**|**-**
-|**94**|**94**
68| |**Human Resources**
_(percentage of staff)_|924|58|58
128|39|39
4|**1,153**|**1,153**
966| |**Property and Facilities**
_(percentage of staff)_|633|40|40
88|27|27
3|**791**|**791**
713| |**Central Management**
_(percentage of staff)_|425|22|22
59|21|21
2|**529**|**529**
676| |**Jewish culture**
_(percentage of staff)_|45|5|5
5|2|2
1|**58**|**58**
62| |**Risk and Assurance**
_(percentage of staff)_|63|3|3
9|3|3
-|**78**|**78**
73| |**Volunteering**
_(number of volunteers)_|21|23|23
2|-|-
-|**46**|**46**
65| |**Governance**
_(percentage of staff)_|256|16|16
36|11|11
1|**320**|**320**
310| |**Total**|**3,932**|**393**|**393**
**560**|**247**|**247**
**19**|**5,151**|**5,151**
**4,737**| |||**Total**|**Total**
**Total**| |---|---|---|---| |||**2024**|**2024**
**2023**| |||£'000|£'000
£'000| |External audit and related costs:|Fees payable to the charitable company's audi-|**35**|**35**
44| ||tor for the audits of the charitable company's||| ||annual accounts, excluding irrecoverable VAT||| ||Fees payable to the charitable company's audi-|**23**|**23**
49| ||tor and its associates for other services: Audit||| ||of accounts of subsidiaries, excluding irrecover-||| ||able VAT||| ||Tax compliance services|**1**|**1**
(2)| |Depreciation:|Intangible fixed assets|**70**|**70**
70| ||Tangible fixed assets|**1,531**|**1,531**
1,551| |Interest payable||**211**|**211**
122| |Operating lease rentals:|Plant & machinery|**101**|**101**
183| ||Properties|**267**|**267**
146| |Trustees’ indemnity insurance premiums||**7**|**7**
7| |Gains / (losses) on disposal of fixed assets||**313**|**313**
(93)| 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**|**The Hope**|**Norwood**||| |---|---|---|---|---|---| ||**Charity**||**Schools Limited**|**Schools Limited**
**Parent Charity**|| ||£'000||£'000||£'000| |**2024**|||||| |Incoming resources/turnover|188||29,780||9,762| |Resources expended|(1)||(29,474)||(7,921)| |Net(losses)/gains on revaluation & investments|(150)||(179)||1,009| |**Net income for theyear**|**37**||**127**||**2,850**| |Total assets|2,959||40,328||19,214| |Total liabilities|(887)||(6,936)||(8,331)| |**Net assets**|**2,072**||**33,392**|**33,392**|**10,883**| |**2023**|||||Restated| |Incoming resources/ turnover|62||28,770||7,943| |Resources expended|(104)||(28,404)|(28,404)|(11,795)| |Netgains on revaluation & investments|(200)||(443)||(780)| |**Net income for theyear**|**(242)**||**(77)**||**(4,632)**| |Total assets|3,107||40,972||16,954| |Total liabilities|(1,072)||(7,707)||(8,888)| |**Net assets**|**2,035**||**33,265**|**33,265**|**8,066**| |7a.
Staff costs|||||| |||||**2024**|**2023**| ||||£'000||£'000| |**Direct staff expenditure:**|||||| |Wages and salaries|||**17,299**||15,542| |Social security costs|||**1,600**||1,498| |Pension costs||||**490**|469| |**Total direct staff costs**|||**19,389**||**17,509**| |**Other Staff expenditure:**|||||| |Agency costs|||**2,665**||3,568| |Other staff costs||||**464**|526| |**Total staff expenditure**|||**22,518**||**21,603**| ||**2024**|**2023**| |---|---|---| ||£'000|£'000| |Statutory redundancy payments|**76**|7| |Payments in Lieu of notice period|**13**|45| |Compensation for loss of office|**228**|88| |**Totalpayments on termination included above**|**317**|**140**| |~~7c.~~
~~Average number of staff employed and the full-time equivalent~~||| |---|---|---| ||**Staff employed**|| ||**2024**|**2023**| ||Number|Number| |Fundraising and trading activities|**24**|26| |Adults’ Services|**583**|517| |Children and Family Services|**63**|82| |Education and Support|**1**|15| |Support Services|**60**|65| ||**731**|**705**| The number of employees who earned more than £60,000 during the year was: |The number of employees who earned more than £60,000 during the year was:ployees who earned more than £60,000 during the year was:loyees who earned more than £60,000 during the year was:yees who earned more than £60,000 during the year was:ees who earned more than £60,000 during the year was:,000 during the year was:000 during the year was:g the year was:the year was:year was:ear was:
7d.
Earnings above £60,000||| |---|---|---| ||**2024**|**2023**| ||Number|Number| |£60,001 - £70,000|**3**|3| |£70,001 - £80,000|**4**|4| |£80,001 - £90,000|**1**|1| |£90,001 - £100,000|**2**|2| |£100,001 - £110,000|**1**|2| |£110,001 - £120,000|**1**|-| Contributions made to the pension scheme for the twelve (2023: twelve) employees who earned more than £60,000 amounted to £42,000 (2023: £55,000). 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 £890,000 (2023; 884,000). Norwood operate a defined contribution pension scheme for its employees. The assets of the scheme are held separately from those of the charity. Contributions for the year were £411,000 (2023 £431,000) of which £239,000 was outstanding at 31 March 2024. |8.
Intangible fixed assets||| |---|---|---| ||**Group**|**Parent**| ||**Computer**|**Computer**| ||**Software**|**Software**| |**Cost**|£'000|£'000| |At 1 April 2023|2,898|27| |Additions|94|-| |Disposals|(27)|-| |**At 31 March 2024**|**2,965**|27| |**Depreciation**||| |At 1 April 2023|2,743|24| |Charge for the year|70|2| |Impairment|-|-| |Disposals|(27)|-| |**At 31 March 2024**|**2,786**|26| |**Net Book Values:**||| |**At 31 March 2024**|**179**|**1**| |**At 31 March 2023**|155|3| |||||**Fixtures,**|| |---|---|---|---|---|---| ||**Freehold**|**Freehold**
**Leasehold**|**Motor**|**Furniture &**|| ||**properties**|**erties**
**properties**|**vehicles**|**Equipment**|**Total**| |**Cost**|£'000|£'000
£'000|£'000|£'000|£'000| |At 1 April 2023|32,916|32,916
2,572|673|10,576|**46,737**| |Transfer to investments|-|-
(671)|-|-|(671)| |Additions|275|275
1|9|416|701| |Disposals|(25)|(357)|(140)|(129)|(651)| |**At 31 March 2024**|**33,166**|**166**
**1,545**|**542**|**10,863**|**46,116**| |**Depreciation**|||||| |At 1 April 2023|16,256|16,256
1,521|481|7,185|**25,443**| |Transfer to investments|-|-
(426)|-|-|(426)| |Charge for the year|841|841
116|45|529|1,531| |Disposals|(13)|(206)|(138)|(109)|(466)| |**At 31 March 2024**|**17,084**|**084**
**1,005**|**388**|**7,605**|**26,082**| |**Net Book Values:**|||||| |**At 31 March 2024**|**16,082**|**082**
**540**|**154**|**3,258**|**20,034**| |**At 31 March 2023**|16,660|16,660
1,051|192|3,391|21,294| |||||**Fixtures,**|| |---|---|---|---|---|---| ||**Freehold**|**Freehold**
**Leasehold**|**Motor**|**Motor**
**Furniture &**|| ||**properties**|**erties**
**properties**|**vehicles**|**vehicles**
**Equipment**|**Total**| |**Cost**|£'000|£'000
£'000||£'000|£'000| |At 1 April 2023|949|949
1,177|-|-
349|**2,475**| |Transfers|-|-
(671)|-|-
-|(671)| |Additions|-|-
-|-|-
-|-| |Disposals|-|-
-|-|-
-|-| |**At 31 March 2024**|**949**|**949**
**506**|-|**349**|**1,804**| |**Depreciation**|||-|-|| |At 1 April 2023|605|605
729|-|-
334|**1,668**| |Transfers|-|-
(427)|-|-
-|(427)| |Charge for the year|12|12
19|-|-
4|**35**| |Disposals|-|-
-|-|-
-|-| |**At 31 March 2024**|**617**|**617**
**321**|-|**338**|**1,276**| |**Net Book Values:**|||||| |**At 31 March 2024**|**332**|**332**
**185**|**-**|**-**
**11**|**528**| |**At 31 March 2023**|344|344
448|-|-
15|807| ||GROUP|GROUP|PARENT CHARITY|PARENT CHARITY| |---|---|---|---|---| |**Market Value**|**2024**|**2024**
**2023**|**2024**|**2023**| ||£'000|£'000
£'000|£'000|£'000| |Market values at 1 April|**15,730**|**15,730**
16,567|**14,285**|15,077| |Disposals in the year|**(2,701)**|**(2,701)**
-|**(2,672)**|-| |Net investment gains /(losses)|**1,140**|**1,140**
(837)|**980**|(793)| |**Market value at 31 March**|**14,169**|**14,169**
**15,730**|**12,593**|**14,284**| |||||| ||GROUP||PARENT CHARITY|PARENT CHARITY| |**Historical Cost for comparison**|**2024**|**2024**
**2023**|**2024**|**2023**| ||£'000|£'000
£'000|£'000|£'000| |Historical cost at 31 March|**13,995**|**995**
13,734|**12,419**|12,446| |Cumulative revaluation gains (investment
portfolio)|174|174
1,996|174|1,838| |The proportions of non-property investments by market value invested by fund manager was:||||| |Sarasin and Partners LLP|38%|38%
49%|43%|54%| |CCLA|62%|62%
51%|57%|46%| The underlying investments may also be analysed as follows: ||GROUP||PARENT CHARITY|PARENT CHARITY| |---|---|---|---|---| |**Equity Investments by type**|**2024**|**2023**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Multi-asset Investment Funds|**13,154**|15,730|**11,578**|14,285| |Cash|**1,015**|-|**1,015**|-| |**Market Value at 31 March**|**14,169**|**15,730**|**12,593**|**14,285**| ||GROUP||PARENT CHARITY|| |---|---|---|---|---| |**Market Value**|**2024**|**2023**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Valuation at 1 April|**9,970**|10,580|**-**|-| |Transfer from tangible fixed assets|**245**|-|**-**|-| |Net investment gains/(losses) - unrealised|**186**|(580)|**-**|-| |Provision for Capital expenditure|**-**|(30)|**-**|-| |**Carrying values at 31 March**|**10,401**|**9,970**|**-**|**-**| |Cumulative revaluation gains (directly man-||||| |aged properties)|5,013|4,826|-|-| The investment properties relate to the group's long leasehold interests in 228 Walm Lane, London and Kennedy Leigh Family Centre, Edgeworth Close, 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 for the Kennedy Leigh Family Centre is the London Borough of Barnet. Valuations were undertaken as at 31 March 2024 using professional valuers, Cluttons LLP where necessary. ||GROUP||PARENT CHARITY|| |---|---|---|---|---| |**Market Value**|**2024**|**2023**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Net gains on investments: managed portfolio|**1,140**|(837)|**1,009**|(780)| |Net gains on current asset investments|**-**|-|**-**|-| |Net gains on financial instruments: interest
rate cap|**-**|(5)|**-**|-| |Net gains on fixed asset: property revaluation|**186**|(580)|**-**|-| |**Netgains/(losses) on investments**|**1,326**|**(1,422)**|**1,009**|**(780)**| |**Subsidiary Undertaking**|**Activity / Status**|**Company Registration**
**Number**|**Company Registration**
**Charity**
**Registration Number**| |---|---|---|---| |Norwood Schools Limited|Charitable activities|Charitable activities
00516901|307992| ||Active company but|Active company but|| |The Hope Charity|with discontinued|03171884|1056674| ||operations||| |Norwood Ravenswood Services Lim-
ited|Dormant|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 with
linked charities|n/a|312359| 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. 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 ||GROUP|GROUP|PARENT CHARITY|PARENT CHARITY| |---|---|---|---|---| |||**Restated**||**Restated**| ||**2024**|**2023**|**2024**|**2024**
**2023**| ||£'000|£'000|£'000|£'000
£'000| |Trade debtors and Local Authorities' debts|**1,560**|874|**-**|**-**
-| |Accrued legacies|**2,407**|593|**2,407**|**2,407**
593| |Other debtors|**344**|250|-|-
40| |Prepayments|**1,192**|381|**832**|**832**
34| |Accrued income|**2**|48|**-**|**-**
-| |**Total debtors**|**5,505**|**2,146**|**3,239**|**3,239**
**667**| |13a.
Creditors: amount falling due within oneyear||||| |---|---|---|---|---| ||GROUP||PARENT CHARITY|PARENT CHARITY| ||**2024**|**2023**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Accruals and deferred income|**1,903**|2,169|**294**|327| |Amount due to group undertakings|**-**|-|**8,003**|8,490| |Bank loan repayable within one year|**349**|346|**-**|-| |Other creditors|**377**|253|**-**|-| |Other taxes and social security costs|**623**|489|**-**|-| |Trade creditors|**1,094**|1,525|**34**|71| |**Total creditors due in less than oneyear**|**4,346**|**4,782**|**8,331**|**8,888**| |13b.
Deferred income||||| ||GROUP||PARENT CHARITY|PARENT CHARITY| ||**2024**|**2023**|**2024**|**2023**| ||£'000|£'000|£'000|£'000| |Opening balance at 1 April|**916**|982|**96**|280| |Amounts released in year|**(916)**|(911)|**-**|(280)| |Amounts deferred in year|**677**|845|**-**|96| |**Closing balance at 31 March**|**677**|**916**|**96**|**96**| 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 afterone year||||| |---|---|---|---|---| ||GROUP||PARENT CHARITY|| ||**2024**|**2023**|**2024**|**2024**
**2023**| ||£'000|£'000|£'000|£'000
£'000| |Bank loan repayable within two to five years|**1,438**|1,421|**-**|**-**
-| |Bank loan repayable after fiveyears|**1,517**|1,924|**-**|**-**
-| ||**2,955**|3,345|**-**|**-**
-| |Provision for Dilapidation|**-**|50|**-**|**-**
-| |Rental Deposit|**40**|-|**-**|**-**
-| |**Total creditors due in more than oneyear**|**2,995**|**3,395**|**-**|**-**
-| 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 property and is repayable in 240 monthly instalments from November 2012. The final payment will be in October 2032. ||_Note_|**1 April**
**2023**|**1 April**
**2023**
**Incoming**
**resources**|**Outgoing**
**resources**|**Transfers**|**Transfers**
**31 March**
**2024**| |---|---|---|---|---|---|---| |||£'000|£'000
£'000|£'000|£'000|£'000
£'000| |JCoSS PSRP Fund|_i_|701|701
-|(284)|-|-
**417**| |Somers Court & Residential Fund|_ii_|177|177
-|(17)|-|-
**160**| |Somers Court (ex Daniel Ct.)||308|308
-|-|-|-
**308**| |Supported Living Properties Fund:|_iii_|7|7
22|-|-|-
**29**| |11 Highview Gardens||603|603
-|(15)|-|-
**588**| |Holmbury Avenue||320|320
-|(17)|-|-
**303**| |Greenwood Road||163|163
-|(6)|-|-
**157**| |The Grange Fund|_iv_|143|143
-|(11)|(132)|(132)
**-**| |Phyllis Somers Capital & Service Fund|_v_|2,466|2,466
-|-|-|-
**2,466**| |Assistive Technology Fund|_vi_|252|252
-|(10)|-|-
**242**| |Lyonsdown Road Rear Garden|_vii_|30|30
2|(3)|-|-
**29**| |Heads Up Kids|_viii_|27|27
8|(35)|-|-
**-**| |Rochelle & Alan Bernard Fund|_ix_|59|59
-|-|-|-
**59**| |Capital Projects|_x_|502|502
250|(159)|-|-
**593**| |Binoh SEND Fund|_xi_|35|35
-|(4)|-|-
**31**| |Lyonsdown minibus operational costs|_xii_|28|28
14|(13)|-|-
**29**| |Braude Trust for Staff Training|_xiii_|33|33
-|(33)|-|-
**-**| |Transformational Change Management|_xiv_|-|-
40|-|-|-
**40**| |Unity|_xv_|53|53
-|(53)|-|-
**-**| |Autism Services|_xvi_|23|23
-|-|-|-
**23**| |Other funds valued under £20k||110|110
390|(421)|-|-
**79**| |||**6,040**|**040**
**726**|**(1,081)**|**(132)**|**5,553**| |||_Note_|**1 April**
**2023**|**Incoming**
**resources**|**Incoming**
**resources**
**Outgoing**
**resources**|**Outgoing**
**resources**
**Transfers**|**Investment**
**gains and**
**losses**|**31 March**
**2024**| |---|---|---|---|---|---|---|---|---| ||||£'000|£'000|£'000
£'000|£'000
£'000|£'000|£'000| |Ernst & Dola Fischer fund|Ernst & Dola Fischer fund|_xvii_|430|-|-
-|-
-|21|**451**| |Endowment fund for Jewish Children||Endowment fund for Jewish Children
_xviii_|256|-|-
-|-
-|13|**269**| |Somers fund||_xix_|1,202|-|-
-|-
-|60|**1,262**| ||||**1,888**|-|-|-|**94**|**1,982**| |15c.|Group unrestricted fund — general||fund|||||| ||||**1 April**
**2023**|**Incoming**
**resources**|**Incoming**
**resources**
**Outgoing**
**resources**|**Outgoing**
**resources**
**Transfers**|**Investment**
**gains and**
**losses**|**31 March**
**2024**| ||||£'000|£'000|£'000
£'000|£'000
£'000|£'000|£'000| |General funds|||34,974|33,322|33,322
(31,065)|(31,065)
132|1,232|**38,595**| ||||**34,974**|**33,322**|**33,322**
**(31,065)**|**132**|**1,232**|**38,595**| |||||||||| |**Total funds**|**Total funds**||**42,902**|**34,048**|**34,048**
**(32,146)**|**-**|**1,326**|**46,130**| ||**1 April**
**2023**|**1 April**
**2023**
**Incoming**
**resources**|**Incoming**
**resources**
**Outgoing**
**resources**|**Outgoing**
**resources**
**Transfer**
**between**
**funds**|**Investment**
**gains and**
**losses**|**31 March**
**2024**| |---|---|---|---|---|---|---| ||£'000|£'000
£'000|£'000
£'000|£'000
£'000|£'000|£'000| |**Unrestricted Fund:**||||||| |General fund|6,114|6,114
9,871|9,871
(7,981)|-|886|**8,890**| ||**6,114**|**6,114**
**9,871**|**9,871**
**(7,981)**|**(7,981)**
-|**886**|**8,890**| |**Endowment funds:**||||-||| |Ernst & Dola Fischer fund|430|430
-|-
-|-
-|21|**451**| |Endowment fund for Jewish Children|256|256
-|-
-|-
-|13|**269**| |Somers fund|1,202|1,202
-|-
-|-
-|60|**1,262**| ||**1,888**|**1,888**
-|-
-|-
-|**94**|**1,982**| |**Restricted Funds:**||-|-
-|-
-||| |Unity|53|53
-|-
(53)|(53)
-|-|**-**| |Other funds valued under £20k|11|11
-|-
-|-
-|-|**11**| ||**64**|**64**
-|-
(53)|(53)
-|-|**11**| |**Total**|**8,066**|**8,066**
**9,871**|**9,871**
**(8,034)**|**(8,034)**
-|**980**|**10,883**| - i Fund supporting the Pear's Special Resource Provision at JCoSS. - ii Somers Court & Residential Accommodation Fund to provide accommodation for young adults with learning disabilities. - iii Supported Living Properties Fund including capital investments. - iv The Grange Fund represents the donation of a flat. - v 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. - vi 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. - vii Lyonsdown Road Rear Garden supporting the landscaping of rear garden. - viii Heads Up Kids - supports our work in partnership with Heads Up Kids and PaJes. - ix A memorial fund set up in memory of Rochelle and Alan Bernard to support children dealing with trauma. - x Capital Projects provided by the Leo Baeck Housing Association, the Stanley Cohen Charitable Trust and the Wolfson Charitable Trust to support building improvements. - xi Binoh Send Fund supports Binoh's Special Educational Needs and Disabilities Programme. - xii A fund to support the Lyonsdown minibus operational costs: driver, fuel and fleet charges. - xiii Braude Trust funding for staff training and inductions. - xiv The Bloom Foundation fund towards transformational activities delivered as part of the Change Management programme. - xv Funds used to support the Unity service including staffing costs. - xvi Autism Services funding. - xvii The Ernst and Dola Discher endowment was given to fund some of Norwood’s services. The original grant given was £350,000. - xviii The Endowment Fund for Jewish Children is a permanent endowment for Norwood Homes for Jewish Children and represents the original endowment 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. 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. |**Group**|**Unrestricted**
**Fund**|**Designated**
**Fund**|**Endowment**
**funds**|**Endowment**
**funds**
**Restricted**
**Fund**|**Total Fund**| |---|---|---|---|---|---| ||£'000|£'000|£'000|£'000
£'000|**£'000**| |**2024**|||||| |Fixed assets|18,669|-|-|-
1,545|**20,214**| |Investments|22,524|-|1,982|1,982
64|**24,570**| |Net current assets/(liabilities)|397|-|-|-
3,944|**4,341**| |Liability due after one year|(2,995)|-|-|-
-|**(2,995)**| |**Total net assets**|**38,595**|-|**1,982**|**982**
**5,553**|**46,130**| |**2023**|||||| |Fixed assets|20,848|-|-|-
1,720|22,568| |Investments|23,084|-|1,888|1,888
64|25,036| |Net current assets/(liabilities)|(5,563)|-|-|-
4,256|(1,307)| |Liability due after one year|(3,395)|-|-|-
-|(3,395)| |**Total net assets**|**34,974**|**-**|**1,888**|**888**
**6,040**|**42,902**| ||||||| |**Parent Charity**|**Unrestricted**
**Fund**|**Designated**
**Fund**|**Endowment**
**funds**|**Endowment**
**funds**
**Restricted**
**Fund**|**Total Fund**| ||£'000|£'000|£'000|£'000
£'000|**£'000**| |**2024**|||||| |Fixed assets|1,193|-|-|-
-|**1,193**| |Investments|11,614|-|1,982|1,982
11|**13,607**| |Net current (liabilities)|(3,917)|-|-|-
-|**(3,917)**| |**Total net assets**|**8,890**|-|**1,982**|**982**
**11**|**10,883**| |**2023**|||||| |Fixed assets|1,267|-|-|-
-|**1,267**| |Investments|12,333|-|1,888|1,888
64|**14,285**| |Net current liabilities|(7,486)|-|-|-
-|**(7,486)**| |**Total net assets**|**6,114**|**-**|**1,888**|**888**
**64**|**8,066**| The future minimum payments under non-cancellable operating leases are: ||**Leased**|**Leased**|**Leased**|**Leased**| |---|---|---|---|---| ||**Properties**|**Properties**
**Other**|**Other**
**Properties**|**Properties**
**Other**| ||**2024**|**2024**
**2024**|**2024**
**2023**|**2023**
**2023**| ||£'000|£'000
£'000|£'000
£'000|£'000
£'000| |Within one year|**240**|**240**
**116**|**116**
302|302
154| |Between one and five years|**961**|**961**
**320**|**320**
961|961
37| |Over five years|**2,536**|**2,536**
**-**|**-**
2,776|2,776
-| ||**3,737**|**3,737**
**436**|**436**
**4,039**|**4,039**
**191**| The future minimum amounts receivable under non-cancellable operating leases are: |The future minimum amounts receivable under non-cancellable operating leases are:|The future minimum amounts receivable under non-cancellable operating leases are:perating leases are:erating leases are:g leases are:leases are:|| |---|---|---| ||**Leased**|**Leased**
**Leased**| ||**Properties**|**Properties**
**Properties**| ||**2024**|**2024**
**2023**| ||£'000|£'000
£'000| |Within one year|**667**|**667**
548| |Between one and five years|**2,677**|**2,677**
2,322| |Over five years|**12,306**|**12,306**
9,193| ||**15,650**|**650**
**12,063**| The future minimum lease amounts receivable are from the letting of 228 Walm Lane, retail space for Lidl Stanmore and Gateways, Kennedy Leigh |19.
Analysis ofchanges in net debt||||| |---|---|---|---|---| ||**1 April**|**1 April**|**Other**|**Other**
**31 March**| ||**2023**|**2023**
**Cash flows**|**Cash flows**
**changes**|**es**
**2024**| ||£'000|£'000
£'000|£'000
£'000|£'000
£'000| |Cash|1,784|1,784
1,399|1,399
-|-
**3,183**| |Loans falling due within one year|(346)|(346)
(386)|(386)
(349)|(349)
**(349)**| |Loans falling due after more than one year|(3,345)|(3,345)
-|-
349|349
**(2,955)**| ||(1,907)|1,785|785
-|-
**(122)**| ## **Reconciliation of net income / (expenditure) to net cash (used in) / provided by operating activities** |||**2024**|**2024**
**2023**| |---|---|---|---| |||£'000|£'000
£'000| |Net income (expenditure)||**3,227**|**3,227**
(5,024)| |Depreciation||**1,601**|**1,601**
1,621| |(Losses)/gains on disposal of fixed assets||**(354)**|**(354)**
96| |(Gains)/losses on revaluations of assets||**(1,326)**|**(1,326)**
1,422| |Increase in Provision for capital expenditure||**-**|**-**
30| |(Increase)/decrease in debtors||**(3,359)**|**(3,359)**
651| |(Decrease) in creditors falling due within one year excluding bank loan|(Decrease) in creditors falling due within one year excluding bank loan|**(439)**|**(439)**
(147)| |(Decrease) in creditors falling due after more than one year excluding bank loan||**(10)**|**(10)**
(42)| |Investment income||**(1,152)**|**(1,152)**
(918)| |Loan interest & other interest payable
||**211**|**211**
122| |**Net Cash(used in) operating activities**||**(1,601)**|**(2,189)**| ||||| |**Movement in cash funds**|||| |||**2024**|**2024**
**2023**| |||£'000|£'000
£'000| |Opening cash and cash equivalents||**1,784**|**1,784**
4,599| |Cash at bank and in hand as at 31 March||**3,183**|**3,183**
1,784| |Movement in cash funds||**1,399**|**399**
**(2,815)**| Donations received from related parties totalled £296,000 (2023: £296,000), including pledged funds. ## **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 £5,300,000 (2023: £9,470,000) to Norwood Schools Limited. Norwood Schools Limited incurred expenditure of £3,725,000 (2023: £1,210,000) on behalf of Norwood Ravenswood. At the year-end Norwood Ravenswood owed £7,947,000 (2023: £8,486,000) 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. |||**Restated**|**Restated**|**Restated**|**Restated**|**Restated**|||| |---|---|---|---|---|---|---|---|---|---| |||**Continuing Operations**|||**Discontinued Operations**||||| ||**Unrestricted**|**Endowment**|**Restricted**|**Total**|**Total**
**Unrestricted**|**Unrestricted**
**Restricted**|**Total**||| ||**Funds**|**Funds**
**Funds**|**Funds**
**Funds**|**Funds**|**Funds**
**Funds**|**Funds**
**Funds**|**Funds**|**Total**|**Total**
**Total**| ||**2023**|**2023**|**2023**|**2023**|**2023**
**2023**|**2023**
**2023**|**2023**|**2023**|**2023**
**2022**| ||£'000|£'000|£'000|£'000|£'000
£'000|£'000
£'000|£'000|£'000|£'000
£'000| |**Income from:**|||||||||| |Donations and legacies|7,078|-|499|7,577|7,577
-|-
-|-|**7,577**|**7,577**
9,389| |Charitable activities|18,555|-|18|18,573|18,573
-|-
-|-|**18,573**|**18,573**
19,038| |Trading activities|-|-|-|-|-
231|231
-|231|**231**|**231**
321| |Investments|918|-|-|918|918
-|-
-|-|**918**|**918**
875| |**Other Income**|||||||||| |Profit on disposal of|||||||||| |property|-|-|-|-|-
-|-
-|-|**-**|**-**
-| |**Total income**|**26,551**|-|**517**|**27,068**|**27,068**
**231**|**231**
-|**231**|**27,299**|**27,299**
**29,623**| |**Expenditure on:**|||||||||| |Raising voluntary in-
come and marketing|2,965|-|-|2,965|2,965
-|-
-|-|**2,965**|**2,965**
2,164| |Charitable activities|26,927|-|1,099|28,026|28,026
-|-
-|-|**28,026**|**28,026**
28,378| |Trading activities|-|-|-|-|-
213|213
-|213|**213**|**213**
151| |Investments|13|-|-|13|13
-|-
-|-|**13**|**13**
15| |Other|98|-|-|98|98
-|-
-|-|**98**|**98**
69| |**Total cost**|**30,003**|-|**1,099**|**31,102**|**31,102**
**213**|**213**
-|**213**|**31,315**|**31,315**
**30,777**| |Operating (deficit)/sur-
plus|**(3,452)**|-|**(582)**|**(4,034)**|**(4,034)**
**18**|**18**
-|18|**(4,016)**|**(4,016)**
**(1,154)**| |Net (losses)/gains on in-
vestments|(743)|(94)|-|(837)|(837)
-|-
-|-|(837)|(837)
800| |Net (expenditure)/in-
come|**(4,195)**|**(94)**|**(582)**|**(4,871)**|**(4,871)**
**18**|**18**
**-**|**18**|**(4,853)**|**(4,853)**
**(354)**| |Transfers between funds|-|-|-|-|-
-|-
-|-|-|-
-| |Other recognised gains|||||||||| |and losses|||||||||| |Net (losses)/gains on fi-
nancial instrument|(5)|-|-|(5)|(5)
-|-
-|-|(5)|(5)
5| |**Net (losses)/gains on re-**
**valuation of fixed assets**|(580)|-|-|(580)|(580)
-|-
-|-|(580)|(580)
2,905| |Net movement in funds|**(4,780)**|**(94)**|**(582)**|**(5,456)**|**(5,456)**
**18**|**18**
**-**|**18**|**(5,438)**|**(5,438)**
2,556| |**Reconciliation of funds:**|||||||||| |Total funds brought for-
ward|39,567|1,982|6,622|48,171|48,171
169|169
-|169|**48,340**|**48,340**
45,784| |**Total funds carried for-**
**ward**|**34,787**|**1,888**|**6,040**|**42,715**|**42,715**
**187**|**187**
**-**|**187**|**42,902**|**42,902**
**48,340**| The income from donations and legacies in the year ended 31 March 2022 was recorded as £8,522,000. This was restated with an additional £867,000 made up of probable pledges in the year which had not been redeemed. The restated amount of donations and legacies is £9,389,000 (of which donations were £7,786,000). There is no change to the treatment of the legacy income. The income from donations and legacies in the year ended 31 March 2023 was recorded as £7,991,000. This was restated with an additional £452,000 made up of probable pledges in the year which had not been redeemed less the pledges of £867,000 which had been restated as income in the prior year. The restated amount of donations and legacies is £7,567,000 (of which donations were £6,647,000). There is no change to the treatment of the legacy income. |**Summary of theprioryear accounting impact:**|**£.000**| |---|---| |Closing funds at 31 March 2022|47,472| |Adjustment to recognise pledged donation income in 2021/22|868| |Closingfunds at 31 March 2022 restated|48,340| |Closing funds at 31 March 2023|42,448| |Adjustment to recognise pledged donation income in 2022/23|454| |Closingfunds at 31 March 2023 restated|42,902|