OpenCharities

This text was generated using OCR and may contain errors. Check the original PDF to see the document submitted to the regulator. This document is also available as Markdown.

← Bernhard Baron Care Home

2025-03-31-accounts

Charity Registration No. 1070891

Company Registration No. 3580252 (England and Wales)

BERNHARD BARON CARE HOME

ANNUAL REPORT AND FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

One Bell Lane Lewes East Sussex BN7 1JU

BERNHARD BARON CARE HOME

CONTENTS

Page
Trustees' report 1 - 6
Statement of Trustees' responsibilities 7
Independent auditor's report 8 - 11
Statement of financial activities 12 - 13
Balance sheet 14
Statement of cash flows 15
Notes to the financial statements 16 - 33

BERNHARD BARON CARE HOME

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Mr P A Appleton
Ms K Gibbs
Mrs S N Hallett
Mrs P A Sear
Mr J Stock
Mrs J E Stock
Mr J Thurley
Ms S Walton
Mr A West
Ms A Grist (Appointed 31 January 2025)
Ms J Jarvis (Appointed 31 January 2025)
Treasurer Ms S Walton
Charity number 1070891
Company number 3580252
Registered office Eastbourne Road
Polegate
East Sussex
BN26 5HB
Auditors TC Group
One Bell Lane
Lewes
East Sussex
BN7 1JU
Bankers Barclays Bank Plc
63/67 Terminus Road
Eastbourne
East Sussex
BN21 3NE
Solicitors Gaby Hardwicke
33 The Avenue
Eastbourne
East Sussex
BN21 3YD

BERNHARD BARON CARE HOME

LEGAL AND ADMINISTRATIVE INFORMATION

Investment advisors

Rathbone Investment Management Limited 1 Northgate Chichester West Sussex PO19 1AT

BERNHARD BARON CARE HOME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT)

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are pleased to present their report together with the financial statements for the year ended 31 March 2025.

The financial statements have been prepared in accordance with the accounting policies set out in note 1 to the financial statements and comply with the charitable company's Memorandum and Articles of Association, the Companies Act 2006 and "Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)" (effective 1 January 2019).

Bernhard Baron Care Home

Bernhard Baron Care Home (referred to as BBCH or the Home) is a residential facility located in Polegate, East Sussex, dedicated to providing exceptional care for older individuals. Registered for up to 60 male and female Residents, BBCH is administered by the Religious Society of Friends (Quakers). At BBCH, we are committed to fostering an inclusive and welcoming community where every individual is treated with dignity and respect. We warmly welcome Residents of all racial, cultural, religious, and political backgrounds, as well as people of all sexual orientations, gender identities, and lifestyle choices. Our ethos is rooted in valuing each person as an individual, recognising their unique life experiences, and supporting them to live with comfort, purpose, and a true sense of belonging within our Home.

Structure, governance and management

Corporate Structure, Governing Documents, and Charity Registration

Bernhard Baron Care Home (BBCH) was established as a charity in 1945 and is now a company limited by guarantee, incorporated on 12th June 1998. It is a registered charity with the Charity Commission. The governing documents that guide BBCH's operations are its Memorandum and Articles of Association. The Home registered a change in name in October 2022 from Bernhard Baron Cottage Homes to Bernhard Baron Care Home to more accurately reflect the nature of the charity.

Appointment of Trustees

Most Trustees, who also serve as directors of BBCH, are nominated by Area Quaker Meetings of the Religious Society of Friends and if accepted are subsequently appointed at a General Meeting of the BBCH Board. Trustees have also agreed to the appointment of up to two non-Quaker Trustees. The first of these was co-opted to the Board in April 2023. To ensure continuity, Trustees are appointed for a rolling three-year period, with a changeover or reappointment of at least four trustees every year. The articles allow for 12 Trustees. At present we are fortunate to have 11 Trustees and, led by our skills audit, we continue to actively recruit to ensure that we have all the expertise that we require on the Board.

Trustee Involvement in the Home

Trustees attend at least four Board meetings per year, in addition to the Annual General Meeting (AGM). The Board has constituted committees as follows; the Management and Development Committee, the Premises Committee and the Finance and Investment Committee. Each of the Committees has three Trustee members. There are also two support groups as follows; the ITC Group and the Marketing Group.

Whenever possible, Trustees join Residents for lunch on meeting days to foster an open exchange of information about life in the Home.

BERNHARD BARON CARE HOME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Trustees also conduct regular inspections of the Home, meeting with staff and Residents. Reports from these inspections are used to facilitate continuous improvements in care.

Once a year, the Trustees gather off-site for a strategy day, providing an opportunity to develop the strategic future of the Home and determine priorities for business planning purposes.

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr P A Appleton Ms S Coles (Resigned 4 November 2024) Ms K Gibbs Mrs S N Hallett Mrs P A Sear Mr J Stock Mrs J E Stock Mr J Thurley Ms S Walton Mr A West Ms A Grist (Appointed 31 January 2025) Ms J Jarvis (Appointed 31 January 2025)

Organisation and Management

BBCH is currently managed by Trudi Knight, the Principal Care Manager. Trudi celebrated her 36[th] year of service with BBCH this year and is leading the staff team through a period of organisational change designed to fit BBCH for the future. Trudi is supported by a team of senior managers and department heads, many of whom have been with the Home for a number of years.

Accounting support is provided by Jacqui Webster and Trish Durbridge, our dedicated accounts team.

The Trustees would like to express their gratitude to all the staff for their unwavering dedication throughout the year. They also extend their appreciation to the Senior Management Team for their continued hard work in ensuring the care and safety of our Residents and staff.

Objectives and activities

The Charity's objects are the relief of poverty in particular through the provision of accommodation to elderly people in need who are of limited means and who are of British nationality or domiciled in the United Kingdom of Great Britain and Northern Ireland.

The Home has 24 cottages and a main building with 34 residential rooms with ensuite facilities. Several rooms in the main building have been arranged in such a way that couples can be offered their own bedroom and sitting room. The main building also houses the dining room, the main kitchen, the reception and administrative facilities, a library/quiet room and three lounges.

We provide a full caring service 24/7 for our Residents. This includes accommodation and all aspects of care from nutrition, hydration and personal care to cleaning and laundry.

BERNHARD BARON CARE HOME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

To ensure continued comprehensive support for our Residents, we have increased our average number of monthly employees from 72 to 76. This headcount equates to 59.1 Full Time Equivalents (“FTE”) compared to 57.26 FTE the previous year. At BBCH, we strive to be an exemplary employer, offering an exceptional work environment, fostering staff engagement and loyalty, providing a competitive compensation and benefits package and excellent training opportunities.

We maintain our affiliation with the Living Wage Foundation with great pride, aligning with the principles inherent in the Quaker ethos. We are also proud to have been accredited by Investors in People. The IIP report highlighted: “Your staff love working for BBCH. They believe passionately in the purpose of the organisation, and care is at the heart of what they do.”

The bursary fund plays a vital role in our commitment to supporting Residents who may encounter difficulties in meeting their fees. Currently capped at £250,000, this fund stands as a testament to the Quaker principles we embody in providing lifelong care for our Residents whenever possible.

While it should be noted that certain health conditions may require specialised support beyond our registration scope, BBCH always tries to provide a true home for life. One of our Residents has lived with us for 22 years, a testament to the enduring sense of belonging we provide. Although we are not a nursing home, we strive to support Residents living with extreme frailty and, when the time comes, we offer compassionate end-of-life care. This ensures that Residents can remain in the comfort of their own rooms, surrounded by familiar faces and the community they know.

Achievements and performance

Our website and our Facebook page serve as key information resources for new Residents and their families, as well as a recruitment tool for potential staff members, volunteers and Trustees. Interested individuals can apply online.

The Marketing Group continues to assist in the development and improvement of our online presence and our marketing materials to help us towards our objective of achieving a maximum 6% vacancy rate. Our Facebook and Instagram accounts remain a popular way to stay in touch, with many families and friends following updates from the Home.

The quality of service provided to our Residents remains our utmost priority, and we consistently receive positive and supportive feedback from them. Their comments, as well as those from relatives and other visitors, often highlight the warm and nurturing atmosphere within the Home, along with the dedication and care exhibited by our staff. We welcome constructive feedback, as it enables us to remain focused, address any shortcomings promptly, and continually improve the quality of our work.

Throughout the year our two full-time Care Activities Assistants devise a diverse and extensive programme of activities and events for groups and individuals. These include craft groups, a book club, flower arranging, baking, scrabble and gardening. Evening sessions include wine and nibbles.

We actively encourage Residents to share their interests and play a role in shaping and organising activities, ensuring the programme reflects their preferences and fosters a true sense of community.

BERNHARD BARON CARE HOME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

In addition, a monthly Residents’ Newsletter provides a platform for Residents to share news, stories, poems, artwork, and personal reflections. Everyone is invited to contribute and take part in editing, helping to keep the community informed and connected, celebrate achievements, and express creativity in a meaningful way. The 80[th] anniversary V.E. Day Special BBCH Newsletter contained a marvellous collection of heart-warming, sometimes heart-wrenching, reminiscences from Residents. VE Day is particularly poignant as the cottages at BBCH were originally built to accommodate refugees and then Londoners made homeless through the bombing in World War 2.

We provide access to Amazon Video and Netflix for a wide range of film choices.

To support those who are unable to go out, we offer a mobile shop that brings everyday essentials directly to our Residents.

Our minibus outings are as popular as ever. We offer a wide range of destinations from visits to Raystede, Middle Farm and the Bluebell Walk at Arlington to outings further afield to places like Sheffield Park.

The Summer Fayre is always popular and this year raised over £2,600 which will contribute to outings and activities.

We continue to provide Residents with a free Wi-Fi service throughout the Home. As a result, approximately 70% of our Residents are now connected to the internet via computers, laptops, iPads and tablets. Many new Residents arrive with their own technology but we also have a designated laptop in one of our lounges for general use. The activities team supports those using computers and tablets by conducting monthly "computer group" sessions. We have also ventured into facilitating virtual reality adventures for Residents including deep sea experiences.

Our volunteers are integral to providing companionship and a varied range of activities to Residents. The Trustees would like to express their thanks and gratitude to them for their valued and varied contributions to the BBCH community.

All new Residents are offered the opportunity to join our Home's telephone system. In most cases this allows them to retain their previous home number. Call rates can be lower than those offered by commercial providers.

We have continued our ongoing programme of maintenance and refurbishment of the Home. This includes work done in the grounds. A tree survey was undertaken, identifying and mapping through What3Words all significant trees within the gardens. We also welcomed some new hard-working residents as two beehives were installed courtesy of Chris Upton of Eastbourne Beekeepers Association.

We actively encourage all staff members to pursue further training. Some are currently working towards Health and Social Care Diplomas, and all managers have attended relevant training courses. Training opportunities are also offered to Trustees to ensure high standards of governance are maintained.

The personalisation of care for our Residents encompasses all aspects of a Resident’s life at BBCH including care and support staff. Personalisation focuses on individual preferences, which may include:

BERNHARD BARON CARE HOME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

Sadly every year there are a number of deaths among the Residents. We continue to hold an annual Remembrance Day to commemorate them. Family and friends of those who have left are invited to attend.

Financial review

The financial performance of the Home in the current year has continued to be influenced by escalating inflation but has been somewhat offset by higher occupancy rates. However, unforeseen and unpredictable vacancies occasionally occur and despite our robust marketing strategy it is not always possible to fill these rooms promptly.

In anticipation of Residents potentially encountering financial challenges the Trustees established a bursary fund several years ago. The Trustees determined that the fund should be maintained at £250,000. As the economic climate becomes ever more difficult we are experiencing increased demand for assistance and are grateful for the donations and legacies that go some way to help us meet this demand.

As a Quaker-led organisation BBCH is proud to be a member of the Living Wage Foundation and as such we increase our salaries each year in line with the rise in the Real Living Wage. This commitment along with rises in National Insurance contributions will result in an increase in our salary expenditure. Staff costs in the current financial year are £246,518 more than in the previous financial year. This is the major contributor to the loss for the current financial year of £36,455.

The significant proportion of staff costs relative to total costs can be attributed to several factors:

Trustees agreed to drop the plans for a designated activities space, reflecting continued uncertainty in the global economic climate and the uncertainty of funding for the project. We have instead adopted a more affordable and sustainable option to install a smaller modular building.

Investment Powers and Policy

The powers of investment granted to the charity are outlined in the Memorandum and Articles of Association, providing the Trustees with the discretion to invest in any manner they deem appropriate. The performance and investment options are closely monitored by the Trustees who serve on the Finance and Investment Committee. Rathbone Investment Management Limited is entrusted with the management of the investments. The Finance and Investment Committee conducts annual reviews of our investments and ethical investment policy.

The Trustees have adopted a Medium Risk Profile, as defined in the Rathbone Client Agreement, along with specific Investment Restrictions. These restrictions include:

BERNHARD BARON CARE HOME

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT) (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees are exploring the impacts of removing the direct qualifier for investments connected to Aerospace, Defence, Breweries, Alcohol, Tobacco and overseas investments to bring this more in line with the Quaker ethos.

Reserves Policy

In order to effectively respond to unforeseen circumstances that might result in the closure of the Home, for example a recurrence of the Covid pandemic or a significant change in the political, legal or regulatory environment adversely affecting our costs, we endeavour to maintain a reserve equivalent to between two and three months' expenditure in easily accessible funds. Three month’s expenditure currently amounts to £750,448. We hold £781,632 in free reserves. The Trustees consider this to be appropriate in light of continued political and economic uncertainties.

To ensure ongoing relevance and adequacy the reserves policy undergoes an annual review informed by the Risk Register. This allows the Trustees to adopt prudent financial practices and enact proactive adjustments as necessary.

Public benefit

In making decisions regarding our activities, the Trustees have diligently considered the guidance provided by the Charity Commission, ensuring that our endeavours align with our charitable status and that we carry out our activities for the public benefit.

The Trustees confirm that we have complied with our duty to have due regard to the Charity Commission’s public benefit guidance when exercising those powers and duties to which the guidance is relevant.

Key Management Personnel

The Principal Care Manager is line-managed by nominated Trustees. The determination of remuneration for our senior staff rests with the discerning discretion of the Trustees and is based upon appropriate market rates.

Auditor

In compliance with the company's articles, a comprehensive evaluation was conducted in early 2023 regarding the appointment of auditors. It was agreed by the Trustees that TC Group, previously known as Knill James LLP, be reappointed as the auditor of the company for the following three-year period.

Disclosure of information to auditor

Each of the Trustees has confirmed that there is no information of which they are aware which is relevant to the audit, but of which the auditor is unaware. They have further confirmed that they have taken appropriate steps to identify such relevant information and to establish that the auditor is aware of such information.

The Trustees' report was approved by the Board of Trustees.

.............................. Ms S Walton Trustee

Date: .............................................

BERNHARD BARON CARE HOME

STATEMENT OF TRUSTEES' RESPONSIBILITIES

FOR THE YEAR ENDED 31 MARCH 2025

The Trustees, who are also the directors of Bernhard Baron Care Home for the purpose of company law, are responsible for preparing the Trustees' Report and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).

Company Law requires the Trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that year.

In preparing these financial statements, the Trustees are required to:

The Trustees are responsible for keeping adequate accounting records that disclose with reasonable accuracy at any time the financial position of the charitable company and enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.

BERNHARD BARON CARE HOME

INDEPENDENT AUDITOR'S REPORT

TO THE MEMBERS OF BERNHARD BARON CARE HOME

Opinion

We have audited the financial statements of Bernhard Baron Care Home (the ‘charitable company’) for the year ended 31 March 2025 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and the notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice).

In our opinion, the financial statements:

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditor's responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC’s Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Conclusions relating to going concern

We have nothing to report in respect of the following matters in relation to which the ISAs (UK) require us to report to you where:

Other information

The other information comprises the information included in the annual report other than the financial statements and our auditor's report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. Our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact.

We have nothing to report in this regard.

BERNHARD BARON CARE HOME

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF BERNHARD BARON CARE HOME

Opinions on other matters prescribed by the Companies Act 2006

In our opinion, based on the work undertaken in the course of our audit:

Matters on which we are required to report by exception

In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors' report included within the Trustees' report.

We have nothing to report in respect of the following matters in relation to which the Companies Act 2006 requires us to report to you if, in our opinion:

Responsibilities of Trustees

As explained more fully in the statement of Trustees' responsibilities, the Trustees, who are also the directors of the charitable company for the purpose of company law, are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the Trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the Trustees are responsible for assessing the charitable company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the Trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so.

Auditor's responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

Irregularities, including fraud, are instances of non-compliance with laws and regulations. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below.

BERNHARD BARON CARE HOME

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF BERNHARD BARON CARE HOME

Extent to which the audit was considered capable of detecting irregularities, including fraud

The objectives of our audit, in respect to fraud, are: to identify and assess the risks of material misstatement of the financial statements due to fraud; to obtain sufficient appropriate audit evidence regarding the assessed risks of material misstatement due to fraud, through designing and implementing appropriate responses; and to respond appropriately to fraud or suspected fraud identified during the audit. However, the primary responsibility for the prevention and detection of fraud rests with both those charged with governance of the entity and its management.

Our approach was as follows:

Based on this understanding we designed our audit procedures to identify non-compliance with such laws and regulations. Where the risk was considered to be higher, we performed audit procedures to address each identified fraud risk. These procedures included: testing manual journals; reviewing the financial statement disclosures and testing to supporting documentation; performing analytical procedures; and enquiring of management, and were designed to provide reasonable assurance that the financial statements were free from fraud or error.

Owing to the inherent limitations of an audit, there is an unavoidable risk that we may not have detected some material misstatements in the financial statements, even though we have properly planned and performed our audit in accordance with auditing standards. For example, the further removed noncompliance with laws and regulations (irregularities) is from the events and transactions reflected in the financial statements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error, as fraud involves intentional concealment, forgery, collusion, omission or misrepresentation. We are not responsible for preventing non-compliance and cannot be expected to detect non-compliance with all laws and regulations.

A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council’s website at: https://www.frc.org.uk/auditorsresponsibilities. This description forms part of our auditor’s report.

BERNHARD BARON CARE HOME

INDEPENDENT AUDITOR'S REPORT (CONTINUED)

TO THE MEMBERS OF BERNHARD BARON CARE HOME

Use of report

This report is made solely to the charitable company’s trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charitable company’s trustees 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 accept or assume responsibility to anyone other than the charitable company and the charitable company’s trustees as a body, for our audit work, for this report, or for the opinions we have formed.

Nicholas Rawson FCA (Senior Statutory Auditor) for and on behalf of TC Group

Statutory Auditor

Office: Lewes

Date:.........................

BERNHARD BARON CARE HOME

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Current financial year

Unrestricted Unrestricted
funds
funds
general
Designated
2025
2025
Notes
£
£
Income and endowments from:
Donations and legacies
2
3,457
2,206
Charitable activities
5
3,035,387
-
Investments
4
22,771
-
Other income
6
17,554
-
Total income
3,079,169
2,206
Expenditure on:
Raising funds
7
5,188
-
Charitable activities
8
3,001,790
86,723
Total expenditure
3,006,978
86,723
Net (losses)/gains on investments
14
(17,569)
-
Net incoming/(outgoing) resources before
transfers
54,622
(84,517)
Gross transfers between funds
(86,723)
86,723
Net movement in funds
(32,101)
2,206
Fund balances at 1 April 2024
3,210,075
361,270
Fund balances at 31 March 2025
3,177,974
363,476		 Restricted
funds
2025
£
-
-
-
-
-
-
6,560
6,560
-
(6,560)
-
(6,560)
39,309
32,749		 Total
2025
£
5,663
3,035,387
22,771
17,554
3,081,375
5,188
3,095,073
3,100,261
(17,569)
(36,455)
-
(36,455)
3,610,654
3,574,199		 Total
2024
£
8,458
2,695,802
21,284
9,003
2,734,547
4,472
2,681,705
2,686,177
23,450
71,820
-
71,820
3,538,834
3,610,654

The statement of financial activities includes all gains and losses recognised in the year.

The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

BERNHARD BARON CARE HOME

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2025

Prior financial year

Unrestricted Unrestricted
funds
funds
general
Designated
2024
2024
Notes
£
£
Income and endowments from:
Donations and legacies
2
5,858
250
Charitable activities
5
2,695,802
-
Investments
4
21,284
-
Other income
6
9,003
-
Total income
2,731,947
250
Expenditure on:
Raising funds
7
4,472
-
Charitable activities
8
2,623,992
54,059
Total expenditure
2,628,464
54,059
Net gains/(losses) on investments
14
23,450
-
Net incoming/(outgoing) resources before transfers
126,933
(53,809)
Gross transfers between funds
(44,711)
54,009
Net movement in funds
82,222
200
Fund balances at 1 April 2023
3,127,853
361,070
Fund balances at 31 March 2024
3,210,075
361,270		 Restricted
funds
2024
£
2,350
-
-
-
2,350
-
3,654
3,654
-
(1,304)
(9,298)
(10,602)
49,911
39,309		 Total
2024
£
8,458
2,695,802
21,284
9,003
2,734,547
4,472
2,681,705
2,686,177
23,450
71,820
-
71,820
3,538,834
3,610,654

BERNHARD BARON CARE HOME

BALANCE SHEET

AS AT 31 MARCH 2025

2025
Notes
£
£
Fixed assets
Tangible assets
15
2,396,342
Investments
16
1,046,482
3,442,824
Current assets
Stocks
17
352
Debtors
18
56,917
Cash at bank and in hand
411,754
469,023
Creditors: amounts falling due within
one year
19
(337,648)
Net current assets
131,375
Total assets less current liabilities
3,574,199
Income funds
Restricted funds
21
32,749
Unrestricted funds - Designated
23
363,476
Unrestricted funds - general
3,177,974
3,574,199
The financial statements were approved by the Trustees on .........................
..............................
..............................
Mr P A Appleton
Ms S Walton
Trustee
Trustee
Company registration number 3580252		 2024
£
£
2,541,551
747,743
3,289,294
7,363
37,944
585,944
631,251
(309,891)
321,360
3,610,654
39,309
361,270
3,210,075
3,610,654		 2024
£
£
2,541,551
747,743
3,289,294
7,363
37,944
585,944
631,251
(309,891)
321,360
3,610,654
39,309
361,270
3,210,075
3,610,654
3,289,294
321,360
3,610,654
39,309
361,270
3,210,075
3,610,654

BERNHARD BARON CARE HOME

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2025

2025
2024
Notes
£
£
£
Cash flows from operating activities
Cash generated from operations
27
146,985
Investing activities
Purchase of tangible fixed assets
(27,638)
(84,214)
Proceeds on disposal of tangible fixed assets
-
2,860
Cash account movements
(5,984)
(42,793)
Purchase of investments
(545,703)
(164,019)
Proceeds on disposal of investments
235,379
193,112
Investment income received
22,771
21,284
Net cash used in investing activities
(321,175)
Net cash used in financing activities
-
Net (decrease)/increase in cash and cash
equivalents
(174,190)
Cash and cash equivalents at beginning of year
585,944
Cash and cash equivalents at end of year
411,754		 £
317,578
(73,770)
-
243,808
342,136
585,944

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2025

BERNHARD BARON CARE HOME

1 Accounting policies

Charity information

Bernhard Baron Care Home is a private company limited by guarantee incorporated in England and Wales. The registered office is Eastbourne Road, Polegate, East Sussex, BN26 5HB.

1.1 Accounting convention

These accounts have been prepared in accordance with FRS 102 “The Financial Reporting Standard applicable in the UK and Republic of Ireland” (“FRS 102”), “Accounting and Reporting by Charities” the Statement of Recommended Practice for charities applying FRS 102, the Companies Act 2006 and UK Generally Accepted Accounting Practice as it applies from 1 January 2019. The charitable company is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling, which is the functional currency of the charitable company. Monetary amounts in these financial statements are rounded to the nearest £.

The accounts have been prepared on the historical cost convention, modified to include the revaluation of certain financial instruments at fair value. The principal accounting policies adopted are set out below.

1.2 Going concern

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives, unless the funds have been designated for other purposes.

Designated funds comprise funds which have been set aside at the discretion of the Trustees for specific purposes. The purposes and uses of the designated funds are set out in the notes to the accounts.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

1.4 Income

Income is recognised when the charitable company is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the charitable company has been notified of the donation, unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deeds of covenant is recognised at the time of the donation.

Legacies are recognised on receipt or otherwise if the charitable company has been notified of an impending distribution, the amount is known, and receipt is expected. If the amount is not known, the legacy is treated as a contingent asset.

Income from charitable activities are all accounted for in the period in which the service is provided.

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

1 Accounting policies

(Continued)

1.5 Expenditure

Expenditure is recognised when a liability is incurred. Resources expended are accounted for on an accruals basis and includes irrecoverable VAT where appropriate.

Costs of generating funds are the costs relating to investment management fees.

Charitable activity expenditure comprises all costs incurred in the pursuit of the charitable objects of the charity. These costs comprise direct costs and an appropriate proportion of overhead and support costs.

Governance costs include those costs associated with the governance of the charity and are primarily associated with constitutional and statutory requirements.

1.6 Tangible fixed assets

Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings - Freehold 2% straight line Fixtures, fittings & equipment 10% or 20% straight line Motor vehicles 25% reducing balance

Freehold land is not depreciated.

1.7 Fixed asset investments

Fixed asset investments are initially measured at transaction price excluding transaction costs, and are subsequently measured at fair value at each reporting date. Changes in fair value are recognised in net income/(expenditure) for the year. Transaction costs are expensed as incurred.

1.8 Stocks

Stocks are stated at the lower of cost and net realisable value.

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less, and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities.

1.10 Financial instruments

The Company has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised when the charitable company becomes party to the contractual provisions of the instrument.

FOR THE YEAR ENDED 31 MARCH 2025

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

1 Accounting policies

(Continued)

Basic financial assets

Basic financial assets, which include trade and other receivables and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest.

Basic financial liabilities

Basic financial liabilities, including trade and other payables, are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future receipts discounted at a market rate of interest. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade payables are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Accounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade payables are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method.

1.11 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

The charity contributes to the Pensions Trust's Growth Plan at rates set by the Scheme Actuary and advised to the Trustees by the Scheme Administrator. The scheme is a defined benefit, multi employer pension scheme and it is not possible to identify the assets and liabilities of the scheme which are attributable to the charity. In accordance with FRS102 therefore, the scheme is accounted for as a defined contribution scheme. Contributions to the scheme are charged in the Statement of Financial Activities as they become payable in accordance with the rules of the scheme.

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

2 Income from donations and legacies

Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2025
2025
2025
£
£
£
Donations and gifts
3,457
2,206
-
Legacies
-
-
-
3,457
2,206
-		 Total
Unrestricted Unrestricted
Restricted
funds
funds
funds
general
designated
2025
2024
2024
2024
£
£
£
£
5,663
858
250
2,350
-
5,000
-
-
5,663
5,858
250
2,350		 Total
2024
£
3,458
5,000
8,458

FOR THE YEAR ENDED 31 MARCH 2025

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

3 Critical accounting estimates and judgements

In the application of the charitable company’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

Key sources of estimation uncertainty

Depreciation

The charity exercises judgements to determine useful lives and residual values of property, plant and equipment. The assets are depreciated down to their residual values over their estimated useful lives.

4 Income from investments

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Income from listed investments 19,807 18,174
Interest receivable 2,964 3,110
22,771 21,284

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

5 Charitable activities

Incoming resources
Charitable rental income		 Fees
received
Welfare gifts
etc
Telephone
money
received
2025
2025
2025
£
£
£
2,989,366
(1,973)
7,039
40,955
-
-
3,030,321
(1,973)
7,039		 Total
2025
£
2,994,432
40,955
3,035,387		 Fees
received
Welfare gifts
etc
2024
2024
£
£
2,649,215
(1,507)
40,077
-
2,689,292
(1,507)		 Telephone
money
received
2024
£
8,017
-
8,017		 Total
2024
£
2,655,725
40,077
2,695,802

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

6 Other income

Unrestricted Unrestricted
funds funds
2025 2024
£ £
Net gain on disposal of tangible fixed assets - 2,189
Other income 17,554 6,814
17,554 9,003
Raising funds
Unrestricted Unrestricted
funds funds
general general
2025 2024
£ £
Investment management 5,188 4,472
5,188 4,472

7 Raising funds

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

8 Expenditure on charitable activities

Direct costs
Staff costs
Depreciation and impairment
Provisions
Training and conference expenses
Fee subsidy
Electricity
Gas
Water
Council tax
Cleaning and consumables
Insurance
Garden expenses
Repairs
Decorations
Travel expenses
Welfare expenses
Other charitable expenditure
Share of support and governance costs (see note 10)
Support
Governance
Analysis by fund
Unrestricted funds - general
Unrestricted funds - designated
Restricted funds		 2025
£
1,975,981
172,847
222,976
28,669
92,933
58,226
77,996
24,201
4,156
25,514
16,706
17,841
168,986
475
7,743
16,436
83,044
2,994,730
66,467
33,876
3,095,073
3,001,790
86,723
6,560
3,095,073		 2024
£
1,729,463
189,829
218,612
28,621
57,663
50,991
43,940
23,160
3,933
20,356
14,249
14,671
98,775
4,115
5,274
15,163
72,061
2,590,876
56,420
34,409
2,681,705
2,623,992
54,059
3,654
2,681,705

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

9
Net movement in funds
2025
£
The net movement in funds is stated after charging/(crediting):
Fees payable for the audit of the charity's financial statements
11,580
Depreciation of owned tangible fixed assets
172,847
Loss/(profit) on disposal of tangible fixed assets
-
10
Support costs
Support
costs
Governance
costs
2025Support costs Governance
costs
£
£
£
£
£
Registration fees
8,792
-
8,792
8,352
-
Stationery, advertising
and software
42,802
-
42,802
31,758
-
Postage and telephone
14,873
-
14,873
16,310
-
Audit fees
-
11,580
11,580
-
11,380
Legal and professional
-
19,256
19,256
-
20,891
Bank charges and
interest
-
2,702
2,702
-
1,918
Committee expenses
-
338
338
-
220
66,467
33,876
100,343
56,420
34,409
Analysed to
Charitable activities
66,467
33,876
100,343
56,420
34,409		 2024
£
11,380
189,829
(2,189)
2024
£
8,352
31,758
16,310
11,380
20,891
1,918
220
90,829
90,829

11 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year. The trustees were reimbursed £nil for travelling and subsistence expenses in the year (2024 - £nil).

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

12 Employees

The average monthly number of employees during the year was:

Housing care for residents
Administration
Total
Employment costs
Wages and salaries
Social security costs
Other pension costs
The number of employees whose annual remuneration was more than
£60,000 is as follows:
£60,000 to £70,000
£70,000 to £80,000
Remuneration of key management personnel
The remuneration of the three key management personnel is as follows.
Aggregate compensation		 2025
Number
69
7
76
2025
£
1,713,352
128,332
134,297
1,975,981
2025
Number
1
1
2025
£
223,113		 2024
Number
66
6
72
2024
£
1,508,339
113,485
107,639
1,729,463
2024
Number
1
-
2024
£
198,733

13 Taxation

The Company is a registered charity and under section 505(1) of the Income and Corporation Taxes Act 1988 is exempt from taxation.

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

14 Net (losses)/gains on investments

**Unrestricted ** Unrestricted
funds funds
general general
2025 2024
£ £
Revaluation of investments (16,652) 27,098
(Loss)/gain on sale of investments (917) (3,648)
(17,569) 23,450

15 Tangible fixed assets

Tangible fixed assets
Cost
At 1 April 2024
Additions
At 31 March 2025
Depreciation and impairment
At 1 April 2024
Depreciation charged in the year
At 31 March 2025
Carrying amount
At 31 March 2025
At 31 March 2024		 Land and
buildings -
Freehold
Fixtures, fittings
& equipment
Motor vehicles
£
£
£
3,489,488
1,183,046
57,151
8,933
18,705
-
3,498,421
1,201,751
57,151
1,182,086
960,302
45,746
69,707
100,289
2,851
1,251,793
1,060,591
48,597
2,246,628
141,160
8,554
2,307,402
222,744
11,405		 Total
£
4,729,685
27,638
4,757,323
2,188,134
172,847
2,360,981
2,396,342
2,541,551

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

16
Fixed asset investments
Listed
investments
£
Cost or valuation
At 1 April 2024
733,997
Additions
545,703
Valuation changes
(16,652)
Cash account movement
-
Disposals
(236,296)
At 31 March 2025
1,026,752
Carrying amount
At 31 March 2025
1,026,752
At 31 March 2024
733,997
17
Stocks
Finished goods and goods for resale
18
Debtors
Amounts falling due within one year:
Trade debtors
Other debtors
Prepayments and accrued income		 Cash in
portfolio
13,746
-
-
5,984
-
19,730
19,730
13,746
2025
£
352
2025
£
22,490
6,274
28,153
56,917		 Total
£
747,743
545,703
(16,652)
5,984
(236,296)
1,046,482
1,046,482
747,743
2024
£
7,363
2024
£
1,119
8,741
28,084
37,944

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

19
Creditors: amounts falling due within one year
Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income
20
Retirement benefit schemes
Defined contribution schemes
Charge to profit or loss in respect of defined contribution schemes		 2025
£
-
33,515
20,805
283,328
337,648
2025
£
134,297		 2024
£
23,863
58,085
13,267
214,676
309,891
2024
£
107,639

The charity participates in a personal pension scheme operated by the Pensions Trust which is a defined contribution scheme.

An amount of £20,607 was outstanding at the balance sheet date (2024 - £13,267).

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

21 Restricted funds

The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used.

Fee support
fund
Named
resident fund
New vehicle
Activities		 Balance at
1 April 2023
£
43,911
6,000
-
-
49,911		 Movement in funds
Incoming
resources
Resources
expended
Transfers
£
£
£
-
-
(7,298)
-
(3,654)
-
2,000
-
(2,000)
350
-
-
2,350
(3,654)
(9,298)		 Movement in funds
Balance at
1 April 2024
Resources
expended
Balance at
31 March 2025
£
£
£
36,613
(3,864)
32,749
2,346
(2,346)
-
-
-
-
350
(350)
-
39,309
(6,560)
32,749		 Movement in funds
Balance at
1 April 2024
Resources
expended
Balance at
31 March 2025
£
£
£
36,613
(3,864)
32,749
2,346
(2,346)
-
-
-
-
350
(350)
-
39,309
(6,560)
32,749
32,749

Fee Support Fund

To provide a fund to assist those residents whose funds are depleted within the first three years of residence in the Main Building or within the first five years of residence in a Cottage and where there is a shortfall in the funding available. Anonymous Donation.

Named Resident Fund

Funds to assist an individual resident with payment of their fees.

New vehicle

Funds to assist the purchase of a new vehicle during the year.

Activities

Funds to assist the running of activities for the residents.

22 Unrestricted funds

The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes.

At 1 April 2024 Incoming Resources Transfers Gains and At 31 March
resources expended losses 2025
£ £ £ £ £ £
General funds 3,210,075 3,079,169 (3,006,978) (86,723) (17,569) 3,177,974

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

22 Unrestricted funds Unrestricted funds (Continued)
Previous year: At 1 April 2023 Incoming Resources Transfers Gains and At 31 March
resources expended losses 2024
£ £ £ £ £ £
General funds 3,127,853 2,731,947 (2,628,464) (44,711) 23,450 3,210,075

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

23 Unrestricted funds - Designated

These are unrestricted funds which are material to the charitable company's activities.

Movement in funds Movement in funds Movement in funds Movement in funds
Balance at Incoming Resources Transfers Balance at Incoming Resources Transfers Balance at
1 April 2023 resources expended 1 April 2024 resources expended 31 March
2025
£ £ £ £ £ £ £ £ £
Property improvements reserve - - - 111,270 111,270 2,206 - - 113,476
Bursary fund 250,000 - (54,009) 54,009 250,000 - (86,723) 86,723 250,000
Garden fund 50 - (50) - - - - - -
Activity centre 111,020 250 - (111,270) - - - - -
361,070 250 (54,059) 54,009 361,270 2,206 (86,723) 86,723 363,476

Property improvements reserve

Funds to recommence our plans for a continual improvement programme for the residents accommodation and recreation facilities.

Bursary fund

To provide a fund to assist those residents whose funds are depleted where we are unable to obtain funding or where there is a shortfall in the funding available.

Garden Fund

Donations from residents towards the cost of plants within the grounds.

Activities Centre

Funds to commence our plans to build a dedicated Activities Centre within the grounds for the physical and mental wellbeing of our residents.

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2025

24 Analysis of net assets between funds

Analysis of net assets between funds
Unrestricted
funds
Designated
funds
2025
2025
£
£
Fund balances at 31 March 2025 are represented
by:
Tangible assets
2,396,342
-
Investments
1,046,482
-
Current assets/(liabilities)
(264,850)
363,476
3,177,974
363,476		 Restricted
funds
2025
£
-
-
32,749
32,749		 Total Unrestricted
funds
Designated
funds
2025
2024
2024
£
£
£
2,396,342
2,541,551
-
1,046,482
747,743
-
131,375
(79,219)
361,270
3,574,199
3,210,075
361,270		 Restricted
funds
2024
£
-
-
39,309
39,309		 Total
2024
£
2,541,551
747,743
321,360
3,610,654

FOR THE YEAR ENDED 31 MARCH 2025

BERNHARD BARON CARE HOME

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

25 Operating lease commitments

Lessee

At the reporting end date the charitable company had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows:

Within one year
Between two and five years
In over five years		 2025
£
24,703
63,361
-
88,064		 2024
£
24,703
79,791
8,273
112,767

26 Related party transactions

There have been no disclosable related party transactions in the year.

27
Cash generated from operations
(Deficit)/surpus for the year
Adjustments for:
Investment income recognised in statement of financial activities
Gain on disposal of tangible fixed assets
Loss on disposal of investments
Fair value gains and losses on investments
Depreciation and impairment of tangible fixed assets
Movements in working capital:
Decrease/(increase) in stocks
(Increase)/decrease in debtors
Increase in creditors
Cash generated from operations		 2025
£
(36,455)
(22,771)
-
917
16,652
172,847
7,011
(18,973)
27,757
146,985		 2024
£
71,820
(21,284)
(2,189)
3,648
(27,098)
189,829
(55)
74,497
28,410
317,578

28 Analysis of changes in net funds

The charitable company had no material debt during the year.