ANNUAL REPORT & ACCOUNTS For the year ended 31 December 2023 ## How the funds have helped How the money came in How the money went out ‘ \ Ty, ry ‘ / f + oe **----- Start of picture text -----**
3.9%
14.2%
14.2%
67.7%
**----- End of picture text -----**
**----- Start of picture text -----**
6.2% 0.1%
=
93.7%
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Provision of care, rehabilitation and services Donations and fundraising events Legacies > Provision of care, rehabilitation andservices :7[,] a Fundraising costs ~~ > Investment and other income costs Investment and other income ## **Contents** Who we are……………………………………………. 4 Thank you………………………………………………. 5 Message from the Chair……………………….…… 6 Report of the Trustees and Strategic Report…. 7-15 Independent Auditors’ Report……….…………… 16-17 Consolidated Statement of Financial Activities 18 Balance Sheets………………………………………. 19 Consolidated Statement of Cash Flows………. 20 Notes to the Consolidated Accounts………….. 21-36 > P a Page g e | |4 **4** ## Who we are. > The Trustees of Care for Veterans (CfV) present their annual report and audit of their financial statements of the charity S. 3 for the year ended 31 December 2023. The Trustees have adopted the provisions of the Statement of Recommended Practice (SORP) "Accounting and Reporting by Charities" (FRS 102) in preparing the annual report and financial statements of the charity. This is also a director’s report for company law. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charity’s governing document, the Charities Act 2011 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 (FRS 102) et. tie { \ Wy AY. (effective 1 January 2015). > CfV was established in Roehampton in 1919 to care for veterans disabled in WWI and moved to the current location in vk > : ==> .1 FD : Worthing in 1932. In addition to veterans, we now also look after the families of veterans. The objects of the charity have > since been extended and are currently: ~ 1! as 5 he Poe _“Provide permanent or respite accommodation, end of-life care and outpatient care for former members of the British Armed Forces and their families, who are in need of such care by reason of age, sickness or disability and who require nursing care or rehabilitation.”_ : own ~ : ey 7© **Public Benefits of CfV Work** - . 7 ‘ 7 ~ Care for Veterans provides care services to veterans and their families, identified directly and through partnerships, for + ‘ 4 / whom there are few high-quality forms of support located in one place, tailored to their needs and without lengthy or i Rett ON fragmented waiting periods. It operates in the gap between health and social services in a way that is sensitive and tailored am : to the veteran community, CfV uses aims to use terminology that veterans and their families understand, with clear and uncomplicated explanations about services, and our application and onboarding processes. **CfV helps its residents in the following way:** ' _ . "a 7 cr,fA = tS  Providing nursing and medical care and in day care for veterans and their families of all ages  7 a2 Encouraging social interaction with like-minded former members of HM Forces. ##  Providing first class rehabilitation care. ##  Offering Occupational Therapy, Speech and Language Therapy and a range of social activities.  Liaising with veteran’s former Service Units and Regiments. ‘ i " ‘ \ €  Providing a caring and supportive, family-friendly environment from day services through to end of life. Ta \ 7 a, 7 : wd P a g e | **5** ## Thank you. Ron, now a resident at Care for Veterans since summer 2021, initially joined for a few days of respite care following the passing of his wife and his ongoing battle with Ischemic heart failure. Previously, Ron lived in a flat with his wife, whom he married at 19. During his stay he has formed a close friendship with John, an RAF Veteran and former Lloyds Bank employee. They often enjoy coffee outings at the Heene Centre. Additionally, Ron’s daughter, residing in Worthing, ensures to visit him weekly, maintaining their family bond. His journey exemplifies the community and support found at Care for Veterans. ## **Ron – WWII Army Veteran** After a recent diagnosis of COPD (chronic obstructive pulmonary disease) which causes breathing difficulties and having experienced sporadic numbness in his legs, Martin began to concede that he might need some support in the form of respite. With help from a local SSAFA representative, Martin was presented with a number of care options, but it was Care for Veterans which stood out to him. In the two weeks he stayed at Care for Veterans, Martin was able to enjoy much of what the home had to The realisation that his independence was severely compromised hit John hard. His home could no longer accommodate his needs in a wheelchair. It was with a heavy heart that he decided to move to Stoke Mandeville, a specialist spinal injuries centre renowned for its expertise and care. In December 2023, John transitioned to Care for Veterans, a place familiar to him through years of supporting other residents via the Royal Electrical and Mechanical Engineers Association. This move marked the beginning of a new chapter, one filled with hope and the promise of rehabilitation. At Care for Veterans, John found not just medical care but a community. He enjoys the privacy of his own room, the simple pleasure of a well-loved meal—fish and chips being a particular favourite—and the professional guidance of physical and occupational therapists dedicated to his rehabilitation. John has forged a strong bond with his neighbour, Graham, and made other friends within the home. Despite it being early days, he has thrown himself into the Wellbeing Hub activities, from quizzes to the unexpected joy of ‘laughing yoga’. The Care for Veterans team have thoroughly enjoyed welcoming John into the home and hope he continues to settle in swiftly. ## **John – Army Veteran** My daughter text me and asked what I was up to and I told her I had just had a fry up for breakfast and I am going to wander off and get a cappuccino in a minute and then there is a concert this afternoon… and she said sounds like you’re living the dream! Life is good here.” ## **Martin – Respite care - Army Veteran** P a g e | **6** ## Care for Veterans Trustee Report ## Year end 31 December 2023 ## Message from the Chair 2023 was a year of transitional and renewal at Care for Veterans. With the retirement of Andy Neaves in July, the board was delighted to appoint Kate Schroder MBE as the charity’s Chief Executive. The trustees thank Andy for his contribution over his seven years as Chief Executive. The trustees also thank Commodore James Fanshawe CBE, who stepped down in May, for his nine years as Chair. Andy and James’s contribution to the charity has been immeasurable in a difficult environment and we are particularly grateful for their leadership through the challenges of COVID-19. Kate brings her extensive experience of managing charities and healthcare providers to the role and has already had a strong positive impact. Whilst the impact of COVID-19 on CfV operations has diminished, 2023 saw the charity facing inflationary pressures, a challenging operating and fundraising environment and changing needs of our veterans. In spite of these pressures, CfV has moved forward in placing itself on a firmer financial footing, increased occupancy and delivered a successful CQC inspection which confirmed its Good rating. A new business plan is in place with key elements of this implemented. This included the creation of a nine-bed cognitive impairment bay in late 2023, which allows CfV to care for those with dementia symptoms. In 2022, CfV reconfigured most of its largest rooms to increasing capacity to 60 rooms. Initiatives to attract more veterans and their families now regularly fill these rooms and plans are in place to further expand capacity by converting underutilised space. our staff, who have tirelessly risen to the challenges of the changing needs of the charity and its beneficiaries. CfV relies on the generosity of its supporters and benefactors to sustain the charity and care for our veterans and families, and the trustees thank them for their continued support. The trustees also thank the numerous volunteers who enhance the lives of our veterans, whether through buildings and grounds maintenance, befriending and well-being activities, driving or fundraising. I would also like to acknowledge the commitment and support of my fellow trustees who have guided CfV through a demanding year. provide better care to more veterans, as well as strengthen the sound financial base which has been established. David Williams **Chair of Trustees** P a g e | **7** Care for Veterans Trustee Report Year end 31 December 2023 ## Structure, Governance and Management ## **Related Parties** The Charity’s wholly owned subsidiary Care for Veterans Services Limited was formed during 2006 to provide nursing and care services for residents who fall outside the objects of the Charity. The Charity recharges the cost of care, and the company gift aids any profits to the Charity. ## **Governing Document** Care for Veterans, formerly the Queen Alexandra Hospital Home (QAHH) was founded in 1919 and incorporated as a Company Limited by Guarantee in 1998 (registered number 3646570) and registered as a charity (registered number 1072334) thereafter subject to Charity, Trust and Company Law and governed by the Articles of Association most recently adopted in 2023. Its registered address is Gifford House, Boundary Road, Worthing, West Sussex, BN11 4LJ (Tel: 01903213458) The Charity has one subsidiary company Care for Veterans Services Limited (company number 5802953) incorporated 2 May 2006. The company is limited with the single shareholder being Care for Veterans. ## **Trustees** Trustees are appointed at the AGM for three-year terms, renewable for up to nine-years with the option to be extended for a further year if necessary. Trustees may be co-opted by the Board until appointed at the next AGM. In 2023 there were four sub-committees of the board: Finance, Fundraising and Marketing, Clinical Governance and Remuneration. Each quarter, two trustees undertake an inspection of the charity’s operations, visiting the wards and other parts of the charity’s facilities, and meeting with staff and residents. The Board undertakes an annual review of its composition and skills. Trustees are recruited to fill identified current or future needs. Trustee vacancies are advertised externally or filled through direct recruitment. Potential trustees are interviewed by at least three of the existing board and assessed against agreed criteria. Trustees are required to undergo Disclose and Barring Services checks. Trustees are supported in joining the board by the Trustee Induction Policy, which includes a comprehensive induction pack, visits and external training. Prior to joining the Board, trustees sign CfV Trustee Code of Conduct which includes adherence to the Nolan Principles. The Board appoints the Chief Executive, who is accountable to the Board. The Chief Executive attends meetings of the Board and the subcommittees. The current Chief Executive is Kate Schroder MBE. She is also the ‘Nominated Individual’ under the requirements of the Care Quality Commission (CQC) and is the point of contact in all matters emanating from it. The day-to-day running of the home is the responsibility of the Chief Operating Officer who is also the Registered Manager. The Trustees are the Directors of the Company, oversee the operations of CfV. The Trustees and senior executives of the charity are listed on page 9. The principal place of business and professional advisers of the charity are given on page 9. ## **Board Effectiveness:** In December 2022, an independent review of the board’s effectiveness and alignment with the Charity Governance Code was undertaken by Professional Governance Services. The review’s recommendations were adopted by the Board and an implementation programme is in place. The Board undertakes an annual review of its effectiveness. Training needs identified in this review are addressed through the annual board training programme. The Board consider that it is effective in achieving the charitable purposes and agreed outcomes. P a g e | **8** ## Care for Veterans Trustee Report ## Year end 31 December 2023 ## **Officers and Management** The names of the Trustees who have served during the year and the chief executives are set out below along with the Sub-Committees of Care for Veterans. ## **Trustee** ## **Role** ## **Sub-committees** Mr David Williams Chair, Chair Finance 1,3 (appointed Chair 17th May 2023) Cdre James Fanshawe CBE Chair 1,3 (retired 17th May 2023) Col John Saville FIMechE 1,2,4 Mr Michael Jones 2 Mr John McKee Chair Fundraising and Marketing 2 Dr Timothy Fooks Chair Clinical Governance 4 Ms Georgina Crowhurst 1 Mr Richard Andrew 1 Mrs Dawn Hart 4 Mrs Anna Harrison 4 Mr Rory Scott 1 (appointed 17th May 2023) ## **Sub-committees** 1. Finance Committee 2. Fundraising and Marketing Committee 3. Remuneration Committee 4. Clinical Governance Committee ## **Executives** K Schroder MBE AD Neaves Chief Executive (appointed July 2023) Chief Executive (retired July 2023) ## **Legal and administrative information** Auditors Sumer Audit Amelia House Crescent Road Worthing West Sussex BN11 1QR Pension Trustees Independent Trustee Services Limited 4th floor Cannon Place 78 Cannon Street London EC4N 6HL Pension Administrators Cartwright Mill Pool House Mill Lane Godalming Surrey GU7 1EY Bankers Barclays Bank Plc 1 Chapel Road Worthing West Sussex BN11 1EX Principle office of Charity and Registered Office Gifford House Boundary Road Worthing West Sussex BN11 4LJ Investment Managers Schroder & Co Limited Schroders Charities 1 London Wall Place London EC2Y 5AU Company Number 03646570 Registered Charity Number 1072334 Country of incorporation England and Wales P a g e | **9** Care for Veterans Trustee Report Year end 31 December 2023 ## Review of the year In January 2023, CfV focus shifted from managing the covid pandemic to recovery, both financially and operationally. Resident numbers began to lift during the year reaching an average of 55, providing the solid base to reach full occupancy in January 2024. In early 2023 the Care Quality Commission (CQC) undertook an inspection of CfV, and in April reconfirmed its Good rating. Enhancement of the CfV site began in 2023, largely through the efforts of the CfV Facilities Team, aided by increasing numbers of volunteers and donations of materials from local companies. A number of large rooms were redecorated and furnished for double occupancy by couples who wish to remain together whilst one of both will receive care. Repair and refurbishment of the on-site chapel was completed with the original altar, flooring, decorative woodwork, and heating installed together with placement of regimental banners. A search for a replacement organ began and appeals for donations towards large print hymn books and chairs commenced. Unused space was identified, and a programme of work commenced to create two new attractive bedrooms for residents with a further two planned for 2024. Following a poll of residents and their families, social activities in the Wellbeing Hub were expanded and will be providing full days, seven days a week, from early 2024. Fee income for care was £3.35m (2022: £3.11m), principally reflecting increasing resident occupancy during the year. Funding came directly from self-funding residents and funding organisations (principally local authorities and NHS commissioners). This included a contract making beds available to the NHS to alleviate winter pressures. As occupancy started to rise, clinical and non-clinical workforce skills and numbers were strengthened. In September 2023, a review of the roles and interdependencies of the Senior Leadership Team (SLT) began and is expected to complete in Q1 of 2024. A review of the Fundraising Team brought clarification to modern approaches to income generation. Two new roles were created: a Volunteer Coordinator to identify, train and support new volunteers, and a Veteran Liaison Office to strengthen contacts with veterans and their networks, identify unmet needs, and align CfV services appropriately. The Registered Manager was appointed to the expanded role of Chief Operating Officer in late 2023, bringing heightened focus to delivery of services and management of resources. A nine bed Cognitive Impairment Bay opened in late 2023 to support the growing number of veterans with dementia among their clinical needs. The clinical workforce completed suitable training in readiness and rooms were refreshed and reviewed for safety and comfort. A safe clinical threshold was identified to ensure that admissions to the bay would always be appropriate. By the close of 2023, seven of the nine rooms were occupied. In 2023, voluntary income was £1.30m (2022: £1.20m), including legacy income £704k (2022: £702k). The incredible generosity of individuals in recognising CfV in their wills will continue to lead to a positive future for veterans and their families and support our plans to develop services to address unmet need. Fundraising focus has been repurposed to use modern approaches including corporate and high net worth individuals as well as useful materials and goods in kind. In late 2023, the groundwork took place for providing day services to meet needs the needs of non-resident veterans ahead of launch in 2024. A summary of the charity’s strategy is set out in the Trustee’s report, and details of the Charity’s results for the year are set out in the Statement of Financial Activities (page 20). P a g e | **10** Care for Veterans Trustee Report – Strategic Report Year end 31 December 2023 ## Achievements and Performance 2023 |Care for Veterans Trustee Report – Strategic Report
Year end 31 December 2023
Achievements and Performance 20232023
W....for
Veterans|Care for Veterans Trustee Report – Strategic Report
Year end 31 December 2023
Achievements and Performance 20232023
W....for
Veterans| |---|---| |**Objective**
**Outcome**|| |**Introduce a new electronic**
**medical records system.**

The Patient Centred Software system (PCS) was mobilised and started to provide
rich data gathered at the point of each contact with residents.

Discussions with commissioners were from that point evidence based.

The actual costs of providing care are now identified at resident levels and by
cohort – nursing, residential and cognitive impairment.

Administrative time has been reduced since paper-based recording is no longer
necessary. PCS operates via a handheld device inputted by clinical workforce and
is therefore also far more accurate than before.|| ||| |**Maximising resident**
**occupancy in the 60 single**
**rooms.**

Occupancy levels increased during the year reaching 95% by the end of the year.

Conversion of rooms to meet the demands of beneficiaries.

Proactive contact with local commissioners has resulted in a contract to support
NHS Trusts by providing a safe place for their patients to continue to recover
optimum health and mobility.

The NHS contract has led to permanent placements where it has been identified
they are veterans matching our clinical offering.|| ||| |**Investigating the potential**
**for accommodation for the**
**blind or visually impaired**
**veterans.**

A review of rooms and communal spaces identified adaptations necessary to
safely accommodate the needs of visually impaired residents.

An internal training programme was established to raise awareness about how to
work with visually impaired residents.

Closer links with organisations working with visually impaired people were
established.|| ||| |**Replace all boilers that are**
**old and energy inefficient**
**as part of the green**
**project.**

Boilers were replaced without any disruption to services or residents.

External funding was secured for most of the associated costs.

A significant proportion of the cost of the new boilers will be realised in future
savings from fuel efficiencies.|| ||| |**Scope into the use of day**
**services.**|
Plans were put in place for the establishment of day services at CfV.

The up-to-date needs of veterans were identified and matched to the facilities
available.

Gaps in available support were identified and discussed with potential funders
including commissioners.| P a g e | **11** Care for Veterans Trustee Report – Strategic Report Year end 31 December 2023 ## Principle Risks and Uncertainties |Year end 31 December 2023
Principle Risks and Uncertainties|Year end 31 December 2023
Principle Risks and Uncertainties| |---|---| |**Risk**
**Mitigation**|| |Inflation.

Fee levels set on entry.

Staff salaries – accepted increases for 2024 at below
inflation.

Services continually under review for best value.

Donations in kind secured for items previously
purchased.

Enhanced conditions for clinical workforce to slow down
use of agency or turnover.|| |Falling resident numbers.

Refreshed rooms for every resident

Expansion of on-site therapies

Cognitive bay opened.

Enhanced relationships with commissioners

Create a pipeline for veterans by working within
networks.|| |Poor CQC rating

Inspection took place early 2023 – Good rating
maintained.

Policies and procedures regularly reviewed and updated.

Enhanced levels of supervisions and training are
monitored.

Better resident involvement in decision making about
their treatment planning.

Benchmarking against high quality competitors.|| |Failure or replacement cost of ageing
equipment.

Rolling replacement programme for infrastructure and
equipment.

Cost of equipment repairs are monitored and spend-to-
save replacements considered.

Fundraising targeting appropriate funding sources for
support.|| |Fall in investment portfolio value.

Portfolio held in charity multi asset funds.

Cash maintained to limit drawing down on the
investment portfolio for short-term needs.

Greater focus on cashflow in managing the finances.|| |Decreased fundraising|
Focus turned towards lowest effort but highest potential
income activities.

Extending links into the veteran community.

Expanded focus on trusts and foundations to provide
both restricted and unrestricted funds to support the
day-to-day costs of running the home.| P a g e | **12** Care for Veterans Trustee Report Year end 31 December 2023 ## Fundraising at Care for Veterans Care for Veterans is registered with the Fundraising Regulator and adheres to the Code of Fundraising Practice. CfV is registered with the Fundraising Preference Service (FPS) and in 2023 had zero complaints via the FPS. CfV in-house team oversees a host of income streams including legacies, individual giving, corporate fundraising, community fundraising, trusts and foundations, events, digital and lottery, all of which are run in-house. There were in person events in 2023 including golf days, structured talks, music events, a summer fayre and a Christmas Market. Trusts applications have received additional focus and resources targeting new sources of potential funding. Ways of reaching out to previously unknown potential funder were implemented and experience from working with veterans was introduced to all approaches. CfV continues to meet the regulatory requirements associated with fundraising. A supporter’s details are removed from the database if they so request and CfV does not share or swap data with third parties. Any data retained is held and maintained within the guidelines of GDPR. All CfV administration staff are aware of the Data Protection Act, are trained in GDPR. CfV is conscious of pressures which vulnerable people might experience and staff will never knowingly approach anyone who is vulnerable. CfV does not currently employ external professional fundraising individuals, companies, or organisations. CfV manages its own fundraising events and initiatives to maintain control over how people are approached, how they are asked to support and how they are thanked. CfV manages its own raffles and lottery in accordance with the terms set out by the local authority with whom it is registered. ## **Volunteers** Late 2023 saw a concerted effort to identify, train and support more volunteers. A volunteer co-ordinator was appointed to improve volunteer recruitment. Volunteers continue to give freely of their time and skills. The volunteer gardeners maintained the site, and volunteers have supported fundraising events. The trustees remain grateful for their continued support. ## **Reserves** The board reviews its Reserves Policy annually to ensure that sufficient reserves are held to enable CfV to continue to operate in the event of an unforeseen reduction in income or additional expenditure and to continue to meet its charitable objects. The reserves are designed, at a minimum, to cover a 50% fall in occupancy and fundraising income in the following 12 months. Reserves are held in cash or realisable investments in accordance with CfV Investment and Liquidity Policy. As at 31st December, free reserves were £4.13m (2022: £4.16m) equating to eight to nine months of cash operating expenses, with sufficient Unrestricted Funds to cover distribution of these reserves. ## **Investments** CfV investments are held as a reserve against any shortfall in income to ensure it can continue to deliver its charitable objectives. At 31 December 2023 the Charity's investments were valued at £3.91m (2022: £4.24m), as set out in Note 9. This amount includes £90k (2022: £299k) held in short term deposits. Investments are held in short term deposits or in funds which are liquid should additional cash be required. The investments are primarily held in two multi-asset funds specifically designed for charities and managed by Cazenove Capital: the Charity Multi-Asset Fund (CMAF) and Charity Sustainable Multi-Asset Fund (SMAF). Both aim to provide combined income capital growth in excess of the Consumer Price Index +4% per annum (net of fees) over rolling ten-year periods by investing in equity and equity related securities, fixed and floating rate securities and alternative investments worldwide. The CMAF produced a total return of 5.9% and the SMAF a return of 7.2% over the year. The board of Trustees were content with the performance of the investments over the period. The current investment policy reflects that of the investment into the CMAF and the SMAF plus leaving sufficient liquidity outside of the CMAF and SMAF to provide for the day-to-day running costs if required. > P a Page g e | |13 **13** ## Care for Veterans Trustee Report ## Year end 31 December 2023 ## **Trading Subsidiary** During the year the trading subsidiary, Care for Veterans Services Limited continued to trade for income outside the charitable status. The results are detailed in note 20. ## **Pensions** The accounts as presented include the full adoption of Financial Reporting Standard 102 (`FRS102'). A qualified independent actuary has prepared a valuation of the scheme for these accounts in accordance with FRS102. This valuation indicated that a surplus of £296,000 existed at 31 December 2023 (2022: £328,000 surplus). This amount has not been recognised as a surplus in these accounts as it does not meet the recognition criteria. On 30 April 2005, the existing defined benefit pension scheme was closed to future accrual. A replacement stakeholder scheme came into force on 1 May 2005 and this scheme was discontinued on 30 April 2014. Since 1 May 2014, CfV has provided a workplace defined-contribution pension scheme to comply with the new pension auto-enrolment rules. This scheme is provided by the Peoples Pension. Further information regarding the pension funds is set out in notes 5 and 6 to the financial statements. ## **Fees Policy** CfV seeks to achieve a balance between affordability, a level which is consistent with the highest levels of care and suitable accommodation and the Trustees’ desire not to exclude any beneficiary on the grounds of financial hardship. CfV welcomes residents whose care is funded from a variety of sources such as self-funded, commissioners, continuing health care, social services and service charities. ## **Remuneration for Senior Staff** The Remuneration Committee oversees and approves the salaries of the senior leadership team and of other key personnel who have control of the day-to-day management of the charity. Salaries are reviewed annually and benchmarked against similar organisations and, in the case of clinical staff, the Nursing and Midwifery Council's `Agenda for Change` is used as the benchmark. P a g e | **14** Care for Veterans Trustee Report Year end 31 December 2023 ## Plans for the future ## **The main objectives for 2024 are:** |**OBJECTIVES**
**PLANNED OUTCOMES**|**OBJECTIVES**
**PLANNED OUTCOMES**| |---|---| |Provide high-quality residential care for
veterans and their families.

Occupancy will be maintained above 95%

CfV will receive consistently high feedback from veterans
and their families.

Quality of care will be maintained at a standard assessed
by CQC as being Good or better.|| |Reduce the operating deficit and manage
controllable costs.

Increased income from fees resulting from higher
occupancy levels.

Introduction and development of day services attracting
additional income.

Optimise income from fundraising and other sources.

Expanded services will be funded by sponsors and
partners.|| |Expand services to meet the changing clinical
and well-being needs of veterans and their
families.

Day and home services for veterans and their families
will further their clinical outcomes.


GSF Gold Standard for end-of-life care.|| |Attract and retain the best people.

CfV recognised as an employer of choice for healthcare
and support staff in West Sussex.

High staff retention.

Decreased use of expensive agency resources.|| |Support a greater share of the veteran
community and connected funding/resources.

Contact with the veteran community will reach across
West Sussex and neighbouring counties.

A pipeline of service users will contribute to high
use/occupancy across all CfV services.

The number of volunteers from veteran communities
will increase.

Veterans and their families will take up CfV services
earlier than before, realising their benefits to even
greater effect.|| |Maximising resident occupancy in the sixty
single rooms, offering double occupancy to
couples where space allows, and add residential
and dedicated respite rooms for veterans in
planned phases.|
Maximise capacity and occupancy in order to support
more veterans and their families.

Strengthen financial sustainability as income is
maximised.| P a g e | **15** Care for Veterans Trustee Report Year end 31 December 2023 ## Statement of Trustees' Responsibilities for the Financial Statements The Trustees (who are also directors of Care for Veterans for the purposes 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 the group and of the incoming resources and the application of resources, including net income or expenditure of the charitable group for that period. In preparing these financial statements, the Trustees are required to: - Select suitable accounting procedures and then apply them consistently. - Make judgements and estimates that are reasonable and prudent. - State whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements. - Prepare the financial statements on the going concern basis unless it is appropriate to presume that the charitable company will not continue in business. The Trustees are responsible for the keeping of proper 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 the safeguarding of the assets of the charitable company and the group and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. The Trustees are responsible for the maintenance and integrity of the corporate and financial information included on the charitable company’s website. Legislation in the United Kingdom governing the preparation and dissemination of financial statements may differ from legislation in other jurisdictions. In so far as the Trustees are aware: - There is no relevant audit information of which the company's auditors are unaware; and - The Trustees have taken steps to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. The Trustees confirm that they have complied with the duty in Section four of the Charities Act 2011 to have due regard to the Charity Commission's general guidance on public benefit. ## Trustee Indemnity Insurance The charity has third party indemnity insurance cover for its Trustees, as disclosed in note five to the financial statements. ## Auditors A resolution to reappoint Sumer Audit for the coming year will be proposed at the Annual General Meeting in accordance with the Companies Act 2006. ## In Gratitude The Trustees wish to convey their sincere thanks to all the volunteers who gave so generously their time and support to Care for Veterans during 2023. With their continued support, we look forward to enhancing the delivery of CfV charitable services. ## This report was approved by the Trustees on 10th June 2024 and signed on their behalf by: Mr DG Williams P a g e | **16** ## INDEPENDENT AUDITORS’ REPORT ## TO THE MEMBERS OF CARE FOR VETERANS ## **Opinion** We have audited the financial statements of Care for Veterans (the ‘charity’) and its subsidiary (the `group')for the year ended 31 December 2023 which comprise the group statement of financial activities, the group balance sheet, the charity balance sheet, the group statement of cash flows and the notes to the financial statements, including significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including FRS 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements: - give a true and fair view of the state of the group's and the charitable company's affairs as at 31 December 2023 and of its incoming resources and application of resources, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We 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 trust 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. ## **Conclusion 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 uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the trust’s ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The other information comprises the information included in the annual report 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 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. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of our audit: - the information given in the trustees' report, which includes the directors' report prepared for the purposes of company law, for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the directors' report and strategic report included within the trustees' report has been prepared in accordance with applicable legal requirements. ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the directors report or strategic 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: - adequate and proper accounting records have not been kept, or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit. P a g e | **17** ## INDEPENDENT AUDITORS’ REPORT ## TO THE MEMBERS OF CARE FOR VETERANS ## **Responsibilities of trustees** As explained more fully in the statement of trustees' responsibilities, the trustees, who are also the directors of the trust 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 trust’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. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud, is detailed below. In identifying and assessing risks of material misstatement in respect of irregularities, including fraud and non-compliance with laws and regulations, our procedures included the following: - Obtaining an understanding of the legal and regulatory framework that the trust operates in, focusing on those laws and regulations that had a direct effect on the financial statements and operations; - Obtaining an understanding of the trust’s policies and procedures on fraud risks, including knowledge of any actual, suspected or alleged fraud; and - Discussing among the engagement team how and where fraud might occur in the financial statements and any potential indicators of fraud through our knowledge and understanding of the company and our sector-specific experience. As a result of these procedures, we considered the opportunities and incentives that may exist within the trust for fraud. We are also required to perform specific procedures to respond to the risk of management override. As a result of performing the above, we identified the following areas as those most likely to have an impact on the financial statements: health & safety, employment law and compliance with the UK Companies Act and UK Charities Act. In addition to the above, our procedures to respond to risks identified included the following: - Making enquiries of management, about any known or suspected instances of non-compliance with laws and regulations and fraud; - Reviewing minutes of meetings of the board and senior management; - Reading correspondence with regulators; - Challenging assumptions and judgements made by management in their significant accounting estimates, including defined benefit pension scheme valuations; and - Auditing the risk of management override of controls, including through testing journal entries and other adjustments for appropriateness. Due to the inherent limitations of an audit, there is an unavoidable risk that some material misstatements in the financial statements may not be detected, even though the audit is properly planned and performed in accordance with the ISAs (UK). For instance, the further removed non-compliance is from the events and transactions reflected in the financial statements, the less likely the auditor is to become aware of it or to recognise the non-compliance. A further description of our responsibilities is available on the Financial Reporting Council’s website at: https://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 charity’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 charity'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 charity and the charity’s trustees as a body, for our audit work, for this report, or for the opinions we have formed. **Robin Evans BA FCA CTA DChA (Senior Statutory Auditor) for and on behalf of Sumer Audit** _**fi A.,J '-A. V'--**_ **r �** _**,.**_ **I".:** _**rv**_ **;N V** _**V[1vV1]**_ **18th June 2024 Chartered Accountants** _**/**_ **Statutory Auditor Worthing .........................…………………….** **Sumer Audit is the trading name of Sumer Auditco Limited** Page | **18** ## **Consolidated Statement of Financial Activities including Income and Expenditure Account for the year ended 31 December 2023** **----- Start of picture text -----**
Note Unrestricted Endowment 2023 Unrestricted Endowment 2022
Funds & Restricted Total Funds & Restricted Total
£ £ £ £ £ £
INCOME AND ENDOWMENTS FROM:
Donations and legacies 3 836,632 462,425 1,299,057 844,935 361,010 1,205,945
Other trading activities 3 825,179 - 825,179 574,850 - 574,850
Investments 3 178,087 - 178,087 172,045 - 172,045
1,839,898 462,425 2,302,323 1,591,830 361,010 1,952,840
Charitable activities 4a 2,658,322 - 2,658,322 2,845,291 - 2,845,291
Other income 4b - - - - 50,400 50,400
TOTAL INCOME 4,498,220 462,425 4,960,645 4,437,121 411,410 4,848,531
Expenditure on:
Raising funds 5 314,713 336 315,049 295,835 - 295,835
Charitable activities 5 4,061,218 587,492 4,648,710 3,876,523 1,004,792 4,881,315
Total expenditure 4,375,931 587,828 4,963,759 4,172,358 1,004,792 5,177,150
Net income/(expenditure) before
122,289 (125,403) (3,114) 264,763 (593,382) (328,619)
investments
Net (losses) / gains on investments 10 72,758 1,820 74,578 (434,393) 8,556 (425,837)
Net income / (expenditure) 195,047 (123,583) 71,464 (169,630) (584,826) (754,456)
Transfers between funds (83,704) 83,704 - (8,959) 8,959 -
Actuarial gains/(losses) on defined benefit 7 (143,000) - (143,000) (193,000) - (193,000)
pension scheme
Net movement in funds (31,657) (39,879) (71,536) (371,589) (575,867) (947,456)
Funds balance at 1 January 4,145,376 3,669,745 7,815,121 4,516,965 4,245,612 8,762,577
Funds balance at 31 December 4,113,719 3,629,866 7,743,585 4,145,376 3,669,745 7,815,121
**----- End of picture text -----**
The accompanying accounting policies and notes form an integral part of these financial statements. All of the operations represented by the information above are continuing. Page | **19** ## **Consolidated and Charity Balance Sheets As at 31 December 2023** |Note|**2023**
**2022**
**2023**|**2022**| |---|---|---| ||**Group**
**Group**
**Charity**|**Charity**| ||**£**
**£**
**£**|**£**| |**Fixed assets**||| |_9_
Tangible assets|3,206,607
3,195,199
3,369,877|3,358,469| |_10_
Investments|3,910,581
4,238,397
3,910,582|4,238,398| |||| |**Total fixed assets**|**7,117,188**
**7,433,596**
**7,280,459**|**7,596,867**| |||| |**Current assets**||| |_11_
Stocks|14,505
15,872
14,505|15,872| |_12_
Debtors|654,240
440,558
652,839|438,177| |Cash at bank and in hand|319,922
212,300
317,714|211,681| ||988,667
668,730
985,058|665,730| |||| |_13a_
Creditors - amounts falling due within one year|(362,270)
(287,205)
(358,670)|(284,205)| |||| |**Net current assets**|**626,397**
**381,525**
**626,388**|**381,525**| |||| |**Net assets before pension scheme liability**|**7,743,585**
**7,815,121**
**7,906,847**|**7,978,392**| |||| |Defined benefit pension scheme asset/(liability)|-
-
-|-| |||| |**Net assets after pension liability**|**7,743,585**
**7,815,121**
**7,906,847**|**7,978,392**| |||| |**Designated funds**||| |_15_
Endowment fund|150,969
149,149
150,969|149,149| |Capital fund
_15_|3,185,607
3,174,199
3,348,877|3,337,469| |||| |**Revenue funds**||| |_15_
Restricted funds|269,828
322,935
269,828|322,935| |||| |Unrestricted:||| |Pension reserve fund
_7_|-
-
-|-| |General fund
_14_|4,137,181
4,168,838
4,137,182|4,168,839| |(including revaluation reserve (£50,091) [2022: £144,096]
for Group and Charity)||| |||| |Total unrestricted|4,137,181
4,168,838
4,137,182|4,168,839| |**Total charity funds**|**7,743,585**
**7,815,121**
**7,906,856**|**7,978,392**| Approved by the Board of Trustees on 10th June 2024 and signed on its behalf by Mr DG Williams Mr RR Andrew The accompanying accounting policies and notes form an integral part of these financial statements. Company No. 03646570 Page | **20** ## **Consolidated Cashflow Statement** ## **For the year ended 31 December 2023** **----- Start of picture text -----**
Note Group Charity
2023 2022 2023 2022
£ £ £ £
CASH FLOWS FROM OPERATING ACTIVITIES:
Net cash provided by/(used in) operating activities a (114,671) (225,257) (116,251) (216,788)
CASH FLOWS FROM INVESTING ACTIVITIES:
Investment income and interest receivable 178,087 172,045 178,087 172,045
Purchase of tangible fixed assets (144,742) (32,443) (144,742) (32,443)
Purchase of investments (423,000) (1,452,274) (423,000) (1,452,274)
Sale of investments 617,000 1,294,119 617,000 1,294,119
Net cash provided by/(used in) investing activities 227,345 (18,553) 227,345 (18,553)
Cashflows from financing activities
Payment of finance lease obligations (5,052) (12,125) (5,052) (12,125)
Net increase / (decrease) in cash and cash equivalents 107,622 (255,935) 106,042 (247,466)
Cash and cash equivalents at the beginning of the reporting period 212,300 468,235 211,681 459,147
Cash and cash equivalents at the end of the reporting period 319,922 212,300 317,723 211,681
Group Charity
2023 2022 2023 2022
£ £ £ £
a. Reconciliation of net movement in funds to net cash flow from
operating activities
Net (outgoing)/incoming resources before gains and losses on investment
assets (3,114) (328,619) (3,114) (328,619)
Investment income and interest receivable (178,087) (172,045) (178,087) (172,045)
Depreciation and loss on disposal 133,334 503,160 133,334 503,160
Decrease/(increase) in cash on deposit 208,394 (8,044) 208,394 (8,044)
(Increase)/decrease in stock 1,367 (4,414) 1,367 (4,414)
(Increase)/decrease in debtors (213,682) (97,009) (214,662) (88,389)
Increase/(decrease) in creditors (62,883) (118,286) (63,483) (118,437)
Net cash provided by/(used in) operating activities (114,671) (225,257) (116,251) (216,788)
**----- End of picture text -----**
See note 24 for net fund analysis note. Page | **21** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** **The principle accounting policies, judgements and key sources of estimation uncertainty in the preparation of the financial statements are as follows:** ## **1. Accounting policies** ## **1.1 Basis of preparation** The charity constitutes a public benefit entity as defined by FRS 102. The financial statements have been prepared in accordance with the Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS102) effective 1 January 2019, the Charities Act 2011, the Companies Act 2006. The financial statements are prepared in sterling, which is the financial currency of the group. Monetary amounts are rounded to the nearest £1. ## **1.2 Basis of consolidation** The group financial statements consolidate those of the charity and of its subsidiary undertakings (note 19) drawn up to 31 December 2023 in full. Surpluses or deficits on intra group transactions have been eliminated. Investments in subsidiaries are accounted for at cost less impairment in the individual financial statements. ## **1.3 Incoming resources** Residents' contributions and capitation grants from the Veterans Agency are recognised in the Statement of Financial Activities on a receivable basis. Donations and grants are recognised in the Statement of Financial Activities on a receivable basis and are shown gross. For estates in which probate has been granted the value of a quantifiable legacy, although not received in the financial year under review, is recognised in the Statement of Financial Activities with the corresponding amount being included as a debtor in the Balance Sheet. Investment income comprises dividends declared during the accounting period and interest receivable on listed and unlisted investments. ## **1.4 Resources expended** Resources expended are all associated with the sole activity of the provision of residential care. The charitable company's objective is the provision of residential care and this is achieved principally through its staff. A high standard of buildings, equipment and other facilities are essential to the well-being of residents. These elements underlie the categorisation of expenditure as follows: **Charitable expenditure** comprises resources with the specific purpose of fulfilling the objects of the charity, predominantly the costs of care staff, and also expenditure incurred in support of the charity's primary purpose. **Governance costs** under FRS 102 have been included in expenditure on 'charitable activities'. **Costs of generating funds** include the costs associated with running the fundraising appeals including the development of the donor database, and fundraising events. Where applicable, costs have been apportioned on the basis of time or area, as appropriate to the relevant cost. ## **1.5 Fund accounting** The charitable company's assets represent; the Capital Fund (resources invested in the buildings, equipment and vehicles), the Revenue Funds (resources held to produce income and to act as a reserve against temporary deficits), Special Funds (restricted or designated funds established to meet capital needs or specific projects) and Endowment Funds (resources invested in Gifford House `the property` and a fund held in investments with income at the charity's discretion). The Capital Fund is shown as a restricted fund, but part of this fund includes amounts `designated` by the trustees. From time to time transfers between the Capital fund and the Revenue (unrestricted) fund occur in order to account for the results of projects which the trustees had designated funds to complete. ## **1.6 Fixed assets and depreciation** ## **Capitalisation levels:** **Individual fixed assets** costing £2,500 or more are capitalised at cost. **IT equipment** £400 or more Tangible fixed assets are stated at cost net of depreciation. No depreciation is charged on fixed asset additions in the course of construction. Depreciation is calculated to write down the cost of all tangible fixed assets except for freehold land to their residual value by equal annual instalments over their expected useful lives, leading to an annual depreciation charge against the Capital fund. The periods generally applicable are: **Property** - 25 years **Plant, equipment and vehicles** - 5 to 15 years **Computer equipment** - 3 years The property is considered to be carried at an amount that is no greater than residual value and therefore no further depreciation charge is considered necessary. ## **1.7 Investments** Investments appear at market value as fixed assets in the balance sheet as they are held on a long-term basis to provide an essential income to offset part of the operating costs of the charity. Both realised and unrealised gains and losses are credited or charged to the Revenue fund. Page | **22** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **1.8 Retirement benefits** ## Defined benefit pension scheme Scheme assets are measured at fair values. Scheme liabilities are measured on an actuarial basis using the projected unit method and are discounted at appropriate high-quality corporate bond rates. The net surplus or deficit is presented separately from other net assets on the balance sheet. A net surplus is recognised only to the extent that it is recoverable by the charity. The current service cost and costs from settlements and curtailments are included in operating costs and are allocated to the same expenditure headings as the related staff costs. Past service costs are spread over the period until the benefit increases. Interest on the scheme liabilities and the expected return on the scheme assets are included under the appropriate expenditure headings as other finance costs. ## **Defined benefit pension scheme** Actuarial gains and losses are reported in the Statement of Financial Activities with other gains and losses on investments. The pension costs charged against operating profits are the employers' contribution payable to the Stakeholder pension scheme and **Work Place pension scheme** in respect of the accounting period. ## **1. Accounting policies (continued)** ## **1.9 Stock** Stocks are stated at lower of cost or estimated selling price less cost to complete and sell. ## **1.10 Taxation** No provision for taxation, deferred or otherwise, has been made in these financial statements as the Hospital Home is a charity in accordance with the Charities Act 2011 and is exempt from taxation except Value Added Tax, provided that income and gains are applied for charitable purposes under S.505 of the Income and Corporation taxes Act 1998 and S.145 of the Capital Gains Tax Act 1979. ## **1.11 Cash and liquid resources** For the purpose of the cash flow statement, cash comprises cash in hand and deposits repayable in demand, less overdrafts payable on demand. Liquid resources comprise term deposits of less than one year (other than cash) and are included in fixed asset investments as they are integral to the portfolio managed by investment managers. ## **1.12 Volunteers** The charity benefits from the involvement and support of its volunteers. In accordance with FRS102 and the Charities SORP (FRS102), the economic contribution of general volunteers is not recognised in the accounts. ## **1.13 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. ## **1.14 Cash at bank and in hand** Cash at bank and cash in hand includes cash and short-term liquid investments with a short maturity of three months or less from the date of acquisition or opening of the deposit or similar account. ## **1.15 Creditors and provisions** Creditors and provisions are recognised where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due. ## **1.16 Financial instruments** The charity only has financial assets and financial instruments of a kind that qualify as basic financial instruments. Basic financial instruments are initially recognised at transaction value and subsequently measured at their settlement value. ## **1.17 Going concern** At the time of approving the financial statements, the trustees have a reasonable expectation that the charity has adequate resources to continue in operational existence for the forseeable future. The trustees have considered relevant information, including the charity's principal risks and uncertainties, the annual budget, two year financial forecast and the impact of subsequent events in making their assessment. Based on these assessments and having regard to the resources available to the entity, the trustees have concluded that there is no material uncertainty in relation to the appropriateness of continuing to adopt the going concern basis in preparing the annual report and accounts. ## **1.18 Leases** Rentals payable under operating leases are charged on a straight line basis over the term of the relevant lease except where another systematic basis is more representative of the time pattern in which economic benefits from the leased asset are consumed. Page | **23** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **2. Judgements and key sources of estimation uncertainty** In the application of the 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. ## **Depreciation** In the previous financial years, the freehold property has been depreciated on a straight line basis over 25 years. However the trustees have reviewed this position and consider the property to be carried at an amount that is no greater that the residual value and therefore no further depreciation charge is considered necessary. ## **3. Analysis of income from generated funds** **----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £
Voluntary income:
Donations 144,124 450,425 594,549 142,458 361,010 503,468
Legacies 692,508 12,000 704,508 702,477 - 702,477
836,632 462,425 1,299,057 844,935 361,010 1,205,945
Activities for generating funds:
Fundraising events 109,362 - 109,362 91,051 - 91,051
Nursing and care (non-primary purpose) 698,827 - 698,827 471,308 - 471,308
Other income 16,990 - 16,990 12,491 - 12,491
825,179 - 825,179 574,850 - 574,850
Investment income: 178,087 - 178,087 172,045 - 172,045
**----- End of picture text -----**
## **4a. Analysis of income from charitable activities** |**2023**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
**£**
**Fee Income**
Contributions from residents
2,593,629
-
2,593,629
Veterans Agency capitation grant
64,693
-
64,693
**2,658,322**
**-**
**2,658,322**
**4b. Other income**
**2023**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
**£**
**Other income**
Grants received
-
-
-
**TOTAL INCOME**
**4,498,220**
**462,425**
**4,960,645**|**2022**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
**£**
2,781,467
-
2,781,467
63,824
-
63,824
**2,845,291**
**-**
**2,845,291**
**2022**
**Unrestricted**
**Restricted**
**Total**
**£**
**£**
**£**
-
50,400
50,400
**4,437,121**
**411,410**
**4,848,531**| |---|---| Page | **24** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **5. Analysis of Resources Expended** **----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Resources expended
Cost of generating voluntary income 233,691 - 233,691 218,875 - 218,875
Cost of activities for generating funds 76,065 336 76,401 71,740 - 71,740
Investment management fees 4,957 - 4,957 5,220 - 5,220
Total cost of raising funds 314,713 336 315,049 295,835 - 295,835
**----- End of picture text -----**
Costs of generating voluntary income include the costs associated with running the fund-raising appeals including the development of the donor database. Where applicable, administration and other costs have been apportioned on the basis of time or area as appropriate to the relevant cost and on a basis consistent with the use of resources by the fundraising department. **----- Start of picture text -----**
2023 2022
Unrestricted Restricted Total Unrestricted Restricted Total
£ £ £ £ £ £
Cost of charitable activities
Payroll costs 3,172,669 395,409 3,568,078 2,874,201 465,156 3,339,357
Non-payroll costs 888,549 192,083 1,080,632 1,002,322 539,636 1,541,958
Total cost of charitable activities 4,061,218 587,492 4,648,710 3,876,523 1,004,792 4,881,315
TOTAL EXPENDITURE 4,375,931 587,828 4,963,759 4,172,358 1,004,792 5,177,150
**----- End of picture text -----**
## **Analysis of total resources expended** |**Analysis of total resources expended**|| |---|---| ||**2023**
**2022**
**Staff costs**
**Depreciation**
**Other**
**Total**
**Total**
**£**
**£**
**£**
**£**
**£**| |**Provision of residential care**|| |Provision of services and support costs|3,568,078
133,334
947,298
4,648,710
4,881,315| |**Other expenditure**|| |Fundraising, publicity and other|232,725
-
82,324
315,049
295,835| ||| |**Total resources expended**|**3,800,803**
**133,334**
**1,029,622**
**4,963,759**
**5,177,150**| Analysis of total resources expended for 2022 include provision of residental care staff costs amounting to £3,339,357, depreciation of £490,940 and other costs of £1,051,018. Other expenditure included staff costs of £210,748 and other costs of £85,087. Page | **25** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **6. Trustees and employees** **----- Start of picture text -----**
2023 2022
Total Total
£ £
Staff costs during the year were as follows:
Wages and salaries 3,417,311 3,173,308
Social security costs 283,072 280,758
Pension costs:
Defined benefit scheme * - -
Defined contribution scheme - -
Work place pension scheme 100,420 96,039
3,800,803 3,550,105
**----- End of picture text -----**
## * See cost detail at note 7. Staff costs above include agency staff. The total average monthly number of employees during the reporting period (full and part-time staff) was: **----- Start of picture text -----**
2023 2022
Total Total
Nursing and clinical staff 19 19
Care assistants 48 53
Kitchen 8 7
Domestic 12 12
Facilities and maintenance 4 4
Occupational Therapy 1 2
Physiotherapy 2 3
Speech Therapy 1 1
Social and Recreation 2 2
Support 6 5
Fundraisers 6 6
Chaplain 1 1
Administration 6 6
116 121
**----- End of picture text -----**
Reimbursements of travel expenses, totalling £148 were made to one Trustee of Care for Veterans for the year ended 31 December 2023 (2022: £148). During the year there were donations from Trustees made to CfV amounting to £11,346 (2022: £1,055). The premium for the trustees' indemnity insurance is now included within the combined liability insurance as in 2022. Details of employees who received more than £60,000 in the year are as follows: **----- Start of picture text -----**
|||| |---|---|---| |2023|2022| |Total|Total| |£60,001 - £70,000|1|1| |£70,001 - £80,000|-|-| |£80,001 - £90,000|-|1| **----- End of picture text -----**
During the year pension contributions of £2,511 (2022: £6,570) were paid on behalf of these employees as members of the Work Place scheme operated by the charity. These figures are also included in the key figures below. During the year a total of 8 staff were recognised as key management personnel the total to these indiviuals amounted to £468,896 (2022: £428,176). Included within this amount was £15,934 (2022: £14,644) for contributions to the Work Place Pension scheme operated by the charity. Page | **26** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **7. Retirement Benefits** The charitable company operates a defined benefits plan, The Federated Pension Scheme for the Queen Alexandra Hospital Home. The assets and liabilities of the plan have been calculated for the purposes of FRS102 based on the results of the actuarial valuation as at 31 March 2022, adjusted for the different assumptions required under FRS102 and taking into consideration changes in the membership since that date. The principal actuarial assumptions at the balance sheet date (expressed as weighted averages) were as follows: **----- Start of picture text -----**
2023 2022
% %
Discount rate 4.5 4.8
Retail Prices Inflation ("RPI") 3.1 3.2
Consumer Prices Inflation ("CPI") 2.6 2.7
Pension increases: RPI, max 5%, min 0% 3 3.1
**----- End of picture text -----**
The underlying mortality assumption is based upon the standard table known as S3PxA on a year of birth usage with CMI_2022 future improvement factors and a long-term rate of future improvement of 1.25% p.a. (2022: S3PxA, CMI_2021, 1.25% p.a). This results in the following life expectancies: - Male age 65 now has a life expectancy of 86.4 years (2022: 86.9 years) - Female age 65 now has a life expectancy of 88.9 years (2022: 89.3 years) - Male age 45 now, retiring at 65, has a life expectancy from 65 of 87.6 years (2022: 88.2 years) - Female age 45 now, retiring at 65, has a life expectancy from 65 of 90.3 years (2022: 90.7 years) No allowance has been made at retirement for non-retired members to commute part of their pension for a lump sum in these calculations. ## **Employee Benefit obligations** The amounts recognised in the balance sheet as at 31 December 2023 (with comparative figures as at 31 December 2022) are as follows: **----- Start of picture text -----**
2023 2022
£ £
Market value of plan assets (3,430,000) (3,398,000)
Present value of plan liabilities 3,430,000 3,398,000
- -
Net defined benefit asset/(liability)
**----- End of picture text -----**
The amounts to be recognised in the consolidated statement of financial activities for the year ending 31 December 2023 (with comparative figures for the years ending 31 December 2022) are as follows: |**2023**
£|**2022**
£| |---|---| |**Current service cost**|| |Administrative expenses|-
-| |Interest on net defined benefit (asset)/liability
(19,000)
(2,000)|| |Loss/(Gain) recognised|-
-| |(Gain)/loss on plan charges|-
-| |Curtailment (gain)/loss|-
-| ||| |**Total**
**(19,000)**
**(2,000)**|| Page | **27** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **7. Retirement Benefits** Changes in the present value of the plan liabilities for the year ended 31 December 2023 (with comparative figures for the year ending 31 December 2022) are as follows: **----- Start of picture text -----**
2023 2022
£ £
Present value of plan liabilities at beginning of period 3,070,000 5,095,000
Current service cost - -
- -
Employee contributions
Benefits paid (125,000) (124,000)
Interest on plan liabilities 144,000 96,000
Actuarial (gains)/losses 45,000 (1,997,000)
- -
(Gain)/loss on plan changes
Present value of plan liabilities at end of period 3,134,000 3,070,000
**----- End of picture text -----**
Changes in the fair value of the plan assets for the year ending 31 December 2023 (with comparative figures for the year ending 31 December 2022) are as follows: **----- Start of picture text -----**
2023 2022
£ £
Market value of plan assets at beginning of period 3,398,000 5,162,000
Contributions paid by the company 124,000 124,000
- -
Employee contributions
Benefits paid (125,000) (124,000)
- -
Administrative expenses
Interest on plan assets 163,000 98,000
Return on assets, less interest included in Profit & Loss (130,000) (1,862,000)
Market value of Scheme assets at end of period 3,430,000 3,398,000
Actual return on plan assets 33,000 (1,764,000)
**----- End of picture text -----**
The major categories of plan assets as a percentage of total plan assets for the year ending 31 December 2023 (with comparative figures for the year ending 31 December 2022) are as follows: **----- Start of picture text -----**
2023 2022
% %
Equities and Property 15 20
Bonds 20 1
Diversified Growth 36 48
Liability Driven Investment ("LDI) 27 21
Cash 2 10
Total 100 100
**----- End of picture text -----**
The plan has no investment in property occupied by, assets used by or financial instruments issued by Care for Veterans. Analysis of the remeasurement of the net defined benefit liability recognised in Other Comprehensive Income ("OCI") for the year ending 31 December 2023 (with comparative figures for the year ending 31 December 2022) are as follows: |**2023**
**2022**
£
£| |---| |Return on assets, less interest included in Profit & Loss
(130,000)
(1,862,000)| |Expected less actual plan expenses
-
-| |Experience gains and losses arising on the plan liabilities
-
-| |Changes in assumptions underlying the present value of plan liabilities
(13,000)
1,669,000| || |**Remeasurement of net defined benefit liability recognised in OCI**
**(143,000)**
**(193,000)**| Page | **28** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **7. Retirement Benefits** Movement in net benefit asset/(liability) during the year ending 31 December 2023 (with comparative figures for the year ending 31 December 2022) are as follows: **----- Start of picture text -----**
2023 2022
£ £
Net defined benefit asset/(liability) at beginning of year - 67,000
Recognised in Statement of Financial Activities 19,000 2,000
Contributions paid by Company 124,000 124,000
Remeasurement of net defined benefit liability recognised in OCI (143,000) (193,000)
- -
Net defined benefit asset/(liability) at end of the year
**----- End of picture text -----**
The criteria for the recognition of the surplus as an asset as described in note 1.8 was not met. The actuarial gains on the plan liabilities have therefore been restricted by £296,000 so as not to recognise the surplus. ## **Funding Policy** Actuarial valuations are carried out every three years on behalf of the Trustees of the plan, by a qualified independent actuary. The actuarial assumptions underlying the actuarial valuation are different to those adopted under FRS102. The last such actuarial valuation was at 31 March 2022. This showed that the plan's assets were insufficient to cover the liabilities on the funding basis. A Recovery Plan has been agreed with the Company, which commits the Company to paying contributions to fund the shortfall. These deficit recovery contributions are incorporated in the plan's Schedule of Contributions dated 12 June 2023 and required contributions equal to £124,000 per annum payable in monthly instalments. The contributions are subject to review following completion of the next funding valuation, due as at 31 March 2025. ## **Defined Contribution Scheme** Following the closure to future accrual of the Defined Benefit Scheme the charitable company put in place a stakeholder scheme for the benefit of the employees, to which the charity contributed a matched figure up to the value of 5% of the gross contribution. The Scheme was closed on 30 April 2014 following the introduction of the Workplace Pension Scheme. The Workplace Pension Scheme was made available from 1 May 2014 to comply with the new pension auto-enrolment rules. Contributions in this scheme are matched by the Charity up to the value of 5%. ## **Charge Over Assets** A charge remains in place for the Pension Scheme Trustees. This charge provides security for the pension Trustee and can be taken into account when setting the investment strategy and, to a degree, the pace of funding for the deficit. The value of security is capped at £3,500,000. Page | **29** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **8. Taxation** No provision has been made for taxation in these financial statements as the company is a charity in accordance with Section 4 of the Charities Act. It is exempt from taxation other than Value Added Tax provided that income and gains are applied to charitable purposes. ## **9. Tangible fixed assets** **----- Start of picture text -----**
Freehold Plant and
Vehicles Total
property equipment
GROUP
£ £ £ £
Cost
At 1 January 2023 8,862,290 1,352,514 114,042 10,328,846
Additions - 144,742 - 144,742
Disposals - - - -
At 31 December 2023 8,862,290 1,497,256 114,042 10,473,588
Depreciation
At 1 January 2023 6,029,905 1,013,810 89,932 7,133,647
Provided in period 24,093 101,204 8,037 133,334
- - - -
On disposals
At 31 December 2023 6,053,998 1,115,014 97,969 7,266,981
Net book value at 31 December 2023 2,808,292 382,242 16,073 3,206,607
Net book value at 31 December 2022 2,832,385 338,704 24,110 3,195,199
Freehold Plant and
Vehicles Total
property equipment
CHARITY
£ £ £ £
Cost
At 1 January 2023 9,025,560 1,352,514 114,042 10,492,116
Additions - 144,742 - 144,742
Disposals - - - -
At 31 December 2023 9,025,560 1,497,256 114,042 10,636,858
Depreciation
At 1 January 2023 6,029,905 1,013,810 89,932 7,133,647
Provided in period 24,093 101,204 8,037 133,334
- - - -
On disposals
At 31 December 2023 6,053,998 1,115,014 97,969 7,266,981
Net book value at 31 December 2023 2,971,562 382,242 16,073 3,369,877
Net book value at 31 December 2022 2,995,655 338,704 24,110 3,358,469
**----- End of picture text -----**
The net carrying value of tangible fixed assets includes the following in respect of assets held under finance leases or hire purchase contracts. |**2023**
£||**2022**
£|**2022**
£| |---|---|---|---| |Plant and machinery|-||5,052| ||||| ||**-**||**5,052**| Page | **30** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **10. Fixed asset investments** **----- Start of picture text -----**
2023 2022
Total Total
£ £
Quoted investments
Market value at 1 January 2022 3,939,383 4,207,065
Additions 423,000 1,452,274
Disposals (617,000) (1,294,119)
Net realised/unrealised gains 74,578 (425,837)
Market value at 31 December 2022 3,819,961 3,939,383
Short term deposits 90,620 299,014
Investments (Group) 3,910,581 4,238,397
(Historical cost £3,960,672 [2022: £4,382,492])
Investments in group undertakings at 1 January 202 1 1
Investments (Charity) 3,910,582 4,238,398
(Historical cost £3,960,672 [2022: £4,382,492])
2023 2022
Total Total
£ £
Analysed as:
Charity Multi-Asset Fund 2,006,515 2,824,506
Responsible Multi-Asset Fund 1,904,067 1,413,891
3,910,582 4,238,397
The Charity wholly owns the following subsidiary:
Country of Incorporation Class of share capital held Principal activity
Provision of nursing care and
Care for Veterans Services Limited England Ordinary - 100% of ownership
other trading activities
(formerly QAHH Services Limited)
**----- End of picture text -----**
Page | **31** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **11. Stocks** **----- Start of picture text -----**
2023 2022
Group Charity Group Charity
£ £ £ £
Consumable stores 14,505 14,505 15,872 15,872
Total consumable stores 14,505 14,505 15,872 15,872
**----- End of picture text -----**
## **12. Debtors** **----- Start of picture text -----**
2023 2022
Group Charity Group Charity
£ £ £ £
Resident contributions receivable 203,039 146,839 235,159 167,427
Capitation fees receivable 10,666 10,666 5,421 5,421
Legacies receivable 290,188 290,188 149,203 149,203
Income tax recoverable 3,683 3,683 1,954 1,954
Prepayments and other debtors 146,663 146,663 48,821 48,821
Gift aid donations from trading subsidiary - 16,886 - 7,177
Amounts due from group undertakings - 37,913 - 58,174
Total debtors 654,240 652,839 440,558 438,177
**----- End of picture text -----**
## **13a. Creditors: amounts falling due within one year** **----- Start of picture text -----**
2023 2022
Group Charity Group Charity
£ £ £ £
Trade creditors 88,595 88,595 81,955 81,955
Staff remuneration 50,303 50,303 50,689 50,689
Pension 15,916 15,916 19,114 19,114
Social security and other taxes 70,215 70,215 61,271 61,271
Hire purchase creditor - - 5,052 5,052
Other creditors and accruals 137,241 133,641 69,124 66,124
Total creditors (falling due within one year) 362,270 358,670 287,205 284,205
**----- End of picture text -----**
Net obligations under hire purchase are secured by fixed charges over the assets concerned. ## **13b. Creditors: amounts falling due after more than one year** **----- Start of picture text -----**
||||| |---|---|---|---| |2023|2022| |Group|Charity|Group|Charity| |£|£|£|£| |-|-|-|-| |Hire purchase creditor| |-|-|-|-| |Total creditors (falling due after more than one year)| **----- End of picture text -----**
Net obligations under hire purchase are secured by fixed charges over the assets concerned. Page | **32** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **14. General fund** **----- Start of picture text -----**
2023 2022
Group Charity Group Charity
£ £ £ £
Revenue funds
At 1 January 2023 4,168,838 4,168,839 4,449,956 4,449,957
Retained surplus/(deficit) for the year 52,047 52,047 (272,159) (272,159)
Transfers from/(to) restricted funds (83,704) (83,704) (8,959) (8,959)
At 31 December 2023 4,137,181 4,137,182 4,168,838 4,168,839
**----- End of picture text -----**
## **15. Designated and restricted funds** **----- Start of picture text -----**
Endowment Restricted Total
Capital Funds
Funds Funds
GROUP
£ £ £ £
At 1 January 2023 149,149 3,174,199 322,935 3,646,283
Incoming resources - 462,425 462,425
-
Expenditure (133,334) (454,494) (587,828)
Gains/(losses) on investments 1,820 - - 1,820
Transfer between funds - 61,038 (61,038) -
Transfers from/(to) revenue funds 83,704 - 83,704
At 31 December 2023 150,969 3,185,607 269,828 3,606,404
**----- End of picture text -----**
The transfers between funds during the year are represented by additional funds when required to show progress; transfers to and from these funds represent the introduction of funds from restricted income and the distribution of costs to capital funds. Transfers to the revenue fund represent restricted funds received for the allocation against revenue costs. The **Restricted funds** represents the smaller funds with restrictions placed on them. ## The **Endowment funds** are represented as follows; The endowment (permanent) fund of £21,000 represents the value of premises owned by the unincorporated charity, The Queen Alexandra Hospital Home (208721) and a "uniting direction" was made by the Charity Commission enabling the two charities to be treated as one. Two additional endowments (permanent) were added in 2010 and held in `special trust` for The Sailors & Soldiers Home Fund and Bloomfield Bequest. These two funds are invested seperately from the Charity's main fund and its income is available for the charity's purpose. The current value of these at 31 December 2023 is £129,969 (2022: £128,149). |**Total**
**Endowment**
**Funds**
**Capital Funds**
**Restricted**
**Funds**| |---| |**CHARITY**
**£**
**£**
**£**
**£**| |149,149
3,337,469
322,935
3,809,553
At 1 January 2023| |-
-
462,425
462,425
Incoming resources| |-
(133,334)
(454,494)
(587,828)
Expenditure| |1,820
-
-
1,820
Gains/(losses) on investments| |-
61,038
(61,038)
-
Transfer between funds| |-
83,704
-
83,704
Transfers from/(to) revenue fund| |**At 31 December 2023**
**150,969**
**3,348,877**
**269,828**
**3,769,674**| Page | **33** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **16. Analysis of movements in restricted funds** **----- Start of picture text -----**
Funds 31
Balance at 1
Income Expenditure Transfers December
January 2023
2023
£ £ £ £ £
Gardening 3,855 1,000 (2,250) - 2,605
Chaplaincy and renovation costs 3,293 6,000 - (6,000) 3,293
CFV choir costs 45 - - - 45
Mixed rehabilitation and related costs 289,478 234,931 (407,957) - 116,452
Personal Activities for Daily Living - 45,596 (13,985) - 31,611
Lift maintenance 4,569 - (2,280) - 2,289
Hospital equipment - general 12,487 12,835 (6,683) (7,091) 11,548
Green Project - Solar panels & maintenance 5,708 - (2,829) - 2,879
Green Project - Boiler replacement - 128,949 (3,000) (35,949) 90,000
Green Projects - Electric Vehicle 3,500 10,778 (5,174) - 9,104
Room Conversions - 10,000 (10,000) - -
Event - 336 (336) - -
Air conditioning units 12,000 - (12,000) -
322,935 462,425 (454,494) (61,040) 269,826
Analysis of movements in restricted funds - previous year
Funds 31
Balance at 1
Income Expenditure Transfers December
January 2022
2022
£ £ £ £ £
Wifi and IT equipment - 9,946 (731) (9,215) -
Greenhouse and Gardening 27,308 1,750 (25,203) - 3,855
Chaplaincy costs 3,000 3,500 (3,207) - 3,293
CFV choir costs 45 - - - 45
Sporting chances for disabled veterans 21,049 - (19,000) (2,049) -
Mixed rehabilitation and related costs 342,951 336,518 (389,991) - 289,478
Green Project - Solar panels & maintenance 8,537 - (2,829) - 5,708
Lift replacement and maintenance 6,849 - (2,280) - 4,569
Richmond Wing extension 6,221 - (6,221) - -
Hospital equipment - general 15,851 9,296 (12,660) - 12,487
Green Projects - Electric Vehicle 4,830 - (1,330) - 3,500
Covid-19 help grants - 50,400 (50,400) - -
436,641 411,410 (513,852) (11,264) 322,935
**----- End of picture text -----**
## **Name of restricted fund** ## **Description of fund** Gardening Mixed rehabilitation related costs Personal Activities for Daily Living (PADL) Fund towards ongoing gardening requirements Mixed rehabilitation related costs To maintain therapies and related costs and wellbeing of residents Personal Activities for Daily Living (PADL) Encourages veterans to take an active role in tasks like washing and dressing, with support from the care staff. Lift maintenance Lift maintenance costs on Alexandra Wing Hospital equipment - general Replacement of equipment Room Conversions Conversion of double rooms to single rooms CFV choir costs Small donations towards running costs for CfV choir Chaplaincy and renovation costs To provide for chapel services and costs including renovations Green Project - Solar panels To provide and maintain Solar panels Green Project - Boiler replacement Replacing the boilers with greener more efficient boilers Green Project - Electric Vehicle Running costs of the elctric vehicle including drivers Events Donation towards running fundraising event Air conditioning units Provide air conditioning units to the kitchen and to the wings Page | **34** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **17. Analysis of net assets between funds** **----- Start of picture text -----**
Tangible Net Current Debtors due Creditors due
Investments Total
Fixed Assets Assets >1year >1year
GROUP £ £ £ £ £ £
Designated funds
Endowment funds 21,000 129,969 - - - 150,969
(including unrealised Gains of £1,820) (2022:
Losses £14,915))
Capital fund 3,185,607 3,185,607
3,206,607 129,969 - - - 3,336,576
Revenue funds
Restricted fund - - 269,828 - - 269,828
Unrestricted fund - 3,780,612 356,569 - - 4,137,181
(including unrealised Gains of £90,397
(2022: Losses £479,436))
Pension fund asset - - - - - -
- 3,780,612 626,397 - - 4,407,009
3,206,607 3,910,581 626,397 - - 7,743,585
Tangible Net Current Debtors due Creditors due
Investments Total
CHARITY Fixed Assets Assets >1year >1year
£ £ £ £ £
Designated funds
Endowment funds 21,000 129,969 - - - 150,969
(including unrealised Gains of £1,820) (2022:
Losses £14,915))
Capital fund 3,348,877 - - - - 3,348,877
3,369,877 129,969 - - - 3,499,846
Revenue funds
Restricted fund - - 269,828 - - 269,828
Unrestricted fund - 3,780,613 356,560 - - 4,137,173
(including unrealised Gains of £90,397 (2022:
Losses £479,436))
Pension fund asset - - - - - -
- 3,780,613 626,388 - - 4,407,001
3,369,877 3,910,582 626,388 - - 7,906,847
**----- End of picture text -----**
Page | **35** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **18. Capital commitments** In 2023 the project for replacing the boiler systems began in two phases. The first phase was completed in 2023 and the second phase will be completed in 2024. A deposit of £51k was paid in 2023 and the balance due on completion in 2024 of £41k. There were no other capital commitments at 31 December 2023 (2022: None). ## **19. Related party transactions** During the year there were donations of £11,346 by trustees to Care for Veterans (2022: £1,055). ## **20. Subsidiary company** The Charity owns the whole of the issued ordinary share capital of Care for Veterans Services Limited (formerly QAHH Services Limited) registered number 5802953, a company registered in England and Wales whose registered office and place of business are the same as that of the charity. The trading activities of the subsidiary Care for Veterans Services Limited for the year ended 31 December 2023 were as follows: **----- Start of picture text -----**
2023 2022
£ £
Turnover 698,827 471,308
Cost of sales 677,267 460,714
21,560 10,594
Other operating income and charges 4,674 3,417
Profit/(loss) on ordinary activities before taxation 16,886 7,177
Appropriation to holding company (Gift aid) (16,886) (7,177)
- -
(Loss)/profit for the financial year
Net current assets 1 1
Net assets 1 1
Share capital 1 1
- -
Retained profit
Net assets 1 1
**----- End of picture text -----**
## **21. Surplus of income over expenditure** The charity has taken advantage of section 408 of the Companies Act 2006 and has not included its own income and expenditure account in these financial statements. The net of income over expenditure for the period includes a deficit of £37,574 (2022: deficit £265,762) which is dealt with in the financial statements of the charity. Page | **36** ## **Notes to the Consolidated Accounts for the year ended 31 December 2023** ## **22. Grants/ Donations receivable** Under the terms of the Grant/ Donation Agreement or contract, the following funders are disclosed individually. **----- Start of picture text -----**
2023
Funder Amount
£
Army Benevolent Fund 109,910
British Forces Broadcasting Service BFBS 10,000
Ernest Kleinwort Charitable Trust 25,949
James Tudor Foundation 5,836
QMRT 5,520
RAF Benevolent Fund 20,000
Royal Navy & Royal Marines Charity and Greenwich 66,500
The Chapman Charitable Trust 12,000
The Corporation of Trinity House 10,000
The Wolfson Foundation 40,000
Veterans' Foundation 24,345
**----- End of picture text -----**
## **23. Analysis of governance** **----- Start of picture text -----**
2023 2022
Basis of apportionment £ £
Salaries, wages and related costs Time apportionment 27,625 24,156
Insurance Governance - -
Audit fees - charity Governance 16,641 12,449
Audit fees - subsidiary company Governance 4,200 3,000
Total governance 48,466 39,605
**----- End of picture text -----**
## **24. Analysis of changes in net funds** **----- Start of picture text -----**
At 31
At 1 January
Cash flows December
2023
2023
£ £ £
Cash at bank and in hand 212,300 107,622 319,922
- - -
Cash equivalents
Bank overdrafts - - -
212,300 107,622 319,922
- - -
Loans falling due after more than one year
Obligations under finance leases (5,052) 5,052 -
- - -
Derivatives relating to debt
207,248 112,674 319,922
**----- End of picture text -----**
## **25. Operating lease commitments** At the reporting date the charity had outstanding commitments for future minimum lease payments under non-cancellable operating lease, which fall due as follows: |**2023**
**2022**
**£**
**£**| |---| || |6,431
6,431
Within one year| |10,718
17,149
Between two and five years| |**17,149**
**23,580**| Care for Veterans The Iknen Alexandra Ho8￿181 Home slnce 1919 ## **Care for Veterans** Gifford House Boundary Road Worthing West Sussex BN11 4LJ **Telephone** 01903 213458 ## **Email** info@careforveterans.org.uk ## **Web** www.careforveterans.org.uk Registered Charity No. 1072334 A Company limited by guarantee