## 

## 

|Trustees|||BToner (Chair ofBoard)|BToner (Chair ofBoard)|BToner (Chair ofBoard)|BToner (Chair ofBoard)|||
|---|---|---|---|---|---|---|---|---|
||||C Cooban (Chief Executive)||||||
||||N Topping<br>(Chair of Operations|||||Committee)|
||||A Jones (Chair of Audit Committee)||||||
||||K Halllday||||||
||||G Maidens|(resigned 16June|||2021)||
||||N Bradbury||||||
||||J Bennett||||||
||||V Pritchard-Wilkes|||(appointed|25 November 2020)||
||||T Pattni (appointed|||25 November||2020)|
||||D Sizer (appointed|||25 November||2020)|
|Company|secretary||C Cooban||||||
|Registered||number|03685650||||||
|Registered||office|7-8 imperial||Court||||
||||12Sovereign||Road||||
||||Kings Norton||||||
||||Birmingham||||||
||||B303FH||||||
|Independent||auditors|Dains LLP||||||
||||15Colmore||Row||||
||||Birmingham||||||
||||B32BH||||||
|Bankers|||Royal Bank||of Scotland pic||||
||||57 Calthorpe||Road||||
||||Edgbaston||||||
||||Birmingham||||||
||||B151TT||||||
||||Barclays Bank pic||||||
||||6th Floor||||||
||||1 Snowhill||||||
||||Birmingham||||||
||||B46GN||||||
|Website|||www. bcop.org.uk||||||
|Charity number|||1074954||||||
|Regulator||ofsocial housing|||||||
|registration||number|L4218||||||





## 

## 

||||||Page|
|---|---|---|---|---|---|
|Group strategic report|||||1-22|
|Trustees'<br>report|||||23-24|
|Trustees'<br>responsibilities||statement|||25|
|Independent<br>auditors'|report||||26-30|
|Consolidated<br>statement||ofcomprehensive||income|31|
|Consolidated<br>statement||offinancial|position||32|
|Charity statement offinancial<br>position|||||33|
|Consolidated<br>statement||ofchanges|in reserves||34|
|Company<br>statement<br>of|changes<br>in||reserves||35|
|Consolidated<br>Statement||ofcash flows|||36-37|
|Analysis ofnet debt|||||38|
|Notes to the financial statements|||||39-71|





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|Progress<br>in achieving<br>performance<br>o|Progress<br>in achieving<br>performance<br>o|bjectives|bjectives|in|2020-2021 (continued)|
|---|---|---|---|---|---|
|Specifically, we have been able to make||progress||in|the following areas:|
|Our priorities for|Key objectives|||Key achievements:||
|2020-2021:||||||
|STRATEGiC PURPOSE||||||
|Ensure viability of|Mlnimise inodence and||||Responded<br>swiftly to the Covid-19 crisis when|
|good qua!Ity|impact of Covid-19 upon||||one ofour services was affected in early March.|
|services|services||||This action ensured that 75%ofresidents<br>vrith|
||Ensure Good ratings||from||suspected orconfirmed<br>virus survived the|
||CI1Cand key stakeholders||||outbreak which affec.ed the home|
||||||Avoided major Covid.-19outbreal's<br>in nursing|
||Irnplcment<br>irnprovernents<br>to operations<br>at<br>underperforming<br>services||||homes during second and third vraves of<br>Infectio&l.<br>All three nursing<br>care homes maintain<br>'Good'|
||||||rating by the Care Quality Commission.|
||Conclude roil-out|of|||Maintained<br>'flexing to occupancy. ' Adjusted|
||digital care system <br>organisation|across|||staffing<br>levels in line with resident<br>numbers<br>and<br>care needs.|
||||||Commenced<br>final phase ofimplementation<br>of|
||Reduce number of<br>complaints||||e~are planning<br>at third horne, including staff<br>training.|
||||||Received positive feedback from families<br>in|
||||||relation to opening up horne visiting in line vrtth|
||Improve occupancy||rates||Public Health guidance.|
||at sAernes|||||
|STRONG SOOAL BtjSlNESS||||||
|Ensure business|Financial<br>surplus<br>and||||Operating<br>surplus<br>increased<br>by 6794 against<br>a|
|resilience|performance||||reduced turnover of2%compared<br>to previous<br>year, generating<br>an EBITDAof9.6%, This v as|
||Regulatory<br>Hg 5||||mainly due to government<br>grar&ts and reduced<br>non-essential<br>expenditure<br>on repairs whilst|
||compliance||||balancing the need to maintain<br>high standards|
||||||ofcare and meet regulatory<br>responsibilities|
||Business development||||Met loan covenants from bank|
||and responshreness<br>changing<br>market||to|~|Migrated<br>all nursing<br>income and ail expenditu~e<br>to new bank account|
||Contract reviews<br>as <br>ofValue for Money<br>review||part|~|Secured Coronav&rus<br>Business Interruption<br>t.oan<br>Focused on essential<br>Health<br>g& safety vrorks|
||||||given Covid restrictions<br>on access toproperties.|
||Review ITestate/ <br>for business fit|systems|||Achieved<br>'High' compliance on care home HSS<br>inspections.|
||||||Cornrnenced<br>implementation<br>ofBeard|
||||||approved three year IT8 Digital Strategy|
||||||including<br>move to VOIP telephony,<br>Wifi|
||||||upgrade<br>and Offrce365 migration.|





## 

## 

|Our priorities for|Key oblectives||Keyachievements:|
|---|---|---|---|
|2020-2628||||
||Commission<br>Stock||Mere strategic business<br>p'lanning<br>vras delayed|
||Candltian<br>Survey ta||during current pandemic.|
||provide basis for Asset|||
||Management<br>Strategy|||
||Assess compliance|||
||against new NHF Code af|||
||Governance|||
|STRONG PERFORMANCE||||
|improve aur ways|Improve recruitment|and|~ Staff recruitment<br>and retention<br>remain critical to the|
|ofworking to|retention<br>with people||consistency ofservice that we offer<br>Staff turnover|
|ensure that we are|who share aur values||was 18.596for the year, which was a 696decrease on|
|better able to|||the previous year and signicantfy<br>below the sector|
|meet future<br>demands:<br>People<br>atthe heart ofaur|Value, develop and<br>recognise staff||average of3195{Skillsfor Care, 2019)although<br>sector-wide<br>results from the pandemic<br>are still<br>awaited.|
|service|Refresh arganisational<br>training<br>matrix according<br>ta role and gradate<br>enhance staff<br>development<br>and<br>capability||~ Ofstaff who leftthe arganisatien,<br>6496were carers<br>which<br>Is abave the nationa'I average af39896far<br>frontline care rales (Skills for Care, 2013),although<br>this proportion<br>may change once ma re accurate<br>data en the pandemic<br>isavailable. We are constantly<br>monitoring<br>the reasons for depa rlure ofstaff,<br>espedally<br>in the erst year ofservice, recagnfslng the|
||||implicit challenges faced by staff through<br>t'he Covid-|
||Strengthen<br>absence||19crisis.|
||management<br>and||s Reducing agency bours as aprapartion<br>afthe total|
||performance<br>controls||staff hours continues to be a key priority,<br>and we|
||||aim taget bolaw 796af total staff casts. Agency casts|
||Recruit new Board||far. the year vrere below the target at 496. This has|
||mern'bars||been impacted<br>marginally<br>tavrards the and ofyear|
||||as a result ofCavid-29.|
||Rebrand the work of||~ initiated<br>actions arising fram the Board-approved|
||BCDP||People and Workfarce Development<br>Strategy, 2021-<br>23.|
||Farrnalise<br>volunteering<br>opportunities||~ The roll-aut ofthe n.ew training<br>matrix scheduled<br>far<br>April 2020 had to be amended<br>du etothe Cavid-19<br>situation<br>with more emphasis<br>being pieced on e-|
||||learning<br>and use ofwarkbaoks,<br>rather than face-ta-|
||||facetraining.|
||||& Recruited three new Board Members.|
||||~ Approved<br>and soft launched<br>new branding far BCOP,|
||||including<br>refreshed<br>Values, and commenced<br>the rail-|
||||out af a new Communications<br>Strategy.|





## 

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## 



## 

|princip@ risks|princip@ risks||RIsk appetite||KeycantrotsJacticrns|KeycantrotsJacticrns|||
|---|---|---|---|---|---|---|---|---|
|Quallity of' care is|||The charity is committed ta|||Scrutiny and reporting from the|||
|impacted|||providing<br>gaodi quality care and|||Oparatians<br>Committee.|||
|negatively|||support<br>mlnimising<br>the potential|for||Quality assurance<br>framework|||
|Serious service<br>disruption<br>e.g<br>pandemic|||service failures or discontinuity<br>such<br>as safeguarding,<br>serious incidents or<br>other regulatory ar legislative<br>breach||~|supported<br>by appropriate<br>management<br>iinformation<br>svith focus<br>an Covid response/<br>capacity tracker.<br>Updated<br>Policy and procedures<br>based|||
|||||||an changing<br>guidance.|||
||||The current pandemic<br>situation<br>has<br>affected all organisations,<br>and the|||Staff training<br>in key areas e.g. <br>control.|Infection||
||||Baard iscommitted to protecting||||||
||||the lives and welfare at all our||~|Electronic care records, and|||
||||residents<br>and staff at this most|||notifications to CQC.|||
||||challenging<br>time, balancing financial|||Effective communications<br>with|||
||||requirements<br>with mamtaining<br>aur|||regulators,<br>commissioners<br>and|||
||||care standards|||families.|||
||||||~|Complaints<br>management.|||
|||||||Business Cantinuity<br>Plans.|||
|||||||Whistlebiowing<br>policy.|||
|Failure of|||We operate in a highly regulated|||Scrutiny and reporting<br>bythe Audit|||
|financial|||and financially<br>challenged sector.|||Committee.|||
|sustaina'bility||e,g.|We need to ensure sufficient|||Fees are agreed<br>in advance with|||
|-price|||surplus<br>'to enable effertrve financial|||commissioners<br>or self-funders|with||
|-liquidity|||and operational<br>management.|||fixed payinent<br>cydas.|||
|-credit|||Key financial concerns are:|||Payment ofsuppliers<br>managed||with|
|-cash flaw|||I the fee income not rising at a rate|||our payment terms.|||
||||sufficient ta meet the rising casts<br>and standards<br>ofsocial cere||~|improved<br>forecasting to ensure <br>appropriate<br>cashflow,<br>liquidity|an<br>and||
||||~ increasing<br>uncertainties<br>in the|||ability to meet borrowing|||
||||commissioning<br>environment<br>with|||commitments,|||
||||reduced local authority<br>and CC6<br>budgets||~|Close monitoring<br>and reporting<br>bank covenants<br>against existing||on<br> loans.|
||||~ exhaustmg<br>funds far those wha||~|Use afforecasting, scenario- and|||
||||pay privately|||stress-testing<br>to understand<br>relations|||
|||||||between occupancy, fees and stafnng|||
|||||||as the key business drivers.|||
||||||~|Budgetary process and controls,|||
|||||||monthly<br>management<br>reporting|||
|||||||induding<br>dashboarcils<br>an d variation|||
|||||||monitoring.|||





## 

## 

## 

|Principal|risks|risks|Risk appetite||Key|cantroBi/ actions||
|---|---|---|---|---|---|---|---|
|Carnpliance||with|The charity operates<br>in a highly||~|External assurarice<br>ratings, audits and||
|regulatory||and|regulated<br>sector.<br>Fallureta meet|||reports through<br>Care Quality||
|statutory|||these requirements<br>vrauld resul|in||Commission<br>and allied bodies.||
|requirements|||risk oflharin to service users and||~|Policies and procedUres<br>which||
||||employees<br>which<br>isnot acceptable.|||reinforce<br>aculture af compliance.||
||||The Baard has na appetite for<br>services to operate outside<br>reguilatary<br>requirements|||A Quality Assurance fra mev ork which<br>monitors<br>compliance<br>and progress<br>against any Oevelopment<br>and Action||
|||||||plans, including<br>Une ofSight and||
|||||||exceptional<br>reporting.||
||||||~|Appropriate<br>level ofresource made||
|||||||available for staff training.||
||||||~|Training matrix that is ra!e and grade||
|||||||specific.||
||||||~|Safeguarding<br>policy and training.||
||||||~|Use ofexterna<br>Icompliance expertise/||
|||||||auditors<br>in HR and Health &Safety,||
|||||||including<br>Fire Risk compliance.||
|Failure to||attract|The Baard recagnises that staff farm||~|Staffing review and benchmarking||
|and retain,|||the heart afthe arganisatian;<br>with|||against recognised models ofcare.||
|workforce||that|the majority ofrolleagues<br>invoked||~|Biannual<br>HR reporting<br>an staff metrics||
|embodies<br>culture<br>&||our<br>ethos|in frontline services.<br>Colleagues are<br>reriuited<br>in relation to their fst with<br>the ol'ganisatlanal<br>values|||Clear Jab descriptions<br>and contracts.<br>StaffWellbeing<br>surveys<br>and 'check-ms'<br>by senior staff.||
||||Alang with other care praviders,<br>recognise the challenges. around<br>recruitment<br>and retention of<br>nursing<br>arid care teams given the|we||Contingent,<br>rapid response planning<br>piece to mininnise<br>dis:uption<br>should<br>critical staff r..embers leave the<br>organisation|in|
||||more campetitive<br>salaries ar d|||Investment<br>in systems<br>and processes||
||||employee<br>benefits ofthe NHS,|||to support operational<br>efficiency e.g. s-||
||||changmg<br>public perceptions ofcare|||care planning,||
||||homes, and the reputation<br>ofthe||~|Monitar sickness absence.||
||||social care s~or.|||Maintain<br>effective relations<br>with key||
|||||||agencyit recruiters.||





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## 

|Strategic|Riisks|Riisks|The Btia|rd|Is ariindlful oftihe balan ce|Is ariindlful oftihe balan ce|Is ariindlful oftihe balan ce||Strategic Risk Register asa standing|
|---|---|---|---|---|---|---|---|---|---|
|related to|||between|providing<br>sufficient 'term|||||item on Saa& an d Audit Committee|
|underpenfarrning|||around|tinn8'far services against the|||||meetings.|
|services|||financial|sustainability||ofthe whale|||Devefapment<br>Plians defined for|
||||arganisation,<br>especially|||during|a||iridivldual<br>schemes ihave been delayed|
||||global pandenmic.||||||dua ta cunrent need ta focus on|
||||||||||irnaiiritaining<br>safe services.|
|||||||||~|Additional<br>controls<br>inlplace for|
||||||||||pl'an, ning end monitoring<br>ageitcy use.|
||||||||||Oaser coordination<br>between the|
||||||||||Support Office and the administrative|
||||||||||function<br>in the horne|
|Operational||ris'ks|Ase.frantline care service, our||||||Comprehensive<br>setofpolicies and|
||||mputatiari||is diosely. aligned to||how||procedures<br>that are supported<br>thraugh|
||||we manage„develop and respond'to||||||staf'f induction<br>and cascaded through|
||||issues that||may arise within aur||||staff updates.|
||||services. 7he organisatian<br>adopts a<br>transparent<br>approach to dealing||||||Review ofsystems<br>and processes. ta<br>ensirre as-tisfactary<br>level of|
||||with such matters<br>in order tomeet<br>auf duty ofcandour.||||||aperationa<br>Iefficiency<br>Reporting ta the Board with ctea r|
||||||||||escal'ation<br>policy from frantlrne|
||||||||||services ta rnanagernent,<br>senior|
||||||||||rnanageinent,<br>CEQ and IBoard around|
||||||||||issues of whlstlebtowing,<br>serious|
||||||||||incidents, fraud ar other concerns|
||||||||||Bu~~ness continuity<br>measures<br>in|
||||||||||relation ta IT critica1 failure or other|
||||||||||fonrns afbusiness interruption.|



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|e key metrics<br>are|as follows:||||||
|---|---|---|---|---|---|---|
|RSH Metric name|2019|2020|2021|Variation between|Peer group||
|||||Years 2020 and 2022|median|2020-21|
|a. Reinvestment|f57,000|f17,000|f6,994|Reduction off10k|Absolute|figures|
||||Equates to<br>0 1%|limited capital works<br>due to Covid. Essential<br>repairs 5maintenance|not available.<br>1.6%||
|||||works were carried out|||
|||||in the year,|||
|b. New Supply|Nil|||BCOP is not a housing|0.2||
|(Social and Non||||deve loper,|||
|Social Housing)|||||||
|c.Gearing {Group)|12 1%|10.8%||3%reduction of<br>dependence<br>on debt|28.0%||
|||||finance.|||
|d. EBITOA (Group)|7.8%|8.9%||Marginal<br>improvement|Not available||
|||||due Ilo impact of|||
|||||Grants.|||
|e. EBITDA MRi|436%|641%|351%|This measure<br>is more|258.5%||
|interest cover||||relevant for Housing|||
|(Group)||||development<br>to gauge<br>the scope for additional|||
|||||borrowing.|||
|f. Headline<br>Social|f8,171|f8,760|f6,701|Reduced<br>by f2.1k due|f4,666||
|Housing<br>Cost per||||to<br>reduced<br>routine|||
|Unit||||rnalntenance.|||
|g. Operating|(1.98%)|||Marginal<br>increase due|19.9%||
|Margin% (Group)||||to reduced<br>Repairs|||
|||||expenditure.|||
|h. Return on|0.8%|1.2%|1.8%|Marginal<br>improvement|3.396||
|Capital Employed|||||||
|(ROCE) %(Group)|||||||





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|Metric|||2019-20|2020-21||Forecast||2021-22|2021-22|2021-22|
|---|---|---|---|---|---|---|---|---|---|---|
|Quality —services receiving a|||1009o|||100%|||||
|good CQC||rating or above (%|||||||||
|beds)|||||||||||
|Qua llty —Number of|||Nursing —7|Nursing —2||Reduce|||from||
|complaints|||Housing -1|Housing|—4 (1 not|prior year|||||
|||||closed by|year end)||||||
|Quality —carehon1e. co.uk|||Anita Stone Court|ASC8 7||Aim far|9.8for|||all|
|scores"|||9.879|NWH 9.2||services|||||
|(Leading care review site for|||Neville 1Villiarns||||||||
|family and||friends. Scores out|House 9.786|RHH 9.8|||||||
|of 10}|||Robert Harvey||||||||
||||House 9.840||||||||
|People —staff turnover %|||25%|1&.59f||Maintain||below|||
||||(Sector average|(Sector average||30%|||||
||||31%,Skillsfor Core,|31%,Skillsfar Core,|||||||
||||2017)|2019}|||||||
|People —staff<br>ickness %of|||3.49o|7.7%o||Maintain||below|||
|tota l hours|||(Sector average|(Includes|Covid-|4.5%|||||
||||4.8%,Skills for Care,|related sickness|||||||
||||2019}|absentee;|no robust||||||
|||||benchmarks|||||||
|||||avagable}|||||||
|Occupancy||level|Nursing -96%<br>Hous.lng-92.7%|Nursing —85.3.%<br>Housing —81.3%||91%;Under<br>review<br>in light <br>Covid-19||||of|
|Overhead||costs as %of|12.479o|12.85%||Maintain||below|||
|turnover|(Group)|||||13%.Peer<br>median<br>is|||17.7%||
|Support Office costs as %of|||10.4%|116%||Maintain|||below||
|Furnover(Group)||||||13%|||||
|Repairs/Maintenance|||f240,087|f153,935||Under review<br>in<br>light of Covid-E9|||||
|||||||includes||minor|||
|||||||improvement|||||
|||||||works.|||||





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|||||2021|2020|
|---|---|---|---|---|---|
||||Note|Z|F|
|Turnover|||4|7,662,848|7,814,324|
|Operating<br>expenditure|||4|(7,211,107)|(7,543,134)|
|Operating<br>surplus|||4,9|451,741|271,190|
|Fair value movements|on investments||17|314,280|(217,232)|
|Income from listed investments||||41,239|48,545|
|Interest receivable<br>and|similar<br>income|||275|2,091|
|Interest payable<br>and similar expenses||||(86,997)|(111,247)|
|Surplus/(deficit)<br>for the financial<br>year||||720,538|(6,653)|
|Other comprehensive|income/(expense)|||||
|Actuarial<br>(losses)/gains|In respect of defined|benefit pension scheme|29|(469,000)|528,000|
|Other comprehensive|(expense)/income|for the year||(469,000)|528,000|
|Total comprehensive|income for the year|||251,538|521,347|





## 

## 

|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
|||||Note|||||
|Fixed assets|||||||||
|Housing<br>properties||||13||10,151,084||10,280,115|
|Other tangible assets||||16||11,080,038||11,208,451|
|Investments||||17||1,942,241||1,629,610|
|||||||23,173,363||23,118,176|
|Current assets|||||||||
|Stocks||||19|27,300||24,346||
|Debtors: amounts|falling due within one year|||20|236,107||279,243||
|Cash at bank and|in hand|||21|2,253,990||815,169||
||||||2,517,397||1,118,758||
|Creditors: amounts|falling due within one||||||||
|year||||22|(1,190,056)||(1,093,859)||
|Net current assets||||||1,327,341||24,899|
|Total assets less|current liabilities|||||24,500,704||23,143,075|
|Creditors: amounts|falling due after more||||||||
|than one year||||23||(6,555,668)||(5,820,577)|
|Provisions<br>for liabilities|||||||||
|Net assets excluding||pension|liability|||17,945,036||17,322,498|
|Defined benefit pension||scheme|liability|29||(743,364)||(372,364)|
|Net assets||||||17,201,672||16,950,134|
|Reserves|||||||||
|Endowment<br>fund||||28||34,329||34,329|
|Restricted<br>funds||||28||1,641,562||1,609,539|
|Revenue<br>reserve||||28||15,525,781||15,306,266|
|||||||17,201,672||16,950,134|





## 

|||||||2021||2020|
|---|---|---|---|---|---|---|---|---|
|||||Note||||E|
|Fixed assets|||||||||
|Housing<br>properties||||13||9,971,725||10,101,114|
|Other tangible assets||||16||11,080,038||11,208,451|
|Investments||||17||1,942,241||1,629,610|
|||||||22,994,004||22,939,175|
|Current assets|||||||||
|Stocks||||19|27,300||24,342||
|Debtors: amounts|falling|due within one year||20|236,222||278,710||
|Cash at bank and|in hand|||21|2,250,410||811,517||
||||||2,513,932||1,114,569||
|Creditors: amounts|falling due within one||||||||
|year||||22|(2,030,593)||(1,920,286)||
|Net current assets/(liabilities)||||||483,339||(805,717)|
|Total assets less|current liabilities|||||23,477,343||22,133,458|
|Creditors: amounts|falling due after more||||||||
|than one year||||23||(6,440,602)||(5,704,293)|
|Net assets excluding||pension|liability|||17,036,741||16,429,165|
|Defined benefit pension||scheme|liability|29||(743,364)||(372,364)|
|Net assets||||||16,293,377||16,056,801|
|Reserves|||||||||
|Restricted<br>funds||||28||768,823||750,544|
|Revenue<br>reserve||||28||15,524,554||15,306,257|
|||||||16,293,377||16,056,801|





## 

## 

## 

||||Endowment|Restricted|Revenue||
|---|---|---|---|---|---|---|
||||Fund|Funds|Reserve|Total|
|At 1 April 2019|||34,329|1,562,456|14,832,002|16,428,787|
|Comprehensive|income for the year||||||
|Deficit for the year|||||(6,653)|(6,653)|
|Actuarial<br>gain<br>in|respect of defined benefit pension||||||
|scheme|||||528,000|528,000|
|Total comprehensive||income for the year|||521,347|521,347|
|Transfers<br>(Note|28)|||47,083|(47,083)||
|At 1 April 2020|||34,329|1,609,539|15,306,266|16,950,134|
|Comprehensive|income for the year||||||
|Surplus for the year|||||720,538|720,538|
|Actuarial<br>loss in|respect|of defined benefit pension|||||
|scheme|||||(469,000)|(469,000)|
|Total comprehensive||income for the year|||251,538|251,538|
|Transfers<br>(Note|28)|||32,023|(32,023)||
|At 31 March 2021|||34,329|1,641,562|15,525,781|17,201,672|





## 

## 

## 

|||||Restricted|Revenue||
|---|---|---|---|---|---|---|
|||||Funds|Reserve|Total|
||||||F||
|At 1 April 2019||||727,955|14,832,002|15,559,957|
|Comprehensive|income for the year||||||
|Deficit for the year|||||(31,156)|(31,156)|
|Actuarial<br>gain in|respect|of defined|benefit pension scheme||528,000|528,000|
|Total comprehensive||income for the year|||496,844|496,844|
|Transfers<br>(Note|28)|||22,589|(22,589)||
|At 1 April 2020||||750,544|15,306,257|16,056,801|
|Comprehensive|income for the year||||||
|Surplus<br>for the year|||||705,576|705,576|
|Actuarial<br>loss in|respect|of defined|benefit pension scheme||(469,000)|(469,000)|
|Total comprehensive||income for the year|||236,576|236„576|
|Transfers<br>(Note|28)|||18,279|(18,279)||
|At 31 March 2021||||768,823|15,524,554|16,293,377|





## 

## 

|||||2021|2020|
|---|---|---|---|---|---|
|Cash flows from operating|activities|||||
|Surplus for the financial year||||720,538|(6,653)|
|Adjustments<br>for:||||||
|Profit on disposal oftangible assets|||||(126)|
|Amortisation<br>ofdeferred<br>capital grant||||(35,886)|(35,884)|
|Depreciation<br>oftangible<br>fixed|assets|||279,849|376,344|
|Interest payable||||86,997|111,247|
|interest receivable||||(41,514)|(50,510)|
|(Increase)/decrease<br>in stocks||||(2,954)|2,524|
|Decrease<br>in debtors||||43,136|198,030|
|Increase<br>in creditors||||86,060|68,759|
|Fair value movements<br>on investments||||(314,280)|217,232|
|Pension contributions<br>paid||||(145,000)|(172,000)|
|Pension scheme costs||||39,000|52,000|
|Net cash generated<br>from operating||activities||715,946|760,963|
|Cash flows from investing<br>activities||||||
|Sale of tangible fixed assets|||||79,269|
|Purchase oftangible<br>fixed assets||||(22,405)|(262,712)|
|Purchase oflisted investments||||(302,064)|(630,790)|
|Sale of listed investments||||217,147|629,919|
|Interest received||||275|1,965|
|Income from listed investments||||41,239|48,545|
|Net cash from investing<br>activities||||(65,808)|(133,804)|
|Cash flows from financing<br>activities||||||
|Net movement<br>on borrowings||||781,114|(138,168)|
|Loan interest paid||||(78,997)|(90,247)|
|Net cash used<br>in financing<br>activities||||702,117|(228,415)|
|Net increase<br>In cash and cash equivalents||||1,352,255|398,744|
|Cash and cash equivalents<br>at|beginning||ofyear|1,055,191|656,447|
|Cash and cash equivalents|at the end||ofyear|2,407,446|1,055,191|





## 

## 

|Consolidated|Statement|of|Cash Flows (continued)|||
|---|---|---|---|---|---|
|For the Year|Ended 31 March 2021|||||
|||||2021|2020|
|||||E||
|Cash and cash equivalents|||at the end ofyear comprise:|||
|Cash at bank|and in hand|||2,253,990|815,169|
|Cash on deposit awaiting||investment||153,456|240,022|
|||||2,407,446|1,055,191|





## 

|||||At 1 April|||At 31 March|
|---|---|---|---|---|---|---|---|
|||||2020|Cash flows|New loans<br>f|2021|
|Cash|at bank and||in hand|815,169|508,821|930,000|2,253,990|
|Debt|due after|1 year||(2,994,966)|97,023|(868,000)|(3,765,943)|
|Debt|due within|1|year|(136,846)|51,863|(62,000)|(146,983)|
|||||(2,316,643)|657,707||(1,658,936)|





## 

## 

## 

## 

## 



## 

## 

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## 



## 

## 

## 

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## 



## 

## 

## 

## 

## 



## 

## 

## 

## 

## 

## 

## 

## 

## 



## 

## 

## 

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## 

## 

## 



## 

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## 



## 

## 

## 

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## 

## 



## 

## 

|Particulars<br>oftur|nover,<br>operati|ng<br>expenditure|and operating|surplus/(def|icit)||
|---|---|---|---|---|---|---|
||||Operating|||Operating|
|||Operating|surplus<br>/||Operating|surplus<br>/|
||Turnover|expenditure|(deficit)|Turnover|expenditure|(deficit)|
||2021|2021|2021|2020|2020|2020|
||E|E|E|E||E|
|Social housing|||||||
|lettings (see<br>note 5)|1,281,736|(971,978)|309,758|1,146,690|(1,214,655)|(67,965)|
|Non-social|||||||
|housing|||||||
|activities:|||||||
|Nursing<br>homes|5,864,562|(5,768,723)|95,839|6,557,540|(6,266,766)|290,774|
|Donations<br>and|||||||
|legacies|68,859|(6,111)|62,748|62,669|(17,631)|45,038|
|Other activities|14,326|(30,930)|(16,604)|47,425|(44,082)|3,343|
|Subtotal|||||||
|excluding|||||||
|government<br>grants|7,229,483|(6,777,742)|451,741|7,814,324|(7,543,134)|271,190|
|Government|||||||
|grants|433,365|(433,365)|||||
|Total including|||||||
|government<br>grants|7,662,848|(7,211,107)|451,741|7,814,324|(7,543,134)|271,190|





## 

## 

## 

|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|5.|Particulars<br>of income and expenditure||from social housing||||lettings|||
|||||||||2021f|2020|
||Group|||||||||
||Rent receivable<br>nel of identifiable|service|charges|||||678,470|611,510|
||Service charge income|||||||567,380|499,294|
||Net Rental Income and Turnover|from|Social Housing|||Lettings||1,245,850|1,110,804|
||Amortisation<br>ofGovernment<br>grants|||||||35,886|35,886|
||Net Income and Turnover from Social||Housing||Lettings|||1,281,736|1,146,690|
||Management|||||||(403,990)|(379,605)|
||Services|||||||(278,028)|(285,042)|
||Routine Maintenance|||||||(153„935)|(240,087)|
||Depreciation<br>of housing<br>properties|||||||(136,025)|(309,921)|
||Operating<br>expenditure<br>on social|housing||lettings||||(971,978)|(1,214,655)|
||Operating<br>surplus/(deficit)<br>on social housing||||lettings|||309,758|(67,965)|
||The void costs for 2021 were 2289,142(2020 - 2135,031).|||||||||
|6.|Income from listed investments|||||||||
|||||||||2021|2020|
||Income from listed investments|||||||41,239|48,545|
|7.|Interest receivable<br>and similar income|||||||||
|||||||||2021|2020|
|||||||||F|F|
||Deposit account interest receivable|||||||275|1,965|
||Gain on fixed asset disposal||||||||126|
|||||||||275|2,091|





## 

## 

## 

## 

## 

|Interest payable and|similar expenses|||||
|---|---|---|---|---|---|
|||||2021|2020f|
|Bank charges and interest charges|||||3,357|
|Loan Interest payable||||75,687|83,580|
|Financing costs||||3,310|3,310|
|Net interest expense|in respect of defined|benefit pension|scheme (Note|||
|29)||||8,000|21,000|
|||||86,997|111,247|



## 

|The operating<br>surplus<br>is st|ated after charging/(crediting)<br>the fol|lowing:||
|---|---|---|---|
|||2021|2020|
|||E|K|
|Depreciation<br>of properties||255,034|346,027|
|Components<br>written<br>down|||50,688|
|Depreciation<br>of other tangible assets||24,815|30,317|
|Arnortisatlon<br>of government|grants|(35,886)|(35,886)|
|Auditor's<br>remuneration<br>- audit||18„900|26,822|
|Auditor's<br>remuneration<br>- non-audit||3,600||
|Operating<br>lease charges -|other|23,087|27,478|
|Operating<br>lease charges -|land and buildings|75,775|73,382|





## 

## 

## 

||||Group|Group|
|---|---|---|---|---|
||||2021<br>F|2020f|
|Wages|and salaries||4,436,168|4,414,999|
|Social|security costs||342,977|351,756|
|Defined|contribution|pension scheme costs|139,266|136,991|
|Defined|benefit pension scheme - current service cost||34,000|46,000|
||||4,952,411|4,949,746|



|||2021|2020|
|---|---|---|---|
|||No.|No.|
|Support|ONce|15|13|
|Nursing|Homes|216|220|
|Repairs|and Maintenance|4|7|
|||235|240|



|||2021|2020|
|---|---|---|---|
|||No.|No.|
|Support|Office|13|11|
|Nursing|homes|181|181|
|Repairs|and Maintenance|4|4|
|||198|196|





## 

## 

## 

||||2021|2020|
|---|---|---|---|---|
|||||E|
|Key management<br>remuneration|||||
|Aggregate|ofemoluments||164,950|161,527|
|Aggregate|of pension|contributions|11,210|10,063|
||||176,160|171,590|
||||2021|2020|
|||||F|
|Highest<br>paid Trustee||- Chief Executive|||
|Aggregate|ofemoluments||73,426|72,014|
|Aggregate|of pension|contributions|8,522|7,415|
||||81,948|79,429|



## 



## 

## 

## 

## 

||Freehold|Leasehold||
|---|---|---|---|
||Propertiesf|Properties|Totalf|
|Cost||||
|At 1 April 2020|11,924,242|1,225,480|13,149,722|
|Additions|6,994||6,994|
|At 31 March 2021|11,931,236|1,225,480|13,156,716|
|Depreciation||||
|At 1 April 2020|2,082,849|786,758|2,869,607|
|Charge for the year on owned assets|110,627|25,398|136,025|
|At 31 March 2021|2,193,476|812,156|3,005,632|
|Net book value||||
|At 31 March 2021|9,737,760|413,324|10,151,084|
|At 31 March 2020|9,841,393|438,722|10,280,115|





## 

## 

||Freehold|Leasehold||
|---|---|---|---|
||Properties|Properties|Total|
|||E|E|
|Cost||||
|At 1 April 2020|11,731,939|1,225,480|12,957,419|
|Additions|6,994||6,994|
|At 31 March 2021|11,738,933|1,225,480|12,964,413|
|Depreciation||||
|At 1 April 2020|2,067,800|788,505|2,856,305|
|Charge for the year|110,985|25,398|136,383|
|At 31 March 2021|2,178,785|813,903|2,992,688|
|Net book value||||
|At 31 March 2021|9,560,148|411,577|9,971,725|
|At 31 March 2020|9,664,139|436,975|10,101,114|



## 

|Included|in Freehold|Properties|Properties|Properties|above|is|freehold|freehold|land of E2,230,966 (2020 - P2,230,966)|land of E2,230,966 (2020 - P2,230,966)|land of E2,230,966 (2020 - P2,230,966)|land of E2,230,966 (2020 - P2,230,966)|which|is not|
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
|depreciated.|||||||||||||||
|The total|capitallsed|Interest||in|cost of|freehold||properties<br>is F46,720 (2020 - 846,720). Included||||||within|
|freehold|properties|are|costs||incurred||of f32,219 (2020 -|||632,219) relating||to shared|ownership||
|properties.|||||||||||||||
|Number|of units||||||||||||||
||||||||||Group|Group|Company||Company||
||||||||||2021|2020||2021||2020|
|||||||||||||||E|
|Number|of units owned and|||managed|||||||||||
|Nursing|and residential||home|bed spaces|||||130|130||130||130|
|Housing|accommodation||||||||150|150||144||144|
|Shared ownership|||||||||2|2||2||2|
|Managed|on behalf|ofothers|||||||10|10||16||16|
||||||||||292|292||292||292|





## 

## 

## 

## 

||||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|---|---|
||||||2021f|2020f|2021f|2020|
||Improvement|work capilallsed|||6,994|17,000|6,994|17,000|
||Amounts<br>charged||to Statement|of|||||
||Comprehensive||Income||153,935|240,087|153,935|240,087|
||||||160,929|257,087|160,929|257,087|
|15b.|Social Housing Assistance||||||||
||||||Group|Group|Company|Company|
||||||2021f|2020<br>f|2021<br>f|2020f|
||Capital grants|received for social housing|||||||
||assistance||||3,432,749|3,432,749|3,294,548|3,294,548|





## 

## 

## 

## 

## 

|||||Nursing<br>and||
|---|---|---|---|---|---|
|||Leasehold||Sheltered||
||Nursing|improvements||Housing||
||home|and office|Motor|fixtures and||
||properties|equipment|vehicies|equipment|Total|
|||F|||E|
|Cost||||||
|At 1 April 2020|12,830,738|743,435|102,774|145,204|13,822,151|
|Additions|13„971|1,440|||15,411|
|At 31 March 2021|12,844,709|744,875|102,774|145,204|13,837,562|
|Depreciation||||||
|At 1 April 2020|1,716,660|704,746|99,331|92,963|2,613,700|
|Charge for the year on owned<br>assets|119,009|13,040|1,137|10,638|143,824|
|At 31 March 2021|1,835,669|717,786|100,468|103,601|2,757,524|
|Net book value||||||
|At 31 March 2021|11,009,040|27,089|2,306|41,603|11„080,038|
|At 31 March 2020|11,114,078|38,689|3,443|52,241|11,208,451|





## 

## 

## 

## 

## 

|||||Nursing<br>and||
|---|---|---|---|---|---|
|||Leasehold||Sheltered||
||Nursing|Improvements||Housing||
||home|and oNce|Motor|fixtures and||
||properties<br>f.|equipment|vehicles|equipment<br>E|Total|
|Cost||||||
|At 1 April 2020|12,830,738|393,326|102,774|106,391|13,433,229|
|Additions|13,971|1,440|||15,411|
|At 31 March 2021|12,844,709|394,766|102,774|106,391|13,448,640|
|Depreciation||||||
|At 1 April 2020|1,?16,660|354,637|99,331|54,150|2,224,778|
|Charge for the year on owned||||||
|assets|119,009|13,040|1,137|10,638|143,824|
|At 31 March 2021|1,835,669|367,677|100,468|64,788|2,368,602|
|Net book value||||||
|At 31 March 2021|11,009,040|27,089|2,306|41,603|11,080,038|
|At 31 IVIarch 2020|11,114,078|38,689|3,443|52,241|11,208,451|





## 

## 

## 

|Investments|||||
|---|---|---|---|---|
||||2021|2020|
|Listed investments|- valuation||||
|At 1 April|||1,389,588|1,605,949|
|Additions|||302,064|630,790|
|Disposals|||(217,147)|(629,919)|
|Movement<br>in fair value|||314,280|(217,232)|
|At 31 March|||1,788,785|1,389,588|
||||2021|2020|
|||||E|
|Listed investment|comprise:||||
|Fixed interest securities|||344,070|280,618|
|Equities and Alternative||Investments|1,444,715|1,108,970|
|Total|||1,788,785|1,389,588|
||||2021|2020|
||||f.||
|Other investments|||||
|Cash on deposit awaiting||investment|153,456|240,022|
|Total Investments|||1,942,241|1,629,610|





## 

## 

## 

|Investments<br>in audit exempt subsidiaries<br>comprise:|
|---|
|BCOP Services Limited - Company<br>No. 06956792|
|Emma Ball and Rolason Almshouses<br>- Charity No. 246857|
|The Pargeter<br>and Wand Trust - Charity No. 210725|





## 

## 

## 

|19.|Stocks||||||
|---|---|---|---|---|---|---|
||||Group|Group|Charity|Charity|
||||2021|2020|2021|2020|
|||||F.|F.|F|
||Small tools||27,300|24,346|27,300|24,342|
|20.|Debtors||||||
||||Group<br>2021|Group<br>2020|Charity<br>2021|Charity<br>2020|
||||F.||||
||Rent and service charge debtors||290,330|277,880|289,693|277,736|
||Less: bad debt provision||(131,437)|(119,955)|(131,437)|(119,955)|
||||158,893|15?,925|158,256|157,781|
||Prepayments|and accrued income|77,214|121,318|77,966|120,929|
||||236,107|279,243|236,222|278,710|
|21.|Cash at bank|and in hand|||||
||||Group|Group|Charity|Charity|
||||2021|2020|2021|2020|
||||F|F.|||
||Cash at bank|and in hand|2,253,990|815,169|2,250,410|811,517|





## 

## 

## 

## 


## 



## 

## 

|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2021|2020|2021|2020|
|Amounts|falling due within one year|||||
|Bank loans||146,983|136,846|146,983|136,846|
|Amounts|falling due 1-2 years|||||
|Bank loans||341,548|142,913|341,548|142,913|
|Amounts|falling due 2-5 years|||||
|Bank loans||3,300,395|451,414|3,300,395|451,414|
|Amounts|falling due after more than 5|||||
|years||||||
|Bank loans||124,000|2,400,639|124,000|2,400,639|
|||3,912,926|3,131,812|3,912,926|3,131,812|



## 

|Deferred|Capital Grant|||||
|---|---|---|---|---|---|
|||Group|Group|Company|Company|
|||2021|2020|2021|2020|
|||F.|E|F|F.|
|As at 1 April||2,863,953|2,899,837|2,746,450|2,781,118|
|Released|in year|(35,886)|(35,884)|(34,668)|(34,668)|
|||2,828,067|2,863,953|2,711,782|2,746,450|



|||||||Group|Group|Company|Company|
|---|---|---|---|---|---|---|---|---|---|
|||||||2021|2020|2021|2020|
||||||||F||F|
|For|release|In|less|than|one year|38,342|38,342|37,124|37,124|
|For|release|in|more|than|one year|2,789,725|2,825,611|2,674,659|2,709,327|
|||||||2,828,067|2,863,953|2,711,783|2,746,451|





## 

## 

## 

|Financial|instruments||||||||
|---|---|---|---|---|---|---|---|---|
||||||Group|Group|Charity|Charity|
||||||2021|2020|2021|2020|
|||||||f.|f|f|
|Financial|assets||||||||
|Debt instruments<br>measured|||at amortised|cost|263,407|301,831|263,522|301,442|
|Instruments|measured|at fair|value through||||||
|income and expense|||||1,788,785|1,389,588|1,788,785|1,389,588|
||||||2,052,192|1,691,419|2,052,307|1,691,030|
|Financial|liabilities||||||||
|Measured|at amortised|cost|||(4,917,657)|(4,050,483)|(5,759,412)|(4,878,128)|



## 



## 

## 

## 

## 

|Restricted|Reserves||||
|---|---|---|---|---|
||||Transfers to||
|||Opening|I (from)|Closing|
|||balance|reserves|balance|
|||f|||
|Group 2021|||||
|Endowment|fund|34,329||34,329|
|Other Restricted||1,609,539|32,023|1,641,562|
|Total||1,643,868|32,023|1,675,891|
||||Transfers to||
|||Opening|I (from)|Closing|
|||balance<br>F|reserves<br>f|balance|
|Group 2020|||||
|Endowment|fund|34„329||34,329|
|Other Restricted||1,562,456|47,083|1,609,539|
|Total||1,596,785|47,083|1,643,868|
||||Transfers to||
|||Opening|I (from)|Closing|
|||balance|reserves|balance|
||||f.||
|Company|2021||||
|Other Restricted||750,544|18,279|768,823|
|Total||750,544|18,279|768,823|
||||Transfers to||
|||Opening|I (from)|Closing|
|||balance|reserves|balance|
|Company|2020||||
|Other Restricted||727,955|22,589|750,544|
|Total||727,955|22,589|750,544|





## 

## 


## 



## 

## 

## 

## 

|Other rest|ricted<br>reserves - 2020 are anal|ysed as follows:||||
|---|---|---|---|---|---|
|||Opening|||Closing|
|||balance<br>E|Income<br>f|Expenditure|balance<br>E|
|Robert Harvey Sensory Street||1,100|||1,100|
|Anita Stone Court||7„708|||7,708|
|Rhodes Trust||692,641|20,454|(1,465)|711,630|
|Belsize||24,439|4,000|(400)|28,039|
|Mrs Jollys||2,067|||2,067|
|Company||727,955|24,454|(1,865)|750,544|
|Pargeter|&Wand|296,850|9,080|(4,407)|301,523|
|Emma Ball||537,651|27,915|(8,094)|557,472|
|Group||1,562,456|61,449|(14,366)|1,609,539|





## 

## 

## 



## 

## 

## 

||||||||2021|2020|
|---|---|---|---|---|---|---|---|---|
||||||||EOOO|f000|
|Reconciliation||ofpresent value of plan liabilities|||||||
|At the beginning||ofthe year|||||3,893|4,435|
|Current|service|cost|||||34|46|
|Administrative||expenses|||||5|6|
|Interest|cost||||||93|99|
|Member|contributions||||||12|16|
|Benefits|paid||||||(153)|(162)|
|Actuarial|gains|due to scheme experience|||||(187)|(71)|
|Actuarial|losses/(gains)||due to changes|in demographic||assumptions|18|(43)|
|Actuarial|losses/(gains)||due to changes|in financial|assumptions||778|(433)|
|At the end ofthe year|||||||4,493|3,893|



||||||2021|2020|
|---|---|---|---|---|---|---|
||||||f000|f000|
|At the beginning|ofthe year||||3,521|3,436|
|Interest income|||||85|78|
|Experience<br>on <br>- gain/(loss)|plan assets (excluding|amounts|included|in interest income)|140|(19)|
|Employer<br>contributions|||||145|172|
|Member contributions|||||12|16|
|Benefits paid|||||(153)|(162)|
|At the end ofthe year|||||3,750|3,521|





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## 

||2021|2020|
|---|---|---|
||OOOO|OOOO|
|Global Equity|598|515|
|Absolute<br>Return|207|183|
|Distressed<br>Opportunities|108|68|
|Credit Relative Value|118|97|
|Alternative<br>Risk Premia|141|246|
|Fund of Hedge Funds||2|
|Emerging<br>Markets Debt|151|107|
|Risk Sharing|137|119|
|Insurance-Linked<br>Securities|90|108|
|Property|78|78|
|Infrastructure|250|262|
|Private Debt|89|71|
|Opportunistic<br>lliquid Credit|95|85|
|High Yield|112||
|Opportunistic<br>Credit|103||
|Corporate<br>Bond Fund|222|201|
|Liquid Credit|45||
|Long Lease Property|74|61|
|Secured Income|156|134|
|Liability Driven<br>Investment|953|1,168|
|Net Current Assets|23|15|
|Total plan assets|3,750|3,521|
||2021|2020|
||OOOO|f000|
|Defined benefit pension scheme liability|||
|Fair value of plan assets|3,750|3,521|
|Present value of plan liabilities|(4,493)|(3,893)|
|Net pension scheme liability|(743)|(372)|





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|The amounts<br>recognised<br>in the <br>follows:|Consolidated<br>Statement<br>of C|omprehensive<br>Income<br>(SoCI|) were as|
|---|---|---|---|
|||2021|2020|
|||f000|OOOO|
|Current service cost||34|46|
|Net interest expense||8|21|
|Administrative<br>expenses||5|6|
|Defined benefit costs recognised|in SOCI|47|73|



||||||||2021<br>F|2020f|
|---|---|---|---|---|---|---|---|---|
|Experience on|plan assets||(excluding<br>amounts|included||in interest income)|||
|- gain/(loss)|||||||140|(19)|
|Actuarial<br>gains|due to|scheme experience|||||187|71|
|Actuarial<br>(losses)/gains||due|to changes<br>in demographic|||assumptions|(18)|43|
|Actuarial<br>(losses)/gains||due|to changes<br>in financial||assumptions||(778)|433|
|Total amount|recognised||in OCI - (loss)/gain||||(469)|528|





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## 

|Principal<br>actuarial<br>assumptions<br>at the Statement<br>of Finan<br>averages):|cial<br>Position<br>date<br>(expressed|as weighted|
|---|---|---|
||2021|2020|
||0!||
|Discount rate|2.12|2.41|
|Future salary Increases|3.84|2.68|
|Inflation<br>(RPI)|3.31|2.68|
|Inflation (CPI)|2.84|1.68|
|Mortality rates|||
|-for a male aged 65 now|21.6years|21.5 years|
|-at 65fora male aged 45 now|22.9 years|22.9years|
|-for a female aged 65 now|23.5years|23.3years|
|- at 65for a female member aged 45 now|25.1years|24.5years|



## 

||||Group<br>2021|Group<br>2020|Charity<br>2021f|Charity<br>2020|
|---|---|---|---|---|---|---|
|Not later than||1 year|83,069|86,638|83,069|86,638|
|Later than|1 year and not later than 5years||45,963|87,204|45,963|87,204|
||||129,032|173,842|129,032|173,842|



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