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|Trustees|||D Sizer (Chair of Board)|D Sizer (Chair of Board)|||||
|---|---|---|---|---|---|---|---|---|
||||H Gore (Chief Executive) (appointed||||27 June 2022)||
||||J Bennett||||||
||||N Bradbury||||||
||||C Cooban (resigned 18 March 2022)||||||
||||K Halliday<br>(resigned 30 November|||2022)|||
||||A Jones (Chair ofAudit Committee)||||||
||||G Maidens<br>(resigned 16June 2021)||||||
||||T Pattni||||||
||||V Pritchard-Wilkes||||||
||||BToner (resigned 10June||2022)||||
||||N Topping<br>(resigned 18September||||2021)||
||||E Davies (appointed<br>23 November||||2022)||
||||J Lindon-Lewis<br>(appointed||23 November|||2022)|
|Registered||number|03685650||||||
|Registered||office|7-8 Imperial|Court|||||
||||12Sovereign|Road|||||
||||Kings Norton||||||
||||Birmingham||||||
||||B303FH||||||
|Independent||auditors|Dains Audit|Limited|||||
||||15Colmore|Row|||||
||||Birmingham||||||
||||B32BH||||||
|Bankers|||Royal Bank|ofScotland 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||||||





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|||||Page|
|---|---|---|---|---|
|Group Strategic Report|||||
|Trustees'<br>report||||24-25|
|Trustees'<br>responsibilities<br>statement||||26|
|Independent<br>Auditors'|Report|||27- 30|
|Consolidated<br>Statement|ofComprehensive||Income|31|
|Consolidated<br>Statement|of Financial|Position||32|
|Charity Statement<br>of Financial Position||||33|
|Consolidated<br>statement|ofchanges|in reserves||34|
|Charity statement<br>ofchanges<br>in reserves||||35|
|Consolidated<br>Statement|ofCash Flows|||36-37|
|Consolidated<br>Analysis|of Net Debt||||
|Notes to the Financial Statements||||39-70|





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|Our priorities for|Key objectives|Key objectives|Key objectives|Key achievements:|Key achievements:||
|---|---|---|---|---|---|---|
|2021-2022:|||||||
|STRATEGIC PURPOSE|||||||
|Ensure viability of|Minimise|incidence and|||The incidence and severity ofCovid-19 has||
|good quality|impact of|Covid-19 upon|||reduced<br>dramatically<br>through<br>effective||
|services|services||||infection controls and take up ofvaccinations.||
|||||~|Risk assessments<br>are being conducted<br>and||
||||||managed<br>in line with guidance<br>and local||
||||||discretion.||
||Ensure Good ratings from<br>CQC and key stakeholders|||~|Care Quality Commission<br>have continued<br>with<br>their suspension<br>ofroutine care home on-site<br>inspections,<br>instead replacing<br>with their Direct||
||||||Monitoring<br>Approach —virtually<br>checking<br>in and||
||||||using external<br>intelligence.<br>All three homes||
||||||have thus far continued to maintain<br>their Good||
||Implement||improvements||rating.||
||and best practice||||Two inspections<br>were conducted at Anita Stone||
||knowledge||across all||Court and we were awarded<br>silver by the local||
||services||||authority.||
||Conclude|roll-out of||~|Our E-Plan system —Nourish —is being rolled||
||digital care||system||out more extensively<br>in all our nursing<br>homes.||
|||||~|Although<br>complaints<br>have not reduced<br>during||
||Reduce number of||||the period, we have resolved complaints to||
||complaints||||residents'<br>satisfaction<br>and also received good||
||||||feedback from families<br>in relation to home||
||||||visiting during the pandemic.<br>Further work||
||||||needs to be done to capture the key themes||
||||||and analyse trends to make improvements.||
||Improve occupancy rates|||~|Occupancy<br>has improved<br>but not to pre-Covid-||
||at schemes||||19levels yet. We have been promoting||
||||||FastTrack assessments<br>for end of life care.||
|||||~|Marketing<br>ofthe homes and housing schemes||
||||||using social media, local radio and billboards|in|
||||||the local communities<br>is having some impact.||





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|Our priorities for|Our priorities for|Key objectives||Key achievements:|Key achievements:||
|---|---|---|---|---|---|---|
|2II2'l-2022:|||||||
|STRONG SOCIAL BUSINE35|||||||
|Ensure business||Financialsurplus<br>and||~|Operating<br>surplus reduced<br>by 68&6against a||
|resilience||performs nce|||static turnaver<br>compared ta previous<br>year,||
||||||generating<br>a reduced<br>EBITCiAof5.496<br>The||
|||Regulatory<br>HBLS|||position was again assisted by government||
|||compli ance|||grants.||
|||||~|Repairs activity was largely unchanged<br>fram||
|||Business development<br>and responsivene<br>.sto||~|last year.<br>We retained the Chil Loan and met a II loan||
|||changing<br>market|||cavenants<br>from banL||
|||||~|Commenced<br>implementation<br>ofBoard||
|||Contract reviews as part|||appraved<br>three year IT g. Digital Strategy.||
|||of Value for Money||~|We continued to make maximum<br>use ofthe||
|||Ieview|||Government<br>support through the infection||
||||||cantral and vrorkfarce grants.||
|||Review ITestate/ systems<br>for business fit||~|We confirmed<br>the direction oftravel through<br>Review Day with the Board.|a|
|STRONG PERFORIVIANCE|||||||
|Improve our,vays||Improve<br>recruitment|and|~|Staff recruitment<br>and retentian<br>remain<br>critical to||
|af working|to|retention<br>with pea pie|||the consistency<br>ofservice that vre afA r. Staff||
|ensure that tve are||who share aur values|||turnover<br>was 43.296far the year, which increased||
|better able to|||||by 2596 an the previous year.||
|meetfuture<br>demands:<br>People<br>at the heart ofour<br>service||Value, develop and<br>recognise staff<br>Rail aut af matrix<br>organlsatianal<br>training<br>matrix according to rale<br>and grade to enhance<br>st development<br>and<br>capability||~ <br>~|Ofstaff who left the orga nisatian, 5196were<br>carers. The natiional<br>average turnover far<br>frontline<br>care roles is 3696according ta Skills far<br>Care. SVe are constantly<br>monitoring<br>the reasons<br>for departure<br>afstaff, especially<br>in the first year<br>ofservice, recognising<br>the implicit challenges<br>faced by staff through the Covid-19 crisis.<br> Reducing agency hours as a proportion<br>ofthe<br>total staff haurs continues ta be a key priority,<br>and we aim to get this below 796af total staff||
||||||costs. This year we have met that target.||
|||Strengthen<br>absence|||||
|||management<br>and|||||
|||performance<br>cantrols||~|Launched trustee recruitment<br>campaign ta<br>attract new Board Members.||
|||Recruit new Baard|||||
|||members||~|We strengthen<br>ed our profile through<br>integrated||
||||||marketing<br>and communicatians.||





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|Principa'1 risks|Principa'1 risks|Risk appetite||Key controls actions|Key controls actions||
|---|---|---|---|---|---|---|
|Ctuapity of|care is|The charity is committed ta||~|Scrutir&y and reparting<br>from the||
|impacted||providing<br>good quality care arid|||Operatians<br>Committee.||
|negatively.||su pport, minimising<br>the potential||~|Quality assurance<br>framework||
|Seriaus service<br>disruption<br>e g<br>pandemic||for service failures or discontinuity<br>such as safeguarding,<br>serious<br>incidents or other regulatory<br>ar<br>legislative<br>breach.|||supported<br>by appropriate<br>management<br>information<br>&vith <br>an Cawd-19 response/<br>capacity<br>tracker.|focus|
|||||~|Staff training<br>in key areas e.g. infecdon||
||||||control.||
|||||~|Electronic care record=-, and||
||||||natifications<br>ta CQC.||
|||||~|Effective communications<br>with||
||||||regulators,<br>commissioners,<br>and||
||||||families.||
|||||~|Carriplaints<br>management.||
|||||~|Business Continuity<br>Plans.||
|||||~|Whistleblowing<br>policy.||
|Failure af||We operate<br>in a highly regulated||~|Scrutiny and reporting<br>by the Audit||
|financial||and financially<br>challenged<br>sector.|||Committee.||
|sustaina bility e,e,||We need to ensure suffrcient||~|Fees are agreed<br>in advance with||
|-price||surplus to enable effective financial|||commissioners<br>or self-funders<br>v&'ith||
|-liquidity||and operational<br>management.|||fixed payment<br>cycles.||
|-credit<br>-cash flow||Key financial concerns are:<br>' the fee income nat rising at|a rate|~|Payment af suppliers<br>managed<br>aur payment<br>terms.|with|
|||sufficient ta meet the rising <br>and standards<br>ofsarial care|casts|~|Improved<br>forecasting to ensure an<br>appropriate<br>cashfilmv&<br>liquidity<br>and||
|||~ increasing<br>uncertainties<br>in the|||ability' to meet borrowing||
|||commissioning<br>environment|tvith||commitments.||
|||reduced<br>local authority<br>and <br>budgets|health|~|Close monitoring<br>and reparting<br>barik covenants<br>against existing|on<br> laans.|
|||~ exhausting<br>funds for those «4o<br>pay privately|||Use afforecasting, scenario- and<br>stress-testing<br>ta understand<br>relations||
||||||between occupancy, fees and stafhng||
||||||as the key business<br>drivers<br>Sudgectary||
||||||process and controls& monthly||
||||||management<br>reportiing<br>including||
||||||dashboards<br>and variation<br>monitoring.||





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|---|---|---|---|---|---|---|---|---|---|
|||r<br>pu&aL'vtrt<br>i ala.el!;tilt,nud<br>Lu Ital<br>wu mihll~', u, dLi<br>IL'll ttrldl rt!'part!I La|||||p!DL'ad Uro'<br>Ll tuL ttra<br>',upllat Lvd Lh!LYJUl'I<br>."t. tffittduutiott<br>uttd vu<br>uJud<br>Lh!L.uLLlt|||
|||f,"'-.uLA LItt!L|lrtu'( uf 4L|WILII!II DU t'|||uL'tiff IJpdih*tau|||
|||"u vtiet. Tltr<br>urgttnr'utiat'I|||ud'.lpL'|i5|hL'g'r ' af p(~'ttut1tu '!!ttd prt<br>t~'„!&'t,t:t|||
|||Lrdtll~rurlL|tlpf: ta'~Lt|I !.U dvttlll'g|||att'-urtu<br>u '.utti "lucLurq'<br>Iuvel<br>wl|||
|||witlt .'LKh lllttLLar! in <br>!I!JrduL'tr af C.ibtldLtul.||Drdt<br>r|Lt: tn 'LL||ap..r;t&iat tel vffit anL'r',<br>I',vita!Lit~<br>Lt~ Lhv IIattrd vtth<br>uluur|||
||||||||esc;tla't vtn Ixtliu<br>p frt~m 1!anLlttttu|||
||||||||.'t!!vit L". Llt tnttll+vurttrullt,<br>, ' ~'tllar|||
||||||||rll&ll+Quttlall.<br>, CI.Q Btld BM5ld ibrt.' ur id|||
||||||||iutut". u t:I v ltiutluLtlt:vrttt&~. le!ILtu'|||
||||||||irtuidetit. , Ir:tud .tr aLI!er au llul! I.rl..|||
||||||||AIL!.inL- '. uutttrinttiL~'<br>tr'tt.mu ra|||
||||||||r,l!Liott 'La IT<br>rtl i'sl lutlurrv<br>ur aLht!r|||
||||||||fartn. af Ia'ittt.." 'ittterruptiutt.|||
|The risks listed above represent|||key risks for||any provider||in the increasingly<br>competitive<br>social care sector. We|||
|seek to limit|instances|by deploying<br>the necessary resources<br>and controls<br>in our day-to-day||||||operations,|including|
|service improvement||plans. We have focused|||on developing<br>stronger<br>relationships<br>with commissioners||||in order|
|to anticipate|changes|in a more|proactive|manner.||||||



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|e key metrics are|e key metrics are|as follows|:||||
|---|---|---|---|---|---|---|
|RSH Metric name||2020|2021|2022|Variation between|Peer group median 2021-22|
||||||years 2021and||
||||||202.2||
|a. Reinvestment||f17,000|E6,994|829,957|Increased activity||
||||Equates<br>to 0.1%|Equates<br>to 03%|in the year due ta<br>relaxation afaccess||
||||||to properties||
||||||following the||
||||||Covid-19||
||||||pandemic.||
|b. New Supply||Nil|Nil|Nil|BCOP is not a||
|(So cia|I and Non||||hau" ing developer.||
|Social|Housing)||||||
|c.Gearing (Group)||10.8%|7.8%||Marginal<br>reduction|29 8%|
||||||af0.5%na||
||||||significant||
||||||variations<br>in||
||||||component<br>figures.||





## 

|RSH IVfetric|RSH IVfetric|RSH IVfetric|name|2020||2022|Variation between|Variation between|Peer group median 2020-21|
|---|---|---|---|---|---|---|---|---|---|
||||||||years 2021and|||
||||||||2022|||
|d. EBITDA (Group)||||8 9%|9.6%|5.4%|Continuing<br>Impact||Not available|
||||||||of Covid - reduced|||
||||||||occupancy<br>and|||
||||||||increased<br>staffing|||
||||||||costs.|||
|e EBITDA MRI||||641%|349%|75%|This measure<br>is a||369%|
|interest||cover|||||key indicator for|||
|(Group)|||||||liquidity<br>and|||
||||||||investment|||
||||||||capacity.<br>EICOP is|||
||||||||not a Housing|||
||||||||developer.|||
|f. Headline|||Social|f6,032|f5,573|f5,785|Marginal<br>reduction||f4,396|
|Housing||Cost per|||||due to reduced|||
|Unit|||||||repairs<br>activity|||
|g. Operating||||3 5%|5.9%|1.9%|Reduction<br>due to|||
|Margin||%(Group)|||Housing|Housing|impact ofCovid|19||
||||||=24%|=23%|on income and|||
||||||||staffing costs.|||
||||||||Housing<br>margin|in||
||||||||line with peer|||
||||||||gloup|||
|h. Return on||||1.2%||0.7%|Reduction<br>in||290|
|Capita|I|Employed|||||operating<br>profit|||
|(ROCE)||%(Group)|||||due to impact of|||
||||||||Covid-19 on|||
||||||||income and staffing|||
||||||||costs.|||



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|||||||Target 2MZ-23|
|---|---|---|---|---|---|---|
|Qualio) —ser flees receiving|a|||||200%|
|good CQC rating or above|(%||||||
|beds)|||||||
|Quality —Number of||Nursing|—2|Nursing|X5|Reduce from prior|
|complaints||Housing|—4 (1 not|Housing|-1|year|
|||closed by year end)|||||





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|Me tll c||||||Target 2M2-23|Target 2M2-23|Target 2M2-23|
|---|---|---|---|---|---|---|---|---|
|Quality —carehome ca.uk|||ASC8.7|ASC<br>9.3||Aim for 9.8for all|||
|scares|||NK'H 9 2|NVa'H 9.8||servires|||
|(Leading care review" site for|||RHH98|RHH<br>98|||||
|family and|friends. Scares out||||||||
|af10]||||frewiervs<br>limio d in<br>bot'h year=- due to|||||
|||||homes being in|||||
|||||lockdovrn)|||||
|Pea pie —staff turnover!l6|||3.8.5J6|43.2%.||Maintain|below 35q6||
||||(Sectar average|(Due to|'i'COI3 S.||||
||||28.5J6, SJr0)sfo|competition<br>fram|||||
||||Cere, 2020/21)|NHS)|||||
|People —staff sickness||96af|7.796|||Maintain|Ibelow 1596||
|total hour,|||(includes Cowid-39||||||
||||related sickness||||||
||||absence)||||||
|Occupancy|level||Nursing —85.1'J6|Nursing|- 85.896|94.2% Nursing|||
||||Housing —81.3~s|Housing|- 83 6K|85.2% Housing|||
|Overhea<br>d|casts as J6af|||14.84)6||Peer median||is 17.7'l6|
|turnover(Gnoup)|||||||||
|Support Office casts as||96af||||Just above target of|||
|Turnover(Group]||||||33',"'6|||
|Repair=-)'Ma|intenance||2153,935|f151,372||Under cantinuous|||
|||||||review based on|||
|||||||property|assessments||
|||||||and stack condition|||
|||||||su rvey|||





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|||||2022|2021|
|---|---|---|---|---|---|
||||Note|E||
|Turnover|||4|7,657,243|7,662,848|
|Operating<br>expenditure|||4|(7,513,845)|(7,211,107)|
|Operating<br>surplus|||4,9|143,398|451,741|
|Fair value movements|on investments||18|98,832|314,280|
|Income from listed investments||||44,968|41,239|
|Interest receivable<br>and|similar income|||20|275|
|Interest payable and similar expenses||||(90,877)|(86,997)|
|Surplus for the financial year||||196,341|720,538|
|Other comprehensive|income/(expense)|||||
|Actuarial<br>gains/(losses)|in respect of defined|benefit pension scheme|30|33,000|(469,000)|
|Other comprehensive|income/(expense)|for the year||33,000|(469,000)|
|Total comprehensive|income for the year|||229,341|251,538|





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||||||||2022||2021|
|---|---|---|---|---|---|---|---|---|---|
||||||Note||||F|
|Fixed assets||||||||||
|Housing<br>properties|||||14||10,051,607||10,151,084|
|Other tangible assets|||||17||10,968„286||11,080,038|
|Investments|||||18||2,041,073||1,942,241|
||||||||23,060,966||23,173,363|
|Current assets||||||||||
|Stocks|||||20|||27,300||
|Debtors: amounts|falling due within one year||||21|199,695||236,107||
|Cash at bank and|in hand||||22|2,183,223||2,253,990||
|||||||2,382,918||2,517,397||
|Creditors: amounts|falling||due within one|||||||
|year|||||23|(3,962,143)||(1,190,056)||
|Net current (liabilities)/assets|||||||(1,579,225)||1,327,341|
|Total assets less|current||liabilities||||21,481,741||24,500,704|
|Creditors: amounts|falling||due after more|||||||
|than one year|||||24||(3,438,728)||(6,555,668)|
|Net assets excluding||pension||liability|||18,043,013||17,945,036|
|Defined<br>benefit pension||scheme||liability|30||(612,000)||(743,364)|
|Net assets|||||||17,431,013||17,201,672|
|Capital and reserves||||||||||
|Endowment<br>fund|||||29||34,329||34,329|
|Restricted<br>funds|||||29||1,782,947||1,641,562|
|Revenue<br>reserve|||||28||15,613,737||15,525,781|
||||||||17,431,013||17,201,672|





||||||Note||2022f||2021|
|---|---|---|---|---|---|---|---|---|---|
|Fixed assets||||||||||
|Housing<br>properties|||||14||9,873,010||9,971,725|
|Other tangible assets|||||17||10,968,286||11,080,038|
|Investments|||||18||2,041,073||1,942,241|
||||||||22,882,369||22,994,004|
|Current assets||||||||||
|Stocks|||||20|||27,300||
|Debtors: amounts|falling due within one year||||21|198,251||236,222||
|Cash at bank and|in hand||||22|2,179,726||2,250,410||
|||||||2,377,977||2,513,932||
|Creditors: amounts|falling||due within one|||||||
|year|||||23|(4,827,362)||(2,030,593)||
|Net current (liabilities)/assets|||||||(2,449,385)||483,339|
|Total assets less|current||liabilities||||20,432,984||23,477,343|
|Creditors: amounts|falling||due after more|||||||
|than one year|||||24||(3,324,880)||(6,440,602)|
|Net assets excluding||pension||liability|||17,108,104||17,036,741|
|Defined<br>benefit pension||scheme||liability|30||(612,000)||(743,364)|
|Net assets|||||||16,496,104||16,293,377|
|Capital and reserves||||||||||
|Restricted<br>funds|||||29||742,609||768,823|
|Revenue<br>reserve|||||||15,753,495||15,524,554|
||||||||16„496,104||16,293,377|





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||||||Endowment|Restricted|Revenue||
|---|---|---|---|---|---|---|---|---|
||||||Fund|Funds|Reserve|Total|
|||||||||F|
|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|loss in|respect|of defined|benefit pension|||||
|scheme|||||||(469,000)|(469,000)|
|Total comprehensive|||income for the year||||251,538|251,538|
|Transfers|(Note|29)||||32,023|(32,023)||
|At 1 April|2021||||34,329|1,641,562|15,525,781|17,201,672|
|Comprehensive||income for the year|||||||
|Surplus for the year|||||||196,341|196,341|
|Actuarial|gain<br>in|respect|of defined|benefit pension|||||
|scheme|||||||33,000|33,000|
|Transfers|(Note|29)||||141,385|(141,385)||
|At 31 March 2022|||||34,329|1,782,947|15,613,737|17,431„013|





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|||||Restricted|Revenue||
|---|---|---|---|---|---|---|
|||||Funds|Reserve|Total|
|||||f|E||
|At 1 April 2020||||750,544|15,306,257|16,056,801|
|Comprehensive|income for the year||||||
|Surplus 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|29)|||18,279|(18,279)||
|At 1 April 2021||||768,823|15,524,554|16,293,377|
|Comprehensive|income for the year||||||
|Surplus for the year|||||169,727|169,727|
|Actuarial<br>gain<br>in|respect|of defined|benefit pension scheme||33,000|33,000|
|Transfers<br>(Note|29)|||(26,214)|26,214||
|At 31 March 2022||||742,609|15,753,495|16,496„104|





## 

## 

||||2022|2021|
|---|---|---|---|---|
|Cash flows from operating<br>activities|||||
|Surplus for the financial year|||196,341|720,538|
|Adjustments<br>for:|||||
|Amortisation<br>ofdeferred<br>capital grant|||(32,997)|(35,886)|
|Depreciation<br>oftangible assets|||267,927|279,849|
|Profit on disposal oftangible assets|||(4,178)||
|Interest payable|||90,877|86,997|
|Investment<br>income and interest receivable|||(44,988)|(41,514)|
|Decrease/(increase)<br>in stocks|||27,300|(2,954)|
|Decrease<br>in debtors|||36,412|43,136|
|(Decrease)/increase<br>in creditors|||(109,735)|86,060|
|Fair value movements<br>on investments|||(98,832)|(314,280)|
|Pension<br>contributions<br>paid|||(157,000)|(145,000)|
|Pension scheme costs|||44,636|39,000|
|Net cash generated<br>from operating||activities|215,763|715,946|
|Cash flows from investing<br>activities|||||
|Purchase<br>oftangible<br>fixed assets|||(57,520)|(22,405)|
|Sale oftangible assets|||5,000||
|Purchase<br>of listed investments|||(87,250)|(302,064)|
|Sale of listed investments|||98,732|217,147|
|Interest received|||20|275|
|Income from listed investments|||44,968|41,239|
|Net cash from/(used<br>in) investing|activities||3,950|(65,808)|
|Cash flows from financing<br>activities|||||
|Net movement<br>on borrowings|||(202,121)|781,114|
|Loan interest<br>paid|||(76,877)|(78,997)|
|Net cash used<br>in financing<br>activities|||(278,998)|702,117|
|Net (decrease)/increase<br>in cash and||cash equivalents|(59,285)|1,352,255|
|Cash and cash equivalents<br>at beginning<br>ofyear|||2,407,446|1,055,191|
|Cash and cash equivalents<br>at the end ofyear|||2,348,161|2,407,446|





## 

## 

||||||2022|2021|
|---|---|---|---|---|---|---|
||||||f.||
|Cash|and cash equivalents|||at the end ofyear comprise:|||
|Cash|at bank and|in hand|||2,183,223|2,253,990|
|Cash|on deposit awaiting||investment||164,938|153,456|
||||||2,348,161|2,407,446|





## 

||||At 1 April||At 31 March|
|---|---|---|---|---|---|
||||2021|Cash flows|2022|
|||||f|E|
|Cash|at bank and|in hand|2,253,990|(70,767)|2,183,223|
|Debt|due after 1 year||(3,765,943)|3,083,943|(682,000)|
|Debt|due within<br>1|year|(146,983)|(2,881,822)|(3,028,805)|
||||(1,658,936)|131,354|(1,527,582)|





## 

## 

## 

## 



## 

## 

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## 

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## 



## 

## 

## 

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## 



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## 



## 

|||||Operating||||Operating||
|---|---|---|---|---|---|---|---|---|---|
||||Operating|surplus|/||Operating|surplus|/|
|||Turnover|expenditure|(deficit)||Turnover|expenditure|(deficit)||
|||2022|2022|2022||2021|2021|2021||
|||F|F||F|F|||F|
|Social housing||||||||||
|lettings (see||||||||||
|note 5)||1,296,503|(994,813)|301,690||1,281,736|(971,978)|309,758||
|Non-social||||||||||
|housing||||||||||
|activities:||||||||||
|Nursing<br>homes*||5,965,232|(6,098,473)|(133,241)||5,864,562|(5,768,723)|95,839||
|Donations|and|||||||||
|legacies||32,674|(5,762)|26,912||68,859|(6,111)|62,748||
|Other activities||7,249|(59,212)|(51,963)||14,326|(30,930)|(16,604)||
|Subtotal||||||||||
|excluding||||||||||
|government||||||||||
|grants||7,301,658|(7,158,260)|143,398||7,229,483|(6,777,742)|451,741||
|Government||||||||||
|grants||355,585|(355,585)|||433,365|(433,365)|||
|Total including||||||||||
|government||||||||||
|grants||7,657,243|(7,513,845)|143,398||7,662,848|(7,211,107)|451,741||





## 

## 

||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||Group||||||||
||Rent receivable<br>net of identifiable|service charges|||||685,130|678,470|
||Service charge income||||||578,376|567,380|
||Net Rental Income and Turnover|from|Social Housing|||Lettings|1,263,506|1,245,850|
||Amortisation<br>of Government<br>grants||||||32,997|35,886|
||Net Income and Turnover<br>from Social||Housing||Lettings||1,296,503|1,281,736|
||Management||||||(430,943)|(403,990)|
||Services||||||(254,094)|(278,028)|
||Routine Maintenance||||||(182,758)|(153,935)|
||Depreciation<br>of housing<br>properties||||||(127,018)|(136,025)|
||Operating<br>expenditure<br>on social|housing||lettings|||(994,813)|(971,978)|
||Operating<br>surplus<br>on social housing||lettings||||301,690|309,758|
||The void costs for 2022 were f316,480 (2021 - F289,142).||||||||
|6.|Income from listed investments||||||||
||||||||2022|2021|
||Income from listed investments||||||44,968|41,239|
|7.|Interest receivable<br>and similar income||||||||
||||||||2022|2021|
|||||||||F|
||Deposit account interest receivable||||||20|275|





## 

## 

|Interest payable<br>and|similar expenses||||
|---|---|---|---|---|
||||2022|2021|
||||P|E|
|Loan interest payable|||76,877|75,687|
|Financing costs||||3,310|
|Net interest expense|in respect of defined|benefit pension scheme (Note|||
|30)|||14,000|8,000|
||||90,877|86,997|



## 

|The operating|s|urplus<br>is st|ated after charging/(crediting)<br>the fol|lowing:||
|---|---|---|---|---|---|
|||||2022|2021|
|||||F|E|
|Depreciation|of|properties||249,676|255,034|
|Depreciation|of|other tangible assets||18„251|24,815|
|Amortisation|of|government|grants|(32,997)|(35,886)|
|Operating<br>lease||charges -|other|31,166|23,087|
|Operating<br>lease||charges -|land and buildings|75,901|75,775|



## 

|Auditors'<br>remuneration||||||
|---|---|---|---|---|---|
|||||2022f|2021|
|Fees payable to the Group's|auditor for|the audit ofthe Group's|annual|||
|financial statements||||19,848|18,900|
|Fees payable to the Group's auditor||in respect of:||||
|All other services||||3,780|3,600|





## 

## 

|||Group|Group|
|---|---|---|---|
|||2022|2021f|
|Wages and salaries||4,438,145|4,436,168|
|Social security costs||352,891|342,977|
|Defined contribution|pension scheme costs|90,031|139,266|
|Defined benefit pension scheme - current service cost||40,000|34,000|
|||4,921,067|4,952,411|



|||2022|2021|
|---|---|---|---|
|||No.|No.|
|Support|Office|13|15|
|Nursing|Homes|213|216|
|Repairs|and Maintenance|4|4|
|||230|235|



|||2022|2021|
|---|---|---|---|
|||No.|No.|
|Support|Office|13|13|
|Nursing|homes|196|181|
|Repairs|and Maintenance|4|4|
|||213|198|





## 

## 

||||2022|2021|
|---|---|---|---|---|
||||F|f.|
|Key management<br>remuneration|||||
|Aggregate|of emoluments||177,762|164,950|
|Aggregate|ofpension|contributions|12,150|11,210|
||||189,912|176,160|
||||2022f|2021<br>E|
|Highest<br>paid Trustee||- Chief Executive|||
|Aggregate|of emoluments||79,845|73,426|
|Aggregate|of pension|contributions|9,269|8,522|
||||89,114|81,948|



## 

## 



## 

## 

||Freehold|Leasehold||
|---|---|---|---|
||Properties<br>F|Propertiesf|Total<br>F|
|Cost||||
|At 1 April 2021|11,931,236|1,225,480|13,156,716|
|Additions|29,597||29,597|
|At 31 March 2022|11„960,833|1,225,480|13,186„313|
|Amortisation||||
|At 1 April 2021|2,193,476|812,156|3,005,632|
|Charge for the year on owned assets|112,046|17,028|129,074|
|At 3'I March 2022|2,305,522|829,184|3,134,706|
|Net book value||||
|At 31 March 2022|9,655,311|396,296|10,051,607|
|At 31 March 2021|9,737,760|413,324|10,151,084|





## 

## 

## 

||Freehold|Leasehold||
|---|---|---|---|
||Properties|Properties|Total|
||||P|
|Cost||||
|At 1 April 2021|11,738,933|1,225,480|12,964,413|
|Additions|29,597||29,597|
|At 31 March 2022|11,768,530|1,225,480|12,994,010|
|Amortisation||||
|At 1 April 2021|2,178,785|813,903|2,992,688|
|Charge for the year|111,284|17,028|128,312|
|At 31 March 2022|2,290,069|830,931|3,121,000|
|Net book value||||
|At 31 March 2022|9,478,461|394,549|9,873,010|
|At 31 March 2021|9,560,148|411,577|9,971,725|



## 

|Number|of units|||||||
|---|---|---|---|---|---|---|---|
|||||Group|Group|Charity|Charity|
|||||2022<br>E|2021|2022f|2021<br>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|Charity|Charity|
|---|---|---|---|---|---|---|---|---|
||||||2022|2021|2022|2021|
|||||||E|||
|Improvement||work|capitalised||29,597|6,994|29,597|6,994|
|Amounts|charged||to Statement|of|||||
|Comprehensive|||Income||178,194|153,935|178,194|153,935|
||||||207,791|160,929|207,791|160,929|



## 

|Social Housing Assistance|||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2022|2021|2022|2021|
||||E||
|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<br>and||
||properties|equipment|vehicles|equipment|Total|
|||||F||
|Cost||||||
|At 1 April 2021|12,844,709|744,875|102,774|145,204|13,837,562|
|Additions|27,923||||27,923|
|Disposals|||(9,610)||(9,610)|
|At 31 March 2022|12,872,632|744,875|93,164|145,204|13,855,875|
|Depreciation||||||
|At 1 April 2021|1,835,669|717,786|100,468|103,601|2,757,524|
|Charge for the year on owned||||||
|assets|120,602|9,691|490|8,070|138,853|
|Disposals|||(8,788)||(8,788)|
|At 31 March 2022|1,956,271|727,477|92,170|111,671|2,887,589|
|Net book value||||||
|At 31 March 2022|10,916,361|17,398|994|33,533|10,968,286|
|At 31 March 2021|11,009,040|27,089|2,306|41,603|11,080,038|





## 

## 

## 

|||||Nursing<br>and||
|---|---|---|---|---|---|
|||Leasehold||Sheltered||
||Nursing|improvements||Housing||
||home|and office|Motor|fixtures<br>and||
||properties|equipment<br>F|vehicles<br>f|equipment|Total<br>F|
|Cost||||||
|At 1 April 2021|12,844,709|394,766|102,774|106,391|13,448,640|
|Additions|27,923||||27,923|
|Disposals|||(9,610)||(9,610)|
|At 31 March 2022|12,872,632|394,766|93,164|106,391|13,466,953|
|Depreciation||||||
|At 1 April 2021|1,835,669|367,677|100,468|64,788|2,368,602|
|Charge for the year on owned||||||
|assets|120,602|9,691|490|8,070|138,853|
|Disposals|||(8,788)||(8,788)|
|At 31 March 2022|1,956,271|377,368|92,170|72,858|2,498,667|
|Net book value||||||
|At 31 March 2022|10,916,361|17,398|994|33,533|10,968,286|
|At 31 March 2021|11,009,040|27,089|2,306|41,603|11,080,038|





## 

## 

## 

|Investments<br>-Gro|up a|nd Charity|||
|---|---|---|---|---|
||||2022f|2021|
|Listed investments|-valuation||||
|At 1 April|||1,788,785|1,389,588|
|Additions|||87,250|302,064|
|Disposals|||(98,732)|(217,147)|
|Movement<br>in fair value|||98,832|314,280|
|At 31 March|||1,876,135|1,788,785|
||||2022|2021|
||||E|F|
|Listed investment|comprise:||||
|Fixed interest securities|||323,034|344,070|
|Equities and Alternative||Investments|1,553,101|1,444,715|
|Total|||1„876,135|1,788,785|
||||2022|2021|
||||F||
|Other investments|||||
|Cash on deposit awaiting||investment|164,938|153,456|
|Total Investments|||2,041,073|1,942,241|



|2022|2021|
|---|---|
|E||
|1,549,744|1,558,473|





## 

|19.|Investments<br>-Charity||||
|---|---|---|---|---|
||Subsidiary<br>undertakings||||
||Investments<br>in audit exempt subsidiaries<br>comprise:||||
||BCOP Services Limited - Company||No. 06956792||
||Emma Ball and Rolason Almshouses||- Charity|No. 246857|
||Pargeter and Wand Trust - Charity|No. 210725|||



|2022|2021|
|---|---|
||F|





## 

## 

|||Group|Group|Charity|Charity|
|---|---|---|---|---|---|
|||2022|2021|2022|2021|
||||E||E|
|Small|tools||27,300||27,300|



## 

|21.|Debtors|||||||
|---|---|---|---|---|---|---|---|
|||||Group|Group|Charity|Charity|
|||||2022|2021|2022|2021|
||||||f.|E|F|
||Rent and service charge debtors|||129,580|290,330|128,496|289,693|
||Less: bad debt provision|||(7,242)|(13'l,437)|(7,242)|(131,437)|
|||||122,338|158,893|121,254|158,256|
||Prepayments|and|accrued income|77,357|77,214|76,997|77,966|
|||||199,695|236,107|198,251|236,222|
|22.|Cash at bank|and in hand||||||
|||||Group|Group|Charity|Charity|
|||||2022|2021|2022|2021|
|||||F||||
||Cash at bank|and|in hand|2,183,223|2,253,990|2,179,726|2,250,410|





## 

## 

|Creditor|s: Am|ounts<br>falling due within on|e year||||
|---|---|---|---|---|---|---|
||||Group|Group|Charity|Charity|
||||2022|2021|2022|2021|
||||E||||
|Bank loans|||3,028,805|146,983|3,028,805|146,983|
|Trade creditors|||184,244|155,793|184,244|155,793|
|Amounts|owed|to group undertakings|||868,683|841,755|
|Other taxation||and social security||74,758||74,758|
|Accruals|and other creditors||710,752|774,047|708,506|774,047|
|Funds held for||third parties||133||133|
|Deferred|capital grants (Note 26)||38,342|38,342|37,124|37,124|
||||3,962,143|1,190,056|4,827,362|2,030,593|



## 

|Creditors: Amounts<br>falling due after m|ore than one year||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2022<br>E|2021f|2022|2021|
|Bank loans|682,000|3,765,943|682,000|3,765,943|
|Deferred capital grant (Note 26)|2,756,728|2,789,725|2,642,880|2,674,659|
||3,438,728|6,555,668|3,324,880|6,440,602|





## 

## 

## 

||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
|||||f.|||
||Amounts|falling due within one year|||||
||Bank loans||3,028,805|146,983|3,028,805|146,983|
||Amounts|falling due 1-2years|||||
||Bank loans||186,000|341,548|186,000|341,548|
||Amounts|falling due 2-5years|||||
||Bank loans||496,000|3,300,395|496,000|3,300,395|
||Amounts|falling due after more than 5|||||
||years||||||
||Bank loans|||124,000||124,000|
||||3,710,805|3,9'I 2,926|3,710,805|3,912,926|
|26.|Deferred|Capital Grant|||||



|Deferred Capital Grant|||||
|---|---|---|---|---|
||Group|Group|Charity|Charity|
||2022f|2021f|2022|2021<br>E|
|As at 1 April|2,828,067|2,863,953|2,711,782|2,746,450|
|Released<br>in year|(32,997)|(35,886)|(31,778)|(34,668)|
|At 31 March|2,795,070|2,828,067|2,680,004|2,711,782|



|||||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|---|---|---|
|||||||2022|2021|2022|2021|
||||||||E||F|
|For|release|in|less|than|one year|38,342|38,342|37,124|37,124|
|For|release|in|more|than|one year|2,756,728|2,789,725|2,642,880|2,674,659|
|||||||2,795,070|2,828,067|2,680,004|2,711,783|





## 

## 

|Financial|instruments||||||||
|---|---|---|---|---|---|---|---|---|
||||||Group|Group|Charity|Charity|
||||||2022|2021f|2022|2021|
|Financial|assets||||||||
|Debt instruments<br>measured|||at amortised|cost|199,695|263,407|198,251|263,522|
|Instruments|measured|at fair|value through||||||
|income and expense|||||1,876,135|1,788,785|1,876,135|1,788,785|
||||||2,075„830|2,052,192|2,074,386|2,052,307|
|Financial|liabilities||||||||
|Measured|at amortised|cost|||(4,605,801)|(4,917,657)|(5,479,412)|(5,759,412)|



## 



## 

## 

## 

|Restricted|Reserves||||
|---|---|---|---|---|
||||Transfers||
||||from||
|||Opening|revenue|Closing|
|||balance|reserve|balance|
|||F|f.|E|
|Group 2022|||||
|Endowment|fund|34,329||34,329|
|Other Restricted||1,641,562|141,385|1,782,947|
|Total||1,675,891|141,385|1,817,276|
||||Transfers||
||||from||
|||Opening|revenue|Closing|
|||balance|reserve|balance|
|||E|||
|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||
||||from||
|||Opening|revenue|Closing|
|||balance|reserve|balance|
|||E|E|f.|
|Charity 2022|||||
|Other Restricted||768,823|(26,214)|742,609|
|Total||768,823|(26,214)|742,609|
||||Transfers||
||||from||
|||Opening|revenue|Closing|
|||balance|reserve|balance|
|||E||F|
|Charity 2021|||||
|Other Restricted||750,544|18,279|768,823|
|Total||750,544|18,279|768,823|





## 

## 

|||Opening|||Transfers to|Closing|
|---|---|---|---|---|---|---|
|||balance|Income<br>f|Expenditure<br>E|reserves|Balance<br>F|
|Robert|Harvey Sensory Street|1,100||||1,100|
|Anita Stone Court||7,708||||7,708|
|Rhodes|Trust|726,809|15,990|(43,767)||699,032|
|Belsize||3'I,139|2,200|(437)||32,902|
|Mrs Jolly's||2„067||(200)||1,867|
|Charity||768,823|18,190|(44,404)||742,609|
|Pargeter and Wand Trust||303,533|6,678|(3,873)||306,338|
|Emma|Ball and Rolason||||||
|Almshouses||569,206|33,910|(11,320)|142,204|734,000|
|Group||1,641,562|58,778|(59,597)|142,204|1,782,947|





## 

## 

|Other restricted<br>reserves -2021 are analyse|d<br>as follows:||||
|---|---|---|---|---|
||Opening|||Closing|
||balance|Income|Expenditure|balance|
||E||||
|Robert Harvey Sensory Street|1,100|||1,100|
|Anita Stone Court|7,708|||7,708|
|Rhodes Trust|711,630|15,279|(100)|726,809|
|Belsize|28,039|3,100||31,139|
|Mrs Jolly's|2,067|||2,067|
|Charity|750,544|18,379|(100)|768,823|
|Pargeter and Wand Trust|301,523|6,783|(4,773)|303„533|
|Emma Ball and Rolason Almshouses|557,472|25,173|(13,439)|569,206|
|Group|1,609,539|50,335|(18,312)|1,641,562|





## 

## 

## 



## 

## 

|||||||2022|2021|
|---|---|---|---|---|---|---|---|
|||||||OOOO|f000|
|At the beginning<br>ofthe year||||||4,493|3,893|
|Current|service cost|||||40|34|
|Administrative<br>expenses||||||5|5|
|Interest|cost|||||94|93|
|Member|contributions|||||11|12|
|Benefits|paid|||||(140)|(153)|
|Actuarial|losses/(gains)|due to scheme|experience|||177|(187)|
|Actuarial|(gains)/losses|due to changes|in demographic||assumptions|(77)|18|
|Actuarial|(gains)/losses|due to changes|in financial|assumptions||(298)|778|
|At the end ofthe year||||||4,305|4,493|



## 

||||||2022|2021|
|---|---|---|---|---|---|---|
||||||OOOO|f000|
|At the beginning|ofthe year||||3,750|3,521|
|Interest income|||||80|85|
|Experience<br>on|plan assets (excluding|amounts|included|in interest income)|||
|- (loss)/gain|||||(165)|140|
|Employer<br>contributions|||||157|145|
|Member contributions|||||11|12|
|Benefits paid|||||(140)|(153)|
|At the end ofthe year|||||3,693|3,750|





## 

## 

|||2022|2021|
|---|---|---|---|
|||FOOO|f000|
|Global Equity||708|598|
|Absolute<br>Return||148|207|
|Distressed<br>Opportunities||132|108|
|Credit Relative Value||123|118|
|Alternative<br>Risk Premia||122|141|
|Emerging<br>Markets<br>Debt||107|151|
|Risk Sharing||122|137|
|Insurance-Linked<br>Securities||86|90|
|Property||100|78|
|Infrastructure||263|250|
|Private Debt||95|89|
|Opportunistic<br>lliquid|Credit|124|95|
|High Yield||32|112|
|Opportunistic<br>Credit||13|103|
|Cash||13||
|Corporate<br>Bond Fund||246|222|
|Liquid Credit|||45|
|Long Lease Property||95|74|
|Secured Income||138|156|
|Liability<br>Driven<br>Investment||1,030|953|
|Currency<br>Hedging||(14)||
|Net Current Assets||10|23|
|Total plan assets||3,693|3,750|
|||2022|2021|
|||f000|f000|
|Defined benefit pension scheme liability||||
|Fair value of plan assets||3,693|3,750|
|Present value of plan|liabilities|(4,305)|(4,493)|
|Net pension scheme liability||(612)|(743)|





## 

## 

## 

|The amounts<br>recognised<br>in the C<br>follows:|onsolidated<br>Statement<br>of C|omprehensive<br>Income<br>(SOCI|) were as|
|---|---|---|---|
|||2022|2021|
|||OOOO|f000|
|Current service cost||40|34|
|Net interest expense||14|8|
|Administrative<br>expenses||5|5|
|Defined benefit costs recognised|in SOCI|59|47|



||||||||2022|2021|
|---|---|---|---|---|---|---|---|---|
||||||||E|F|
|Experience<br>on plan assets||(excluding|amounts<br>included|||in interest income)|||
|- (losses)/gains|||||||(165)|140|
|Actuarial<br>(losses)/gains|due|to scheme||experience|||(177)|187|
|Actuarial<br>gains/(losses)|due|to changes||in demographic||assumptions|77|(18)|
|Actuarial<br>gains/(losses)|due|to changes||in financial|assumptions||298|(778)|
|Gains/(losses)<br>recognised||in OCI|||||33|(469)|





## 

## 

|Principal<br>actuarial<br>assumptions<br>at the reporting<br>date (express|ed as weighted<br>averages):||
|---|---|---|
||2022|2021|
||0/|0/|
|Discount rate|2.79||
|Future salary increases|4.23|3.84|
|Inflation (RPI)|3.66|3.31|
|Inflation (CPI)|3.23|2.84|
|Mortality rates|||
|-for a male aged 65 now|21.1 years|21.6years|
|-at 65for a male aged 45 now|22.4years|22.9years|
|-for a female aged 65 now|23.7years|23.5years|
|-at 65for a female member aged 45 now|25.2years|25.1 years|



## 

||||Group|Group|Charity|Charity|
|---|---|---|---|---|---|---|
||||2022|2021|2022|2021|
||||f.||||
|Not later than||1 year|73,500|83,069|73,500|83,069|
|Later than|1 year and not later than 5 years||12,682|45,963|12,682|45,963|
||||86,182|129,032|86,182|129,032|



## 



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