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2023-03-31-accounts

Trustees D Sizer (Chair D Sizer (Chair ofBoard) ofBoard) ofBoard)
H Gore (Chief Executive) (appointed 27 June 2022)
J Bennett
N Bradbury
T Pattni
EDavies (appointed 23 November 2022)
J Lindon-Lewis (appointed 23 November 2022)
P Mandleberg (appointed 24 May 2023)
G Hall (appointed 6 September 2023)
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 and
Investment managers Barclays Bank pic
6th Floor
1 Snowhill
Birmingham
B46GH
Royal Bank of Scotland pic
57 Calthorpe Road
Edgbaston
Birmingham
B151TI
Quilter Cheviot Limited
Senator House
85 Queen Victoria Street
London
EC4V 4AB
Webslte www. bcop.org.uk
Charity number 1074954
Regulator ofsocial housing
registration number L4218

Page
Group Strategic Report 1-24
Trustees'
Report		 25-2B
Trustees' Responsibilities
Statement		 27
independent
Auditors'
Report		 28- 31
Consolidated
Statement ofComprehensive		 income 32
Consolidated
Statement ofFinancial		 Position
Charity Statement of Financial Position 34
Consolidated
Statement ofChanges		 In Reserves 35
Charity Statement ofChanges
in Reserves		 38
Consolidated
Statement ofCash Flows		 37-38
Consolidated
Analysis of Net Debt
Notes to the Financial Statements 40- 70

Our iprhxitles ter Key~&as Key~&as Key udahavlmstsas:
ZXt2-ZCB:
STRATEGIC 'I'URPC%
=l~ ihabih'tV cf		 V&nimiseiree anr Tlid Incidence
anJ seve rnid of CGalc-I'9 I&5
$0&0eua IIjy Ir ~ci ef Cu~id ~Bupn; reduced ciamalicaliI, thr~; effecbve
xtvjce servk".es infmtior.
mnh els arel iake up el vaccinaiiem.
'aYe ne lunger
are~ to wegulariq tesl. and
Cc'aid ts n:w a regtdat' pari of inlecilan centml
precedes
;:r~Gaed rati~ (mid
Cac aidkeq stakehelders		 Care Quaky Cornmluion
have centsr~
wiiI~
&heir susfaehacn cfroutine care heneer siie
(nspeciiere,
inst ac reptacinft
»sth tlulr &re.t
Merltanrgkpprmch-
virtually
chwlfntl
~n and
erg e»ten~i tnielilqence.
,AII lhree!barres
have shus far centir»jed ie rrz~nlain
lhir Gee 0
rabnft. SVe expect ln "pemon Inspeciia ns I0
ntsu~
and be conduced
irnminenljy.
pk~ent
impre~&mw~s
ar&' best pranlce
knrm~e
a-ross all
Q fuse'es		 CCGp'NW
anJ3CIC)~AUII»Jrit)
InspeztKi-ts
ai all homes he~~ z~ aft&d tn a,sijvet award.
Tlsese are osrenljy u der rc'iie»v and sve are
43pjntT 4I' Geld kl sterne Iccatlans. i-„aArg
frey~ tun~er of manatter
at A5C rn@
result in a do»vrqracfe
—tha~i a bronm
is steal
Wficient sc reiain locaI auttanty
corn&a=t..
'sVe ne lunger corctees the- reductive of
RecerJar4 tescl»'e
con'plaiMs
ln a t» net'I		 complatrtts
toIx!a valcj
f'.MasL'te a. Eve sih3uSd
er~urage
hanesl. fuck vh"ther posni~a er
reqahve teanal
us to constantli' resiea a.'r
service ane sq.i rr~
We na w L lie-.c lhe
app&eprize
KPIic he It@num,.ke ef mmyla&. ks
(as,a%Itc be jes&ved at ll». first stan. We
Qan to re6ev~ &he ~ay v e Iecon" and trask
complairns
to make ile cr&lalicr» n~ore
siraiqhtlc(&var
d.
rnprove occupahc~' tares
at when'es		 Oco pan+'ha
retentl~'
lmpfnvee
at 4M~
and
VaVH, thuueh
v»'0 Azi' rxsi Icarus on
rnarPimrq
ir~m Ieawjs. RHH hac it; LMcck
bmitinii c I beds cancels& as ss she net»' CCG
p6kLr. TLIRT.Ied Ioa I &K in" tease in ames al
RH-'. vAk:h fl~g ai eIe~s g cn red':injj.
Our r~w Markebrg
rr'anadem
v.Increasin
c».r
orsr+ presence io aide er~uriesi'reten
a4 inde
hames. An aJI&rnnradia
campalp~ aiii be@is
ar& focus on RHH.

:-r~business
resilw~		 ;Inanciai u.rplus ard
per4rrna r~		 ;Inanciai u.rplus ard
per4rrna r~		 ;Inanciai u.rplus ard
per4rrna r~		 Tiie anriuai account: sl'~v~' a Ios' cf X5'73.8l:.
TNs is Iar~elq iceta peer cess:pence k-isis arm
h'gh ~en~ spends.
,R~datory. "'.Z 5
cemph Iare.e		 ~airs aicbunq'
KiK, lar~lg te ensure H8
corn pliarice, ane 'lel.-WIIt'I' of mid;. Yye aim te
Iiave two uniis lor~ ground, cne uppa
flee~
v tu.'re applicable
te 'showcase' os preperIIes.
3usiness de~e4pment
ar& respensiewms
te
char+I g mafkei,		 'sVe hair revieivee
differark refenlrq. agericie".
vile ci~r~m a ubscrlpiiar~
We!have Iiui fciund
these ic eellieI outipuis
and su milI riM be
~rq. Focus an building
reiab~'hip;
v iih
hasprial:. GPs, and Adult ~ill Care parirzrs.
C~niract revtms ~
oi 'v'alue 4r %&r~y
reAesv		 part ,Mileage
supplier
fair deanlng prowl
and
~AYIRStr~
feund eur Mlslifg!bMkcr
could c entire te de'iver Lest value
an e
~used
La dlsuxmI
I uepuliliiies
reviewed
wi4h care ccinseriium-
iaui e asti.q ccrdra -I svnuid, recure lull seirn
penalty. Ins~r v.w are renegeiiaiuq
kwer
~in pnce in turn fot a scani~r centraLl penod
Msiea
ITe'uteg		 sii sin".i Gamrrien~
irrplerr~ntasian
oi' Beard
appreved thlez I
ter tate~=: ftI Iiave t3ettur, transibori teneo; ITsup perl.
prcel he» @.hn mill then iaij:erJver l~ing oui.
em. This v8 resuli
in a lItches nmnihl
qke
its, current mpperl
pnrAeer does rial
lhasa& Let
gives total cenfidw~e oldna secunty and
access se irilortratieri,
alanna viiilhremev~
the
n~ to spend up tc C1IKII.replaorq
eur 4IIlnII
JLCf4erst.

wprove
eiur v at".		 wprove
eiur v at".		 mprove seen.itmenk arx ~ &taft m-rizt tnenk ara retmaton
ser'atn
kkttteal		 to
ot marking
to
c~that %'e		 are retentier,
sviih people
'«ho share m.r values		 the eemtsten=.
q'cfIcfvtce 'that Ae offel.
rn the
tatter halt of2022 Z~turne~ across 3"CP vvas
be-tter attte tc cto'mls kn 16Ãi
rneos fLture
elernan&: i&~e
atit.~ hearkot
eur		 VakK.'. de&.t'~ and
rnottNse
staff		 ~ '6a have trussed
on more struetureci
QJpefv&on~~vAteh
hhlttl isuppert
staft ln
adieu~ thar arnkttttere
as mell as prancing
evsdenee ol tke ceal tty ofItair pet4rrn~e
ar~
ilnnes" to tarakktee.
Mtt oL-i ot ergardsational
irairirg matrtl
aetording
ie rate and grade to
enhance
st alt		 ~,:r~tAng oJr ktaintng
rnakrkces are cnnstskew
acros: senses
is an a~eing pro'sic, renbirerq
oJr dilfererk kmrnirq
t lalfotrns.
cte aetnpment
ane
capabil
tty
~trit'Qktien
absel~		 ~ Q,'e ttaiv.~ded~eIc~q teiw sickness
rnaragemenk
ari		 and.are re~ieaing our precess ia erasure
tFYQrce controls that it is dear and transpar~.
with censisten		 q
regarding
irqiiters 4r cceupattoral
sick pay, ane
poienksal
a-bon for tery tetm ert~d
abse ncaa&
'~hed
huskee resruitrnern
sarrpatsrike
tteenatt ne~ Board attract r~m Beard MetnLwrs —we se-urM three
rnerntt its ra.a trustees ir.22 23 and are eurrernlV
in tkr'
proc~ c4on bnarcintt
ten imere.
Financial
results
The consolidated income and expenditure account has recorded
an overall operating
deficit on ordinary		 activities
for the year off210,362(2022: surplus
of		 F143,398). This encompassed:
Nursing
Home		 deficit off411,802 (2022:f133,241)
Social Housing lettings
surplus
of6188,588(2022:f301,690)
Donations and Legacies surplus
of		 615,422 (2022:f26,912)
Other activities deficit ofE2,570 (2022:f51,963)

IP.rinciyal risks IP.rinciyal risks IRisk appetite IKeycontrols/actions IKeycontrols/actions
Quality af care is Thc charity
is committed ta		 ~ 5crutiny
and reporting
from the
impa~ted praviding
good quality care and		 Gp- rations Committee.
negatively. suppart,
minimising
the patential		 e Audit
and line ofsight reporting
Serious service
disruption
e.g
pandemic		 for service failures ar discontinuity
such as safeguarding,
serious
incidents arother regulatory
or
legislative
breach.		 ~
~		 staff training
in key areas e.g infe~aian
control, safeguarding,
general care
Electronic care records, and
natif!cations to CQ,C:
~ Effective communications
v!fth
regulate rs, commissioners,
and
families
~ complaints
managerr ent.
e Business continuity
plans.
Whisdeblavting
paNcy
IFailure of we operate
in a Ihighly regulated		 ~ scrutiny
and reporting
by the Audit
financial ancl financially
challienged sector.		 cammittee.
sustainab8ity
-pnce		 e.g. We need to ensure sufficient
surplus ta enable effective finan6al		 ~ Fees are agreed in advance
~vith
commissioners
or self-funders
with
-liquidity
credit
-cash flav		 and operational
management.
Key f!nancial conce! ns are:
i the fee income not rising at
sufficient tc meet the rising
and standard=- ofsocial care		 a rate
casts		 ~
~		 f!xed payment
cycles.
Payment ofsuppliers
managed
with
our payment
terms.
Improved farec~ing to ensure an
appropriate
cashfloiv, liquidity
and
e increasing uncertainties
in the		 ability ta meet boireiving
commissiomng
environment		 v6th cammitmE nts.
reduced
lacal authority
and		 health ~ Clos- monitoring
and reporting
an
budgets bank covenants
against existing loans.
~ exhausting
funds for those who
pay privat-ly		 Use offore-asting,
scenaric
and
stress-testing
to understand
relations
betv!zen occupancy, fees and staffing
asthe key business drivers. Budgetary
process and controls, monthly
rr anagement
reporting
including
dashbaards
and variation
monitonng
~ Robust and reali tic budgeting,
with
fees set vsith an a!m for full cast
recovery.

PnncIpal Jlsks PnncIpal Jlsks IRisk appetite IRisk appetite IKey contraire' actions IKey contraire' actions
compliance xvith Thc
charity
operates
in
a
highly		 ~
regulatory and regulated sector.
Failure ta meet		 reports through
Care Quality
&atutory these requirements
v~ould
result
in		 Ca&omission
and allied bodie=-.
requirement:- risk of harm tc service
users
and
einploye-s
which i- nat acceptable.
Board
has
na
appetite
for
services
to
operate
outside
regulate-ry
requirements.		 ~ Policies and procedure-
which
reinforce a culture ofcompliance.
A Quality Assurance
framework
vAich
monitor
compliance
and
progress
against any Development
and Action
plans, including
Line of sight and
exceptional
reportting. These reports in
ZDZ3-24 all combined
in asi~e
document
(Sip)
~ Appropriate
level af resource made
available far staff training
~ Training matrix that is role-and-grade
specifi .
safeguarding
policy End training.
~ Use cfexternal compliance
expertise /
auditors
in H R and Health 6Safety,
inc'luding
Fire Risk compliance.
Failure
to attract		 TfI- Eioard recagnises that Naff form ~ Implenientation
af Real Lluing Vfage
and retain the heart of the organisation;
i,vith		 for ZDZ3-24
wcrkf cree that the majarity of colleagues
involved		 ~ Implementation
cfnew supervision
elTlbodles
our
culture 8ethos		 in frontline services.
CoIleagues are
recruited
in relation. to their fit ivith		 framework, to support deuelopment
and ambition
Es &veil as evidence
the orgsnisationaI
value		 fitnsss ta practi~-.
e Biannual
HR reporting
on staff metrics.
Along ivith
recognise
recruitment
and
care		 other cere providers,
we
the
challenges
around
and retention of numbing
teanis
given
the
more		 ~ Clear jc4 descriptions
and contracts.
staff wellbeing
surveys and 'check-ins'
by senior staff.
competitive salaries
and
erriplayee		 ~ Contingent,
rapid response
planning
in
benefits af'the
NHZ, changing
public		 place to minimise
disruptian
should
perception of care homes,
and thE		 critical staff members
leaue the
reputstian ofthe social care sector. organisation.
Investment
in systems
and processes
tc support operatiional
efficiency e.g. e-
care planning
~ Monitor sickness absencE.

Principal rislis rislis Key coatroW'actions Key coatroW'actions
Strategic Risks Th- Board is mindful
ofthe balance		 ~ Strategic Risk Register as a standing
related to between
providing
sufficient
'turn		 item on Board and Audit Committee
underperforming ar ouncf' time for sentices against the meetings.
(naw in SIP'
~» financial
sustainability
of the whatc
organisation.		 Additional
controls
in place far
planning
and monitonng
agency use.
vvhilst we have always been
l een to		 elmer ccorcHnation bet veen the
secure
a
permanent
manager
whenever
there is a vacancy, we &vill
not
compromise
on
quality
and		 5vpport Office and the administrative
function
in the nursing homes.
underpeiformance
or
nan-
campliance
with
policy)'legislative		 e Regular/frequent
support from DoO
for new managers
in past
requirements
wilt not be accepted.		 e New managers
given peer support ta
help leam BOP systems and processes
Operational rLAs As
a front
line
care service,
our		 e Camprehensive
setof policfe» and
reputstian
is closely aligned to how		 procedures that are supported
through
sve manage,
develop and respond to		 staff induction
and cascaded through
issues
that
may
arise
within
our		 staff updates.
seivices.~ organisation
adopts a
transparent
approach
to 5 aling		 ~ Review ofsystems and proce~- ta
ensure
asatlsf~~
level of
ivlth such rnatter.
in order ta meet		 operational
effici-ncy
our duty ofcandour. ~ Reporting ta the Board ~vith clear
escalation
policy from frontline
services to management,
senior
rrianagement,
CEO and Board around
issues af~vhistieblov'ing,
serious
incidents, fraud or other concerns.
~ Business cantinvrty
measures
in
relation ta rr critical failure ar other
farms ofbu=-iness interruption.

Variatloe bgksvaan Paer group median. Paer group median. ZM1~
Years.2%2atsct 2%5
a. Relnkastment %2&,557 E4'~~BI% ~ease Iln a@Ilk'\t t' Ahsc/ute tsures mat available
EniJates Ewates tnlinaing
tl~
&n O.TW tu II.3!6 'in TI.4% appar'irnent
ill ihe
~r serkitns
Fllariel Iier
b
N'ekk		 S.pplV 3CGP Ssno I ahousing
(I'kraal and Nnn M&eklpef
Enida I +Qk5'KQ
c.Geaisrui Marginal irmaase af 262itTk fram, prek tnus tear
ik~~pl TWi due tr. the eHest
cd i&AcgntsabQn
GI
IrJara
d.ERTDis Ei.6'ik Redu
ed piti:Lain		 Not akasaHe
tmt&ip I Oso.par~r.
e EEITDa. r~'IRI Operating
defiat due sn		 369Kprekiinus 'Qaf
I line
Mst		 server IGva'er wzupalKiii. 1lss
(-.Graupl p&wskjre K a 4Q
irDkatnr '4r Iltluldlty
ave ink~e srrcrk
rity
EizQP6rM a
.-;iX5ti+ dLNl epQ I'.
t. '.-.eadline Seaal X6,2O' f6.632 ":rKxcased repair s %4.356 lrnn preiikbk. s~r
=:i~rig Cust per acilk'ill'I' cud
LQ tkxdklng
UA'I klkinrg Isaridernic
tt. DperaslnR Operatirq,
def&at due Te		 23'4 IMfp pM'i Inus )c'ai
Margin % ;&Blitt learn ac upanty ar4
+f&ipl ir~reased rests.
:-crdQritT perlefmanse
ckwtr~ due to vcids
tk. R~curn nn T sic Operatintt
deilot due 'le		 2.9k Inn". preiieus kk"ar
Capital En.pinged Riser m" upanty ar6
(Roi:-!h lGruup, ' Ir&reased tests

ZOZZ'23 ZOZZ'23 Yaqlot, 2623-'2'4
Quait t't'—sefvKe5 recei~ 1RK 1M'
agaad Z~ rating or a'ham
~bzo )
Char@,e metric
to Ihe~r
cd compt'aint~
reiolved at fnk
ftagE
Quality —carel~~.
warm		 uk A9C
VIV»'		 9&
9.8		 A5C
96
'XIV;.-. 9.8		 Alm for9.8far
all~&a~
(ieadvq care ream sNe for RHI--' 9.2 iPiH~ 9,$
farnl l and friene:. %corm
oui o4 ZB)		 (SWAM Slli INRCll@9
in Laah ~ma due
MP. IIUWV1 l1Hlg
Il1 ILIA ~%1)
e: —~~talf tL'rnavep' 'h Maintain
betook
(Due toVCO3 3'iy'.
4can ~Stion
from NW, '&
e- slaff =Icbm:s%;of tAalniain 'be~
total hm~ 15%
oca~rmr tevzl Akf AAg 94 2'4 Nur~nq,
8'» 7%L: S~2', House~
,'-w~~Ag
K2 ~K
Oavrheacico:I ac% of Peer~r i~
turnoi'cil IGreLip.i 17..Pter
Wppurt
Oil&ceco:I:as% oi		 Tar~ al 1M,
TLmceer IGru:p)
ai~,'Mankenari e 51'~.,172 f225, ' 43
canhnjou:
relic%b~
on~t'I'
aRMHrra&5
anc:tack
candlboA
Qifv L'~'

2023 2022
Turnover Note
4 7,667,221 7,657,243
Operating
expenditure		 4 (7,877,683) (7,513,845)
Gross (loss)/profit 4,9 (210,362) 143,398
Fair value movements on investments 18 (167,876) 98,832
Income from listed investments 49,763 44,968
Interest receivable
and		 similar income 2,124 20
Interest payable
and similar expenses		 (247,467) (90,877)
(Loss)/profit forthe financial year (673,827) 196,341
Actuarial
(losses)/gains		 in respect ofdefined benefit pension scheme 30 (87,000) 33,000
Other comprehensive (expense)/income for the year (87,000) 33,000
Total comprehensive (expense)/income for the year (660,827) 229,341

As restated
2023 2022
Note f.
Fixed assets
Housing
properties		 14 9,949,936 10,051,607
Other tangible assets 17 10,889,488 10,968,286
Investments 18 1,863,090 2,041,073
22,702,514 23,060,966
Current assets
Debtors 20 393,761 199,695
Cash at bank and in hand 21 1,937,025 2,183,223
2,330,786 2,382,918
Creditors: amounts falling due within one year 22 (1,572,986) (4,141,404)
Net current assets/{liabilities) 757,800 {1,758,486)
Total assets less current liabilities 23,460,314 21,302,480
Creditors: amounts
one year		 falling due after inore than 23 (6,294,389) (3,438,728)
Net assets excluding pension liability 17,165,925 17,863,752
Defined
benefit pension scheme		 liability 30 (575,000) (612,000)
Net assets 16,590,925 17,251,752
Capital and reserves
Endowment
Fund		 28 34,329 34,329
Restricted
Funds		 28 1,836,091 1,782,947
Revenue
Reserve		 27 14,720,505 15,434,476
16,590,925 17,251,752

As restated
2023 2022
Note K
Fixed assets
Housing
properties		 14 9,772,101 9,873,010
Other tangible assets 17 10,889,488 10,9M,286
Investments 18 1,8B3,090 2,041,073
22,624,879 22,882,369
Current assets
Debtois 20 392,050 198,251
Cash at bank and in hand 21 1,933,622 2,179,726
2,325,672 2,377,977
Creditors: amounts falling due within one year 22 (2,472,380) (5,006,623)
Net current liabilities (148,708) (2,628,646)
Total assets less current liabilities 22,377,971 20,253,723
Creditors: amounts
one year		 falling due after more than 23 (6,181,760} (3,324,880)
Net assets excluding pension liability 16,196,211 16,928,843
Defined benefit pension scheme liability 30 (676,000) (612,000)
Net assets 16,621,211 16,316,843
Capital and reserves
Restricted Funds 28 762,166 742,609
Revenue Reserve 14,869,046 15,574,234
16,621,211 16,316,843

Endowment Restricted Revenue
Fund Funds Reserve Total equity
E
At 1 April 2021 (as previously stated) 34,329 1,641,562 15,525,781 17,201,672
Prior year adjustment (179,261) (179,261)
At 1 April 2021 (as restated) 34,329 1,641,562 15,346,520 17,022,411
Comprehensive
income for the year
Surplus for the year 196,341 196,341
Actuarial
gain on defined		 benefit pension scheme 33,QQQ 33,000
Transfers
(Note 28)		 141,385 (141,385)
At 1 April 2Q22 34,329 1,782,947 15,434,476 17,251,752
Comprehensive
income for the year
Deficit for the year (573,827) (573,827)
Actuarial
loss on defined		 benefit pension scheme (87,000) (87,000)
Transfers (Note 28) 53,144 (53,144)
At 31 March 2023 34,329 1,836,091 14,720,505 16,590,925

Restricted Revenue
Funds Reserve Total equity
E
At 1 April 2021 (as previously stated) 768,823 15,524,654 16,293,377
Prior year adjustment (178,261) (179,261)
At 1 April 2021 (as restated) 768,823 15,345,293 1B,114,116
Comprehensive
Income for the year
Surplus for the year 168,727 168,727
Actuarial
gain on defined benefit pension scheme		 33,000 33,000
Transfers (Note 28) (26,214) 26,214
At 1 April 2022 742,609 16,674,234 16,31B,843
Comprehensive
Income for the year
Deficit for the year (608,632) (608,632)
Actuarial
loss on defined benefit pension scheme		 (87,000) (87,000)
Transfers (Note 28) 19,557 (18,557)
At 31March 2023 762,1BB 14,859,045 15,621,211

2023 2022
F
Cash flows from operating activities
(Deficit)/surplus
for the financial		 year (573,827) 196,341
Adjustments
for:
Amortisation
ofdeferred
capital		 grant (38,776) (32,997)
Depreciation
oftangible assets		 287,900 267,927
Profit on disposal oftangible assets (4,178)
Interest payable 247,467 90,877
Investment
income and interest		 receivable (51,877) (44,988)
Decrease
in stocks		 27,300
(Increase)/decrease
in debtors		 (192,868) 36,412
Increase/(decrease)
in creditors		 192,958 (109,735)
Fair value movement
on investments		 167,875 (98,832)
Pension
contributions
paid		 (162,000) (157,000)
Pension scheme costs 22,138 44,636
Net cash (used In)/generated from operating activities (101,010) 215,763
Cash flows from investing activities
Purchase oftangible
fixed assets		 (107,431) (57,520)
Sale oftangible assets 5,000
Purchase oflisted investments (106,825) (87,250)
Sale of listed investments 57,320 98,732
Interest
received		 2,124 20
Income from listed investments 49,753 44,968
Net cash {used in)/from
investing		 activities (105,059) 3,950
Cash flows from financing activities
Net movement
on borrowings		 75,461 (202,121)
Loan interest
paid		 (174,867) (76,877)
Net cash used in financing activities (99,406) (278,998)
Net decrease
in cash and cash equivalents		 (305,475) (59,285)
Cash and cash equivalents
at beginning		 ofyear 2,348,161 2,407,446
Cash and cash equivalents at the end ofyear 2,042,686 2,348,161

2023 2022
R R
Cash and cash equivalents at the end ofyear comprise:
Cash at bank and in hand 1,637,026 2,183,223
Cash on deposit awaiting investment 105,661 164,938
2,042,686 2,348,161

At 1 April At 31 INarch
2022 Cash flows 2023
f. E
Cash at bank and in hand 2,183,223 (246,198) 1,937,025
Debt due aRer 1 year (682,000) (2„894,436) (3,576,436)
Debt due within
1 year		 (3,028,805) 2,761,375 (267,430)
(1,527,582) (379,259) (1,906,841)

Operating Operating
Operating surplus
I		 Operating surplus
I
Turnover expenditure (deficit) Turnover expenditure (deficit)
2023 2023 2023 2Q22 2022 2022
E f.
Social housing
lettings
(see Note		 5) 1,267,098 (1,078,510) 188,588 1,263,506 (961,816) 301,690
Non-social
housing
activities:
Nursing
homes*		 6,175,681 (6,587,483) (411,802) 5,998,229 (6,131,470) (133,241)
Donations and
legacies 39,533 (24,111) 15,422 32,674 (5,762) 26,912
Other activities 113,532 (116,102) (2,570) 7,249 (59,212) (61,963)
7,595,844 (7,806,206) (21Q„362) 7,301,658 (7,158,260) 143,398
Government
grants 71,377 (T1,37T) 355,585 (355,585)
7,667,221 (T,877,583) (210,362) 7,657,243 (7,513,845) 143,398

5. Particulars
ofIncome and expenditure		 Particulars
ofIncome and expenditure		 from social housing from social housing from social housing from social housing lettings
2023 2022
Group
Rent receivable
net of identifiable		 service charges 685,664 685,130
Service charge income 581,434 578,376
Net Rental Income and Turnover from Social Housing Lettings 1,267,098 1,263,506
Arnortisation
ofGovernment
grants		 38,776 32,997
Net Income and Turnover from Social Housing Lettings 1,305,8'74 1,296,503
Management (443,586) (430,943)
Services (252,325) (254,094)
Routine Maintenance (278,650) (182,758)
Depreciation
ofhousing
properties		 (141,725) (127,018)
Operating
expenditure
on social		 housing lettings (1,117,286) (994,813)
Operating
surplus
on social housing		 lettings 188,588 301,690
The void costs for the year were E278,001 (2022 - f316,480).
6. Income from listed Investments
2023 2022
Income from listed investments 48,753 44,968
7. Interest receivable and similar Income
2023 2022f
Deposit account interest receivable 2,124

2023 2022
Loan interest payable 174,867 76,877
Amortisation offinancing costs 67,600
Net interest
(Note 30)		 expense in respect of defined benefit pension scheme 16,000 14,000
247,467 90,877

The operating
(deficit)/surplus		 is stated after charging/(crediting)
the followin		 g:
2023 2022
E
Depreciation
of properties		 266,099 249,676
Depreciation
ofother tangible assets		 21,801 18,251
Amortisation
ofgovernment		 grants (38,776) (32,997)
Operating
lease charges - other		 17,264 31,166
Operating
lease charges - land and buildings		 102,461 75,901
Auditors'
remuneration
2023 2022
Fees payable
to the Group's
financial
statements		 auditor for the audit ofthe Group's annual 21,840 19,848
Fees payable to the Group's auditor ln respect of:
All other services 4,168 3,780

Group Group
2023 2022
Wages and salaries 4,379,794 4,438,145
Social security costs 374,009 352,891
Defined contribution pension scheme costs 123,189 90,031
Defined benefit pension scheme - current service cost 18,000 40,000
4,894,992 4,921,067
The av erage
monthly
number ofemployees,
including
 the Trustees,
during the year was as follo		 ws:
2023 2022
No. No.
Support Office 18 13
Nursing Homes 210 213
Repairs and Maintenance 2 4
230 230
The ave rage
number ofemployees
in the year expresse		 d as full-time equivalents
was as follows		 :
2023 2022
No. No.
Support Office 18 13
Nursing Homes 87 196
Repairs and Maintenance 2 4
107 213

Their emol uments
con		 sist of salary and the value attributed
to		 benefits
in kind.
2023 2022
Key management
remuneration
Aggregate ofemoluments 174,848 177,762
Aggregate of pension contributions 5,173 12,150
180,021 189,912
2023 2022
Highest
paid Trustee		 - Chief Executive
Aggregate ofemoluments 61,836 79,845
Aggregate of pension contributions 1,846 9,269
63,682 89,114

Leasehold Freehold
Properties Properties Total
E E E
Cost
At 1 April 2022 1,225,480 11,960,833 13,186,313
Additions 16,939 48,149 65,088
Reciass to other tangible assets (21,280) (21,280)
At 31 March 2023 1„242/19 11,987,702 13,230,121
Depreciation
At 1 April 2022 829,184 2,305,522 3,134,706
Charge for the year 31,568 113,911 145,47S
At 31 March 2023 860,752 2,419,433 3,280,185
Net book value
At 31 March 2023 381,BB7 9,568,269 9,949,936
At 31 March 2022 396,296 9,655,311 10,051,607

Leasehold Freehold
Properties Properties Total
E E
Cost
At 1 April 2022 1,225,480 11,768,530 12,994,010
Additions 16,939 48,149 66,088
Reclass to other tangible assets (21,280) (21,280)
At 31 March 2023 1,242,419 11,795,399 13,037,818
Depreciation
At 1 April 2022 830,931 2,290,069 3,121,000
Charge for the year 31,568 113,149 144,717
At 31 March 2023 862,499 2,403,218 3,265,717
Net book value
At 31 March 2023 379,920 9,392,181 9,772,101
At 31 March 2022 394,549 9,478,461 9,873,010

Accomm odation
owne		 d, managed
and in de		 velopment
Group
2023		 Group
2022		 Charity
2023		 Charity
2022
E R
Number ofunits owned and managed
Nursing and residential home bed spaces 128 129 128 130
Housing accommodation 144 148 138 142
Shared ownership 4 2 4 2
Managed on behalf ofothers 10 10 16 16
287 289 287 290

Group Group Charity Charity
2023
K		 2022f 2023 2022
R
Improvement work capitaiised 65,088 29,597 65,088 29,597
Amounts
charged		 to Statement of
Comprehensive Income 165,314 178,194 164,743 178,194
230,402 207,791 228,831 207,791
Social Housing Assistance
Group
2023		 Group
2022		 Charity
2023		 Charity
2022
E
Capital grants received for social housing
assistance 3,432,748 3,432,748 3,294,548 3,294,548

Nursing
and
Leasehold sheltered
Nursing improvements housing
home and office Motor fixtures and
properties equipment vehicles equipment Total
E E
Cost or valuation
At 1 April 2022 12,872,632 744,875 93,164 145,204 13,855,875
Additions 42,343 42,343
Re class
Properties		 from Housing 21,280 21,280
At 31 March 2023 12,872,632 744,875 93,164 208,827 13,919,498
Depreciation
At 1 April 2022 1,956,271 727,477 92,170 111,671 2,887,589
Charge for the year 120,620 9,166 994 11,641 142,421
At 31 March 2023 2,076,8S1 736,643 93,164 123,312 3,030,010
Net book value
At 31 March 2023 10,?95,741 8,232 85,515 10,889,488
At 31 March 2022 10,916,361 17,398 994 33,533 10,968,286

Nursing
and
Leasehold Sheltered
Nursing improvements Housing
home and oNce Motor fixtures and
properties equipment vehicles equipment Total
E
Cost
At 1 April 2022 12,872,632 394,766 93,164 106,391 13,466,953
Additions 42,343 42,343
Reclass from Housing
Properties 21,280 21,280
At 31 March 2023 12,872,632 394,766 93,164 170,014 13,530,5'76
Depreciation
At 1 April 2022 1,956„271 377,368 92,170 72,858 2,498,667
Charge for the year 120,620 9,166 994 11,641 142,421
At 31 March 2023 2,076,891 386,534 93,164 84,499 2,641,088
Net book value
At 31 March 2023 10,795,741 8,232 85,515 10,889~8
At 31 March 2022 10,916,361 17,398 994 33,533 10,968,286

2023 2022
Listed investments -valuation
At 1 April 1,876,135 1,788,785
Additions 106,825 87,250
Disposals (67,320) (98,732)
Movement
in fair value		 (167,875) 98,832
At 31 March 1,757,765 1,876,135
2023 2022
R
Listed investments comprise:
Fixed interest securities 323,384 323,034
Equities and Alternative Investments 1,434,381 1,553,101
Total 1,757,765 1,876,135
2023 2022
E f,
Other investments
Cash on deposit awaiting investment 105,651 164,938
Total investments 1,863,090 2,041,073

2023 2022
f.
Investments
In audit exempt subsidiaries
comprise:
BCOP Services Limited - Company
No. 06956792
Emma Ball and Rolason Almshouses
-Charity No. 246857
Pargeter and Wand Trust - Charity No. 210725

20. Debtors
Group
2023		 Group
2022		 Charity
2023		 Charity
2022
R
Rent and service charge debtors 222,738 129,580 221,986 128,496
Less: bad debt provision (10,270) (7,242) (10,270) (7,242)
212,468 122,338 211,716 121,254
Other debtors 1,198 1,198
Prepayments and accrued income 180,096 77,357 179,137 76,997
393,761 199,695 392,060 198,251
21. Cash and cash equivalents
Group Group Charity Charity
2023 2022 2023 2022
F
Cash at bank and in hand 1,937,025 2,183,223 1,933,622 2,179,726

Creditors : Amounts
falling due within on		 e year
Group Group Charity Charity
As restated As restated
2023 2022 2023 2022
Bank loans 267,430 3,028,805 267,430 3,028,805
Trade creditors 391,372 184,244 391,3?2 184,244
Amounts owed to group undertakings 902,858 868,683
Other taxation and social security 73,901 '73,901
Other creditors 431 431
Accruals 801,611 890,013 799,264 887,767
Deferred capital grants (Note 25) 38,341 38,342 37,124 37,124
1,672,986 4,141,404 2,472,380 5,006,623

Creditors: Amounts
falling due after mo		 re than one year
Group Group Charity Charity
2023 2022 2023 2022
E
Bankloans 3,576,436 682,000 3,576,436 682,000
Deferred capital grants (Note 25) 2,717,953 2,756,728 2,605,324 2,642,880
6,294,389 3,438,728 6,181,760 3,324,880

Group Group Charity Charity
2023 2022 2023 2022
E
Amounts falling due within one year
Bank loans 267,430 3,028,805 267,430 3,028,805
Amounts falling due 1-2years
Bank loans 291,209 186,000 291,209 186,000
Amounts falling due 24years
Bank loans 3,286,227 496,000 3,285,227 496,000
3,843,866 3,710,805 3,843,866 3,710,805

Deferred Capital Grant
Group
2023		 Group
2022		 Charity
2023		 Charity
2022
As at 1 April 2,795,070 2,828,067 2,680,004 2,711,782
Released
in the year		 (38,776) (32,997) (37,556) (31,778)
At31March 2,756,294 2,795,070 2,842,448 2,680,004
Group
2023		 Group
2022		 Charity
2023		 Charity
2022
For release in less than one year 38,341 38,342 37,124 37,124
For release in more than one year 2,717,953 2,756,728 2,605,324 2,642,880
2,756,294 2,795,070 2,642,448 2,680,004

Financial instruments
Group Group Charity Charity
2023 2022 2023 2022
Financial assets
Measured at amortised cost 393,761 199,695 392,050 198,251
Measured
expense		 at fair value through income and 1,757,755 1,876,135 1,757,765 1,876,135
2,151,526 2,075,830 2,149,815 2,074,386
Financial liabilities
Measured at amortised cost (5,111,081) (4,785,062) (6,011,692) (5,651,499)

Restricted Reserves
Transfers
from
Opening revenue Closing
balance reserve balance
Group 2023
Endowment Fund 34,329 34,329
Other Restricted 1,782,947 53,144 1,836,091
Total 1,817,276 63,144 1,870,420
Transfers
from
Opening revenue Closing
balance reserve balance
E f: F.
Group 2022
Endowment Fund 34,329 34,329
Other Restricted 1,641,562 141,385 1,782,947
Total 1,675,891 141,385 1,817,278
Transfers
from
Opening
balance		 revenue
reserve		 Closing
balance
E
Charity 2023
Other Restricted 742,609 19,557 762,166
Total 742,609 19,557 762,166
Transfers
from
Opening revenue Closing
balance reserve balance
Charity 2022
Other Restricted 768,823 (28,214) 742,609
Total 768,823 (26,214) 742,609

Other restricted reserves - 2022 are analysed as f ollows:
Opening Transfers to Closing
balance Income Expenditure
E		 reserves
f		 reserves
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 31,139 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

Reconciliation ofpres ent val ue of plan liabi litie s:
2023
f000
At the beginning ofthe year 4,305 4,493
Current service cost 18 40
Administrative expenses 5 5
Interest cost 118 94
Member contributions 8 11
Benefits paid (155) (140)
Actuarial
(gains)/losses		 due to scheme experience (89) 177
Actuarial gains due to changes in demographic assumptions (9) (77)
Actuarial gains due to changes in financial assumptions (1,061) (298)
At the end ofthe year 3,140 4,305
Reconciliation ofpresent value of plan assets:
2023 2022
f000 f000
At the beginning ofthe year 3,683 3,750
Interest income 103 80
Experience loss on plan assets (excluding amounts included in interest
income) (1,248) (165)
Employer contributions 162 157
Member contributions 8 11
Benefrls paid (155) (140)
At the end ofthe year 2,565 3,693

2023 2022
OOOO f000
Global Equity 48 ?08
Absolute
Return		 28 148
Distressed
Opportunities		 78 132
Credit Relative Value 97 123
Alternative
Risk Premia		 6 122
Emerging
Markets Debt		 14 10?
Risk Sharing 189 122
Insurance-I
inked Securities		 65 86
Property 110 100
Infrastructure 293 263
Private Debt 114 95
Opportunistic
Illiquid		 Credit 110 124
High Yield 9 32
Opportunistic
Credit		 13
Cash 18 13
Corporate
Bond Fund		 246
Long Lease Property 77 95
Secured Income 118 138
Liability Driven Investment 1,180 1,030
Currency
Hedging		 5 (14)
Net Current Assets 7 10
Total plan assets 2,666 3,693

2023 2022
OOOO OOOO
Defined benefit pension scheme liability
Fair value ofplan assets 2,685 3,693
Present value of plan liabilities (3,140) (4,305)
Net pension scheme liability (675) (612)
2023 2022
K000 OOOO
Current service cost 18 40
Net interest expense 16 14
Administrative
expenses		 6 5
Defined benefit costs recognised in SOCI 38 59
The amounts
recognised		 in Other Comprehensive Income (OCI) were as follows:
2023 2022
OOOO OOOO
Experience loss on plan assets (excluding amounts included in interest
income) (1,246) (165)
Actuarial
gains/(losses)		 due to scheme experience 89 (177)
Actuarial
gains due to changes		 in demographic assumptions 9 77
Actuarial
gains due to changes		 in financial assumptions 1,061 298
(Losses)/gains
recognised		 In OCI (87) 33

Principal actuarial
assumptions
at the reporting
date (express		 ed as weighted averages):
2023 2022
'/a o/o
Discount rate 4.89 2.79
Future salary increases 3.72 4.23
Inflation (RPI) 3.20 3.66
inflation (CPI) 2.72 3.23
Mortality rates
- fora male aged 65 now 21.0years 21.1 years
-at 65for a male aged 45 now 22.2years 22.4years
-for a female aged 65 now 23.4years 23.7years
-at 65 for a female member aged 45 now 24.9years 25,2 years

Group Group Charity Charity
2023 2022 2023 2022
f. f:
Not later than 1 year 76,4?4 73,500 76,474 ?3,500
Later than 1 year and not later than 5 years 49,500 12,682 49,500 'I2,682
125,9?4 86,182 'I25,9?4 86,182