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|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||||||||





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





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





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|:-r~business<br>resilw~|;Inanciai u.rplus ard<br>per4rrna r~|;Inanciai u.rplus ard<br>per4rrna r~|;Inanciai u.rplus ard<br>per4rrna r~|Tiie anriuai account: sl'~v~' a Ios' cf X5'73.8l:.<br>TNs is Iar~elq iceta peer cess:pence k-isis arm|
|---|---|---|---|---|
|||||h'gh ~en~ spends.|
||,R~datory. "'.Z 5<br>cemph Iare.e|||~airs aicbunq'<br>KiK, lar~lg te ensure H8<br>corn pliarice, ane 'lel.-WIIt'I' of mid;. Yye aim te|
|||||Iiave two uniis lor~ ground, cne uppa<br>flee~<br>v tu.'re applicable| ready kr Iet ir aIIscree',|
|||||te 'showcase' os preperIIes.|
||3usiness de~e4pment<br>ar& respensiewms<br>te<br>char+I g mafkei,|||'sVe hair revieivee<br>differark refenlrq. agericie".<br>vile ci~r~m a ubscrlpiiar~<br>We!have Iiui fciund<br>these ic eellieI outipuis<br>and su milI riM be|
|||||~rq. Focus an building<br>reiab~'hip;<br>v iih<br>hasprial:. GPs, and Adult ~ill Care parirzrs.|
||C~niract revtms ~ <br>oi 'v'alue 4r %&r~y<br>reAesv||part|,Mileage<br>supplier<br>fair deanlng prowl<br>and<br>~AYIRStr~<br>feund eur Mlslifg!bMkcr<br>could c entire te de'iver Lest value<br>an e<br>~used<br>La dlsuxmI|
|||||I uepuliliiies<br>reviewed<br>wi4h care ccinseriium-|
|||||iaui e asti.q ccrdra -I svnuid, recure lull seirn<br>penalty. Ins~r v.w are renegeiiaiuq<br>kwer|
|||||~in pnce in turn fot a scani~r centraLl penod|
||Msiea<br>ITe'uteg|sii|sin".i|Gamrrien~<br>irrplerr~ntasian<br>oi' Beard<br>appreved thlez I|ear IT6&Iinal =trat~+—|
||ter tate~=: ftI|||Iiave t3ettur, transibori teneo; ITsup perl.<br>prcel he» @.hn mill then iaij:erJver l~ing oui.|
|||||em. This v8 resuli<br>in a lItches nmnihl<br>qke|
|||||its, current mpperl<br>pnrAeer does rial<br>lhasa& Let|
|||||gives total cenfidw~e oldna secunty and|
|||||access se irilortratieri,<br>alanna viiilhremev~<br>the|
|||||n~ to spend up tc C1IKII.replaorq<br>eur 4IIlnII|
|||||JLCf4erst.|





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





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





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





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





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||||||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<br>tl~||||
|||&n O.TW|tu II.3!6|'in TI.4%|appar'irnent<br>ill ihe<br>~r serkitns||||
||||||Fllariel Iier||||
|b<br>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<br>GI||||
||||||IrJara||||
|d.ERTDis||Ei.6'ik|||Redu<br>ed piti:Lain|Not akasaHe|||
|tmt&ip|I||||Oso.par~r.||||
|e EEITDa. r~'IRI|||||Operating<br>defiat due sn|369Kprekiinus|'Qaf||
|I line<br>Mst|server||||IGva'er wzupalKiii. 1lss||||
|(-.Graupl|||||p&wskjre K a 4Q<br>irDkatnr '4r Iltluldlty||||
||||||ave ink~e srrcrk||||
||||||rity<br>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<br>LQ tkxdklng||||
|UA'I|||||klkinrg Isaridernic||||
|tt. DperaslnR|||||Operatirq,<br>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<br>deilot due 'le|2.9k Inn". preiieus||kk"ar|
|Capital|En.pinged||||Riser m" upanty ar6||||
|(Roi:-!h lGruup, '|||||Ir&reased tests||||





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|||||||||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<br>to Ihe~r|
|||||||||||cd compt'aint~|
|||||||||||reiolved at fnk|
|||||||||||ftagE|
|Quality —carel~~. <br>warm||||uk|A9C<br>VIV»'|9&<br> 9.8||A5C<br>96<br>'XIV;.-. 9.8||Alm for9.8far<br>all~&a~|
|(ieadvq|care ream sNe for||||RHI--'|9.2||iPiH~|9,$||
|farnl l and friene:. %corm<br>oui o4 ZB)|||||(SWAM Slli INRCll@9<br>in Laah ~ma due<br>MP. IIUWV1 l1Hlg||||||
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## 

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## 



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## 

||||||2023|2022|
|---|---|---|---|---|---|---|
|Turnover||||Note|||
|||||4|7,667,221|7,657,243|
|Operating<br>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<br>and||similar income|||2,124|20|
|Interest payable<br>and similar expenses|||||(247,467)|(90,877)|
|(Loss)/profit forthe||financial year|||(673,827)|196,341|
|Actuarial<br>(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<br>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<br>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<br>benefit pension scheme|||liability||30||(575,000)||(612,000)|
|Net assets|||||||16,590,925||17,251,752|
|Capital and reserves||||||||||
|Endowment<br>Fund|||||28||34,329||34,329|
|Restricted<br>Funds|||||28||1,836,091||1,782,947|
|Revenue<br>Reserve|||||27||14,720,505||15,434,476|
||||||||16,590,925||17,251,752|





## 

## 

|||||||||||As restated|
|---|---|---|---|---|---|---|---|---|---|---|
|||||||||2023||2022|
|||||||Note||||K|
|Fixed assets|||||||||||
|Housing<br>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<br>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<br>income for the year|||||||
|Surplus for the year|||||196,341|196,341|
|Actuarial<br>gain on defined|benefit|pension scheme|||33,QQQ|33,000|
|Transfers<br>(Note 28)||||141,385|(141,385)||
|At 1 April 2Q22|||34,329|1,782,947|15,434,476|17,251,752|
|Comprehensive<br>income for the year|||||||
|Deficit for the year|||||(573,827)|(573,827)|
|Actuarial<br>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<br>Income for the year|||||
|Surplus for the year|||168,727|168,727|
|Actuarial<br>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<br>Income for the year|||||
|Deficit for the year|||(608,632)|(608,632)|
|Actuarial<br>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<br>for the financial|year|||(573,827)|196,341|
|Adjustments<br>for:||||||
|Amortisation<br>ofdeferred<br>capital|grant|||(38,776)|(32,997)|
|Depreciation<br>oftangible assets||||287,900|267,927|
|Profit on disposal oftangible assets|||||(4,178)|
|Interest payable||||247,467|90,877|
|Investment<br>income and interest|receivable|||(51,877)|(44,988)|
|Decrease<br>in stocks|||||27,300|
|(Increase)/decrease<br>in debtors||||(192,868)|36,412|
|Increase/(decrease)<br>in creditors||||192,958|(109,735)|
|Fair value movement<br>on investments||||167,875|(98,832)|
|Pension<br>contributions<br>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<br>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<br>received||||2,124|20|
|Income from listed investments||||49,753|44,968|
|Net cash {used in)/from<br>investing||activities||(105,059)|3,950|
|Cash flows from financing|activities|||||
|Net movement<br>on borrowings||||75,461|(202,121)|
|Loan interest<br>paid||||(174,867)|(76,877)|
|Net cash used in financing|activities|||(99,406)|(278,998)|
|Net decrease<br>in cash and cash equivalents||||(305,475)|(59,285)|
|Cash and cash equivalents<br>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<br>1 year|(3,028,805)|2,761,375|(267,430)|
|||(1,527,582)|(379,259)|(1,906,841)|





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## 

## 

|||||Operating|||Operating|
|---|---|---|---|---|---|---|---|
||||Operating|surplus<br>I||Operating|surplus<br>I|
|||Turnover|expenditure|(deficit)|Turnover|expenditure|(deficit)|
|||2023|2023|2023|2Q22|2022|2022|
|||E||||f.||
|Social housing||||||||
|lettings<br>(see Note|5)|1,267,098|(1,078,510)|188,588|1,263,506|(961,816)|301,690|
|Non-social||||||||
|housing||||||||
|activities:||||||||
|Nursing<br>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<br>ofIncome and expenditure|Particulars<br>ofIncome and expenditure|from social housing|from social housing|from social housing|from social housing|lettings|||
|---|---|---|---|---|---|---|---|---|---|
|||||||||2023|2022|
||Group|||||||||
||Rent receivable<br>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<br>ofGovernment<br>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<br>ofhousing<br>properties|||||||(141,725)|(127,018)|
||Operating<br>expenditure<br>on social|housing||lettings||||(1,117,286)|(994,813)|
||Operating<br>surplus<br>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 <br>(Note 30)|expense|in respect of defined benefit pension scheme|16,000|14,000|
||||247,467|90,877|



## 

## 

|The operating<br>(deficit)/surplus|is stated|after charging/(crediting)<br>the followin|g:||
|---|---|---|---|---|
||||2023|2022|
|||||E|
|Depreciation<br>of properties|||266,099|249,676|
|Depreciation<br>ofother tangible assets|||21,801|18,251|
|Amortisation<br>ofgovernment|grants||(38,776)|(32,997)|
|Operating<br>lease charges - other|||17,264|31,166|
|Operating<br>lease charges - land and buildings|||102,461|75,901|
|Auditors'<br>remuneration|||||
||||2023|2022|
|Fees payable<br>to the Group's<br>financial<br>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<br>monthly<br>number ofemployees,<br>including<br>|the Trustees,<br>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<br>number ofemployees<br>in the year expresse|d as full-time equivalents<br>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<br>con|sist of salary and the value attributed<br>to|benefits<br>in kind.||
|---|---|---|---|---|
||||2023|2022|
|Key management<br>remuneration|||||
|Aggregate|ofemoluments||174,848|177,762|
|Aggregate|of pension|contributions|5,173|12,150|
||||180,021|189,912|
||||2023|2022|
|Highest<br>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<br>owne|d, managed<br>and in de|velopment||||
|---|---|---|---|---|---|---|
||||Group<br>2023|Group<br>2022|Charity<br>2023|Charity<br>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<br>K|2022f|2023|2022<br>R|
|Improvement|work capitaiised||65,088|29,597|65,088|29,597|
|Amounts<br>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<br>2023|Group<br>2022|Charity<br>2023|Charity<br>2022|
||||||E||
|Capital grants|received for social housing||||||
|assistance|||3,432,748|3,432,748|3,294,548|3,294,548|



## 



## 

## 

## 

## 

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



## 

|20.|Debtors||||||
|---|---|---|---|---|---|---|
||||Group<br>2023|Group<br>2022|Charity<br>2023|Charity<br>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<br>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<br>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<br>2023|Group<br>2022|Charity<br>2023|Charity<br>2022|
|As at 1 April|2,795,070|2,828,067|2,680,004|2,711,782|
|Released<br>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<br>2023|Group<br>2022|Charity<br>2023|Charity<br>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<br>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<br>balance|revenue<br>reserve|Closing<br>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<br>E|reserves<br>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<br>(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<br>Return||28|148|
|Distressed<br>Opportunities||78|132|
|Credit Relative Value||97|123|
|Alternative<br>Risk Premia||6|122|
|Emerging<br>Markets Debt||14|10?|
|Risk Sharing||189|122|
|Insurance-I<br>inked Securities||65|86|
|Property||110|100|
|Infrastructure||293|263|
|Private Debt||114|95|
|Opportunistic<br>Illiquid|Credit|110|124|
|High Yield||9|32|
|Opportunistic<br>Credit|||13|
|Cash||18|13|
|Corporate<br>Bond Fund|||246|
|Long Lease Property||77|95|
|Secured Income||118|138|
|Liability Driven Investment||1,180|1,030|
|Currency<br>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<br>expenses|||||||||6|5|
|Defined benefit costs|recognised|||in SOCI|||||38|59|
|The amounts<br>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<br>gains/(losses)|due|to|scheme experience||||||89|(177)|
|Actuarial<br>gains due to changes|||in demographic|||assumptions|||9|77|
|Actuarial<br>gains due to changes|||in financial||assumptions||||1,061|298|
|(Losses)/gains<br>recognised||In|OCI||||||(87)|33|





## 

## 

|Principal actuarial<br>assumptions<br>at the reporting<br>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|



## 



## 

##