Reglstered number: 04071304 Charity number: 1084054 Care AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 •AIY3MT ATT* 1610812024 COMPANIES HOUSE #219 A12 ? Bishop Fleming AMICA CARE TrUST (A COMPANY LIMITED BY GUARANTEE) CONTENTS Page R•forence and Admlnistratlve Details of the Charlty. Its TTUStees and Advlsers Trustees. Report Indapend•nt Audltors. Report on tho Flnanclal Statoment8 15-18 Con&olldatad Statement of Flnan¢lal Actlvltles 19 Consolldatsd Balance Sheet 20 Charlty BalanrA She•t 21 Consolldated Statemenl of Cagh Flow8 Notes to the Flnanclal Statem•nts 23-39 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) REFERENCE AND ADMINISTRATWE DETAILS OF THE CHARITY, ITS TRUSTEES AND ADVISERS FOR THE YEAR ENDED 31 MARCH 2024 Tru8teo8 G O Brlscoe V Crow W J H Dalton, Vlce Chalr G Georgo J Lacey AMLadd C H Mortlmer (appolnted 13 February 2024) A L Warman J D Whiltaker, Chalr J Baker {reslgned 20 November 2023) E Mltchell (appolnted 28 fv1ay 2024) Company regl$t•rad numbar 04071304 Charlty re9lsternd numbar 1084054 R•glst•r•d offlc• Getchell House Gatchell Oaks Taunton Somerset TA3 7EG Company Mcr•tary H Walford (reslgned 26 March 2024) Chl•f exe¢utlv• offl¢er K Wllkinson Ind•p8ndent audltor8 Bishop Fleming LLP Chartered Accountants 2nd Floor Stratus Hous8 Emperor Way Exeter Bu8lnes8 Park Exeter EX13QS Bankers Santsnder UK plc 2 Triton Square Regenfs Place London NW13AN Soll¢ltor8 RWK Goodman 5-6 Northumberland Bulldings Queen Square Bath 8A12JE Pa£Je 1 AMICA CARE TRUST (ACOMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT FOR THE YEAR ENDED 31 MARCH 2024 CHAIR'S INTRODUCTION Th8 past year has been a p8rt1cularly 8Sgnificant on8 In terms of the prDgr8sslon of the Trust and l should Ilk8 to emphaslse two notable aspects. First, our financial performance h8s marked a strong recovery from tho Performance of the prevlous year. The finandal details 8re set out In subsequent 8e¢tlons of thls report. and l am pleased to highllght the slgnlficant growth in Income and a retum trj delivering 8 Positive EBITDA across our operattons. Thls performance reflects the detemlned efforts of tha Board and senior18ad8Fship team to stabllisa our tradlng posltlon. The second poinl desepilng of emphasls Is that we made our flrst acqu181tlon of a n6w home. Emstell House In Plymouth, sSnce we opaned Slgnature House in 2012. Thls acquisition is a signlficant step In our strategy to expand the Trust's operatlons through increasing our care home estate. Th6 IK)rna became part of Amlca In September 2023 and Is operated on a lease wlth Target. On a polnt of detssl, I'd partlcularly Ilke to record our heartfelt appreclatlon of the legacy donated to the Trust by fomier resldent of The Orchards in Cr8wkem8 for the baneflt of that home, detalls of whlch arn set out In the flnanclal revlew. Stlll on the subject of our gro￿ strat8gy, the programme for developlng a new home In Taunton, whlch I mentloned In last year's annual report, has experfenced delay as the developer seeks lo confirm a lunder for the scheme. In the meantlme, we continue to appraise oth8r opportunlties to acqulre or develop new homes In our t8rg8t8d area of operatlon. The day-t￿daY activities in our hom8s continue apace. It is always a great pleasure to vlslt thom and to see first-hand the unbounded energy and d8dicatlon of colleagues devoted to looking after our residents. We have agaln run our summer garden and Chdstmas decoratlons, cholr and cake competitions. The energy and enthuslasm of our teams and residents In rising to the challenges of these events Is a true dellght and whllst we have tha difflcult task of nomlnatlng wlnners there are certalnly no los6r8. Well done to all who partidpated: staff, resldents, relatlves and other volunteer8. So, It is satisfw'ng to report that, operatlonally, we are now rnovlng fo￿ard with Justifiable confidence In our ability to achieve our objectives as a Charity. We hav8 strengthened the Sanlor Leadershlp Team through the promotion of Kery Hunt as our Director of Op8ratlans and the recruitment of a new HR Manager. Sadly, our Finance Dlrector, Helen Walford. announced her intentlon to leave the Trust after nlne years of dedicated service; however, l am pleased to record that, following the year-end, Elebbie Kelley has been promoted to Finance Director comrnencjng in June 2024. Both of these intemal appolntmenls demonstrats our ¢omrnitment to the development of our staff Qnd th8 long larm career pathways that we can offer. The composition of the Board has again remained relatively stable. Our longesl-standing Trustee, Jim Baker resigned In January due to111 health after 14 years, service with Ihe Trust. Jim's contribution over this perlod has been enormous and we shall mlss hls constructlve conirlbutlon and sound guldance on board affalrs. But it is wilh great pleasure that I welcome a new board member, Carollne Mortlmèr who Jolned us In February 2024. Carolln8 Is a sollcitor speclallslng In property matters and provldes an essentlal and very valuable addition to tha rang6 of skllls and experience of the Board and we look forward to worl(ing with her. For my part, I have announced my intention to stand down as Chalr of Truste83 by the time of our next AGM In September.11 has been tremendously satlsfylng lo fulfil this role over th8 last f8w years worklng alongslde such a dedlcated and capable team of Trustees and professional colleagues. We are progressing with the appolntment of a new Trustee to take on the role of Chalr, and l am pleased to announce that Eve Mitchell was appointed in May 2024. Eve wlll be undertaklng an IndU￿10n period prior to taking over the role of Chair of Trustee8. Thls Just leaves me to thank all of our dedicated staff throughout Ihe Trust who continue to provide excellent care and support to all of our resldents. Page 2 AMICA CARE TRUST (A COMPANY LIMrfED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 TRUSTEES, REPORT The Twst8e8 of Amlca Care Trust (the Charlty's dlractors for the purpose8 of company law and colleetlvely referred to as the Trustees In thls report) present their report, which Includes the requirements of a Dlrectors. Report and a Strategic Report, and accounts for the year ended 31 March 2024. The accounts have been pr8par8d In acGord8nc8 wlth the accounting pollcles set oul in note 1 to the accounts and comply with the Charltles Act 2011, Compani&s Act 2006 and Accountlng and Reporting by Charlti88', ststemonl of Recommended Practlce appllcable In the UK and Ireland (FRS102) (effectlve 1 January 2019). OBJECTS OF THE CHARITY The objects of the Charty, 88 set out In the Memorandum of Associatlon are: 'Yo promote Èhg rellef of people Ilvlng in the UK who 8re disadv8nt8ged by vlrtue of old age or by physlcal or mental disablllty and in partlcular to provide and managg homes for them to Ilve In and to promote and support schemes whereby such people may recelve support and facilities." PURPOSE AND ACTIVITIES Amlca Care Trust Is a provider of residential care for up to 228 older people Ilvlng with damentla or who have nurslng and sod81 caro needs, at fiv8 sltes across England. Our charitable and not for profit status, allows the Trust to provide quality care to residents wlth a range of care needs Irresp8Ctive of thelr fvnding status. And our ftJGus on providing outstandlng care Is supported by dedlcated and skilled workforce. Our funding sources are from the fees that we charge for the care of each resldent. Residents, fee8 may be self-funded, local authorfty funded or a comblnatlon of the iwo. We also occasionally recelve mlnor grants and other forms of furKllng. malnly frorn central or local governmont. In prior years wo have been in receipt of both the Government's Infe¢tlon control grant funding and workforce recruitrnent and retention grant fundin9 and Just recently the Govemment's digital technology grants. In addilbon to our care hom88, we also oparate thr88 Independent IlvSng 81t88, wlth a comblned total of 125 propertles for peopla over the age of 55 for whlch the Trust owns the freehold. Optional domestlc support services are offered at some of our independent Ilving sites. The day-to-day management of tha sltes is run by a third paty who spacialise In estate management. Exmouth Crewkeme Dorchester Broms rovg mouth Taunlon Exmouth House The Orchards nature House St Johns Court Emslell House 31 45 48 40 64 Exmouth Court 38 Sl nature A artm8nts 42 Gatchell Oaks 45 Paaa 3 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 PUBLIC BENEFIT STATEMENT The Trustees have Gonsidered the Charlty Commission's public beneflt guldance In the activilias of the Trust. As a Charfty. we striv6 to maintsln our fees at an afft)rdable level and to be falr and transparent In the way that we calculate Indivldual fee rates. Our staffing18vels and average contact tlme wlth those who we look after reflect our charitable status and are generally higher than those found In slmllar homes operated In the Gommerclal sector. MISSION AND VALUES We are very passlonate about caring for our residents and staff, and our rnlssSon and values aro central to whal wa do and how wa ¢8re for each other. Our Mlsslon To provlde exceptlonal care and support to all wlthln our Aml¢a Communltles. We help to malntaln Independence, creatlng sp8clal moments and fulf1115ng Ilves Our Values Valuing and treatlng everyone as an Individual; Carlng and making a dlfference together; Creating communltles - together wa make thlngs better; Respectlng each other, treatlng everyone with dlgnity, klndness and compasslon; Having you at the heart of èverythlng we do - be proud of who you are. STRATEGIC REPORT Thls year w6 have been able to put the p8ndemlc completely behind us and focus on the growth of the Trust and our passlon to ￿)ntinUe lo Improve the quallty of care and support for our rgsldents to lead fuffilllng Ilves. All our homes have welcomed the retum to integrating fully with communlty Ilfe and rosldenls enjoylng vlsitors and Irlps out. We remain ever graleful to our dedicated staff who care for our resldents and familles, and I would like to thank Ihem all for their cornmitrnent and dedication. We have been challenged by the continual rise in the cost of Ilvlng and the increase in the National Living Wage. We also faced challanges with staff vacancies and the high cost of agency staff; however, despite this, we are pleased to report a very successful year. One of our key focuses has been recrultment and retention of staff. and we are pleased to report that we have successfully reduced our staff vacancy hours through local recrultment campalgns and welcomlng oversaas staff. Tha roster managarnent sysiam we implemented ovar 8 yaar ago h88 also supported this, now that It Is well embedded It has provSded us with valuable data to support effectlve and efficlent rosler management. Flre safety has also been another focus area for us thls year, followlng the G￿nfe11 Tower dlsaster in 2017 and changes to fire regulations we have cornmenced a comprehenslve program of flre remedial works to our flr8 doors and flre compartmentstion which wlll continue over the next twelve months. Pago 4 AMICACARE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 In September w8 were pleased to welcom6 Ernstell House Nurslng Home, Plymouth, into our portfolio of homes. Thls home provldes 64 nursing bed8 In a stat8Nof-Ihe-art faclllty wtlh hlgh-quality care servlce8 dellvered by an enthuslasllG and skllled t8arn. We have been worklng very closely with th8 Plymouth Authorltles to ensure we provlde the support needed wllhin the local community. We are proud to hava had three of our staff membèrs rK)mlnated for natlonal care awards. One of our managers and one ol our home8 reached the flnals and our Actlv1ti6s Lead fmm St Johns Court won the Care Activities co￿[dinatOr ol the Year al th8 25th N8tlonal Cara Awards. OBJECTIVES FOR THE YEAR, ACHIEVEhlENTS, AND PERFORMANCE Quallty Df Care: Quallty of care ramains key to our success, and we have continued to focus on training our staff wlth a hybrid of 8n onlln8 platform Bnd face-ttrface. We hav6 also recrulted a L8amlng and D6velopmenl Coordlnator Inlo our HR taam to develop our tralnlng provislon further and a career pathway for our staff. We have continued to Improve our Quallty Framework, revlewlng, and updating our audlts In Ilng wlth ihe Caro Quallty Commlsslon's Slngle Assessment Frarneworf(. We have not recelved any Inspectlons by CQC thls year, however, all our servlces have a mock Inspectlon annually whlGh 18 conducted by an Independent ￿nSUltant 8pedallsL These Snspectlons ara conducted over two days and are extrernely thorough and Intense. We are very pl&as8d to have achieved an 'oulstanding' ratlng for St Johns Court and welcome the next CQC Inspecbon. Innovation is a key oblectlve to improve the quality of car8 we provide and thls year we were successful In securing grant funding to Install falls preventlon technology In two of our homes. Signature House and St Johns Court. We a￿ in the early phase of embedding the system, as It tak8S time for the system to learn th8 nomial sounds within the home. A full analysis of the System will be undertaken throughout 2025 to se8 rf thi8 ha8 been successful In reducing the number of falls sustained by our rosldents, We ar• Impl&m&ntlng a system called Vlclarfty whlch wlll enable us lo Input our cllnlcal data to acce88 reports to Improve how we can analys8 the data. We are also worklng wlth members of the NatDnal Care Forum to ty to benchmark KPIS across the social Care Sector as thls Is somethlng that has not been done, desplte it being embedded wlthln Ihe National Health Servlce. Occupation and activity remain a vital part of our residents, lives, all our homes have hosted special events throughout tha year whSch have Included frierKls and famllSes as wo11 a8 the Ioc81 community. Relnvestmont In our homes to improve the •nvlronment and experlence for our resldents: We have continued to Invest In our homes with re-decoratlon programs and replacement of flooring and fumishings. We have be@n worf(Ing with a new supplier to refresh our brand-standard fumlshings and colour palette for bedrooms and cornmunal ar6as. Fire remedlal work in all of our hom88 and independent Ilvlng site8 has resutted In significant financlal Investment that was unplanned. however, our commitment to ensurlng the safety of staff and residents is paramount and the upgr8dlng program will continue over the next 12 months. Thls year we have been fo¢usSng on our ESG strategy and d8veloping a long-tern plan to reduce our carbon emissions. Our focus Ihls year has b8en to mlnlrnis8 general waste Ihrough recycling, utlllse sustainablg materials where feasible end make a consclous effort to usa sustainab18 procurement pr8Ctlces. Some of our homes have been focusing on providing a supportive and incluslve work environment, an exampl8 of this Is at St Johns Court, where they have developed a prayer Corner. Page 5 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Investlng In Péople: Our values remain central to ths? Trust, and we contlnue to embed them rfght from Intervlews through lo supenAslon and appralsals of our staff. We have been revlewing job descrlptions lo ensure that they are clearer tor staff to understand the exp8Ctatlon8 of their roles and responslbllitles. We are in the process of reviewing our Appralsal and Supervision Policy and embedding our values into thls. We remain committed to the development of our slaff and provldlng a career pathway for those who wlsh to progress. Th18 year we invested In the Student Nurse Associats prograrn wlth Boumemouth & Poole College, and Blrmlngham Cty Unlversity. We have two candidates who are enrolled In the progrdm and are maklng good pn)gress. Our HR Manager has been vlsftlng homes regularfy to provlde 8taff wlth open 8urgerles to d1$￿88 any concerns they may have to nurture and malntaln a positive culture. One of our blggest ch811eng8s th18 year w88 tho TUPE transfer of staff at Emstell House. The senlor leadershlp team was plvotal In Ihis process, and staff were successfully supported wlth regular meetlngs and addltk)nal tralnlng. We have also trained six Mental Health Flrst Alders who can offer support to staff, slgnpostlng them to the approprlate help. We wlll contlnue to Invest In tralning rnore MHFAS over the next 12 months. We continue to recognise and reward staff for th6ir hard work and commitment to the Trust and hav& long sèrvice awards, recognislng staff for 1,5.10,15 etc. years of Service. This year we celebrated wlth some stsff members who have worked for the Trust for 25 years. As well as an employee of Ihe month in each of our homes we have our annual staff awards across the Trust. The overall wlnners enjoyed an afternoon ol c61ebration at our annual garden party. Improvo tachnology: Our focus for Ihls y8ar has bean to eontlnue Improving IT, pa￿CularlY Cyber Securlty; we remaln acwdtted to Cyber Essentials Plus. The rota management system we Introduced last year has proved very successful, staff benefit from having access to their rotas, submitting annual leave requests, and having slght of Ihelr potential eamings all avallable through thé app. The Talent Acquisition program callad eARCU, whlch wa also Implemented last year. has proved very 8uccessful, 8ppllcants are processed much quickér, and the percentage of vacant hours hag reduced slgnificanlly. We have also been looking at varlou8 types of technology that Can glve re8Sdent8 mor6 control ovar th8lr care and hope to be able to progress thls over the next 12 months. Flnanclal stablllty: We are pleased to report that occupancy has retumed to pre£OVID levels, resulting in us meeting our budgeted occupancy. Thls year we have increased recrultment of overseas staff whlch has led to a slgnlflcant reduction in stsff vacancles across the Trust. Agency has also reduced which together has brought financlal stabllfty. Pag6 6 AMICA CARE TRUST (A COMPANY UMITED BY GUARA14TEE} TRUSTEES. REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Growth and r•shaplng for thè future: We contlnue wlth the development of a 684)ed home In Taunton, for whlch plannlng permlsslon was finally granted in the spring of 2023. Th6 home ￿11 provlde a stste-of-thfrart environment to support the c8re ar well-belng of older p8ople, Includlng a Blstro, Spa, halrdre88lng salon, and clnoma. Wo have 81so been actlvely looklng at other new devalopments and 'golng conc6rn8' to furthar our growth strategy and hope to progress wlth at least one of these In the next flnancial year. Ernslell Hous•: Our goal for Ernstell House In the coming year Is to reduca agency stsff usage and Increase oc¢upancy to improve overall perfomance of thg home, and ultimately meet our covenants of the lease agreement Followlng the Ilnanclal yaar end wa have put a numbgr of measures In plac8 10 asslst whh 8¢hl8vlng thls goal.. 1. Wo hava reduced the number of staff vacancles and therefor8 agency usage lollowlng a successful recNitment drive which has resutted in the home being almost fully recrulted across all departments by tha end of quarter one in th6 financlal year 2024-25. In addltlon to thls, we have been reviewing tho 8Xtonslve number of hlstorical flexible worf(ing contracts and consultlng wlth staff to reduce these to optimlse shift cover and establish a rota pattern. Staff have benefited from more favourable pay and overtlme rates as they have transltloned over to Ihe Amlca Care pay framework. 2. A marketing campa5gn has been put Into action to ralse lh8 profile of Em5tell House wlth th8 aim of increaslng enquiries and oc¢upancy. We have been worklng to increase our social madia and online presence, there has been a letterbox campalgn and we have been building on our relauonship with the Local Authorlty. We a150 recnjited a new Home Managèr in June 2024, and he has been Introducing himself to the lorAI community and ralslng awareness of Amica Care. 3. We hav8 launched a fespite campaign which offers three weeks respile for th6 price of ￿ for a limlted pwiod and we have agreed to 4 placements from the Local AutlK)rity at thelr standard rate provlded the resid8nts do not h8v8 complex needs. FINANCIAL REVIEW The Trust Is pleased to report a good year of financSal performance to March 2024. Thls comes after a challenglng tlme faced by Ihe Tnjst and the wlder care sector In re¢ont years, wlth th8 pandemSc, energy cosl increases, high inflation, Increaslng food costs, and stafflng shortages to name a few. The Charfty's four homes all reported surpluses Ihls year, whlle our fifth horne, Emstell House whlch was acqulred In the year, reported a loss for the 3ix months of tradlng to financial year end. Thls was due to slightly lower occupancy then antlclpated and hlgher than planned for 8g8ncy usage. Incorne 9,248 (499) EBrrDA (Excluding Restricted Legacy Income) Net incorne l (6xpenditur8) Cash balance 310 662 (890) 1,391 12,517 2,730 13,179 Total net assets Paoe 7 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Incom8 for 2024 was £13.5m, 8 £4.2m Increase on th8 prlor year, Inclu8lve of £1.7m frorn our latesl home, Emstell House, and a legacy of £0.7m received in the year for the benefit of The Orchards. Occupancy was consl8tently high In all four of th8 Charlty'8 homes throughout the year, and th8 average occupancy for th8 full year for all five hoffles was 92%. Fee rates achieved across all home8 w8r8 hlgher than expected. Staff cosls, Incluslve of agen￿, training and recrultsnont C06t8 were up £1,6m on the prior year. £1.5m of this year-on-year Increase belng attributabl8 to our naw home, annual pay Increases awarded In Aprtl 2023 war8 malnty offset by a reduction in agency spend of £(0.9)m in the year. A suGcessful recmitment drlve and Ove￿eaS sponso￿h1ps has Contrtbuted to thls 81gnlficant reduction In agency usage and meant our targeted 6Yo of staff Costs was achlaved In the year for th8 Charlty. Agency costs at Ernstell House ware higher than we V￿uld have Ilked, bul as we Introduce Amica's rota management system and staff terms and cond4Ions Into the homa we are confldant we wlll 888 the home op8rating at comparable levels to our other homes golng lo￿ard. The Trusl has contlnued to Inve81 In Improvlng our homes and In our ongolng programme of property and equlpment maSntenance. Capital expenditure In the year was £0.2m, and a further £0.5m was spent on non- cap5tallsed equlpment and property malntenance, Includlng work8 to remaln compllant wlth health and safoty and fire regulatlons. The posltlve flnanclal resulls ft)r the year, together wSth a legacy of £0.7m rocolvod In the year, Increased the yearfs openlng net cash positlon of £1.4m to a closlng balance of £2.7m as al March 2024. The Trust's reserves policy explalns how these funds wlll be utlllsed. RESERVES POLICY The Tnjstees have considered the reserves policy of the Charity and utilisation of the cash resetves held by the Trust, which the Trust defines as Sts free reserves. As at 31 Marth 2024. the Charlty held £2.Om In cash, excluding restricted funds. The Trustees wlll maintaln sufficlent levels of reserves to enable nornal operaling activltles to continue should shortfall In Income occur or unplanned expendltur6 result from potentlal rSsks and contingencies that are not covered by the Charlty's Insurances. A scenario where occupancy was 5% lower than budgeted was selected as an example of such an 8ven( and the financial Impact of this calculated as £0.7m. In totsl cash r8s8Pl88 of £0.75m are considered a sufficlent18vel of reserves to hold. Any remaining r88ervas are held for fulfilling thè Trust'8 buslne88 plan and strategy for growih and future developmant of Its care provlsion; wlth appropriate18vels of funds belng d8slgnated as individual proJ8ct plans are finalised. PLANS FOR THE FUTURE Future Plans are drlven by th6 TNst'8 Vlslon, the consequentlal objectlves comblnod In our buslne8S Strat8gy, and the speclftc elements set out In our buslness plan which was revlewed at the Trustee Away Day. The vision ft)r the Trust Is to innovate, empower and Insplre everyone to create vibrant GOmmL￿1ties and to live their best lives. Our strategy to achlave this vlslon Is: To increa36 resldent capaclty through growlh and development opportuniii88, ensurlng fEnancial Vi8blllty. To create homely. comfortable environments, fit for the future. whlch support our resldents. dally Ilves and well-belng. Paae 8 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 For all homes to obtain a minimum of 'gcK)d' across all CQC fundamental standards and strive for 'outstanding' in the next three years. To be an employer of cholce and provide an exceptlonal colla8gue exp8rf8nc8 wlthln the health and sodal care sector. To be the provlder of choice and maintsin budgeted occupancy. To malntaln hlgh 8tandard8 of governance. These objectives ar8 supported by our buslness plan whlch Includes the following." Gr0￿h and development of the Trust through rallonallsatlon of our exlstlng portfollo. development of our existing servlces, acquiring new homes through acquisition and developing a new build. Contlnu8d relnvestment In our exl8tlng propertles and equlprnent to further improve the •nvlronment and car8 we provlde. Review of our People Strategy includlng Inv8Stmént In our stsff to be an employer of cholce and provlde a career pathway for all roles. lrnplementation of our IT strategy fofyjsing on systern8 to support efflclancy wlthln Op8r8tlons, HR, and finance, R8vl8w our caro strategy to meet the demand8 of the local communitles we 6eNe through tha provlslon of quality care and Innovation. Develop stronger community1Snk8 In all our homes to support resldents to become more involved and lo offer our 8UPPOrt to the local communlty. AdmlnlBtratlve Inforniallon Adm5nistrafjve Inforniation is glven at tha beginning of this annual report and financial Statements. STRUCTURE. GOVERNANCE, AND MANAGEMENT Constitutlon Amlca Cara Trust Is a company Ilmited by guarantee (r8glstered company number 4071304) and Is gov8m8d by its Memorandum and Articles of Association dated 24 February 2021. It is a reglstered charity wlth th8 Charlty Commission (reglster8d Charity number 1084054). Anyone over tha aga of 18 Gan becomg a member of tho company subleot to Trustee approval. Trusteos The Trust Is run by a Board of Trustees who are also Dlrectors of Amica Care Trust. The Board comprlsed of nine Trustees in the financial year, increaslng to ten In May 2024 followlng the appointment of Eve Mitchell. The Trustees hove been appoSnt9d on Ihe basis of their skllls and experlence. All Trustees glve their tlme freely but may clalm for any reasonable expenses Incurred In carrying out thelr dutles. The average attendance at board meetlngs was 74% in the year. Each Trustee Is Slable for the contrlbution of £1 In the event of windlng up the Charlty. Paoe 9 AMICA CARE TRUST (A COMPANY LIMITED BY GIIARANTEE) TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees serilng during the year and slnce the year-end are as follow8: Mr J Baker {reslgned 20 Novembar 2023) Mr G Briscoè Ms V Crow Mr W Dalton (Vlce thalr> Mr G George Ms J Lacey Ms C Mortirner (appolnted 13 February 2024> Mr A Ladd Ms A Waman Mr J Whlttaker (Chalr) Ms E Mitchell (appolnted 28 May 2024) Appolntm•nt of Tru8to•s The members of tha Charlty shall be the Trustees and any porson who Is approved by the Trustees and consents, in writing. to become a member. The Trustees whan quorate, shall conslst of at least thr8e when the lotal number of Trustees Is slx or less, or at188St five when th& total number of Trustees Is more then slx. but (unless otherwise dotemined by ordlnary resdutk)n) shall not be subject to any maxlmum. Fellow Trustees elect the Chairperson. Th8 Truste8s may establish different Classes of memben8hlp and dascrlbe thalr raspective privileges and dutles and 58t the amount of any subscrlptlons. All Trusteas are encouraged to nominats additional Trustees with appropriate skills. Trusteo Inductlon and tralnlng New Trustees ￿11 be provlded with the Charity Commlsslon's, The Essentlal Trustee, 'knat you need to kno and 'Slx maln dutles. Informatlon, and a Job Descrlptlon. The Chairman w511 Inform them of thelr legal obligations und8r the Charity and Company Law and Inform them 01 the cK)ntents of the Memorandum and Articles of Assoclatlon. They will also be provided wlth the Trust buslness plan and financial reports. The Trustees are encouraged to attend other courses on subjects that relate to thelr roles and r8sponslbllttle8, and they regularly do so. All Trustees recelve weekly communlcatlons from the Natlonal Care Forum whlch updates them wlth all care related regulations, news and developments. Organlsatlon The Board's primary role is strateglc rather than operational; the Trustees delegate day-to4lay eA)ntrol to the Chlef ExeGutiv8 Officer and the Senlor Leadershlp Team. The Chlaf Executlve has delegated authorlty, withln the terms of delegation approved by the Trustees, for operatlonal matter8 Includlng care, finance and employmenL During the year, the senlor le8d8r3hlp team con8lsted of Chlef E¥ecutlv8 Offlcer Mrs K Wilkinson Finance DireGlor Ms H Walford OperatSon8 Dlrector Mr8 K Hunt HR Manager Mrs N Rendall The Trust operales tho following committee8, made up of senlor leadership team members and Trustees: Risk. Audit and Remunerallon Commlttee Care Governance Committee Propety Committee Paae 10 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUEDI FOR THE YEAR ENDED 31 MARCH 2024 Trustees are aware of thelr legal duties to act in the best Interest of Amlca Care Trust and abide by the Trust Confllcts of Interest Pollcy. Trustee board maetlngs ar6 held monthly, and the sub•committees meet quarterly. Meetings are gener￿ty face to face, wilh the option of Jolning vla video conferenclng where Trusto88 are unable to attend the meeting In person. TNstses are encouraged to vlsit the home8 and regularly do so. The Trust sald goodbye to our longest serving Trustee, Jim Baker In November 2023 who was thanked for h18 88rvlce and comrnitment to Amica Care Trust over the years. We were Jolned by a new Trustee, Carollne Mortlmer who brfngs legal expertis6 to the Board. We would Ideally Ilke to malntaln around 10 Trusteas on the Quallty Thls Is our flr8t and most fundamental prSority. We are proud to have on8 hom6 rated a8 '0utstandlng' by CQC and four hornes rated as 'good'. Slgnatur8 Housa was Inspected In 2023 and ma5ntaln8d Its ratlng of 'good'. St John's Court Was re4nspected In September 2022 and achieved a ratlng of 'good', following a downgradlng to 'r8qulros Improvement, from a ratlng of 'outstandlng' in February 2022. A result of having implemented all the requlred Smprovements at the home, including Investment In the environmant, addillonal manag6ment supporL Iraining for staff as well as health and wallbelng support. CQC have contSnu8d to monitor the homes through vlrtual Snspecllons and short tham8d Inspectlons, malnly focused on 'saf8' and we have continued to meet all thelr requirements In all homes. Qo11ii,#.'¢';. . osp,on*.!vè.":. wéil, Exmouth House The Orchards Slgnaturn House St Johns Court Ernslell House 2810212022 Good Outstanding Oulstandlng Outstandlng 0311112022 Good Good Good Outstandlng Good Good 1310612023 Good Good Good Good Good Good 2010912022 Good Good Good Good Rl Good 0610212023 Good Good Good Good Good We have our own intemal quality assurance framework to assess the quallty and compllance of our homes; we also monitor the quality of car8 through robust KPI monitoring and reportlng. We have been successful in reducing falls, medication errors, Infections, and pressure sores for example, through careful anatysis, refl8Ctive learning and addltlonal tralnlng. All our homes have been rated as 5 stars for food hyglene standards by Envlronrnental Health. We continue to work with an Independent organlsatlon to undertake mock Inspections of our homes followlng the CQC regulatlons and Key L5ne of Enqulrles (KLOES). We will continue wlth thls golng fopward to further improve our quality monltorfng and dellvery of care. In preparaljon for the chang8 to CQC'S Single Assessmenl Framework In Aprll 2024, w8 have updated our quality servlce framework and provlded trainin9 to staff. Paae 11 AMICACARE TRUST (A CONIPANY LIMITED BY GUARANTEE) TRUSTEES, REPORT {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees. Recrultment and Tralnlng A8 experlenced by most of th8 h8alth and 8OCtal care provid8rs, recrultrnent has conljnued to be one of our blggest challenges this year. Slnc8 obtalnlng a Tl8r 2 Spon8or6hlp Llcence to employ staff from oversea8 we have welcomed both senlor carers and RegiSte￿d Nurses inlo the TrusL As part of our People Strategy we have been explorlng career pathways for our slaff and as a result, have been working wlth Ioc81 unlversltles to offer Nurse Assoclate apprentlceships. We have contlnued to focus on our exlstlng own staff health and wellbelng, we have provlded counselllng support ff ￿quI￿d and reflective meetlngs where staff have experienced stressful situations In th8 workplace. We have Mental Heallh Flrst Alders in some of our homes and hope to be able to Iraln further volunteers lo provlde support for our staff In all of our Ge￿iCeS. We contlnue to Invesl In our workforce through the provlsion of quallty tralnlng both on-15n8 and face-to-fa￿. We also recruited a Leamlng and Development Coordlnator In the lator part of the year to support with the coordlnatlon of trainlng. and to deliver our Sntemal tralning. Staff ar6 recognlsed for thelr comm5tment to tha Trust through long senilce awards, employee of the month and annual care awards. The Ernployee Assistanca Program provides staff wth the benefits of dlsGounts in shops, support and advlce lines, plus tIp8 on Improvlng their health and wellbelng. Feedback from staff that have used th8 servlce h8s been very positive. People with dlsabllities have equal opportunities when applying for any posltion, with due regard to their aptitud8s and abllltles and thls yearwe 81gned up to th6 dlsabllity Confident Employer scheme. We have pollcios and procedures in place to ensure thal our disabled colleagues ara fairly treated and that thelr training and career development are carefully managed. For employees that become dlsablod durlng thelr employment. tho Trust is supportive through re-training or re4eploymen( so that they hav8 continulng opportunltles available to them. Staff are selected to ensure sullability for the role Irrespective of coIour, race, ethniclty, dlsability, rellgion, sex, or sexual orlenlatlon. The Gander Pay Gap data has been submltted for 2023 and can be found on our webslta amlcacare.co.uk. Our workforce for tho reported year was made up of 780A female staff and 22¥0 male stsff. Wlth 8 mean hourfy rate of £13.02 for women; and £11.16 for men; th8 medlan hourly rate was £10.75 for female Stsff and £10.00 for male staff. Pay polley for Senlor Employ••8 The Board of Directors Is made up of Truslees who glve thelr time freely,. any expènses and related4)arty tr8nsactlons are disclosed in note 12 to the financlal statements. The day to day operatlon of the Trust Is delegated to the Senior Leadership Team who are p8ld employees. The pay levels of all employees are benchmarked uslng data from the Natlonal Care Forum and salary guldes provlded by ￿CruItment Gonsultants and approved by the Trust's Remuneration CommHtee. Héalth and Safety The Trust is commltted to ensurlng the health, safety and welfare of both our staff and resldants. All staff are given approprlate tralnlng, and our prem58es are malntalned In Ilne wlth current leglslation. All our managers and senlor operatlonal staff have undertaken IOSH tralning. Our FacIli￿eS Manager leads on all Health and Safety matters for the Trust. We continue to work wlth an external auditor to undertake annual Health & Safety Audits In addltlon to our usual rlsk assessments, to Improve safety wlthln 811 of our Serv1￿8. Page 12 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Rlsk Management The Board of Truste8s18 respon81ble for rlsk management and regularly ravl8WS tho Indlvldual rtsk8 that have been identlfled. Th8 Senlor Leadership Team revl&ws the rlsk register on a quarterly basis and shares this with the Risk Audit and Remuner8Uon CornmSttee. wlth any changes or concerns belng reported to the maln Board of Tnjstees. Major rlsk related Inddents are r8vl8w8d at th8 tlme they occur, and steps taken to address these. Monthly flnanclal and operatlonal reports are produced for the Trustee8 and discussed at monthly Board meetings. Relatod Partlo8 Tho Ch8rfty has the folbwlng wholly owned subsldlary companles Ilmlted by guarantee: Gatchell Oaks (Managemenl) Ltd - whlch no longer trades Trading subsldiarfes wlth shares held In a Irust by the Dlrectors to the order of the Charlty: SRT Slgnature Hou80 Ltd - whlch no longer trades Amlca Cara (Comeytrowe) Ltd - whSch has not CA)rnm8nced tradlng Amlca Care (faunton) Lld - whlch has not commenced tradlng Amica Care (Plymouth) Ltd - which commenced tradln9 in September 2023 STATEMENT OF DISCLOSURE TOTHE AUDITOR Each of the Trustees has confjmed that thera Is no Informatlon. of whlch they are aware, that Is relevant to the audlt of whlch thg audltor has not been made aware. They have further confirmed that Ihey have taken appropriate steps to identify such relevant Information and to establlsh that the auditors are advised of such Information. Tho Trustees, Report, Incorporatlng a strataglc report, wa8 approved by order of the Board of Trustees, 88 the company directors, and signed on its behalf by: J D Whlttak•r {Chalr of Trustees) Date: 301712024 Pag8 13 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) STATEMENT OF TRUSTEES, RESPONSIBILTIES FOR THE YEAR ENDED 31 MARCH 2024 The Trustees (who are also the dlrectors of the Charity for the purposes of company law) are responsible for preparlng the Tnjstees, Report Includlng tho Strategic Report and the financial statements In accordance with applicabl& law and Unlted Klngdom Aceounling Standards (Unlted Klngdom Generally Accepted Accounting Practlce). Company law requlres the Trustees to prepare flnancial statements for each financlal year. Under company law, the Trustees must not approvo th8 financlal statements unless they are satistled that they glve 8 true and fair view of th8 stat8 of affairs of the Group and the Chartty and of thelr Incomlng ￿SOurc&S and applicatlon of resources, Including their incom8 and expendltura, for that perlod. In propartng th85e flnandal statemants, the Truste6s ar8 required to: select 8Uitablo accounting pollcles and then apply Ihem conslstently; observe Ihe methods and prfnciples of the Charltles SORP (FRS 102); mako Judgements and accounttng estlmates that are reasonable and prudent; stste whethar applicable UK Account5ng Standards (FRS 102) have been followed, subject to any rnaterial departures dlsclosed and explained In the financlal statements" prepare the financlal statements on the going concem bas[8 unless It18 Inapproprtate lo pr8sum8 that th8 Group w511 witlnue In bu81ness. The Trustees are respon8lble for kaeplng adequate accountlng r￿OrdS that are sufflclent to 8how and explaln the Group and the Charity's transactlorK8 and disdose wlth reasonable accuracy at any Ime the financlal posI￿on of the Group and the Charity and enable thern to ensure that the flnanctal statements comply wlth the Cornpanie8 Act 2006. They are also responslble for s8feguardlng the assets of the Group and the Charlty and hence for taking reasonable steps for the prevention and detectlon of fraud and other Irr8gularlle8. Page 14 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AMICA CARE TRUST OPINION We have audlted the financial statements of Amlca CarB Trust (tha 'parent charitable companv) and Its subsldiarles (the 'group') for the year 6nded 31 March 2024 whlch comprise the Consolidaled Statement of Flnanclal Actlvllles, the Consolldated 8alance Sheet, the Char5ty Balance Sheet. the Consolidated Slatement of Cash Flows and the related notes. Including a summary of slgnificant accounting pollci8s. Th6 flnanclal reporting framawork that has been applied in their pr8paratlon 18 appllcable law and Unlted Kingdom Accountlng Standards, includlng Flnanclal Reportlng Standard 102 'The Financlal Reportlng Standard appllcable in the UK and Republic of Ireland, {United Kingdom Generally Accepted Accounling Praclice}. In our opSnlon tha financlal statements: glve a true and falr view of the stsle ol the Group's and of the parent charltabl8 companys affalrs as al 31 March 2024 and of the Group's Incoming rosources and applic8t]on of resourGas, induding Its income and exp8ndilura for the y88r then ended,. hav8 b88n proparfy prep8r6d in accordance wlth Unlted Klngdom Genorally Ac¢eptod Accountlng Practlc6; and have begn prepared In accordanco With the requlrements of the Companles Act 2006. BASIS FOR OPINION We conducted our audlt In accordence wlth Intematlonal Standards on Audlt5ng (UK) (ISA8 (UK>> and appllcable law. Our responslbilllies under those Standards are further descrSbed In the Auditors, responsibllStles for the audit of the financial statements sectlon of our report. We are Independent of the Group In accordance with Ihe ethlcal requlrements that are rel8vant to our audit of the financlal statements In the Unlled Klngdom, Indudlng th8 Financlal Reportlng Council's Ethlcal Standard, and we have fulfilled our other ethical responsibililles in accordanca wlth these requlremgnts. We bellave that the audit 6vldence have obtained Is 8ufficlent and approprlale to provlde a basis for our opinlon. CONCLU810NS RELATING TO GOING CONCERN In audlting the flnanclal stalernents, we. have conc￿ded that the Tru8te88' uge of the golng concern ba81s of accounfjng In the preparalion of the flnanclal slatements Is appropriate. Based on the work w8 have perfonn8d. we have not Identlfied any mater481 une8rtalnties relatlng to events or conditions that, indlvldually or collectlvely, may cast significant doubt on the Group's or the parent chariiable cornpanls ablllty to Gontlnue as 8 going concem for a p8riod of at least tW8lve monlhB from when th8 financlal stataments are authorlsed for Issue. Our responslblllties and the responslbllitles of the Trustees respeci to golng concern are described In the relevant sections of this report. Page 15 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) INDEPENDENT AUDITORS, REPORT TO THE MEMBERS OF AMICA CARE TrVST {CONTINUEO) OTHER INFORMATION The other Infomiatlon comprises the iTrfomiatlon Included Sn Ihe Annual Report other than the financial statements and our Auditors, Report thereon. The Trustees ar6 regponslble for the other Informalon contalned wlthln the Annual Report. Our oplnlon on the financial statements does not cover the other infomiation and, except to the extent otherwlse explicidy stated In our report, we do not exprnss any fom) of assurance concluslon thereon. Our respon8lbility Is to re8d th8 Other Infomiatlon and, In dolng 80, eonslder whethar th8 Other Infomiation is materially inconslstent with the financlal statements or our knowledge obtained In the course of th8 audlt, or otherwlse appears to ba materfally misststed. If we identlfy such materlal inconslstenci88 or apparent rnaterfal misstatsments, we are requlred to date￿nIn8 whether thls gives rise to a tnaterfal mlsstatement in tha financlal statements themsèfves. If. based on the work we have performed. we conclude that there is a materf81 mlsstatem8nt of th18 other infornatlon, we are requlred to report that facL We have nothlng to report In th15 regard. OPINION ON OTHER mA￿ERs PRESCR18ED BY THE COMPANIES ACT 2006 In our oplnlon, based on the undertaken In the course of Ihe 8udlt: the Informallon given in the Trustees, Report indudlng the Strateglc Report for the flnanclal year for whlch the financlal stst8ments are prepared Is ¢onslstent wlth the financi81 statements. th& Trustees, Roport and the Strateglc Report have b8en prepared In accordance wlth appllcable legal requlrements. MAThERS ON WHICH WE ARE REQUIRED TO REPORT BY EXCEPTION In the lighl of our knowledge and under8landlng of the charftabl8 company and its enmronment obtalned In the course of the audlt. we have not Identifled materlal mls8tatement8 In the Trusta88' Report Includlng the Strateglc Report. We have nothlng to report In respecl of thè followlng matters in relation to whlch Companles Act 2006 requiras us lo report to you If, In our oplnlon: the parent charltable (x)mpany has not kept adequate and sufficient accounts'ng records. or rotums ad8quatè for our audlt have not been r8celved from branche8 not vlsited by us; or tha parent charitsble Company flnanclal statements are not In agreement with the accountlng records and retums; or certaln dlgclosures of TnJ8tee8' remuneratlon speclfied by law are not made; or we have nol received all the inforniation and explanats'ons we require ft>r our 8udlL RESPONSIBILITIES OF TRUSTEES As explalned more fully in the Trustees, Responsiblliti88 Staternent, the TTusle6s (who are also thg dlrectors of the charitable company for the purposes of company law) are responslble for the preparation of the financial statemenls and for belng satlsfied that they g￿e a true and fair view. and for such Internal control as the Trustees detemiine is necessary to enabl6 the preparation of financlal staternents that are free from materlal m18Statement, whelher due to fraud or error. In preparfng the flnanclal statements, the Trustees are respon8ible for asyesslng tho Group'8 and the parent charitable companls ability to continue as a going concem, discloslng, as applicable. matters related to golng concern and uslng the golng concem basis of a¢￿￿nting unl8SS the Trustees either intend to Ilquldate the Group or the parent tharltable company or to caase operatlons, or have no realistic alternatlve but to do so. Page 16 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) INDEPENDENT AUDITORS. REPORT TO THE MEMBERS OF AMICA CARE TRUST (CONTINUED) AUDITORS. RESPONSIBILITIES FOR THE AUDIT OF THE FINANCIAL STATEMENTS Our objectives are to obtain reasonable assurance about whether Ihe financlal statements 85 a whole are free from malerlal misstatement. whether due to fraud or error, and to Issu8 an Audltors, Report that includes our oplnlon. Reasonable assurance Is a high level of assurance. but is not a guarantee that an audit conduGted in accordance wlth ISAS {UK) WTII always detect a materlal mls8tatement wthen It exists. Mlsstatements can arlse from fraud or error and are congidered material If, indivldually or In the aggregate, they could reasonably be expected to Influence the economic doclsl¢)n8 of u88r8 taken on the basls of these financial statements. Irregularftles, Includlng fraud, are Instance8 of non. The Tnjstees acknowledge thelr responsibilities for complylng with tho requirements of the Companles Act 2006 wtlh rospect to accounting records and preparatlon of finandal statements. The ftnanclal statements were approved and authorfsod for Issu8 by the Truste8s and sJoned on Ihelr b6hall by: J D Whlttak•r Chalr of Trustees Date.. 301712024 The notes on pages 23 to 39 form part of these financial statem8nts. Paoa 21 AMICA CARE TRUST (A COKqPANY LIMITED BY GUARANTEE) CONSOLIDATED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Note CASH FLOWS FROM OPERATING ACTMTIES Net cash (used in)1 provided from operating acdvltl8s 20 1,452,693 (829,522) CASH FLOWS FROM INVESTING ACTMTIES Interest received Acqulsllions of tanglble assets Movement on Investments In subsldlarles 72,406 26,867 (186,0121 {135,4281 NET CASH USED IN INVESTING ACTMTIES (113,607) (108,559) CASH FLOWS FROM FINANCING ACTIVITIES NET CASH PROVIDED BY FINANCING ACTIVITIES CHANGE IN CASH AND CASH EQUIVALENTS IN THE YEAR 1.339,086 1,390,937 (938,081) 2,329,018 Cash and cash equivalents at the beginnlng of the year CASH AND CASH EQUIVALENTS AT THE END OF THE YEAR 21 2,730,023 1,390.937 The notes on pages 23 to 39 fomi part of th888 financlal statomgnts Page 22 AMICA CARE TRUST (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 GENERAL INFORMATION The parent Charlty18 a charltsble prlvata company Ilmited by guarantee and Incorporatad In England and Wales under Company numbor 04071304 and charity number 1084054. The rgglsterad offlce of the Charlty Is Gatcholl Hous8, GatGhell Oaks, Trull, Taunton, Somerset, TA3 7EG. ACCOUNTING POUCIES 2.1 BASIS OF PREPARATION OF FINANCIAL STATEMENTS The financial ststements have been prepared In accordance with the Charltles SORP (FRS 102) Accountlng and Reportlng by Charilies: Statement of Recommanded Practice applicable to charities preparlng their accounts In accordance wlth the Flnanclal Reporting Standard appllcable In th8 UK and Republic of Ireland (FRS 102) (effective 1 January 2019>, the Flnanclal Reporting Standard appllc8bl6 irb tha UK and Republic of Ireland (FRS 102) and Ihe Companles Act 2006. Amlca Care Trust meets the deflnltlon of a public benefit entlty under FRS 102. As8et8 and Ilabllltle8 are Inltlally recognls8d at h18torfcal Cost or transaction valu8 unless otherwlse slated In Ihe relev￿t accountlng pollcy. The Consolidated Slaternent of FSnanclal Activities (SOFA) and Consolldated Balance Sheet consolldate thè finan¢lal statements of the Charfty and Its subsldlary undertaklng. Tha results of the active subsidiary are consolldated on a Ilne by line basis. The.parenl Charlly also has 4 dormant subsldlarles that are not consolldated on the grounds of Immaterlallty. The Charity has taken advantage of the exernptlon allowed under $8ction 408 of the Companies Act 2006 and has not presented its own Statement of Flnanclal ActNltles In Ihese flnancial stat8m8nts. 2.2 INCOME Home fees represents Income from actlv5t108 In furtherance of the Group's objects whlch18 nurslng and soclal care fees from the residents of the care homes. Thls Income Is recognlsed In the flnanclal statements on the accruals basls to match the perlod of occupalon of the home by the resldent. Income received In advance or In arrears is shown in deferred and accrued Income respectively. Income from grants and donatlons Is recognlsed Sn the year In whlch they are receivable when there is evldence of entitlement, receipl is probable 8nd the amount Can be rellably m6asur8d. Investment Sncome Is recognlsed In tha financial 8tataments when due to the Group. Other income represents Income for management and other services to the independent living properties adjacent to the hornes and support office. Income is reGogni8ed as the services are dellver8d. Also 5ncludad In other Incorna Is commisslon on the resale of the Indepandent livlng propertles whlch Is recognised on Ihe comp19tlon of the sale of Ihe property. Page 23 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR ThE YEAR ENDED 31 MARCH 2024 ACCQUNIING POLICIES (continued) 23 EXPENDifuRE Home costs represent the resources expanded by thg Group In the running of its homes, IncludSng It8 programme and proJ8Ct work that Is dlrected at the achlevement of its charltable alm8 and obJectlv83. These are recognlsed on the accrua18 basls to match the period in which Ihe expendSture wag incurred. AJI expendlture is Incluslve of lffecov6rablo VAT. 2.4 INTEREST RECEIVABLE Intèrest on funds h8ld on deposft Is Induded when recelvable and the amount can b8 measured rellably by the Group; thls Is normally upon notificatlon of the intere81 pald or payable by the Instltutlon wlth whom the fvnd8 are d8poslted. 2.5 TANGIBLE FIXED ASSETS AND DEPRECIATION T8nglbl6 fixed assets Costing £500 or more are capltall8ed and recognlsed when firture economlc benefits are probable and the cost or value of the ass81 can be measured rellably. Tanglblg fixed a88et$ are Inltlally recognlsed 8t C08t. After recognltlon, under the ¢08t model, tanglble fixed assels other than freehold land and bulldings are measured at cost less accumulated depreciation and any accumulated Impalrment losses. All costs incurred to bring a tsnglble fixed asset Into Its Intended working conditlon should be Included in the measurern8nt of cost. Fr89hold land and bulldlngs are subJect to the revaTuatIon rnodel wlth assets held at fair value 188S subsequent deprecAation and Impalrnient lossej. Gains and losses on disposal and revaluation ol Investments are charged or cradlted to tho Consolldated statement of financlal activltlos and accumulated In equlty exc8Pt to the extent that It reverses a revaluation decreasa of the same asset prevlously recognised in profit or loss. In the event that the revaluats'on exceeds the ac¢umulated r8valuatlon galns In equlty, the excess shall be recognised In the profil and1088. Valuatlons are performed on an exlstlng use basls wlth each home belng assessed as a separata golng concern and support office assessed as an office building. R8valuations aro mad8 wlthln sufficlenl regularlty to ensur6 that th8 carrybng amount does not dlffer materlally from that whlch would ba datennln8d uslng falr value at the Consolidatsd statement of financlal position date. Paae 24 AMICA CARE TRUST (A COMPANY UMITEO BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENT8 FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (¢ontlnued) 2.5 TANGIBLE FIXED AS8ET8 AND DEPRECIATION (CONnNUED) Land Is not depreciated. Depreciation on other assets Is charged so as to allocats the cost of tanglble fixed assats less thelr resldual value over thelr esllmated useful lives. uslng the $ts8lght-Ilne method. Depreclatton Is provlded on the followlng bases.. Freahold bulldlngs 50 years stralght fjne Freehold land Not depreciated Flxlures, fittings and equlpmont - 3 to 5 years stralght Ilne Fr8ehold land and bulldings are subjacl to the rBvaluallon model wlth assets held at fair value less subsequent deprpclatlon and Impalrniont losses. Galns and losses on dlsposal and revaluatlon of Investments are charged or credited to the Statamont of Flnandal Actlvltles and eccumulated In equity except to the extent that It reverses a revaluation decrease of Ihe same asset previously recognlsed In the Statement of Flnancial Activlties. In the event Ihat the revaluation exceeds tho accumulated revaluatlon gains In equlty. the excess shall be recognlsed In the Statement of Finan¢tal Actlvltl•s. Valuatlon8 ar& p8rfonnod on an exlstlng use ba818 wlth each home belng asso58od as a separata golng concem and the support office Is assessed as an office bulldlng. Revaluations are made wSthSn sufficient regularily to ensure thal the carrying amount does not dlffer materially from that which would be detemilned using fair value at the Balance Sheet date. 2.6 INVESTMENTS Flxed asset Inve8tm8nts 8r6 a fomi of financlal Instrument 8nd are Inltially r8cognlsed at thalr transaction cost and subsequently measured at falr value at the Balance Sheet date, unless the value cannot be measured reliably in which case It Is measured at costlass impairment. Investment gains and losses, whelher realised or unreallsed, are combined and presented as 'GaIn￿{LO$se$) on Investm8nls' in the Consolldat8d Ststement of Flnancial Actlvltles. Investments In subsSdiarfes are valued at cost less provlslon for Impalrmont. 2.7 DEBTORS Trade and other debiors are recognlsed at the settlement arnounl after any trada dlscount offered. Prepayments are valued at the amount prepald net of any trade dlscounts due. 2.8 CASH AT BANK AND IN HAND Cash at bank and In hand includes cash and short-term hlghly Ilquld Investments with a short maturity of three months or less from the date of acqulsltlon or openlng of the deposlt or sirnllar account. 2.9 LIABILrriES AND PROVISIONS Liabiliti6s aro recognised when there Ss an obllgatlon at the Balance She8t date as a result of a past even( It Is probable that a transfer of economlc benefit will be required in settlement, and the amount of the settlement can be estimated rellably. Paue 25 AP411CA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 ACCOUNTING POLICIES (continued) 2.10 FINANCIAL INSTRUPIIENT8 Tha Group only has financial assets and financlal liabllities of a klnd that quallfy as baslc financial instruments. Basic financial Instrumenls are initlally rocognlsed at tran8action value and Subsequently measured at thelr Settlement value wlth the exceptlon of bank loans whlch ar• subsequently measured at amorts'sed cost uslng the effectiv8 interest method. 2.11 OPERATING LEASES Rentals pald under operating leases are charged to the Consolldated Statement of Flnanclal Acllvltles on a stralght-line ba815 over tha lea68 temi. 2.12 PENSIONS The Group operates a defined contribution pension scheme and the penslon charge represents the amount8 payable by the Group to the fvnd in respect of the year. 2.13 FUND ACCOUNTING General funds are unrestrlcted funds ￿thIch are avallable for use at the dlscretlon of the Tru8ts8s In furtherance of the general objective8 of the Group and whlch have not been designated for other purpose8. Restricted fund8 are funds ￿lch are to be used in accordance with specific restrfctlon8 imposed by donors or which have been raised by the Group for partlcular purposes. The costs of raising and admlnlsterlng such funds are charged agalnst tho 8p8clfic fund. The alm and uso ol each restrlcted fund Is set out in the notes to the financial statement8, Investment Income, gains and losses are allocgted to the appn>prlate lund. CRITICAL ACCOUNTING ESTIMATES AND AREAS OF JUDGEMENT Estlmates and ludgemenls are continually evaluat8d and are bas8d on hlstorical 8xparlon¢e and other factors, including 8XP8Ctations of future events that are beli8V8d to b8 r8ason8bl8 under the ¢lrcumstance8. The Charity makes estimates and assumptions conceming the future. The resulting accounting estlmates and assumptions wlll, by definition, Seldom equal the related actual results. The estimates and assumptlons that h3v8 3 vlgnlfloant rfGk of cauGSng a matorlol odju*Jtmont to Iho corrying omountG of assets and Ilabilltles wlthln the next financSal year are dlscussed below. Crltlcal accountlng 6stlmat8s and assumpilon8: Valuatlon of freehold land and buildings - these are slated at thelr estlmated falr value on an exl8tlng use ba81s. Profésslonal valuallon8 aro undortakon wlth 6ufflclont rogulorlty to on￿1￿ur0 that tho corrylng omount does not differ matorially from that which would be detennined uslng falr value at the Consolldated ststement of flnanclal posltlon date and are dlsclosed In not8 13. Income from legacies needs to be recognised in Ilne with FRS 102. Legacy income18 unpredictable and the tlmescale from notlflcatlon to recelpt can be extenslve dependlng upon the complexlty of the estate and Ihere can be uncertainty over the exact amount Ihe Group will receive. Legacles are assessed on an Indlvldual basis in order to conslder whether there Is entitlement control over the rights or other access to the econornic benefit has passed to the Group; probabS11ty It is more likely than not that Ihe economiG benetlts assoGlated wSth the legacy wlll flow to the Group; and mga5urernent thg monetary valu8 or amount of the Income can be measured reliably, Paae 26 AMICACARE TRUST (ACOMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 NIARCH 2024 INCOME FROM DONATIONS AND LEGACIES R•strict•d Unrestrlcted funds funds 2024 2024 Total fvnds 2024 Total funds 2023 Donatlons Legacl88 Excgptlonal grant fundlng: COVID-19 19 19 738,661 19 738,661 5,950 738.661 19 738,680 5,969 TOTAL 2023 5.950 19 5,969 INCOME FROM CHARITABLE ACTIVITIES Unrestrlcted fund8 2024 Total funds 2024 Total funds 2023 Home fees 12.488,570 12,488,570 8.986,443 INVESTMENT INCOME Unrestrl¢ted funds 2024 Total funds 2024 Total funds 2023 Bank Interest 72,406 72,406 26,867 Paga 27 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 OTHER INCOMING RESOURCES Unrestrictad funds 20 Total funds 2024 Total funds 2023 Flat Income Sales commlssion Other income 132,625 12,930 24,229 132,625 12,930 24.229 166,064 15,945 46.773 169,784 169,784 228.782 EXPENDITURE ON RAISING FUNDS OTHER TRADING EXPENSES Unr•strlctad funds 2024 Total funds 2024 Total funds 2023 Rent 278,314 278,314 ANALYSIS OF EXPENDITURE ON CHARITABLE ACTIVITIES Summary by lund typ• Rostrlcted Unrastrfcted funds funds 2024 2024 Total 2024 Toial 2023 Totsl expendlture 12,528,760 12,528,760 10,137,883 TOTAL 2023 5.950 10.131.933 10,137.883 Page 28 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 10. ANALYSIS OF EXPENDITURE BY ACTIVITIES Actlvltlos undartaken diréctly 2024 Support costs 2024 Totsl funds 2024 Total funds 2023 Total expenditur8 9,102,703 3,426,057 12,528,760 10.137,883 TOTAL 2023 7,321.079 2,816,804 10,137,883 APIALYSIS OF DIRECT COST8 Total lund8 2024 Total funds 2023 AGtlvltl•• 2024 Staff cnsts Food and olh8r consumables Other staff costs 7,190,957 645,528 1,266,218 7,190,957 645,528 1,266,218 5,092.940 447.653 1,780,486 9,102,703 9,102,703 7,321,079 ANALYSIS OF SUPPORT COSTS Total fvnds 2024 Totsl funds 2023 Actlvltl•$ 2024 Staff costs Depreciation E8tablishmenl costs Admlnlstratlon Costs 1.185.138 386.527 1.345.061 509,331 1,185.138 386.S27 1.345,061 509.331 1,087,388 390,923 1,030,152 308,341 3,426.057 3,426,057 2,816,804 Page 29 APJIICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 11. AUDITORS, REMUNERATION 2024 2023 Fees payable to the group's audltor for the audii of the Charitys annual accounts 20,100 9,750 Fees payabl8 to tha group's auditor in respect of: All taxation advlsory servlces not included above All non-audit 88NIc6s not Indudod above 1,140 4,320 3.900 12. STAFF COSTS Group 2024 Group 2023 Charlty 2024 Charity 2023 Wagas and 8alarf88 Soclal securlty costs Contribution to defined c¢)ntributlon pension schemes Other staff costs 7,452,283 655,953 5,529,926 474,007 6,454,680 $73,089 5,529,926 474,1)07 267.859 1,266,218 176.394 1,780,486 24S,625 863,534 176,394 1,780,486 9,642,313 7.960,813 8,q36,928 7,960,813 The 8verage number of persons employed by the Charlty during the year was as follows: Group 2024 No. Group 2023 Charity 2024 Charlty 2023 No. Care Domestlc Malntenance Adminlstratlon 269 67 186 51 195 50 186 51 32 28 30 376 275 279 275 Pa98 30 AMICA CARE TRUST (A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 hlARCH 2024 12. STAFF COSTS (CONTINUED) Thé number of empk)yee8 whose employee beneflt6 (excluding èmploy8r panslon c08ts) exceaded £60,000 was: Group 2024 No. Group 2023 No. Tho number ol employo•s whoso omployo• ban•flts (excludlng employor p•n8lon costs) •xceeded £60.000 was: In the band £60,001- £70,000 In the band £80,001- £90.000 In the band £90,001- £100,000 Th8 key management personnel of the Tru8t comprlse the Trust888 (who do not receiva rernunerallon for Iheir role as tnJst8es) and the Ch18f Exacutiv8 Officer, Finance Director, Operattons Director, and HR Manager. Th8 tot81 amount of employee benaflts of the key managemont personnel of the Twsl were £278,726 (2022: £307.052). 13. TRUSTEES. REMUNERATION AND EXPENSES Durlng the year, no Trustees re¢elv8d any remunoratlon or other beneflts (2023 - £NIL). During Iha year onded 31 March 2024, travel expenses totalllng £4,622 were relmbursed or pald dlredly to 4 Tru8te8s (2023 - £4,299 to 6 Trustees). Page 31 AMICACARE TRUST {A COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 14. TANGIBLE FIXED ASSETS GROUP Froohold Flxturery, land and flttlngs and bulldlngs tqulpment Total COST OR VALUATION At 1 April 2023 Addlllons Disposals 11,516,176 2,276,401 13,792.577 186,012 186,012 (69,735) (69,735) At 31 March 2024 11,516,176 2,392,678 13,908,854 OEPRECIATION Al 1 April 2023 Charge lor the year On dlsposals 646.900 215,633 1,893,195 170.894 169.735) 2,540,095 386,S27 (69,735) At 31 March 2024 862,533 1,994,354 2,856,887 NET BOOK VALUE At 31 March 2024 10,653,643 398,324 11,051,967 At 31 March 2023 10,869,276 383,206 11,252,482 Page 32 AMICA CARE TRUST (A COMPANY UMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 1& TANGIBLE FIXED ASSETS (CONTINUED) CHARITY Freehold Fixtures, land and tlttlngs and buildlngs equlpment Total COST OR VALUATION At 1 Aprfl 2023 Addltion8 Disposal8 11.516,176 2.276,401 13.792,577 164.359 164,359 {69,735) (69,735 At 31 March 2024 11,516,176 2,371,025 13,887,201 DEPRECIATION At 1 Aprll 2023 Charge lor the year On dlsposals 648,900 215,633 1,893,195 168,333 (69,735) 2.540,095 383,986 (69,7351 At 31 March 2024 862,533 1,991,793 2,854,326 NET 800K VALUE At 31 March 2024 10,653,643 379,232 11,032,875 At 31 March 2023 10,869,276 383.206 11,262,482 The freehokl land and bulldlngs d8ss of flxed assets was revalued In December 2019 by Christie & Co who are regulated by RICS and e)rterrial to the company. The basis of this valuatlon was open market Value based on the exlstlng use, which In the case of th8 care horn8s Is as fijlly-equlpped operatlonal entltles wlth due regard to their tradlng potentlal. The Group has adopted a policy of revaluatlon for tangib19 fixed assets. Had these assets been measured at hlstorfc cost, the carrylng values would have been as follows.. Group 2024 Group 2023 Charlty 2024 Charlty 2023 Freehold land and buildings 8,236,042 8,104,503 8,236,042 8,104,503 Pag8 33 AMICA CARE TRUST (A COMPANY LIMITEO BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. STATEMENT OF FUNDS STATEMENT OF FUNDS . CURRENT YEAR 8alanc• at 31 March 2024 Balanee at Aprll 2023 Income Expendlture UNRESTRICTED FUNDS General Revalua￿on ro8eivfj 12.281,919 12,730.779 (12,807.074) 12,205,624 234,663 234,663 11516,582 12,730,779 112.807,OT4) 12,440,287 RESTRICTED FUNDS Legacy funding '738,661 738,661 TOTAL OF FUNDS 12,516,582 13,409.440 (12.80T.074) 13,178,948 GENERAL FUNDS Revoluotlon rnserye .. ThlG fund repreoonts tho unroollsod golnc on tho rovoluotlon of freehold land ond bullding8, RESTRICTED FLINDS Legacy funding - Thls fund represents a legacy donatlon whlch may bè used for Invaslment at The Orchards only. Paa8 36 AMICA CARE TRUST IA COMPANY LIMITED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 18. STATEMENT OF FUNDS (CONTINUED) STATEMENT OF FUNDS . PRIOR YEAR Balance at 31 March 2023 Balance at 1 Aprll 2022 Transfers Inlout Income Expandlture UNRESTRICTED FUNDS General Revaluatlon r83erv 13,182.863 223,539 9,242,111 (10,131,931) (11.124) 12,281,919 11,124 234,683 13,406.402 9,242,111 (10.131,931) 12,516,582 19. AMALYSIS OF NET ASSETS BETWEEN FUNDS ANALYSIS OF NET ASSETS BETWEEN FUNDS - CURRENT PERIOO Rostrlcted Unre¥trlctod lund$ funds 2024 2024 Tolal funds 2024 Tanglble flxed assets Flxed asset Investments Current assets Credltors due wlthln one year 11,051.967 11,051,967 738,661 2,905.702 3,644,363 {1,517,386) (1,517,3861 TOTAL 738,661 12,440.287 13,178,948 ANALYSIS OF NET ASSETS BETWEEN FUNDS - PRIOR PERIOD Unrestricted funds 2023 Total funds 2023 Tangible fixed assets Flxed asset Investments Current assets Credltors due within one yaar 11,252,482 11,252,482 2,038.222 2,038,222 (774,126) (774,126) TOTAL 12,516.581 12.516.581 Page 37 AMICACARE TRUST (A COMPANY LIMITED BY GUARANTEE NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 RECONCILIATION OF NEr tJlOVEMENT IN FUNDS TO NET CASH FLOW FROM OPERATING ACTIVITIES 20. GTOUP 2024 Group 2023 Net IncomelexpendSture lor the perlod (as per Statement of Flnanclal Activities) 662.366 (889,820> ADJUSTMENTS FOR: Depreclatlon Interest rec8lv8d Loss on dispo$81 of tangSbl8 fixed assets (Increaselldecrease debtors Increasel(decrea8e) In credltors 386.527 f12.406) 390.447 (26,867) 475 (287,054) (257,562) 743.260 (46,195) NET CASH PROVIDED BYI(USED IN) OPERATING ACTIVITES 1,452,693 (829,522) 21. ANALYSIS OF CASH AND CASH EQUIVALENTS Group 2024 Group 2023 Cesh In hand 2,730,023 1,390,937 22. ANALYSIS OF CHANGES IN NET DEBT At 1 Aprfl 2023 Cash flows At 31 March 2024 Cash at bank ar￿ In hand 1,390,936 1.339,087 2,730,023 23. PENSION COMMITMENTS The Group operate8 a defined contribution pension schema. The assets of the scheme are held 8eparately from those of the Group in an Independently administered fund. The pen8ion cost charge represents Gontributlons payable by the Group to the fund and amounted to £267.859 <2023 - £176,394}. Contrlbutlon8 for the Group totslllng £53,018 <2023: £36,925) were payable to the fvnd at the balanca sheet date and are included In creditors. Paoe 38 AMICA CARE TRUST (A COMPANY LIMrrED BY GUARANTEE) NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 24. FINANCIAL COMMITMENTS At 31 March 2024 the Group and the Charity had commitments to make future mlnlmum laase payments under non-canc8llable operating laases as follows: Group 2024 Group 2023 Charlty 2024 Charily 2023 Not later than 1 year Later than 1 year and not later than S years Later than 5 years 653,975 2,319,364 16.420,543 57,224 85,140 65,109 89.580 57,224 85.140 19,393,882 142,364 154,689 142,364 At 31 March 2024 the Group and the Charlty had the followlng financial commltrnents In place: Group 2024 Group 2023 Charfty 2024 Charity 2023 Not later than 1 year Later than l year and not later than 6 years 75,596 11,601 63,451 57,224 75,596 11.601 63,451 25,040 87,197 120,675 87,197 88,491 25. RELATED PARTY TRANSACTIONS Durfng the year, the parent Charfty Issued a loan to Its tradlng subsldlary, Amlca Care (Plyrnouth) Ltd. At the year end the balance of tha amounts dua to the parent Charlty was £375,322 and is Included in debtors. The loan does not accrue interest and ha6 an Indefinite repayment period. 26. CONTROLLING PARTY The Group Is controlled by the Board of Trust868. PaGe 39