CASTEL FROMA NEURO CARE LIMITED IA COMPANY LIMITED BY GUAKANTEE) REPORT AND FINANCIAL sfATEMErfrs FOR THE YEAR ENDED 31 MARCH 2024 CHARifY NUMBER 1100965 COMPANY NUMBER 04777559
CASfEL FROMA NEURO CARE UMITED la company Ilmlted byguaYanteeJ REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Conterhts Page Chalr's report Trustees, annual report Audltors, reF)Ort 10-12 Statement of flnanclal actlvltles 13 8alance sheet 14 StatÈmÈnt of tashflows 1>16 Notes to the flnanclal statements 17-29
CASTEL FROMA NEURO CARE UMITED la company limlted byguaranteèl CHAIR'S REPORT Caslel Froma Neuro Care Llmlted Is 3 charitable company Ilmlted by guarantee opeTatlng two care centres in South Warwickshire, provldlnE quallty speclallst eare, treatment, rehabllltatlon and therapeutlc facilltles for people with complex condltlolls ran8in8 from braln inluTle5 to multiple sclerosis. motor neurone. Parkln50n's and Huntlngdon'5 d15e85e5. Castel Fioma Neuro Care Umlted Isclvrenlly based In two propertles. at Lillington House and Helen Ley House, whlch between them care foi approxlmately 90 resldents al anyone tlme. We achleved 3 gross Income In the fln3nclalyear 2023-24 of E8.9 mllllon. wedomlnantly from fees pald by the NHS and other publlc secior and prfvate sources. Thls sum Sncludes donatlons and legades we have been very fortunate to receive, and staff have workedvery hard to athleve. of more ihan £370.000. Untll this yeai we were also supported by Investment Income from propertyi whlch wa5 sold In order to fund constructlon work at one of OUT sltes (Helèn Lty Housèl to add a further elght speclallyadapted rooms capable of supportlng the care we wovlde. Theyearwas also extremÈlychallenglnE. Ajongslde managlng a malorconstructlon project on oneof our slteswhlle contlnulng full SerVeS to resldents, we fxed conslderable rlslng costs ol operatlon. The prlnclpal of these was settlng pay to be competltlve wlth the rest of the health sector. Following a pay upllft In the NHS and In the context of a nallonwlde shortage of nurses and therapists, we awarded a 5% Increase to attractand retaln quallty staff and ovold thè cost of agencyfeesto flll gaps. The lag In fee Increases to reflect Increased costs led to a deliclt for the year of more than £286,(. The Board and management of the charlty are pursvlNg a strategyof wothln8 towards reallstlc fee levels whllst also ensurlng that costs are actlvely managed. Although outslde the perlod of Ihls report. It Is approprlate to provSde an update on progress Sn reflecting on the thangln8 nature of and posslbllltles offered by modern healthcare and the announcement In Au8U5t 2024 of 3 ievlew or ouc seNl¢es to meet t)ew needs. detalls ofwhlch can be found on our webslte: h Iltlés.to.f tlon. The work ol the charlty 15 only made posslble by the efforts and gotsdwlll of the staff and also many Indlvlduals who glve thelr tlrne freely In many dlfferent ways to offer support. Thls Is very much appreclated. Fln8lly* I wlsh to thank my fellow trustees for their contlnued dedicailon and supportof Castel Froma Neuio Care Umlted. Carollne Wllson Chalr of Trustees 30 lanu4ry 2025
CASTEL FROMA NEURO CARE LIMITED la company Ilmlted by guarantee) TRusfEW ANNUAL REPORT Ilncludlng Dlrectors, and Strateglc Report) FOR THE YEAR ENDED 31 MARCH 2024 The trustees are pleased to present their annual report together wjth the audited fiTwncial statements of the charlty fo¥ the vear ended 31 March 2024 whlch are a150 prepared to Fneet the requlrements for the strateglc and dlrectors, report and accounts for Companies Act purposes. The financial statements have been prepared in accordance wlth the accounting pollcles set out In the notes to the accounts and comply wlth the charItS governlng document, the Charitles Act 2011 and ReportlnE by Charltles.. Statement of Recommended pract1 appllcable to tharltles preparlnE thelr accounts In accordance wlth the Flnanclal Reportlng Standard applicable In ihe UK znd Republlc of Ireland published In October 2019. On l Aprll 2011 Castel Froma las the chaiity was then knownl merged wlth Royal Mldland Countles Hame for the Dlsabled, a ¢haTIty under common tontrol. Royal Mldland Countles Home for the Dlsabled remalns a separate charlty, placpd under a UnltlnE Direction with Castel Froma. On l Aprll 2011 the expendable assets of Royal M5dland Countl?s Homè for the DlsablÈd were transferred to Castel Froma and the permanent Èndowment was placèd undèr the protectlon of the Trustees of Castel Froma. The following financial statements report the comblned performance and flnanclal p051tlon of Castel Froma and Royal Midland Countles Home for the D15abled. Reference and admln15tratlve Snfomiatlon Castel Frorna Neuro Care Umlted:_ Re8lstered charlty number Reglstered company number 1100965 04777559 Country of Incorporatltsn England Royal Mldland Countles Home for the Dlsabled reglstered charlty number (Llnked tharltvl 1100965-1 Re8lstered office 93 Lllllneton Road Learnlngton Spa Warwickshlre CV32 GLL Audltors Harrlson Beale & Owen Llmlted Charterèd Accourbtants and Statutory Audltor Hlghdown House. 11 Hlghdown Road Leamlngton Sp CV31 IXT Bankers Uoyds Bank 73 The Parade Leamlngton Spa CV32 488 Sollcitors WrSght Hassall LLP olympu5 Avenue LeaminBton Spa CV34 68F Harrtson aark Rickerbys Llmlted Ellenborough House Wellington stet Cheltenham Gloucestershire GL50 IYD
CASTEL FROMA NEURO CARE UMITED la company Ilmlted by guarantee) TRUSTEES, ANNUAL REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Dlrectors and trustees and offidals Presldent Patron Vlce-Presldent 12th Earl of Aylesford MrT Cox, Her MajesiVs Lord Lleutenant of Warwlckshire Mrs D Dowdeswell OBE Trustees Dr C Wllson {Chalrl Mr G Murrell IVlce-Chalr} Mr S J Nlcklln MTS L Holiday Mr D Lel8h-Hunt Dr D Stableforth Mr J Evlson Mrs S K Seeley lappointed 8 Aprll 20241 Ms S l Heales lappolnled 8 O¢lobei 20241 Ex-offl¢lo The Chaliman of Warwlck Dlstrlct Councll HIS Worshlp Mayor of Royal Leamlngton Spa Senlor Management Team Mrs M Bawden (Chlef Execullve & Nomlnated Indlvlduall Mrs E jackson (Deputy Chlef ExeCUte) Mr A Albu IReglsteied Manager, Lllllngton House and Helen Ley House) Mlss N Fyfe Icllnlcal Servlces Manager) Ms K Gates (Therapy rnanagerl Compat)y Secretary Mts M Bawden Care Standards Commlttee Mrs L Hollday (Chalrl Dr C Wllson Mr G Murrell Mr S J Nkklin Mr D LÈlgh-Hunt Dr D Stableforth Mr J Evlson Mrs S K Seeley Ms SJ Heales finante, A55ets & Rlsk Commlttee IlncludlTrg profiling & funthalsln81 Mr G Muirell {Chalr} Dr C Wllson Mr S J Nlcklin Mrs L Hollday Mr D LeiEh-Hunt Dr D Stableforth Mr J Evison Mrs S K Seeley M5 SJ Heale5 Remuneratlon Commlttee Mr D LeiEh-Hunt IChair} Dr C Wllsort Mrs L Holiday Mr J Ev150n Mr S Nlcklin Mr G Muriell
CAStEL FROMA NEURO CARE UMITED (a company limited by 8uaranteel TRUSTEEV ANNUAL REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 OBJECTIVES AND ACtVITIES Mlsslon Statement Doy resplte and lonB-term resldentlal care wlth 24-hour nursing c(wreAoT those with neuroloplcol ¢ondKtlons We run out5tandin8 care and rehabllltatlon centres provldlng day. resplte and long-term seiCe5 for people dlsabled by neurologlcal condltlons. Buslness Ams To provlde the hlghest standard ol nurslng and care for Ind5vlduals wlth neurologlcal condbtlons who have omplex needs; To brlng together experts from everytherapeutlc fleld to help our resldents lfve as full a Ilfe as posslble,. To Integrate famlly frlends and the local communlty Into the Ilves of our resldenls and prov5de a supportlve envlronmeni for thelr carers. To excel In palllatlve and end of Ilfe care to help our resldenls Ilve Ihelr last days as they would wlsh. free from paln and wlth as much dlgnlty as posslble; To extend our care beyond our centre5, Into the Iordl communlty and onto a re¥lonal and natlonal level,. To operate wlihln a flnanclally and enronmentallY sustalnable framework, Prln¢lpal a¢tlvllles The prlnclpal actlvlty of Castel Froma Neuro Care Llmlted Is the provlslon of care and ac¢ommodatlon for Severely physlcallydl$8bled people. To achleve thls oblecdvethe charltyoperatestwo redstered Care Centres based at thè followlng addresses:. Llllln8ton House 93 Lllllngton Road LeamlnBton Spa Warwlckshlre CV32 6LL The Helen Lèy Care Centre Berlcote Road Blackdown Leamlngton Spa Warwlckshlre CV32 6QP The centros provlde 24-hour nurslng care, Sn addltlon to physlotherapy. occupatlonal therapy, hydrotherapyi speech aY)d language therapyi arornatherapy and reflexologv. The prlnclpal actlvlty ol Royal MldlaThl Counties Home the Dlsabled 15 to support Ca5tel Froma Neuro Care Llmlted. The sale of approxlmately 1.5 acres of land In 2)4 allowed Royal Midland Counlies Home for the Oisabled to Invest a13rge su¥n of money Sn property. The monthly It)come ha5 been allocated to projects in Ca5tel Froma Neuro Care Llmlted for physlcally disabled people. All of the projects have dlrectly benefited the ¥esldents. Volunteèrs In addltlon to approximately 206 pald employee5. the charity a150 twieNts fmm In excess of 1,000 hours of donated time each year. This figure includes time spent at the care centres by committee member5. drlver5 and letter wrlters, who all partlclpate In fundralslng events, vlsit resldents. and accompanythem excursions outslde the care centres.
CASTEL FROMA NEURO CARE LIMITED (a company limlted by Èuar#nte¢) TRUSTEES. ANNUAL REPORT lcontlnuedl FOR THE YEAR ENDED ai MARCH 2024 STRucfuRE, GOVERNANCE AND MANAGEMENT Governln# Instrumeb)t Castel Froma Neuro Care Llmlted bs a charltable company Ilmlted by guar3ntee, Incorporated on 27 May 2003 and reglstered as a charlty on l December 2(K13. The company was est3bllshed under a Memorandum of Assoclatlon. as arnended by speclal resolutlons OF? November 2003 and 25 November 2010. which established the objects and powers of the company and Is governed Ltnder Its Artlcles of Assoclatlon. Royal Mldland Countles Home for the Dlsabled Is an unIncorporad association set up under a Trust Deed dated 27th lune 1884, as amended on 1st Aprll 2011, Oyganlsatlon and stru¢lure The overall management of the thar51y Is carrled out by the Chlef Eyecutlve who15 dlrectly responslble lo the trustees. All nursln8 and rare staff report to the Reglstered Managers and all non-me(Ilcal staff report to thelr relevant Ilne manager. The members of the Senlor Mana8ement Team cOmpse the Deputy Chlef Executive, Reglstered Managers and Therapv Manager. all of whom report to the Chlèf Executlve. GovÉrnante and IntÈrnal control The 'Board of Trustee5' comwlses the dlrert(Y5 of the ¢ompany. A Ilst of those who seNed In these capacltle5 durln8 the perlod Is set out on page 3. Members ol the company guarantee to contrlbute an amount not exceedlng £10 to the assets of the company In the event of wlndSng up. A panel comprls5nE exlstlng commlttee members selects members of the three commlttees.. the Care Standards Commlttee; the Flnance5, Asse15 and Risks Commiltee,. and the Remuneratlon committee. The trustees meet quarterly, New trustees are elected by the 'Board of Trustee5'. New trustees are Inducted Into thelr role over the course of several mÈÈtlngs and are encouraged to attend approprlate tralnlngto facllitatethe undertaklngof thelr role. Pay pollcy for senlor staff The pay of the senlor staff Is reviewed by the rernuneratn commlttee lat least annuallyl and normally Increased In Ilne with average earnlngs. In vlew of the nature of the chadty, the trustee5 benchmark aealnst pay levels In other reglonal charitie5 of a 51mllar slze. If recruitment has proven diftlcult In the recent past a markel addlllon may also be pald. Plans for the future Durlng the year the charlty has made s18niflcant progres5 on the extenslon to Helen Ley House, whlch wlll expand capadtv with elght new bedrooms and wlll become operatlonal In 2025, following recent approval from the CQC. The exten51on fDrms part of a wlder revlew by the trustees of the charivs premlses In the context of the need for the charlty to allen Its are servlces with changes In mOn healthcare seNlces. indudlng an Increased focus on rehabililatlon.
CASTEL FROMA NEURO CARE LIMITED (a company Ilmlted by Buarantee) TRUSTEES, ANNUAL REPORT {continuedl FOR THE YEAR ENDED 31 MARQI 2024 STRATEGIC REPORT Aehlevements and performan 2023-24 was another extremely challenglng year as the charlty. Ilke many In the sector, was deallng with signlflcant Inflatlonary pressures in the economy that were in part exacerbated by a volatlle polltlcal envlronment around the world. We contlnue to strlve to provlde a hlgh standard of care for allof ourresldents at l)othsltes. To thls end, we have where P0551ble, malntÈlned the number of hours each week In respect of physlotherapy. occupational therapy* psychologv. dletlclan and speech and language therapy. We rÈopened resplte care during the year and our resplte beds were popular durln8 the sprlng and summer months. In partkular. The latest CQC Inspection reports, whlch were dèsktop revlews carrled out In 2022 and 2023, stlll assess both sltes as 'Good'. Flnanclal revlew Detalls ol the flnanclal posStlon ol the ¢harlly are set out In the attached finan¢lal statements. Income for the year totalled £8,974.832 and expendSture totalled E9.218,987. Ne¢ expendlture for the year totalled £244,155 wlth total adverse movement In furHls of £286,901 after other10$5es of E42.746. Unrestrlcted reseryes at the year-end amounted to £5,969,257 and these cornprlsed 8eneral reserves of £1,339.473 and de51Bnaled reseNes of £4,629,784, Restrlcted reserves comprlse the restrlctèd rèserves of Castel Froma Neuro Care Llmlted totallln¥ £31,243 and an endowment reserve of Royal Mldland Countles Home lor the Dlsabled, representln8 the valuè of thÈ frèèhold property, belng the slte at 93 Lllllngton Road, amountln8 to £4.250.000 at the year end. Investment pollcv The charltws Invèstmènts are held In accordance wlth the trustees, powers. The trustees have consldered the most approprlate pollcy for investlng the funds and have found that a mlxture of property Investment and Investment In portfollo of equltles had prevlously met thelr requlrements to 8enerate both Income and capStal growth. The trustees take advlce from suitsble speclallsts on, amongst other thln8s, thè acceptable levels of rlsk and alm to 8en¢rate a rèturn above that of the rate of Inflatlon. whilst enwilt)g that cash is avallable to the char(ty when needed. The performance of Investments Is revlewed perlodlcally agalnst agreed benchmarks. In the year to 2024, the charlty dlsposed of Its Investments In order to release resources to fund further development. Rlsk rwlew The trustees have put In place a formal rlsk management piocess to assess buslness rlsks and Implement rlsk management 5trategles. Thls Involves identlfylnÉ the types of rlsks the charlty faces. priorltl51ng them In terms of potentlal Impart and Ilkelihood ol occurrence, and Identifying means ol mitlgatlng the rlsks. As part of thls process the trustees contlnuallv revlew the adequacy of the charlty's current Internal controls. The tntsstees are pleased to report that the charlty's internal financial controls, In partlcular, conlorm to Bulde15nes Issued by the Charlty Commlsslon. The trustees have condurted thelr own lee of the malor rlsks to whlth the charity Is exposed and systems have been Implemented to rnltlgate those risks. The 51gnificant extemal rlsks to the charity are noted wlthln the key rlsks IdentSfied below and Include the key linanclal rlsk of the charlty not meeting Its budget. Internal rlsk5 are mlnlmised by the Implomentation af Sllternal control procedures for authorlsatlon of transactlons and projects and through staff development. These procedures are revlewed perlodlcally to ensure they Still meet the needs of the charity. The key rlsks as Identified by the trustees Indude: Resldents, fees as awarded by Commlssloners not keeping pace wlth Inflatlon and the ensuing difficulty In achlevln8 a balanced budget, 8iven the requirement to meet and malntain the ¢harlty's reputatlon and commitment to care stsndards. MalntalnlnÉ fee levels and cash flow in the context of a changlng pattern of Teferra15 Wlth an Increaslng ernphasis on shorter term placements for rehabilitative care, wlth potential (or more"void" peiiods,. and Accommodation becomln8 Ltnsuitable and unftt for purpose.
CASTEL FROMA NEURO CARE LIMITED (a compary Ilmlted byguarantee TRUSTEES, ANNUAL REPORT IntInued) FOR THE YEAR ENDED 31 MARCH 2024 STRATEGIC REPORT Reserves pollcv The trustees have examlned the charitrfs requlrements for reserves In the light of the maln r15ks to the organlsatlon and have established a pollcy whereby suffl¢lent unrestrlrted reserves are retalned In order lo meet unforeseen Incre3sed working capltal requliements at a level equal to at least slx months, operatlng expendlture. In Aprll 2021, the trustees further clarlfied the reserves pollcy wlth an addltlonal alm to hold a level of reserves In liquid assets such as cash deposits or Investment funds ol at least three months. operatlng expendlture. The pollcy Is still consldered to be approprlate for 2024 and Is to be rÈvlèwed aEaln In 2025. The strategy of the trustees Is 8uSded by the followlnÈ prlnciples.. To bulld reseives through planned oper3tin8 surF4uses,' To revlew the pollcy reBula¥ly in the light of financial perfomiance and any changes In rlsk assessment; To apply thls pollcy In conlunctlon wlth the Investment pollry. to enable a proportlon of the reserve to be Invested. and To Ilmll the ablllly of the charlty to draw from Its reserves by only authorlslng the Chlef Executlve or Chalr of Trustees to effect such a drawdown. wlth an obll¥atlon lo report any such wlthdrawal to the 8oard. The level of unrestrlcted reserves not commSlted was £5.969,257, ofthlch there was a de51gnatlon of£4,629,784, Thls de51gnated fund represents the majorlty of the net book value of the functlonal flxed asseti of the charlty and Is therefore not deemed to be avallable to the charlty for actlvltles other than to whlch these assets are currently commllted. The level of reserves avallable to the chailty for unforeseen worklng capStal requlrements was therefore £1,339,473, whlch, at around one to iwo months of operatln8 Èxpèndlture, Is short of the slx months target, based upon current levels ol actlvlty and b¢Jdgels for the forthcomlnE years, althou8h Ilquld assets are more In Ilne wlth three months. target. The tiustees conslder that the strength of the charlty's balance sheet. current stable cash flows and the re5uIt5 of recent rlsk mana¥ement anatysls Indlcate that the current level of reserves Is adequatÈ for the charlty to meet Its oblectlves. Valuatlon of properiles In October 2020 the freehold properties at both sltes ILlllln8ton Housè and Helen Ley House) were subject to a perlodlc valuatlon, in accordance wlth UK GAAP In order to assess whether either property was Impalred, as nelther property Is depreclated. Thls led to assessed valvatlons of £4,200,(XM) and E2,950.000 respectlvely, and were on an open market value ba515. As the Carrn$ valuè of Helen Ley House. at £2.855,750 dld not exceed Its latest market valuatlurt, the trustees were satlsfled that It was not lrnpalred and that Its Current carrylng value Is consldered to be approprlate, followlng slgnlfleantfurther Investment In an extenslon to the slte of over Elmllllon. whlch15 Set to become operatlonal In 2025. No adjustmènts were made to the carrylng values of the propertle5 for the year ended 31 March 2024, whlch the trustee5 ¢0nslder to Currently be shown at a carrySng value whlch is relevani and falr. Fundyalslng Whllst the charlty does Incur some expendltUTe In resped of fundralslng artlvltles, Indudlng professlonal fees for a thlrd- party agent In respect of corporate charlty donatlons. these are considered to be on a Small scale and do not form part of the charltvs prlnclpal attivitles. The charity neither parttclpates in publlcly marketed fundrabslng events nor In the actlve sollcltlng of donatlons from mernbers of the general public. Accordingly. the charlty Is not ieglstered wlth the FundraislE)E RegulatOT, although the trustees will keep the 51tuation under review. Tho trustees would like to 3cknowledge thelr slncere gratltude for the donations in the year from.. The Salntbury Trust, The Wllmcote Charitrust, The Rowlands Trusl, The Dennis Alan Yardley Charitable Trust, The Boshier Hlnton Foundatlon. The W.E.D Charltable Tnt5t, The W E Dunn Trust, The Ellzabeth Jackson Charitable Twust, The Geoff & Flona Squlre Foundatlon, Screwfix and The C A Rooke5 Charitable Trust. The majority of these dorsailons helped to fund profiling beds.
CASTEI FROMA NEURO CARE LIMITED {a companyllmlted by guarantee) TRUSTEES, ANNUAL REPORT Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 ¥rATEMENT OF PUBLIC BENEFIT The trustees are mlndful of the need to dernonsirate publlc benefit In the operatlon of both Royal Mldland Countles Home for the Dlsabled IRMCHDI and Castel Froma Neuro Care Ltmited. For many years the charlty had operated at a trading loss and had been wholly dependent upon RMCHD to provide substantlal donations In order to keep the charlty runnlng. The trustees are now pursulng a strategy of maintainlnE realistlc fee levels whilst also ensuring that ¢0Sts are actlvely managed, wlth the aim of provldln8 finantlal stablllty for the charity. The trustees have dulyconsldered the Charlty Comm1s5ion's publlshed guldance on publlc beneflt requl¥ement5 under the Charltles Act 2011. As such, the trustees carry out those obletts and acllvltles by Cofttrattlng wlth, amonESt others. NHS England and varlous Inte8rated Care Board5 to provlde:_ Rehabllltatlon of Indlvlduals followln8 catastrophic brain traumas; and CoThtlnuin85peciali5t and complexc8refor Indlvldualswlth ongoing braln related traumas and physlcal dlsabllltles As a result Qlthls, the charlty Ss deemed to demonstrate a publk bènefit In asslstln@ the NHS and other publlc bodles by offerlng a more tallored solutlon to these IndSvSduals whose complex and often long-term care needs would otherwlse place a slgnlflcant burden on publlcly funded reÉourcès and facllltlès. Furthermore, In common wlth othér charltlÈs In thè care sÈctor. the fees charged to resldent5 are based on a structure of ¢osl recovery that extends only lo dlrect Care costs and andllary t)verheads but whlch excludes a ¢har8e for room rental. As such the charlty Is consldered to offer a demon5tTable publir beneflt to resldents, Ihelr famllies and wlder soclety In provldlnÉ thls sèrv5ce wlthln the context of 5ts overall care obllgatlons. Thè charlty Is open to all who may benefit from the hlghty Intenslve ser41ce5 offered at Castel Froma Neuro Care Llmlted. We know we could do more and that Is whywe are developlng and adaptlng fatllltlès whlch wlll allow the charSty to offer Its servlces to more polentlal resldents. A broader range of servlces L% contemplated whlch would offer further support to those needln8 the spetlallsed servke wè offèr. Thls approach Ss entlrely drlven by the chailty's obSectlve of rellevlnB persons wlth physlcal dlsabllltles by the provlslon of tarÈ.
CASTEL FROMA NEURO CARE UMITED la company limlted byguaranteel TRUSTEES, ANNUAL REPORT {continuedl FOR THE YEAR ENDED 31 MARCH 2024 Trustees, rèsponslbllltles In relallon to the flnah¢lal statements The charlty trustees (who are also dlrectors of Castel Froma Neuro Care Llmlted for the purposes of Company lawl are responsible for Preparlng the Trustees, Annual Report (Inclvdlng the Strategic Report) and the financial statements accordance wlth appllcable law and Unlted KlnEdom Accounting Standards (Unlted KlnEdom Generally Accepted Accountlng Practlcel. Company law requlres the trustees to prepare financlal statements for each financSal year, whlch glve a true and falr vlew of the state of affairs of the charitable ¢t)mpany and of the Incoming resouTces and appllcatlon of iesources, IncludlnB the Income and expendlture. of the charitable company (or that perlod. In preparing these Hnanclal statements, the trustees are requlred to: select suitable accounling polkles and then apply them conslstently: observe the methods and prlnclples In theChaTltles SORP 2019 IFRS 1021; make ludgement5 aEkd e5tlm4te5 that are reasonable and prudent: state whether appllcable UK accountlng standards have been followed, subject to any materlal departures dlsclosed and explalned In ihe finan¢lal statements,. prepare the Ilnanclal statements on the golng cot)cem basls unless It Is Inapproprlate to prestJMÈ that the charlty wlll contlnue In operatlon. The trustees are re5ponslble for kéeplng proper accountlng TOrdS that d15close wlth Teasonable accuracy at any tlme the flnan¢lal posltlon of the charltable company and enable them to ensure that the flnanclal statemènls tomply wSth the Cornpanles Act 2006. Theyare also re5pon51ble for safe8uardln& the assets of the charltable company and hènce for taklng reasonable steps for the preventlon and detecllon of fraud and other Srfegularltles. Statèment as to dtsclosure to our In so far as the trustees are aware at the tlme o( approvlng our tTUStees' annual rewrt,. there Ss no relevant audlt Informatkbn of whlch the charllable company's audltor15 unaware,. and the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audlt Intormatlon and to establlsh that the audltor b aware of that Informatlon. Audltors Harrlson Beale & Owen Llmlted have expressed thelr wllllngness to conlinue In the capaclty of the companrfs audltors. Approval of Strate81¢ Rèport In approvlnB the Trustees. Annual ftert we a150 approve the Strateglc Report included thereln, In our capaclty as company dlTectors. Approved by the trustees on 30 January 2025 and signed on thelr behalf by. Dr C Wilson ChaSr of Trustees
CASTEL FROMA NEURO CARE LIMITEO {a company Ifmlted by8uarantee} INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTEL FROMA NEURO CARE UMITED FOR THE YEAR ENDED 31 MARCH 2024 Oplnlon We have audlted the flnanclal ststements of Castel Froma Neuro Care Llmlted (the 'ch4rltable ¢ompany'l for the year ended 31 March 2024 whlch comprise the Statement of Financial Actlvltles, the Balance Sheet, the Statement of Cash Flows and notes to the tinanclal statements. Includlng a summary of signtticant accountlng pollcles. The financial reportlftg framework that has been applled In thelr preparatlon Is appllcable law and Unlted Klngdorn Accountlng Standards. includlng Flnanclal Reporting standard 102 Yhe Flnanclal Reportlng Standard applltable In the UK and Republle of Ireland" Iunlted Klngdom Generally Accepted Actountlng Practlcel. In ouroplnlon the flnanclal slatements.. glve a true and falr vlew of the state of the charllable cOmpanS affalrs as at 31 March 2024, and of Its Incomlng resources and appllcation of resources. Includin81ts income and expendlture. lor the yeai then ended; have been properly prepared In ac¢ordan¢e vlth Unlted Xln8dom Generally Accepted Accounllng Practlce,. and have baen prepared In accordance wlth the requlrements of the Companles Act 200& Basls for oplnlon We conducted our audlt In accordance wlth Internatlonal Standards on Audltlng IUKI {ISAs IUKII and appllcable law. Our responslbllltlès undèr those standards arè furthèr dèstrlbèd In thè Audltor's rèsponslbllltles for the audlt of the financlal statement5 secllon OF our report. We are Independent of the charltable company In ac¢ordance wlth the ethlcal requlrements that are relevant to our audlt of the financlal statement5 In the UK, Includlng the FRC'5 Ethlcal Standard, and we have fullllled our other ethlcal responslbllltles In accordance wilh these requlrements. We belleve that the audit evldence we h¥ve obtalned Is sufflclent and approprlate to provlde a basls for our oplnlon. Concluslons relatlng to golng concern In audltlng the flnanclal statements, we have concluded that the trustee< use of the 8olng concern ba51s of accountlng In thè prèparatlon of the flnanclal statements Is approprlate. Based on the work we have performed, we have not Identlfled matertal uncertalntles relatlng to events or condition5 that, Indivldually or colle¢llvely, may tast slÉnlfttant doubt on the charltable CoMpanS ablllty to contlnue as a golng concern for a perlod of at least twelve months from when the financlal statements are authori5ed for15sue. Our responslbllltles and the responslbllltles of the truslees wlth respect to golng concern are descrlbed In the relevant sectlons of thls report. io
CASTEL FROMA NEURO CARE LIMITED {a company Ilmlted by guarantee) INDEPENDENT AiIDITOR'S REPORT TOTHE MEMBERS OF CASTEL FROMA NEURO CARE LIMITED Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Other Informatlon The other Informatlon compr15e5 the Information Included In the Trustees. Annual Report, other than the flnanclal statements and our auditor's report thereon. The trustees are responsible for the othei Information. Our opSnlon on the fln3nclal stslements does nol coveT the othei information and, except to the extent otherwlse expllcltly stated In our report, we do not express any form of assurance concluslon thereon. Our respoftsSblllty Is to re3d the other Informatlon and, In doing so, consider whether the other Informatlon Is materlally Inconslstent wlth the Ilnanclal statements or our knowledge obtalned In the Course of the Judll or otherwlse appears to be materially misstated. If we Identlfy such m3tèilal Inconslstencies or apparent material mlsstatemÈnts, we are required to determlne wheiher thls Blves rlse to a materlal misstatement In the flnancial statements themselves. If, based on the work we have performed, we conclude that there Is 3 materlal mlsstatement of this other Inform•tlon, we are required to repart that fact. We have nothlnÉ to report In thls rerfard. Oplnlons on other motters prescrlbed by the CompanTes Act 2006 In our oplnlon. basèd on thÈ work undertaken In the course of the audlt: the Informatlon 8lven in the Truslee5' Annval Report, whlch Includes the strateglc report and the directois, report prepared for the purposes of company law, for the flnanclal year for whl¢h the Ilnanclal statements are prepared15 ¢onslslent wlth the flnanclal 5talements,' and the strateelc rèport and the dlre¢tors' report lrKkndL withln the Trustees, Annual Report have been prepared In accordance wlth appllcable legal requlrements. Matters on whlch we are Yequlred to report by exception In the Ilght af our knowledge and vnderstandlnB of the ¢harltable company and Its envlronment obtalned In the course of the audit, we have not identifSed materlal mlsstatements In the strateglc rep¢)rt or the dSrectors' report Included wlthln the Trustees, Annual Report. We have nothlnE to report in respect of the following matters In relatlon to whlch the Companlo5 Art 2006 req(tlres us to report to you If, In our oplnlon: adequate accountln8 records have not been kept, or returns adequate for our audlt have not been recelved from branches not v151ted by u5- or the flnanclal Statements are not In agreement wlth the accounting records and returns- or ¢ertaln dlsclosure5 of dlrertors. remuneratlon specllled by law are not made,. or we have not recelved all the Informatlon and explanatlons we requlre forour audiL Respon51bilities of trustees As explalned more fully In the Trustees, Respons5bllltles Statement Set out on page 9, the trustees (who are also the dlrectors of the charltable company for the purposes of company lawl are responsible fof the preparation of the 1Snanclal statements and for belng satisfled that they glve a true and fair view, and for suth internal control as the trustees determlne Is necessary to enable the prÈparatlon of financlal Statements that are free from materlal misstatemenl, whether due to Iraud or error. In preparlng the financlal statements, the trustees are respon51ble for assesslng the charÈtable comp3ny'5 ability to continue as a going concern. disclosing, as applicable, matters related to going concern and using the Eolng concern bas15 of accounting unless the trustees eitheT intend to liquldate the charltable company or to cease operatlon5, or have no reallstlc alternatlve but to do so. li
CASTEL FROMA NEURO CARE LIMITED la company limited by 8uaranteel INDEPENDENT AUDITOR'S REPORT TO THE MEMBERS OF CASTEL FROMA NEURO CARE LIMITED Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Audltor's responslbllltles for the audlt of the Ilnanclal Statements Our oblectlves are to obtaln reasonable assurance about whether the flnancial statements as a whole are free from material misstatement. whether due to fraud or error. and to Issue an auditor's report that includes our opinlon. Reasonable assurance Is a hlgh level of assurance. but Is not a guarantee that an audlt conducted In accordance wlth ISA5 IUKI wlll always detect a materlal mbsstatement when It exlsts. Mlsstatements can arlse from fraud or error and are coi)sldered material If, individually or Sn the agcregate, they could reasonably be Èxpected to Influonce the etonomlc dÈclslons of users taken on the basis of these financial statements. Irregularltles, Including fraud. are InstancÈs of non-compliance wlth laws and regulatlons. We deslgn procedures In Ilne wlth our responslbllltles. outllned above, to detect materlal mlsstatements in respect of Irregularltles, Includlng f raud, The extent to whkh our procedures are capable of detectlng Irregularltles, Includlng fraud Is detalled below., The audlt proces5 Includes an assessment of the efttlty's rlsk envlronment, throu%h enqulry of and d15CU551on wlth man0gement and those charged wlth governance. IncludlnB an assessment of any key laws and regulatlons wlth whlch the charltable company must comply In the ordlnary tourse of Its operatbons. Addltlonally, the overall rlsks of Irregular transactlons occurrlng are assessed followlng our observatlons and conflrmatlon of the deslgn and Implementatlon of management's controls. Whllst we are mlndful of these rlsks, our audit focus Is geared towards the rlsk of materlal m15Statement In the flnanclal statements as a whole. AS such, our procedure5 cannot guarantee that all transactlon5 have been fully compllant wlth all relevant law5 and regulatlons, Includlng those regulatlons relatlng to fraud. as our procedures are not deslgned to detect all Instances of non-compll3nce. By definitlon, the rlsk of our detection of non-compliance is greater wheie compllance wlth a law or regulallon Is removed from the events and transactlons reflecled In the flnanclal statements. The rlsk Is also Ereater regardlng Irregularltles due to fraud rather than error, as fraud Involves Intentlonal concealment, forgeryi coIIu510n, omls51on or mlsrepresentatlon. A fuither de5crlptlon of our responslbllltles Is avallable on the Flnanclal Reportlrsg Councll'5 webslte at,. ww.fr -S-Tes onslbilities-for-the-audit-of-the-fl descrl tlon-of-the- %E2%80%99s-res nslbllities-lor Thls descrlptlon form5 part of our audltor's report. audito Use of our report Th15 repoTt15 made solely to the charltable company's members. as a body, In accordance wlth Chapter 3 of Part 16 of the Companles Act 2006. Our audit work ha5 been undertakell 50 that we mlght state to thè charltable company's members those matters we are requlred tc* state to them In an audltor's report and for no other purpose. To the fullest extent permlttetl by law, we do not accept or assume responslbillty to anyone other than the charitable company and the charltable cofflpany'5 fflernber5 a5 a body. forour audlt work. for thls report, or for the oplnlons we have formed. Mark Ashfleld BA FCA Isenlor Statutory Audltor) For and on behalf of Harrison Beale & Owen Liwnlted Chartered Accountants and Statutory Auditor Hlghdown House 11 Hlghdown Road Leamlngton Spa Warwick5hire CV31 IKr 30 January 2025 12
CASTEL FROMA NEURO CARE LIMrrED la company Ilmlted by Guarantee) STATEMENT OF FINANCIAL ACTIVITIES Ilncluding Income and expenditure account) FOR THE YEAR ENDED 31 MARCH 2024 Restrltted and Endowment Funds Unrestricted Funds Total 2024 Total 2023 Note Income and endowments from: Donatlons and legacles Charltable actSvltles Operatlon ol care centres: 344.092 27.853 371,945 165,186 Resldenllal fees 8,424,443 8,424,443 7,587,804 Inveslmenls IS8.066 158,066 183,793 Other 20,378 20.378 8,999 Total Income and endowments 8.946,979 27.853 8.974,832 7.945,782 ExpendSture on: Ralslng funds 96511 96,511 85,658 Charltable actlvltles: Operatlon of care centres 9,102,211 20,265 9,122,476 8,529,724 Totol expendlture 9,198.722 20,26S 9,218,987 8,615.382 Net expendlture 151,7431 7.588 1244.1551 1669,6CVJI TYansfer5 between funds 19 Other reco8nlsed gaSnsl (losses): Other galns/ Ilossesl 42,7461 142,746 84,091 Net movement In fund5 1294.4891 7.588 1286,9011 1585,5091 Rèconclliatlon of fund5 Total fund balances brought forward at i Aprll 2023 19 6.263,746 4,273,655 10,537.401 11,122,910 Total fund balances carrled fon¥ard at 31 March 2024 5.969,257 4,281,243 10,250,500 10,537,401 All income and expenditure derlve fiom contlnuing aclivities. The ststernent of financial activities includes all g3in5 and105se5 recognised during the year. 13
CASTEL FROMA NEURO CARE LIMITED la company Ilmtted byguaranteel BALANCE SHEET AS AT 31 MARCH 2024 2024 2023 Note Flxed assets Tanglble a55etS Investments io 8.896,076 8.170.729 2.916,179 li 8.B96,076 11,086,908 Current asset5 Slock DebtOTS Cash at bank and In hand 39,195 709,269 1.426,642 94,297 553,296 321,484 13 2,175,IC 969,077 Credltors: amounts falllng due wlthF¥t one year 14 1820.6821 1619,9011 Nèt current assets 1,3S4.424 349,176 Total assots less current Ilabllltl•s 10,250,$00 11,436,084 Credltor5: amounts lalllng due In more than one year 15 (898,6831 Net *ssets 10,250.500 10,537.401 Unrestrlcted funds Général funds General Falrvalue reserve 19 19 1.339,473 2,463,324 835,000 Tot•1 Genèral funds 1.339,473 3.298,324 Deslgnated funds 19 4.629,784 2,965,422 5,969,257 6,26a,746 RÈstrl¢ted funds 31.243 23,655 Endowment lund (held by C8Stel Froma Neyro Care Ltd asatntheot RMCHDI 19 4.250,000 4,2SO,000 10.250.S 10.537,401 These accounts were approved by the Board of Trustees on 30Januèry 2025 and slgned on Its behalf by DR CWILSON Chalr 14
CASTEL FROMA NEURO CARE UMrrED {a company Ilmlted by EuarahteÈ) NOTES TO THE STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 Cash provlded byl Iu5ed Inl operatlng actlvitles 60,599 1559,5131 Cash flows from 5nvestlno a(Ilvlthes Payments to acqulre tanglble fixed assets Payments to acqulre fixed asset Inveslments Receipts from dlsposal of fixed asset Investments Interest recelved Rents retelved from Investment propertles 1983.8881 1482,6121 113,5001 287.488 2,864.838 7.354 150.712 176,925 Cash provlded byl (used In) Investlng actlvltles 2,039,016 124,B311 Cash flows from flnon¢lng actlvjtles New loans advanced Repayment of loans Interest pald 507,5¢XI 11,462,8071 147,7451 406,CKIO 146,0561 141,3471 Cash provlded byl (used In) flnan¢lng*rtl¥ltl¢s 11,003,0521 318,597 Increase/ (decrease) In cash and cash equlvalents 1,096,563 126S,7471 Cash and cash equlvalents at l Aprll 330,079 595,826 Cash and cash equlvalents at 31 March 1,426,642 330,079 Cash and cash equlvalents conslstsof: Cash at bank and In hand 1.426.642 321,484 Llsted Investrnents cash 8,595 Cash and cash equfvalents at 31 MaTd) 1.426,642 330,079 Analysls of changes In net fundsl debt Atl Cash Flows Non-cash Changes At 31 March 2024 2023 Long term loans Short term loans 1898,683) 156,624} 898,683 56,624 Total Ilab511tles 1955,307) 955,307 Cash and cash equwalents 330,079 1,096,563 1,426,642 Total net funds/ Idebtl 1625,2281 2,051,870 1,426,642 Is
CASTEL FROMA NEURO CARE LIMITED la company Ilmlted by guarantee) NOTES TO THE STATEMENT OF CASHFLOWS FOR THE YEAR ENDED 31 MARCH 2024 Reconclliation of net movement In funds to net cash flow from operatln8 aciivitle5 2024 2023 Net movernent In fund5 1286.9011 {58S.5091 Rents received from investment propertles Interest recelvable Interest pawdble Depreclatlon of tan8lble Ilxed assets IGainsll105ses on investments and Investment property Decrease In stock Increase In debtors Increasel Idecreasel In ueditors 1150,7121 17,3541 47,745 258,541 42,746 55,102 1155,973) 257,405 (176,9251 16,8681 41,347 289,899 184,0911 22,970 158.9781 11,3581 Net cash provlded byl (used In) operatlng actIeS 60,599 1559,5131 16
CASTEL FROMA NEURO CARE LIMITED la Company Ilmlted by guarantee) NOTE5 TO THE HNANCIAL sfATEMENTS FOR THE YEAR ENDED 31 MARCH 2024 Prlndpal accountlng pollcies The principal accounting pollcles adopted, ludgements and key sources of estlmation unttrtalnty In the preparatlon of the flnan¢lal statements are set out below as follows. These w)Ilc4es have been con51stently applled unless otherwise stated. a) Basls of preparatlon The Ilnanclal statements have been prèpared In accordance wlth Accauntind and Reportlng by Charltles; Statement of Hecommended Piactlce appllcable to charltles prepari thelr accounts In accordance with the Flnanclal Reporting standard appllcable In the UK and Republlc of Ireland Iswed In October 2019, the Flnanclal Reportln8 Standard appllcable In the UK and Republlc of Ireland IFRS 1021 the Companles Act 2006 and UK Generally Accepted Accountlng Practlce. Castel Froma Neuro Care Llmlted meets the deflnltlon of a publlc benefit entity under FRS 102. Assets and Ilabllltles are Inltlally reco8hlsed at hlstorl¢al cost or tiansactlon value unless otherwlse stated In the relevant accountlrhg polScy nolel51, The Ilnanclal statements are presented In slerlln8. whlth Is the functlonal currency of the charltable con)pany and roundèd to the nearest £. IJ) Preparatlon olthe a¢¢ounts on a golng COnM basls The charlty reported an adverse net movement In funds of £286,901. However. It should be noted that thls performance was agaln In the ¢ontÈxt of severè Inflationary pressures In whai has contlnued to be a volatlle e¢onoml¢ and polltlcal envlronment. The trustees conslder that the charilws future plans, whlch wlll Include a focus on rehabllltatlon and tarÈ of cllnlcally complex cases comblned wlth a revlew of premlses. wlll result In an ovetall reductlon In expendllure a5 a percentage of Income. The forecasts for operatlng cash Ilows. togetherwlth the level of reseNes, suggest that the charliy's future Is secured for at least 12 months followlng the authorlsallon of ihese a¢¢ounts, Accordlnglyi on thls basls the trustees con51der that no mateilal uncert31ntles exlst and that the Charitab company Is therefore a golng concern. cl Income Income 1$ recognlsed when the charlty has any entltlement tt) the hjnds, any perf0rn7ance condltlons attached to the Items of Income have boén met, It Is probable the Income wlll be recelved and the arnount can be measured rellably, Income from government and other grants, ether "capltal" 8rants or"revonue" Irants, Ss recoBnlsed when the charlty has eiititlement to the funds, any performance condltlons allached to the Krants have been met. It Is probabl4 that the Income w511 be recelved and the amount can be measured rellably and Is not deferred. For legacle5. entitlement Is ihe earller of the date on whlch either.. the charity is awarè that probate has been granted, the estate has been flnallsed and notlllcatlon has been made by the executorlsl to the charlty ihat a d15tributlon wlll be made, or a dlstrlbution Is recelved from the e5tale. Receipt of a legacy, In whole or In part. 5s only con51dered probable when the amount can be measured reliably and the charity h35 been notlfled of the executor's Inlentlon to make a dlstrlbutlon. Where legacSes have been notifled to the chailty, or the charlty 15 aware of the grantlng of probate, and the crlterla for Income recognltion have not been met. then the leEacy Is Ireated as a contlngent asset and dlsclosed If materlal. Income recelved in advante of any care SerCeS provlded is deferred untll the crlterla for Income recognltlon are met (see note 141. Donated f3¢111tles and donated prolesslonal services are recognised irt Income at theli falrvalue when thelr economlc benefit is probable, It Can be mE3sured reliably and the charity has control over thÈ Item. Falr value 15 determined on the basis ol the walue of the 8ift to ihe charity, for example the amount tho charity would be wllling to pay In the open market for such facllltles and service5. A coffespoftdin8 amount ts recoBnlsed In expendltUTe. 17
CASTEL FROMA NEURO CARE MED la company Ilmited by guaranteel NOTESTO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal accountlnK pollcleslcontlnued) No amount Is Ik)cluded In the flnanclal statements for volunteer tlme In Ilne with the SORP. Further detall is glven In the Trustees, Annual Report. Where practicablei gifts in klnd donated for d15trlbutlon to the beneflclarles of the charlty are Included In stock and donallons In ihe flnanclal statements upon recelpL If It Is Impractlcahle tD assess the fair value at recelpt or sf the costs to undertake such a valuatlon Olrtweigh any beneflts, then the falr value Is recognlsed as a component of donatlons when It 55 dlstilbuted and an equlvalent amount reco8nlsed a5 charitable expendlture. Interest on funds held on deposlt Is included when receivable and the amount can be measured relIab by the charlty,. thls Is norrnally upon notlficatlon of the Interest p3ld or payable bythe bank. Income from Investment property Is accounted for on a stralght-llne bas55 over the perlod of the lease. dl Fund a¢countln8 General funds are unrestrltted funds whlch are avallable for use at the dlscretlon of the trustees In furtherance of the Eeneral oblectlves of the charlty and whlch have not been deslgnated for other purpose5. De518nated funds comprlse unrestricted funds that have been set oslde by the trustees for partlcular purposes. The alm and use of each deslgnated fund Is set OLtt in the notes to the fln3ntlal statements where applicable. Reslrlcled funds are funds whlch are to be used In accordance wlth spedlic restrlctlons Imposed by donors or whlch have been ralsed by the charlly for partlcular purposes. The cost of ralslnB and admlnlsterlng such funds are char8ed a8alnst the speclflc fund. The alm and use of each re5trlded lund Is set out In the notes to the flnanclal statements. Endowment funds represent those assets whlch must be held permanently by the charlty. prlnclpally the property at Lllllngton Road. e) Expendlture reco8nlilon and Irrecoverable VAT All expendliure Is accounted for on an accrua15 basis and has been ¢l¥sslAed under headln8S that agKate all costs related to the category. Expendlture 5s reco8nlsed where there Is a legal or constructlve obllgalion to rnake payments to a thlrd party, It Is probable that the settlement wlll be requlred and the amount OF the oblluallon can be measured rellably. It Is ¢ategorlsed under th¢ followln& headlngs.. Costs of Talsln8 funds comprlse propprly management fees and property related Interest and costs; and staff and professlonal fees assocl3ted wlth raislng funds. Expendlture on charitable actlvltles Includes the costs associated with the provlsloft of care accomFnodatlon for Severely physically dlsabled people and other actlvltles undertaken to further the purposes of the charily and thelr assotlated support costs. Irrecoverable VAT Is charged as a cost agalnst the actIty for thlch the expendlture was Incurred. fl Support costs Support CQ5ts are those *unctlon5 that ass15t the work of the charity but do not dlrectly represent chafltable activltles and include office costs, finance, personnel, payroll and governanee costs. Where support costs cannot be dlrectlv attrlbuted to partlcular headlngs, they have been allocated to the cost of ralslng funds and expenditijre on charltable activities. Costs are allocated to activities based on a relevant indlcator for use of resources le.g. staff allocated bv activity,. floor area of buildin& equipment allocated by aclivityl. The bases on which support cost5 have been allocated ère Set out In note 9.
CASYEL FROMA NEURO CARE LTMITED (a company limited by guarantee) NOTESTO THE FINANaAL STATEMENTS IcfjntlDuedJ FOR THE YEAR ENDED 31 MARCH 2024 Prlndpal accountlng pollcles (Contlnuedl gl Leasès and hlre purthase Assets acqulred under hlre purchase contracts are capitallsed and depreciated over thelr expected useful Ilves. Rentals payable under operatlng leases are charged to the SOFA on a stralght-llne basls over the perlod of the lease. h) Tanglble flmed assets Indlvldu31 fixed assets costing £l,MO OT morÈ are CataliSed at COSL Tanglble flxed assels are stated at cost lor deemed costl or valuatlon less aceumulated depreclatSon and accumulated Impalrment losses. Cost Includes costs dlrectly attrlbutable to maklnE thè asset capable of operatlng as lfttended. Oepreclatlon Is provlded on all tanglble flxed assets, at rates ¢alculaied to wrlte off the cost, less estlmated resldual value, ofeach asset on a systematk basisover its expected useful life as follows.. Freehold land and bulldlngs Motor vehlcles Flxlures, fltlln85 and equlpment 0% p.a. 25% p.a. reduclnB balance 15%, p.a., 20% p.a. and 33.3% p.a. stral8ht ne Freehold land and buildlngs are notdepreclated as the charfty maintalns the properlles to a hSgh standard and thelr resSdual values are regularly measured on the basls of fabr value and relnstatement cost as a means to assess thelr carrylng values In the flnanclal statements. Thls Informs an annual Impalrment revlew. whlch Is undertaken to establlsh the recoverable value of all propertles, Asset5 not measured at falr value are reviewed for any indlcatlon that the asset rnay be Impalred at each balance sheet date. If such an Indl¢allon exlsls. the recoverable amount ol the asset, or the asset's tash generatlng unlt, Is estlmated and compared to the carrylng amount. Where the carrylng amount exceeds Its recoverable omount, an Impalrment loss15 recognlsed In the SOFA. 11 Investments Llsted Investments are stated at thelr market value as at the ba13nce Sheet date. All movements In value arlslng from Investment changes or revaluatlon are recognlsed In the SOFA. Galns or losses on Investments are calculated a5 the dSfference between the dlsposal proceeds and the market value brought foiward, Investment propeitles are measured at falr value at each reportlng date wlth changes In faSr value recognlsed in 'Other galnsl Ilossesl. the SOFA. Cash and cash equlvalents comwlse cash at banks, OndepK1t and In hand wherÈ there Is a maturSty of lÈssthan one year. Jl Stock Stock Is valued at the lower of cost and net reallsable value after maklng due allowance for Db501ete and slow movlng Items. Cost Includes all costs of purchase ènd other costs Incurred in brlnging stockto Its present locatlon and tonditlon. kl Debtors and credltors recelvahle/payablewlthln one year Debtors and credltors wlth no stated Interest rate and receiwable or payable wlthln one year are recorded 3t tr3n5actlon prlee. Any1055es arlslngfrom Impairment are recognised In expenditure. 11 Flnanclal Instruments Loans and borrowings are Initlally recognised at the transactlon prlce Indudlng transactlon costs. Subsequently, they are measured at amortlsed tost uslng the effetilve Interest rate rhethod. less Imp3lrmetst. If an arrangement constitutes a rinance transact40n Èt is measured at the present value of the fvture paynents discounted at a market rate of interest for 3 simllar debt Instrument. 19
CA5TEL FROMA NEURO CARE LIMITED (a company limited by 8uarantee) NOTESTO THE HNANCIALSTATEMENTS Iwntinuedl FOR THE YEAR ENDED 31 MARCH 2024 Prlnclpal a¢tountlng polkles Icontlnuedl ml Employee benefits When employees havÈ rendered seteS to the crItY, short-term employee benelitsto whlch the employees are entltled are Tecognlsed at the undlscounted amount experted to be pald in exchange for that servlcÈ. The charlty operates a deflned contributlon penslon p13n for ihe benellt of Its employees. Contrlbutlons are expensed as they become payable. n) Tax The charlty Is consldered to pass the tests set out In Paragraph I Schedule 6 Flnance Act 2010 and therefore it meets the delSnltlon of a charliable company for UK ¢orporatton tax pU0$e$. As such, It does not have Ilablllty to corporatlon tax In the course of its normal charitable activlties. ol Company statu5 and Beneral Infonnatton The charfty Is a prSvate company Incorporated In EnBSand and Wales and Is Ilmlted by guaranteè, wlth no sharè capltal, Thè members of the company Include the trustees. In the event of the charlty belng wound up. Ihe Ilabllliy In respect of the 8u3rantee Is Ilmlted to £10 per member of the charlty. The address ol the reglslered ofllce and re615teTed numbers of the company and charlty are shown In the ¢hailty Informatlon on page 2 of these flnanclal statements. pl Crltl¢al a¢¢ountlnÈ estlmotes and judm¢nI$ To be able to prepare flnanclal statements In accordance wlth FRS 102, the charlty must make ¢ert8ln estlmates and judgements that have an Impatt on the pollcles and tho amount reported In the annual flnanclal statements. The esllmates and ludgernents are based on hlstorlcal experlences and other factor5 Includln8 expe¢tatlons of future events that are belleved to be reasonable at the Ilme such estimates and lud8ements are made. The trustees do not conslder any of the estlmates or judgements applled to be slgnlfkant to the finarKlal statements. Income and endowments Income frorn don8tlons and le8atles was É371,94512023: É16S.1861 of whlch £2?,85312023'. £156,298) was attrlbutable to reslrlcted funds and £344,09212023'. £8,8881 Wds attrlbutable to unrestricted fund5. Income from charitable actNities was E8,424,44312023: £7.587.804} all of whl¢h was attrlbutable to unrestrlcted funds and related to the prov151on of care selv1$. Investmeni Income 20Z4 2023 Rental Income and Income under operatlng leases Inteiest and divldend income 150,712 7,3S4 176,925 6,868 158,066 183,793 All Investment Income In the current and wloryears was atirllxjtable to unrestrlcied funds. 20
CASTEL FROMA NEURO CARE LIMITEO {a company I[mIt by guaranteè) NOTES TO THE FINANCIAL STATEMENTS lu)ntlnued) FOR THE YEAR ENDED 31 MARCH 2024 Expenditure on ralsin8 fwds 2024 2023 Professlonal fees for dlrect fuNfrd151 costs Professional fees for investing activities Property management fees and repalrs Tenancy agieernent and Wdluatlon Bank loan Interest 23,479 708 15.529 9,050 47.74S 20,8fLI 6.514 16.937 41,347 96.511 85.658 Of the expendlture on rabln8 funds above, only £23.47912023: £20.8601 related dliectly to donations and legacy Income In the flnanclal statemenls. Other expendlture Is a550clated wlth profe551onal and property management lees In respect of flxed asset Investments and Investment property.. and the cost of 5ervlclng the secured loans dlsclosed In note 15, All expendltLEreon raislng funds In thecurrent and prtoryear was attrlbulable to unrestrlcted funds. Staff tosts, trusteè rèmuneratlon and èxpÈnsèsand the cost of kèy management personnel 2024 2023 Wa8e$ and salarles Social securilycosts Penslons 6,272,88S 512,238 114,699 S,847,361 472,932 107,321 6,899,822 6,427,614 Wages and 5alarles Include a8enty and bou8ht In staff costs totalling E462,666 {2023.. £S20,2371.Thetrustees nelther recelved noi walved any remuneratlonduringthe year12023: £Nill. No trustee was Telmbur5ed expensès during the current or prlor year. The number of staff whose emoluments fell wlthln the followlng bands was as follows-_ £60.001 to £70,LKK) £70,001 to E80,(XKJ £80,ODI to E90,(XK) £90,ODI to £IOO,OOD £iio,ooi to £120.000 No. No, Nlne 12023: Ntnel employees earnlng over £60.000 were accrulng retirement benefits under a deflned contrlbutlon scheme. In the year, employer cor¢tributlons of £15.01012022.. E14.OS91 were made In respect OF these employees. 21
CASTEL FROMA NEURO CARE LIMITED (a company limited by guarantee) NOTES TO THE FINANCIAL STATEMENTS Icont5nued) FOR THE YEAR ENDED 31 MARCH 2024 stafl costs. trustee remuneration and expenses and the cost of key management personnel Icontlnuedl The average monthly headcount Ipta5 206 Staff {2023.. 205 Staff) and the average monthly number of full-tlme equlvalent employees Ilncludlng part tlme staff) durlng the yearwas.. 2024 2023 No. Management Admlnlstratlon Nuislng An¢lllary care Therapy Housekeeplng Services 32 96 24 14 30 85 24 14 181 170 The key management of the charStycomprlse theTrustees, the Chbel Executlve andnomlnated Indlvldual, the Deputv Chlef Executlve and the Cllnkal Leads. The total employee benellts of the key management personnel of the charlty were as follows.. 2024 2023 Key manaBemenl employee beneftts 417,741 448,986 Othergglns and losses Other Ealn5 and losses Include reallsed losses of £1,24712023.' £8,918) and an unreallsed loss of £NII12023., loss of £41,991) In re5pe¢t of Ilsted Inve5tment5. Addltlonally, a reallsed loss of £41.49912023'. ENIII and a falr value galn of £Nil 12023: £I35,Cl0} has been recognlsed on the charitable company's Investment property. Net exptndlture 2024 2023 Net expendlture Is 51ated aftercharBln81{cred5tln8):_ Otheroperatlng leases and equlpment hlre Depreclatlon- owned assets Income fTom opeiatlng lease arraements Audltor's remvneralion 27.018 32,839 289,899 1176,9251 8.000 258.541 1126.9381 15,0 Interest payable 2024 2023 8ank loav) Interest 47.745 41,347 22
CASTEL FROMA NEURO CARE LIMITED la ¢ompany15mlted byguaranteel NOTES TO THE FINANCIAL STATEMENTS Icontlnuedl FOR THE YEAR ENDED 31 MARCH 2024 Analy51s of expendEture on charltable adlvltle5 Operatlon of Care centres Total 2024 Total 2023 Theraples Staff Rent & rates LIEht, heat & power Supplles Imedlcal, caterlnB & cleanln8) Repalrs & malntenan¢e Tralnlng Subscrlptlons Motor & travellln8 expenses Insurance Bank charges & Interest Deproclatlon General expenses Covld-19 expenses 4,882,935 32,129 237.063 532.244 222,639 20,225 62,533 10,032 106.430 16.321 232,687 103,420 B28,107 4,801 35,423 79,531 33,268 3,022 9.344 1,499 15.903 5,711,042 36,930 272,486 611,775 2SS,907 23.247 71.877 11,531 122.333 16,321 258,541 118.874 5,259.867 22,578 162,833 529,866 212,182 40,317 66,S50 13,921 108,316 2,182 289,899 125,564 118,290 6,952,365 25,854 15,454 6.458,658 1,052,206 7,510,864 Operatlon of Care ntre5 Allo¢atSon of support and Boverna•Ke costs to actlvltles Total 2024 Total 2023 Wages and salarles & related costs (allocated on timel General (pro rata to staff full tlme equlvalentl Legal and other PTofesslonal fees support cosls Governance c05ls (allocated on timel Dlrecl costs 1,070,764 1,070,764 1,059,165 163.810 163.810 170,131 153 SB2 153 582 1,388,156 223.456 1,3B8,156 223,456 1,370,249 207,110 7,510,864 6,9S2,365 Total costs relatlng to the operatlon of the care centres 9,122,476 8,529,724 Governance costs compflse the following-_ 2024 2023 stslf costs Legal and PTofe551onal fees 118,016 105.440 108,582 Expenditure on tharltable actl¥ltles was £9.122,476 12023.. £8,529,724) of whkh £20,265 12023: É207,6761 was attrlbutable to restrlcted funds and E9,102.21112023: £8,322.0481 was attributable to unrestricted funds. 23
CASTEL FROMA NEURO CARE UMITED la company limited byguaranteel NOTESTO THE FINANCIAL STATEMENTS (contlnued) FOR THE YEAR ENDED 31 MARCH 2024 io Tanglble fixed assets Freehold land & buildin8s FSKtures fittin8s & equlpment Motor Vehldès Total Cost orvaluation At l April 2023 Addltlons &LX)4.385 796,641 158,116 4.571,232 187,247 12,733,733 983,888 At 31 March 2024 8.Kll,026 158.116 4,75&479 13,717,621 Depreclatlon At l April 2023 Chargo lor the perlod 510.420 135,851 5,565 3,916,733 252.976 4,563,004 258,541 At 31 March 2024 510,420 141,416 4,169,709 4,821,545 Net book value At 31 March 2024 &290.6( 16.700 S88,770 8,896,076 At 31 March 2023 7,493,965 22.265 654,499 8,170,729 Freehold land and bulldlngs comprlse the 51tesat Llllln8ton Road ILllllnÈton House) wlth a carrying value of £4.258.871 and at 8erlcote Lane (Helen Ley House) wiih a carrylng value of £4,031,736. Both slte5 were lastvalued In October 2020 by Warelng & Company. whlch resulted In an Impalmient loss of £510,420 for Ullln8ton House In the year to 31 March 2021 but no chan8e In the £arry5ng value lor Helen Ley House. If freehold land and bulldlngs had not been revalued they would have been Included at a hlstorlcal cost of £5,728.235. li Investments 20Z4 2023 U5ted Investments Market value at l Aprll 2013 Addltlons Dlsposals Reallsed lo¥1 Unreallsed loss Market value at 31 March 2024 372.584 697,481 13,500 1296,4061 141,9911 372,584 1371.3371 11.2471 Hlstorlcal cost at 31 March 2024 396,608 Llsted Investmenls are represented by.. Equlty shares ar flxed Interest securtiles Cash As at 31 MaTch 2024 372.584 8,595 381,179 Investment property Valuatlon Balance at l Aprll 2023 Unrealised Bain Olsposals 2023 2.535.000 2,400,000 135.000 12.535,IXK)) ealanre at 31 Marth 2024 2,S35,000 Total Investments 2,916,179 Investment property was valued on a falr value basis of £2,535,¢J)O by the trustee5 as at 31 March 2023. The method and significant assumptions underlying this asse55ment of fair value wa5 by reference to recent rent yleld5 based on the type of property and its geographical locatlon. In October 2023, the property was disposed of for proceeds of £2.535,000. 24
CASTEI FROMA NEURO CARE iJMITED la company Ilmlted byguaranleel NOTES TO THE FINANCIAL STAIEM£NTS Itontlnuedl FOR THE YEAR ENDED 31 MARCH 2Q24 12 Stock 2024 2023 Dome5tlc 5upplles and c0Tr5urnables 39,195 94,297 13 Debtors 2024 2023 Trade debtors Prepayments and accrued Income 281,486 427 7È3 709.269 147,588 405 708 553,296 All debtors are short term Ilnancbal èssets that a debt Instruments rneawred at amtsrtlsed cost. 14 Credltors: amounts fallln8 due vlthln one year 2024 2023 Bank loans Trade creditors Accruals and deferred Income Other laxatlon and stxlal securlty Other credllors 56,624 242,710 193,079 120,157 540,546 140,366 134,153 820,682 619,901 Included In accruals and deferred Income Is fee and rental Income relatlng to latèr perlods totallln@ É32,331 12023.. £60,934) whlch has been deferfed In the year ended 31 March 2024. Amounts of £38,675 were released from the prevlous accountlng perlod. 15 Credltors: amounts fallln8 due In more than one year 2024 2023 8ank loans 898,683 AII Credltors are flnanclal a5sels that are debt Instruments measured at amoit15ed cost. The bank loans wère secured on freehold property, Investment property and freehold land. Bank loans Incurred Interest at both a varlable rate {base rale plus 2.75%) and flxed rates of both 3.27% and 6.8%, All bank loaTh5 were settled In full In Octobet 2023. 25
CASTEL FROMA NEURO CARE LIMITED {a company Ilmlted byguarantee} NOTES TO THE FINANCIAL STATEMENTS (continued) FOR THE YEAR ENDED 31 MARCH 2024 2024 2023 15 Credltors: amounts falllng due In more than one yeay I¢ohtlnuedl Loaxs An analysls of the maturlty of toans Is glven below= Amounts fall1r due wrthlnone year oron demand.. Bank loans 56,624 56,624 Amounls falllng due between one and twoyea Bank loans 56.624 56.624 Arnounls fallln8due between Iv• and flve yrars: 8ank loans 169.872 169,872 Amounts falllng due after Iheyea Bank loans 672,187 672,187 Total bank loans due 955,307 16 Operotln¥ IEase commltments At 31 March 2024 thÈ charty had mlnlmum lease payments under non.cancellable operatlng leases as follows: 2024 2023 Explry date.. Wlthln l year Between l and 5 years Over 5 years 23,926 90,720 11,160 4,698 2,902 125,806 7,600 At 31 March 2024 the charlty had mlnlmum lease (eIptS due under non-¢ancellable operatlnE leases as follows: 2024 2023 EKplry date.. Withln l year Between l and 5 years 175,000 306,250 481,250 17 Rèsldents. savlngs An amount of £13.98412023: £13,270} Is held in two secure bank accounts on behalf of residents. All accounting records for transactlon5 m3de on behalf of resldents are segregated from the records of the charitable company.
CASTEL FAOMA NEURO CARE LIMITEO {a company Ilmited by guarantee) NOTESTO THE FINANCIALSTATEMENTS (continued) FOR THE YEAR ENDED al MARCH 2024 18 Penslon commliments The charltable Company operates a deflned contrlbution penslon scheme In respect ofthe staff. The scheme and Its assets are held by Independent managers. The penslon charge represents contrlbutlons due from the charitable company and amounted to £114.699 (2023.. E1073211. Included wlthln creditors is an amount due to scheme provlders totalllnB £27.009 {2023: £22,452). 19 Analysls of charltable funds At31 March 2024 Aprll 2023 Income and Èalns Expendlture and losses Tran5fer5 Analys15 of movements Ib) unrestrlcted funds: General reserve General Falr value rèsÈNe 2.463,324 835,( 8,946.979 {8.983.4881 11.087,3421 1835,(KXJI 1,339,473 Totol General reserve 3.298.324 8.946,979 (8,983,488? 11,922.3421 1,339,473 Desl8nated reserve Flxed asset fund 2,96s22 (2S7,9801 ¥922,342 4,629,784 Unrestrl¢t¢d funds 6,263,746 8,946.979 19.241.468) 5,969,257 Anolysls olmovom¢nts In restrlcted funds: Restrlcted revenue funds Nurses, soclal ¢ommltleè fvnd Lounge refurblshments New bulld professlonal fees Software fund Lelsure and sportln8 actMile5 other 3,274 11521 14,0001 113,0741 17911 3.122 9,000 13.074 153 1,794 4,882 14,951 1,794 4.569 23.655 2.000 ii,o(KJ {1,6871 119.7041 Restrlcted capStal funds Profillng beds 16,853 27,853 15611 120,2651 16,292 31,243 23.655 Endowment fund IRMCHDI 4.250,000 4,250,000 Total funds 10.537.401 8,974,832 19,261.7331 10,250,500 27
CASTEL FROMA NEURO CARE LIMITED {8 tomp3ny limited by guarantee) NOTES TO THE FINANCIAL ATEmENTs Icontlnued} FOR THE YEAR ENDED 31 MARCH 2024 19 Analysls of charftable funds (contknEd} The general reserve represents the free fund5 of the chaTity whlch are not designated for partlcular purposes. The falr value reserve represented cumulatlve surpluses ari51ng from annual remeasurements of the charltable companrfs investment property at falr value through the Statement of Flnan¢lal A¢tlvitles. Deslgnated unrestrkted funds Include reserves Invested Sn flxed assets and land and property assets less any assoclated hank loans. The endowment fund Is held by Royal Mldland Countles Home for the Dlsabled and comprises a permanent endowment of £4,250,000, beln8 the 51te of the charltvs re81stered address Irepresenled wlthln freehold land & bulldlngs In note 101, On l Apill 2011 the endowment fvnd was placed under the proteclion of the trustees of Castel Froma Neuro Care Llmlted under a Unitlng Dlrectlon. The endowment fund15 beln8 held by Castel From? Neuro Care Llmlted as a trLtstee of Royal Mldland Countles Home for the Dlsabled. The restrlcted funds are those fund5 wh5ch have been used In accordance wlth reslrlctlon5 Imposed by donor5 or fttnds whlch have been ralsed by the charity fow speclflc purposes. The nurses, soclal commlttee fund rèpresents amounts recelved from the Mary Hallam estate to be spent by the commlttees. The lounge relurblshments fund arose of speclflc donatlons recelved and appeals made by the eharlty as 8 contrlbutlon towards the cost of thls prolect. The new bulld professlonal fees fund represents a speclflc donatlon to cover some of the upfront costs assoclatèd wlth the proposed new bulld slte. The Software fund represents amounts donated by Royal Mldlands Countles Home for the D15abled and other donors to Install relevant software and purchasè the nÈcessary support and testlng requlred to brlng It Into full operatlonal use, The lelsure and sportlng aCtitIeS fund represents amounts dtsnatèd towards addltlonal lelsure and sportlng actlvltles for the beneflt of resSdents. Other restrlcted funds comprise funds In relatlon to: People'5 Wstcode lottery. EnglSsh Piole¢¢, Spedallst traInI. The Tent Event,. and The Where a transfer has been made from restrkted to unrestrlcted funds. Ihlsls to reflect that the terms of a restrlcted capltal donation have been met once the a5socÈated flxed asset5 have been acqulred. The net book values of the assoclated asset5 are Included In the flxed asset designated fund. 28
CASTEL FROMA NELIRO CARE LIMITED (a company limlted by guaranteel NOTES TO THE FINANCIAL STATEMENTS {contlnuedl FOR THE YEAR ENDED 31 MARCH 2024 20 Analysls of net assets between funds Tanglble flmed assets Noi current assets Total Unrestrlcted funds General reserve Deslgnated reseNe 1.339.473 1,33Y,473 4.629,784 4,629,784 Restrlrted funds 16.292 14,951 31,243 Endowment fund 4.250,0 4,250,0110 8.896.076 1,354,424 10,250,500 21 Related parly trans?¢¢lons There were related party transartlons durlng the year {2023.' £NIII. 22 Capltal commltmenls The charlty had catal commltments at the year-end of £186,0 {2023: £770,fKKJI. 23 Controlllng Interest The charlty Is controlled by ihe trvstees, 29