REGISTERED COMPANY NUMBER: 05814727 (England and Wales) REGISTERED CHARITY NUMBER: 1116001
Report of the Trustees and
Unaudited Financial Statements for the Year Ended 30 June 2024
for
WALSINGHAM CARE
BWBCA Limited Office 44, A30 Business Centre Higher Stockley Mead Okehampton, Devon EX20 1BG
WALSINGHAM CARE
Contents of the Financial Statements for the Year Ended 30 June 2024
| Page | |
|---|---|
| Report of the Trustees | 1 to 9 |
| Independent Examiner's Report | 10 |
| Statement of Financial Activities | 11 |
| Balance Sheet | 12 to 13 |
| Notes to the Financial Statements | 14 to 22 |
WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
The trustees, who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 30 June 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
Objectives of the charity
The objectives of the charity are:
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To facilitate and promote the relief and care of the dying
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To provide or facilitate education and training in the care of the dying
The trustees consider that the objects are wide in scope and could cover not only 'last weeks' care but also support and assistance in an older person's twilight years by making grants or providing assistance to elderly people in need, or to organisations helping such people.
Public benefit
The charity exists to serve a wide range of people at a difficult time of their lives by providing resources to help them find appropriate levels of care and support.
In providing support, there are no constraints on faith or background. The charity generally will endeavour to assist where such care and support cannot be provided from publicly funded bodies. The trustees view their role as being to augment rather than be a primary provider of financial and other support and for this reason, we often work in cooperation with other charities.
The trustees are particularly convinced of the need for this type of support at this time of wide financial cutbacks and growing appreciation of problems including those arising from recovery from the pandemic and the cost of living crisis, as well as issues relating to social isolation and loneliness.
The trustees confirm that they have complied with the duty in Section 4 of the Charities Act 2006 to have due regard for the commission's guidance on public benefit.
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
OBJECTIVES AND ACTIVITIES
Direct grant making
Grant making is the primary work of the charity and as an incidental task, we are able to signpost people to other services if their needs do not fit the charity's criteria or if they need additional support. Grants are approved following application to the charity. All grants in excess of £500 are considered by the Grants Manager or Chief Operating Officer and at least one trustee. Grants less than this amount can be jointly approved by the Grants Manager and COO in accordance with the set criteria as defined by the trustees. The criteria are more fully set out on the charity's website - www.walsinghamcare.org.uk.
Approved grants can either be a fixed sum towards something to improve the quality of life of the beneficiary or a contribution to ongoing respite care and/or support costs. The charity additionally provides grants to organisations working to alleviate social isolation and/or loneliness in the local community.
As can be seen from the table below, we have directly helped some 755 people during the year - a 49% increase over the previous year.
| Grant type | Grants made | Indirect support | Total | 2022-23 |
|---|---|---|---|---|
| Quality of life | 263 | 110 | 373 | 243 |
| Ongoing support | 78 | 87 | 165 | 168 |
| Other non-financial | ||||
| support to individuals | - | 217 | 217 | not recorded |
| Subtotal - direct | 341 | 414 | 755 | 506 |
| Beneficiaries of grants | ||||
| made to, and on behalf | ||||
| of, other organisations | 907 | 386 | 1293 | not recorded |
| Total reach of charity | 1248 | 800 | 2048 | 506 |
'Quality of life support grants' include grants for the purchase of white goods, flooring, specialist disability equipment, short term respite care, home adaptations, furniture, food and clothing vouchers.
'Ongoing respite and support', grants include grants for care at home costs, nursing home fees, dementia group attendance, cleaning and community alarm costs.
'Indirect support', in addition to giving grants to beneficiaries, in many cases there is also a benefit to the quality of life of beneficiaries' carers and families.
Furthermore, we are pleased to note that we have been able to re-home 5 pieces of specialist equipment during the year, once no longer required by the original beneficiary.
Grants made on behalf of other organisations
We have received funds from two external organisations for Walsingham Care to use our expertise and knowledge to distribute the funds appropriately.
'Walton Charity Carers fund'
The charity received a grant from Walton Charity to assist with financial support for family members in a caring role.
'Elmbridge Borough Council Cost of Living Crisis fund' - help for unpaid carers
The charity was awarded a grant by Elmbridge Borough Council to help individuals with a caring role navigate increased cost of living expenses.
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
OBJECTIVES AND ACTIVITIES
Grants to other organisations
For some years now, Walsingham Care has been making grants to small organisations to help them meet local needs mainly addressing both social isolation and loneliness. During the year, donations have been made to 23 organisations, including:
Crossroads CHEER The Parkinson's Group EBC Dementia Services Adult Social Care (Surrey County Council) St Peter's church West Molesey St Peter's church Hersham St Mary's church Long Ditton The Princess Alice Hospice hardship fund SSAFA Whiteley Village gardening club Whiteley Village bowls club Whiteley Village afternoon and movie club Whiteley Village telecare alarms Whiteley Village community engagement project Whiteley Village theatre club Silver and Gold Club Lower Green community centre exercise club CAB East Elmbridge EBC transport TALK Surrey Elmbridge Choir Compassionate Neighbours
Elmbridge Partnership Fund:
We participated in this alongside Elmbridge Borough Council and Walton Charity - helping to fund projects for local organisations supporting older residents of Elmbridge, such as -
CHEER Elmbridge Community Link The Counselling Partnership TALK Lower Green Community Centre
We estimate that in total, the work that we fund in the community has had a positive impact on the lives of many hundreds of people, with a large number of unpaid carers / family members benefitting indirectly from a break from their caring role.
Other non-financial support includes individuals who were supported in ways other than financially during the year, such as with guidance navigating the care system and signposting to other organisations in order for them to access relevant help, as well as providing general emotional support and a listening ear. The charity also supported industry professionals with similar guidance.
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
OBJECTIVES AND ACTIVITIES
Accordingly, the assistance provided by Walsingham Care in the most recent financial year, can be summarised as follows:
| Source | Direct | Indirect | Total |
|---|---|---|---|
| Sponsored funds - Walton Charity | 9 | 9 | 18 |
| Sponsored funds - Elmbridge | |||
| Borough Council | 27 | 27 | 54 |
| Support given (via third party | |||
| organisations) | 800 | 350 | 1150 |
| Support - non-financial (industry | |||
| professionals) | 71 | - | 71 |
| Total | 907 | 386 | 1293 |
The analysis of the total spend in these categories is shown in the Statement of Financial Activities on page 11. Although grants are paid directly to organisations, these grants are paid on behalf of individuals and therefore, no further information is disclosed on the organisations to which monies are paid. The amounts paid in donations to organisations are not considered to be material to the charity's activities, so no further analysis is included. More information on this is shown below in the 'achievements and performance' section.
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
ACHIEVEMENT AND PERFORMANCE
Achievements and performance
The overall result for 2024 was in line with the Trustee's budget although grant expenditure fell. This is a short-term timing difference as the needs remain, and local councils, who mainly have the primary responsibility, continue to be stretched.
Operational costs remain in check. The charity has 3 employees (one full time and two part time) and shares rented accommodation in Walton on Thames. A recent review concluded that our current level of operation was in line with what the current team can process effectively and accordingly, the budget for 2024/25 remains in line with previous years.
A few years ago, the trustees decided to use some of the investment gains built up over the past few years to further the mission of the Charity and increase the level of grant-making. As will be seen from these financial statements, our income was £219,485 and we made grants of £301,506. In light of the present local needs and economic circumstances, this level of spending is expected to continue.
The charity has achieved the following during the year:
Grants and donations in support of the charitable purposes were £301,506 (2023 - £396,047). The trustees attempt to ensure a balance of funding for grants and generally limit ongoing grants to between 50%-60% of expenditure. As previously stated, Government policies concerning care in the community have led to an increase in grants in the areas of one-off support, such as providing equipment or converting homes to suitable living space to support those in need of care, and the trustees expect this trend to continue.
During the year, the trustees have continued to consider the issues surrounding social exclusion and the best way to support those working in this area. As noted above, some of the grants to other organisations also support this aspect of our work. The charity has continued to build a network of contacts to ensure that it is well known and the success of this is borne out by the continuing high level of applications being received and funded.
During the year, £19,000 of restricted income was received in order to support ad-hoc grants; £14,871 of these funds were spent in the year, with the balance to be paid in the forthcoming financial year.
The grants made in the 2023-24 year can be allocated as stated below (with prior years for purposes of comparison-):-
| Year | Ad Hoc | Regular | Other | Social | Total |
|---|---|---|---|---|---|
| Organisations | Isolation | ||||
| £ | £ | £ | £ | £ | |
| 2018-19 | 67,410 | 74,516 | 11,889 | - | 153,815 |
| 2019-20 | 74,264 | 99,557 | 15,485 | 11,584 | 200,890 |
| 2020-21 | 72,478 | 108,814 | 5,076 | 26,250 | 212,618 |
| 2021-22 | 94,132 | 154,259 | 13,000 | 39,075 | 300,466 |
| 2022-23 | 156,271 | 158,101 | 8,500 | 73,175 | 396,047 |
| 2023-24 | 115,339 | 129,232 | 10,435 | 46,500 | 301,506 |
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
FINANCIAL REVIEW
Investment policy
The assets of the Charity must be invested in accordance with the Trustee Act 2000. The trustees have established an investment strategy based on the following criteria: objective, risk and mandate.
Trustees regularly review the charity's financial strategy to enable the charity to fund the trust's aspirations, while retaining the charity's long-term values and guarding against stock market variations. The charity's governing document permits the trustees to invest in such assets as they see fit.
The trustees have established a benchmark, a standardised measure against which our fund managers can be evaluated, and the trustees will monitor performance annually.
The charity has reached a position where it needs to draw on its capital on a regular basis and this occasioned a review of our investment strategy in December 2023. The structure of our portfolio was amended in December 2023, following the proposals below, to take advantage of market opportunities in well priced gilts. As a consequence, we switched the majority of the investment holding, £3m, to Sarasin Asset Management Ltd, leaving £1.76m with CCLA to continue to be managed as before. We provide Sarasin with an anticipated cash need for the year, and they manage our portfolio between 3 funds - short, medium and pooled in order to maximise our returns.
Short Term Capital Fund: 12 months expenditure is expected to be £450k and this should be held in cash deposits, or an equivalent cash fund. BlackRock Sterling Liquidity Fund. This is a daily dealing £39bn unitised fund, with a current yield of 5.25%, with an underling weight average maturity of 80 days. The fee for the Short-Term Capital Portfolio is 0.15% plus VAT.
Medium Term Capital: 2yrs expenditure (i.e. 2-3yrs out) is invested in two short-dated gilts that will enable cash flows to be met in Year 2 and Year 3. £900k is split between two short-dated gilts maturing in 2025 and 2026. The fee for this portfolio is 0.3% plus VAT.
Longer Term Capital Fund: Residual capital is considered long term and can be invested accordingly to maximise the total return available. Invested following an endowment strategy and invested via the Sarasin Endowment Fund (70% equities, 10% Alternatives, 5% commercial property and 15% in fixed income), targeting CPI+4% over rolling 5yrs. The fees and costs for a portfolio with £5.6m invested would be estimated at a fee of 0.66%, resulting in a Total Cost of 0.90%. On an overall cost basis for the £7m the fee equates to 0.58%.
Income: the natural income that may be earned from investments held in the Medium-Term Capital Fund and the Longer-Term Capital Fund should be paid to the Short-Term Capital Fund to help meet some of the expected annual withdrawals.
Capital flows: each year capital held needs to be adjusted to ensure that the Short-Term Capital Fund is holding at least 12 months expected expenditure, this funding will initially come from bonds maturing in the Medium-Term Capital Fund, that is in turn topped up from a capital transfer from the Longer-Term Capital Fund. The exact timing of this latter transfer can be deferred by one quarter, if markets are at a particular weak point, but needs to done within 6 months.
The year has resulted in realised gains of £1,780,346 and unrealised losses of £1,123,161. The net movement of £657,185 included within the Statement of Financial Activities is after investment managers charges of £27,935.
During the year, investment income was £188,268 or 2.44% of the average value of the funds held for the year with the fall being occasioned by our change to the structure of the portfolio. In the future, dividends will remain lower but capital gains on the encashment of gilts will increase. On the same basis, investment management fees amounted to 0.36%
The historical cost value of the investments at 30 June 2024 was £5,640,221 with a market value of £7,701,799. To supplement the investment income, the trustees have also adopted regular disposals of investments to cover the increased commitment in grant making.
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
FINANCIAL REVIEW
Policy on holding reserves
The reserves policy is considered annually as the trustees review the work of the charity and its forward plans. Investments are held by the charity to provide income for the charitable support provided. As the fund grows, our income grows, enabling the trustees to support more qualified projects and applications. Consideration is given to realising some part of the gains for further increase in grant expenditure. Although our current reserves are considerable, as already mentioned, as well as funding spending from income, there has in recent years been recourse to accumulated gains.
The trustees consider that the investment funds should generate a return to enable the charity to operate and provide grants. Assuming a fund of approximately £7m, a return of between 2.5% to 3.5% would enable the charity to distribute £175,000 to £245,000 per annum. Actual returns will depend on investment performance and decisions taken to cash investments for specific projects or support activities and also the implications of investing in short term gilts which would reduce the income to be compensated by capital gains on maturity.
Restricted reserves
The restricted funds represent the unspent balance of funding provided for specific purposes and it is intended to be spent in full during the 30 June 2025 year.
Going concern
The financial statements of the charitable company have been prepared on a going concern basis as the trustees have assessed the going concern position and have no reason to believe that there are any material uncertainties that would affect the ability of the charitable company to continue as a going concern for the foreseeable future. The trustees have carefully considered the future cashflow requirements covering the next 12 months and have reviewed forecasts for that period in making their assessment.
Review of activities
Our activities are funded by investment income, plus the occasional legacy and donation. The investment portfolio is invested with two managers and is more geared to income generation than capital appreciation. The trustees have adopted regular disposals of investments to cover the increased commitment in grant making.
The Statement of Financial Activities for the year shows a net deficit of £212,321 (2023 - £275,791) before movement on investments.
The largest costs of the charity, other than grants, are its support and payroll costs and the investment management fees. The trustees regard these costs as reasonable when assessed in the context of its activities.
FUTURE PLANS
Our future plans will focus on:-
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Our traditional grant giving activities, which include providing funds for respite care, helping with care fees, supporting with the cost of attending social groups for people living with dementia, alleviating financial hardship in the form of food and/or clothing vouchers and assistance with making homes more suitable for elderly or disabled people. In this regard, we will be reviewing the level of grants we are able to make.
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Further developing our approach to reducing social isolation and loneliness in the local community in the form of grants to organisations engaged in such work. This funding will be supported by general funds.
The trustees will supplement their policy of maximising the investment income with a policy of regular disposals of investments to cover the increased commitment in grant making.
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
STRUCTURE, GOVERNANCE AND MANAGEMENT
The scheme
The charity is controlled by its governing document, the Memorandum and Articles of Association, and constitutes a limited company, limited by guarantee, as defined by the Companies Act 2006.
The Charity evolved from The Home of Compassion which operated a nursing home in Thames Ditton. The nursing home was sold in 2008, and the funds received are now used to promote support in the community as provided for by our charity objectives.
Organisation and Management
The charity is run by the Chief Operating Officer, Debbie Beach, who reports regularly to the trustees. Trustee meetings are held at least four times a year to review progress. A Grants sub-committee meets as necessary to consider and approve grant applications.
Our Chief Operating Officer is assisted by a Grants Manager (Yvonne Clarke) and a part time Administrator (Julie Crook).
Governance and internal control
At the year-end there were nine trustees: three nominative trustees appointed by the Bishop of Guildford in his role as Patron; and six co-opted trustees, appointed by the existing trustees. The usual term of office is three years, after which they are offered the opportunity to continue for a further three-year term. Should they and their colleagues so wish, the terms of office can be extended beyond this period with the consent of the trustees.
The trustees are persons who, through residence, occupation, employment or otherwise, have special knowledge of the charity or the local community. Regular trustee meetings address the overall financial position of the charity whilst separate Investment, Grants and Finance sub-committees have been constituted to best utilise the trustees' expertise in these areas. All sub-committees report direct to the full trustee board at quarterly trustee meetings.
The Chief Operating Officer manages the charity on a day-to-day basis and is responsible for implementing a set of internal controls suitable for the organisation. In terms of accountability, the Chief Operating Officer is in regular weekly contact with the trustees regarding grant and operational matters.
Appointment, resignation and retirement of the board of trustees is in line with governing document.
Risk review
The trustees annually review the major risks that the charity faces and believe that the unrestricted reserves at the levels stated in the reserves policy above will provide sufficient resources in the event of adverse conditions. The trustees have examined the operational and business risks which the charity faces and confirm that they are satisfied that systems and controls are established over key financial systems to mitigate any significant risks.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number
05814727 (England and Wales)
Registered Charity number
1116001
Registered office
Charities House, 1&2 The Quintet Churchfield Road Walton on Thames Surrey KT12 2TZ
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WALSINGHAM CARE
Report of the Trustees for the Year Ended 30 June 2024
Trustees
Mr I R Ford LLB - Chairman Mr R D Hewitt FCA Mrs T Shipley Ms P M Murphy Rev Dr K Satkunanayagam Mrs R Parihar (appointed 12th July 2023) Ms S Andrews (appointed 12th July 2023) Mrs K Ellis (appointed 24th January 2024) Mr R Parker (appointed 24th January 2024)
Mrs N J Shaw (Resigned 13th December 2023) Mrs R M Bruce (Resigned 13th December 2023)
Independent Examiner
BWBCA Limited Office 44, A30 Business Centre Higher Stockley Mead Okehampton, Devon EX20 1BG
Solicitors
Russell-Cooke 2 Putney Hill Putney London SW15 6AB
Bankers
National Westminster Bank PLC 1 High Street Woking GU21 6BG
Approved by order of the board of trustees on ............................................. and signed on its behalf by:
..................................................................... Mr I R Ford - Trustee
Page 9
Independent Examiner's Report to the Trustees of Walsingham Care
Independent examiner's report to the trustees of Walsingham Care ('the Company')
I report to the charity trustees on my examination of the accounts of the Company for the year ended 30 June 2024.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 ('the 2006 Act').
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under Section 145 of the Charities Act 2011 ('the 2011 Act'). In carrying out my examination I have followed the Directions given by the Charity Commission under Section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
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accounting records were not kept in respect of the Company as required by Section 386 of the 2006 Act; or
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the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of Section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
P Williams
BWBCA Limited Office 44, A30 Business Centre Higher Stockley Mead Okehampton, Devon EX20 1BG
Date: .............................................
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WALSINGHAM CARE
Statement of Financial Activities for the Year Ended 30 June 2024
| Notes INCOME AND ENDOWMENTS FROM Donations and legacies 2 Investment income 3 Total EXPENDITURE ON Administration expenses Charitable activities Ongoing respite and support grants Quality of life support grants Donations to other organisations Grants payable Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD |
Unrestricted funds £ 10,000 190,485 200,485 - 129,232 94,968 56,935 - 130,300 411,435 657,185 446,235 7,414,263 7,860,498 |
Restricted funds £ 19,000 - 19,000 - - 14,871 - 5,500 - 20,371 - (1,371) 5,500 4,129 |
30.6.24 Total funds £ 29,000 190,485 219,485 - 129,232 109,839 56,935 5,500 130,300 431,806 657,185 444,864 7,419,763 7,864,627 |
30.6.23 Total funds £ 17,026 214,085 231,111 78 158,101 156,271 81,675 - 110,777 506,902 188,697 (87,094) 7,506,857 7,419,763 |
|---|---|---|---|---|
CONTINUING OPERATIONS
All income and expenditure has arisen from continuing activities.
The notes form part of these financial statements
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WALSINGHAM CARE (REGISTERED NUMBER: 05814727)
Balance Sheet 30 June 2024
| Notes FIXED ASSETS Tangible assets 10 Investments 11 CURRENT ASSETS Debtors 12 Cash at bank and in hand CREDITORS Amounts falling due within one year 13 NET CURRENT ASSETS TOTAL ASSETS LESS CURRENT LIABILITIES NET ASSETS FUNDS 14 Unrestricted funds: General fund Restricted funds TOTAL FUNDS |
Unrestricted Restricted funds funds £ £ 1,553 - 7,701,799 - 7,703,352 - 18,087 - 151,587 4,129 169,674 4,129 (12,528) - 157,146 4,129 7,860,498 4,129 7,860,498 4,129 |
30.6.24 Total funds £ 1,553 7,701,799 7,703,352 18,087 155,716 173,803 (12,528) 161,275 7,864,627 7,864,627 7,860,498 4,129 7,864,627 |
30.6.23 Total funds £ 2,533 7,332,122 7,334,655 38,347 57,891 96,238 (11,130) 85,108 7,419,763 7,419,763 7,414,263 5,500 7,419,763 |
|---|---|---|---|
The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 30 June 2024.
The members have not required the company to obtain an audit of its financial statements for the year ended 30 June 2024 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
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(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
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(b) preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
WALSINGHAM CARE (REGISTERED NUMBER: 05814727)
Balance Sheet - continued 30 June 2024
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by:
............................................. Mr I R Ford - Trustee
The notes form part of these financial statements
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WALSINGHAM CARE
Notes to the Financial Statements for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES
Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value.
Walsingham Care is a charitable company, limited by guarantee, incorporated in England and Wales. The address of the registered office is given in the reference and administrative details on pages 8 & 9. The charity's administrator operates from an address in Churchfield Road, Walton on Thames. The charity constitutes a public benefit entity as defined by FRS 102.
The accounts are prepared in sterling, which is the functional currency of the company, and rounded to the nearest £.
The significant accounting policies applied in the preparation of the accounts are set out below. These policies have been consistently applied to all years presented unless otherwise stated.
The charitable company has taken advantage of the following disclosure exemption in preparing these financial statements, as permitted by FRS 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland':
- the requirements of Section 7 Statement of Cash Flows.
Income
All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, where it is probable that the income will be received and the amount can be measured reliably.
For legacies, entitlement is taken as the earlier of the date on which either: the charity is aware that probate has been granted, the estate has been finalised and notification has been made by the executor(s) to the charity that a distribution will be made, or when a distribution is received from the estate. Receipt of a legacy, in whole or in part, is only considered probable when the amount can be measured reliably, and the charity has been notified of the executor’s intention to make a distribution. Where legacies have been notified to the charity, or the charity is aware of the granting of probate, and the criteria for income recognition have not been met, then the legacy is a treated as a contingent asset and disclosed if material.
For donations to be recognised the charity will have been notified of the amounts and the settlement date in writing. If there are conditions attached to the donation and this requires a level of performance before entitlement can be obtained then income is deferred until those conditions are fully met or the fulfilment of those conditions is within the control of the charity and it is probable that they will be fulfilled.
Investment income is earned through holding assets for investment purposes such as shares. It includes dividends and interest. Interest income is recognised using the effective interest method and dividend income is recognised as the charity's right to receive payment is established.
Expenditure
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES - continued
Expenditure
All expenditure is recognised inclusive of VAT, where VAT applies.
All grant expenditure is accounted for on an actual paid basis plus an accrual for grants which have been approved by the trustees at the year end and which are capable of being paid. Grants offered subject to conditions which have not been met at the year-end date are noted as commitments but not accrued as expenditure. Grants payable to third parties are within the charitable objectives.
Raising funds
Raising funds includes all expenditure incurred by the charity to raise funds for its charitable purposes and includes costs of all fundraising activities, events and non-charitable trading.
Investments
Investments are recognised initially at fair value which is normally the transaction price excluding transaction costs. Subsequently they are measured at fair value with changes recognised in the Statement of Financial Activities if the shares are publicly traded or their fair value can otherwise be measured reliably.
Support cost allocation
Support costs are those that assist the work of the charity but do not directly represent charitable activities. Support costs include management or 'back office' costs (including personnel costs), finance and governance costs which support the charity's programmes and activities. Governance costs are those that relate to the management of the charity's assets and to the administration and compliance with constitutional and statutory requirements. Where support costs cannot be directly attributed to particular headings, they have been allocated to expenditure on charitable activities on a basis consistent with use of resources. The allocation of support costs is set out in note 4.
Tangible fixed assets and depreciation
Tangible fixed assets are stated at cost less accumulated depreciation.
Other assets costing less than £100 are written off on acquisition and any other assets would be depreciated over their estimated useful working life on a straight line basis. The useful lives adopted range from 3 years to 10 years.
Taxation
The charity is exempt from corporation tax on its charitable activities.
Fund accounting
Unrestricted funds are available for use at the discretion of the trustees in furtherance of the general objectives of the charity and which have not been designated for other purposes.
Designated funds can be unrestricted funds, but have been set aside to be used for specific purposes.
Restricted funds are funds which are to be used in accordance with specific restrictions imposed by donors or which have been raised by the charity for particular purposes. The costs of raising and administering such funds are charged against the specific fund.
Provisions
Provisions are recognised when there is an obligation at the balance sheet date as a result of a past event, it is probable that an outflow of economic benefit will be required in settlement, and the amount can be estimated reliably.
Pensions
The charity operates a defined contribution pension scheme for the benefit of its employees. The assets of the scheme are held separately from those of the charity. Contributions are expensed as they become payable.
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
1. ACCOUNTING POLICIES - continued
Investments
Investments are included in the Balance Sheet at bid-market value. Gains and losses on disposal and revaluation of investments are credited or charged to the Statement of Financial Activities.
Donated services and facilities
Donated professional services and donated facilities are recognised as income when the charity has control over the item, any conditions associated with the donated item have been met, the receipt of economic benefit from the use by the charity of the item is probable and that economic benefit can be measured reliably. In accordance with the Charities SORP (FRS 102), the general volunteer time given to the charity is not recognised and refer to the trustees’ annual report for more information about their contribution.
On receipt, donated professional services and donated facilities are recognised on the basis of the value of the gift to the charity which is the amount the charity would have been willing to pay to obtain services or facilities of equivalent economic benefit on the open market; a corresponding amount is then recognised in expenditure in the period of receipt.
Financial instruments
The charity only enters into basic financial instrument transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable and investments in non-putative ordinary shares. Debt instruments (other than those wholly repayable or receivable within one year), including loans and other accounts receivable and payable, are initially measured at present value of future cash flows and subsequently at amortised cost using the effective interest method.
Cash and cash equivalents
Cash and cash equivalents include cash in hand and cash deposits with financial institutions that are readily convertible to known amounts of cash with insignificant risk of change in value.
Debtors and creditors receivable/payable within one year
Debtors and creditors with no stated interest rate and receivable or payable within one year are recorded at transaction price. Any losses arising from impairment are recognised in expenditure.
2. DONATIONS AND LEGACIES
| DONATIONS AND LEGACIES | ||
|---|---|---|
| Donations Legacies Restricted income |
30.6.24 £ - 10,000 19,000 29,000 |
30.6.23 £ 26 - 17,000 |
| 17,026 |
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
3. INVESTMENT INCOME
| Interest received Investment income 4. SUPPORT COSTS Management £ Other resources expended 86,537 Support costs, included in the above, are as follows: Management Wages Social security Pensions Insurance Telephone, internet & website Postage and stationery Sundries Office hire Staff training Travel Legal & professional Accountancy Computer costs Finance Investment portfolio management Bank charges Depreciation of tangible fixed assets |
30.6.24 £ 2,217 188,268 190,485 Governance Finance costs £ £ 29,435 14,328 30.6.24 Other resources expended £ 62,419 2,077 985 651 296 401 3,538 2,212 726 2,511 35 7,101 3,585 86,537 30.6.24 Other resources expended £ 27,935 520 980 29,435 |
30.6.23 £ 452 213,633 214,085 Totals £ 130,300 30.6.23 Total activities £ 57,213 634 828 854 1,881 391 1,319 1,916 426 2,640 63 6,310 2,850 77,325 30.6.23 Total activities £ 19,460 398 479 20,337 |
|---|---|---|
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
4. SUPPORT COSTS - continued Governance costs
| 30.6.24 Other resources expended £ Wages 12,500 Pensions 328 Independent examiners fee 1,500 14,328 |
30.6.23 Total activities £ 11,339 276 1,500 13,115 |
|---|---|
5. NET INCOME/(EXPENDITURE)
Net income/(expenditure) is stated after charging/(crediting):
| 30.6.24 | 30.6.23 | |
|---|---|---|
| £ | £ | |
| Depreciation - owned assets | 980 | 479 |
| Deficit on disposal of fixed assets | - | 78 |
6. INDEPENDENT EXAMINER'S REMUNERATION
The fee payable to the independent examiner for the independent examination amounted to £1,500 (2023 - £1,500) and, in addition, fees payable to the independent examiner's firm for accounting services amounted to £7,101 (2023 - £6,310).
7. TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees' remuneration or other benefits for the year ended 30 June 2024 nor for the year ended 30 June 2023.
The trustees only are considered to be key management personnel.
Trustees' expenses
There were no trustees' expenses paid for the year ended 30 June 2024 nor for the year ended 30 June 2023.
8. STAFF COSTS
The average monthly number of employees during the year was as follows:
| 30.6.24 | 30.6.23 | |
|---|---|---|
| Administrative | 3 | 3 |
No employees received emoluments in excess of £60,000.
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
9. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES
| INCOME AND ENDOWMENTS FROM Donations and legacies Investment income Total EXPENDITURE ON Administration expenses Charitable activities Ongoing respite and support grants Quality of life support grants Donations to other organisations Other Total Net gains on investments NET INCOME/(EXPENDITURE) RECONCILIATION OF FUNDS Total funds brought forward TOTAL FUNDS CARRIED FORWARD 10. TANGIBLE FIXED ASSETS COST At 1 July 2023 and 30 June 2024 DEPRECIATION At 1 July 2023 Charge for year At 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 |
Unrestricted funds £ 26 214,085 214,111 78 158,101 129,771 81,675 110,777 480,402 188,697 (77,594) 7,491,857 7,414,263 |
Restricted funds £ 17,000 - 17,000 - - 26,500 - - 26,500 - (9,500) 15,000 5,500 |
Total funds £ 17,026 214,085 231,111 78 158,101 156,271 81,675 110,777 506,902 188,697 (87,094) 7,506,857 7,419,763 Computer equipment £ 4,260 1,727 980 2,707 1,553 2,533 |
|---|---|---|---|
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
11. FIXED ASSET INVESTMENTS
| MARKET VALUE At 1 July 2023 Additions Disposals Revaluation At 30 June 2024 NET BOOK VALUE At 30 June 2024 At 30 June 2023 |
Listed investment £ 7,332,122 3,163,532 (3,424,904) 631,049 7,701,799 7,701,799 7,332,122 |
|---|---|
The investments are in funds managed by CCLA and Sarasin.
Both fund managers deduct fees and other expenses from the overall performance of the fund. The revaluation figure above includes investment manager's fees for Sarasin of £27,935 (achieved by grossing up the revaluation movement).
12. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| Other debtors Prepayments and accrued income |
30.6.24 £ 452 17,635 **18,087 ** |
30.6.23 £ - 38,347 |
|---|---|---|
| 38,347 |
Accrued income represents declared dividend income for the quarter ended 30 June 2024. At the balance sheet date, accrued income amounted to £13,154 (2023 - £34,014).
13. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
| CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR | ||
|---|---|---|
| Social security and other taxes Other creditors Accruals |
30.6.24 £ 1,176 3,425 7,927 12,528 |
30.6.23 £ 1,256 7,936 1,938 |
| 11,130 |
Included in creditors are 'ongoing respite and support grants' amounting to £7,499 (2023 - £7,636) and 'quality of life support grants' amounting to £326 (2023 - £30).
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
14. MOVEMENT IN FUNDS
| Unrestricted funds General fund Restricted funds Carer Support Fund - Walton Charity EBC Restricted Income TOTAL FUNDS Net movement in funds, included in the above Unrestricted funds General fund Restricted funds Carer Support Fund - Walton Charity EBC Restricted Income TOTAL FUNDS Comparatives for movement in funds Unrestricted funds General fund Designated Fund for Social Exclusion Issues Restricted funds Household Support Fund - Walton Charity Carer Support Fund - Walton Charity TOTAL FUNDS |
At 1.7.23 £ 7,414,263 5,500 - 5,500 7,419,763 are as follows: Incoming Resources resources expended £ £ 200,485 (411,435) 4,000 (5,500) 15,000 (14,871) 19,000 (20,371) 219,485 (431,806) At 1.7.22 £ 7,468,766 23,091 7,491,857 15,000 - 15,000 7,506,857 |
Net movement in funds £ 446,235 (1,500) 129 (1,371) 444,864 Gains and losses £ 657,185 - - - 657,185 Net movement in funds £ (54,503) (23,091) (77,594) (15,000) 5,500 (9,500) (87,094) |
At 30.6.24 £ 7,860,498 4,000 129 4,129 7,864,627 Movement in funds £ 446,235 (1,500) 129 (1,371) 444,864 At 30.6.23 £ 7,414,263 - 7,414,263 - 5,500 5,500 7,419,763 |
|
|---|---|---|---|---|
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WALSINGHAM CARE
Notes to the Financial Statements - continued for the Year Ended 30 June 2024
14. MOVEMENT IN FUNDS - continued
Comparative net movement in funds, included in the above are as follows:
| Unrestricted funds General fund Designated Fund for Social Exclusion Issues Restricted funds Household Support Fund - Walton Charity Carer Support Fund - Walton Charity TOTAL FUNDS |
Incoming resources £ 214,111 - 214,111 10,000 7,000 17,000 231,111 |
Resources expended £ (457,311) (23,091) (480,402) (25,000) (1,500) (26,500) (506,902) |
Gains and Movement losses in funds £ £ 188,697 (54,503) - (23,091) 188,697 (77,594) - (15,000) - 5,500 - (9,500) 188,697 (87,094) |
|---|---|---|---|
15. RELATED PARTY DISCLOSURES
There were no related party transactions for the year ended 30 June 2024 nor for the year ended 30 June 2023.
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