REGISTERED CO]VIPANY NUMBER: 06183852 {England and Wales) REGISTERED CHAIUTY IYUMBER.. 1120447 WOKING HOIVLES FINANCIAL STATEIVIENTS FOR THE YEAR ENDED 31 MARCH 2024 Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY
WOK]NG HOMES CONTENTS OF THE FINANCIAL STATEMENTS for the ear ended 31 Mareh 2024 Page Report of the Trustees Report of the Independent Auditor Statement of Finaneial Activities io Balance Sheet Cash Flow Statement l2 Notes ¢0 the Cash Flow Statement 13 Notes to the Financial StstemeDts 14 to 25 Detailed Statement of Financial Activities 26 to 27
WOKING HOMES REPORT OF THE TRUSTEES for the ear ended 31 March 2024 The irnstees who are a]so directors of the charity for the purposes of the Companies Act 2006. present their rewrt with the fmancial statements of the charity for the year ended 31 March 2024. The trustees have adopted the provisions of Accounting and Reporting by Chartties: Statement of Recotllmended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable ill the UK and Republic of Ireland (FRS 102) (effective l January 2019). ORIECTtVES AND AcfiviTIES Objectives and aitns The principal activity of Woking Homes (the Home) i5 the provision of living accoD)modation and general care of retired fornier railway employees and others at the discretlOD of tbe trLLStees. Over the years tbe balance between fornier railway staff and those without railway connections bas shifted such that about half of residents are now non-railway. Tbe Home is run in accordance with the Articles of Association, with the Chief Executive, Mrs S Kemp, who is appointed by the Board of Trnslees, responsible for the general running and management of the Home. The Board's policy of providing a fLrst rate residential care hotlle, which enriches the lives of all those who live and work at the Home, Continues unchanged. The tnteeS are confident that they ¢OLDply with the requiretnents of the Charities Act 2011 regarding public benefit. STRATEGIC REPORT Achiev¢m¢llt and p¢rformaDce Charitsble activities The Home continues to provide expert care for its many pernianent and resplte residents. The charity provides bigh-quality long-terni care for up to 51 people, some of whom could otherwise be dependent on the facilities provide at considerable cost, by locaI authorities. A few residents are fided by local authorities but the rdtes paid are significantly less than the cost of providing a place. the difference is either made up by top-up funds from the resident's family or, in exceptional cases, the difference is covered by the chaTity. Demand for places at the Home reEDains strong and a waiting list is maintained. A policy of improving and enhancing the facilities is under way with internal and external decoration now well advanced following refurbishrnent of all residents, rooms completed durlng the year. This is in line with the stated aim of providing bigh quality care ill the best possible surroundings. The last major redevelopment of the facilities took place in 201 O, with an extension to the dining room being con]pleted in 2018 to accommodate more residents needing mobility aids. The Board remains acut¢ly aware of the need to take account of changing needs of residents and staff and wort(s closely with the Chief Executive to identify, fimd and deliver improvements to facilities. The tsustees aim to ensure that the standards of c&re provided are maintained at the highest possible level. This is achieved by the following policies: - Full review of all Care Quality Conlluission (CQC) reports and implementation of recommendations; - Unannounced monthly visits by a tristee who then reports in general on all aspects of the Homes and in particular on an actlvlty that is selected for intensive scrutiny. Reports are circulated to all trustees to ensure that matters are followed up in tUre visits. The visits include I: I discussions with at least one resident and one member of staff to highlight any areas of ¢oncern. - Maintaining an open cuItte which allows complaints from staff and residents to be fully investigated. Employment policies designed Èo ensure that residents, needs are pararaount" - Appointment of high calibre staff at all levels. - Intensive staff training programme. During the year two trustees attended staff meetings to answer any questions or concerns raised and to explain the role of the trustees in the running of the Home. This was weu received by staff who attended tbe meetings. The trustees are extremely grateful for the loyalty and support of the staff, who are the key providers of care in the Home. We are also very grateful for the support of the Friends of Woking Homes and the many railway staff and railway companies who continue to support the Homes fmancially. Page I
WOKtNG HOMES REPORT OF THE TRUSTEES for the ear ended 31 March 2024 STRATEGIC REPORT Achievement and performanee Investment performance At 31 st March 2024 the portfolio was vaIued at £8,230.719 (2023: £7.511,283). The balance OD the cash management portfolio at 3 1st March 2024 stands at £116,836 (2023.. £195,615). During the year £nil was invested (2023: £nil) and £llil {2023: £nil) of the dividends r¢c¢iv¢d from th¢ ijjvestment portfolio wa5 reinvested. The ttvstees continue to monitor the investments in conjunction with Rathbones who were appointed fijnd managers in 2015. The investment portfolio consists of specific shareholdings ill individual companies as well as interests in pooled funds. Finaneial review InveslMeni policy and objeetives The trustees investment policy is to invest in a spread of low to medium risk investtnents and to generate sufficient investsnent Éucome to ensure fees to residents are kept lower than would otherwise be possible. Reserves policy It is the policy of tbe trustees to maintain sufficient reserves held in the forni of investments so that the charity is able to subsidise the fees it Charges residents with a railway connection without risking the ongoing viability of the cbarity. Of the total reserves of approximately £18.025 million, £5.129 million is represented by the carrying value of lan(L buildings and other red assets. Additionally £8.348 million is represented by investh]ent assets and £4.040 million is represented by investrent properties, leaving free reserves of approximately £0.468 million. The liquid reserves provAde against unforeseen fluctuations in occupancy levels and unanticipated exceptional costs. The trustees are of the opinion this is sufficient to cover any short terni cash flow pressures aud if exceptional fullds were require(L investhlents could be realised and cash released. Other than reserves represented by the charity's land and buildings and investmellts designed to generate income to keep fees as low as possible, the twstees keep sufficient reserves in a sufficiently liquld forn) so that they can respond to any unexpected costs or other contingency or dTOP in income. Financial summary The fLuallcial results for the year were very satisfactory. given the ctrcumstances. Incoming resources increased to £3.160 million in 2024 (2023.. £2.536 mil]ion) aJ]d llet incoming r¢sourc¢s for the year before investment gain were £431,670 (2023: £129,546). REsk Management The trustees have established a risk ftnanagement strategy which comprises: -an allnua] review of the principal risks and uncertainties that the charity faces: -the establish]nent of policies, systems and procedures to mitigate those risks Identifi ij) the annual review. and -the implementation of procedures designed to minimise or manage any potential impact on the charity should tbose risks rnateriaIise. The work has identified that reduced occupancy leve]s is the major fManc1 risk for the charity. Steps are taken to ensure that occupancy levels are tnaintained tn the long terni and additional advertis7ng h&s been undertaken to increase resident numbers. Attention has also been focussed on non-financial risks in the areas of the care, health and safety of the residents and staff. These risks are rnanaged by having robust policies and procedures in place, and regular training for all staff. The coronavirus pandemic does, of course, create additional risks and uncertainties, whickn the trnstees, together with the CEO continue to keep under review. Page 2
WOKING HOMES REPORT OF THE TRUSTEES for the ear ended 31 March 2024 STRATEGIC REPORT Future plans Woking Homes aims alld objectives for the future are to sustain our highest standards of accommodation and care for our residents. We Continue to train and motivafr our staff to r¢spect our residents, individuality. privacy. dignity, independ¢D¢e, choice, rights, fulfi]ment and security while providing a comfortable home which is safe and secure. To fither provide a safe operating environment for our staff and residents, we have compl¢t¢d work QD providing dedicated changing rooms with showers for our staff. STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document The chaTity is controlled by its governing documenl its Articles of Association, and is constituted as a company limited by guarantee, as def]ned by the Companies Act 2006. Reeruitment and appointment of new trustees New trustees are recruited generally from the railway industy or from those known to possess appropriate specialist skills. Ln particular, care, fmancial, human resources and constrnction industy expertise is vaIued. It is pleasing tbat the Board is still able to recruit trnstees who are passionate about the work of the Home and the car¢ of the r¢sidents and are also highly qualified individuals WAth valuable management and people skills. The success of the Home has been maintained because of the quality of the trnstees and their dedication to the work of the Home, along with the competent management of the Home. Organtsational structure All strategic and governance matters are decided upon by the board of tsStees but the day-to-day management of the care home is delegated to the Chief Executive, Mrs S Kemp, supported by the Care Home Manager, Ms P Hook. The Board of Trustees operates a sub-comtllittee strllcture for detailed review and planning of tre changes to the Home. These are Finance, Personnel, Health & Safety and Project Delivery. The Chief Executive and the Care Home Manager sit on all four conin]ittees and provide a vital link between day to day management and the strategic function of the Boord. Each conjmittee Meets quarterly and reports into the quarterly tnjstee board meeting, held a few weeks later. During the year a Strategy Day was held to review the effe¢tAveness of the board/sub-conunittee structure. This bas resulted in an improved focus on planlling and reporting of projects as well as better management of expenditure. Induction and training of new trustees Potential new trustees are interviewed by the Chair of the Board and the Chief Executive. The new trustees are provided witb appropriafr infomiation about the Home, its history, ethos and governan¢e, intluding a copy of the ChaTity Conunission publication "the essential tru5tee'. what you need to know, what you need to do" and offered an opportunity to discuss the implications with the Chair. In addition, a visit to the Home, a discussion with the Cbief Executive and attendance at a tsvstees, roeeting are provided prior to a¢ceptiJ]g appointment. The normal duties of a stee are explaine(t illcluding attendance at tsustees, meetings, membership of relevant sub-committees and regular inspection visits to the Home. The appoinlments are then confirmed at the next AJ]nual General MeetiJ)g for a tenn of up to 3 years, each trustee being able to serve up to three consecutive ternis. Key management remuneration All trnstees give of their time freely and no ttvstee received remuneration in the year. Details of trnstees, expenses and related party transactions are disclosed in notes [2 and 22 to the accounts. The pay of the senior staff is reviewed annually and nornialty increased in accordance with average earnings. In view of the nature of the charity, the trltstees bencbmark against pay levels in other similar care homes. REFERENCE AND ADMINISTRATIVE DETAILS Registered Coujpally uumber 06183852 (England and Wales) Page 3
WOKtNG HOMES REPORT OF THE TRUSTEES for the ear ended 31 March 2024 Registered Charity number 1120447 Registered office Oriental Road WOKNG SUeY GU22 7BE Trustees MT M Evans Chair Mr R Evans Mr M Riley (resigned 20.9.23) Mr J Cwley {resied 20.9.23) Mr A L Pulfer Mr A Haddon Mr J Martin Mrs L Francis Mrs L Bradbury (resigned 24.4.23) Mrs S A Coles Mr M Stubbs J Elliott (appointrd 20.9.23) K Martin (appointed 20.9.23) P Field (appointed 20.9.23) (resigned 14.12.23) Auditor Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY Sollcltors Blake Morgan New King's Courl Tollgate, Chandlers Forl Eastleigh, S053 3LG Investment MAnagers Rathbone irAvestmenl Management Ltd I Curzon Str¢e4 London WIJ 5FB COMNENCEMENT OF ACTIVITIES The charitable company was incorporated on 26 March 2007 and commenced trading on 1st October 2007. On that date it took over all the assets and liabilities of Woking Homes, au unincorporated charity number 200346, and has continued the work of the original charity. STATEMENT OF TRUSTEES, RESPONSIBILITIES The trustees (wbo are aIso the directors of Woking Homes for the purposes of company law) are responsible for preparing the Report of the Trustees and the fmallcial staternellts in accordance with applicable law and Uuited Kingdom Accounting Standards (United Kingdorn Generally Accepted A¢¢ounting Practice). Page 4
WOKING HOMES REPORT OF THE TRUSTEES for the ear ended 31 Marcb 2024 STATEMENT OF TRUSTEES, RESPONSIBILITIES - Colltinued Company law requires the tnleeS to prepare fancIal statements for each financÉal year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resourc¢s. including the income and expenditure. of the charitable company for that perio& In prepaTing those financial Statemellts, the trustees are required to select suitable accounting policies and then apply them consistently- observe the methods and ptinciples in the ChaTity SORP. make judgements and estimates that are reasonable and prudent. prepare the fjnancial statemeThts on the going concern basis unless it is ijiappropriate to presume that the ¢haritable company will Continue in business. The trustees are responsible for keeping proper accounting records whicb disclose with reasonable accuracy at aDy time tbe fmancial position of the charitable company and to enable theEn to ensure that the fll]aDcial statements comply with the Comp3nies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of lld and other irregularities. In so far as the tsustees are aware: there is no relevant audit inforniation of which the charitable company's auditor is unaware. 3nd the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit inforniation and to establish that the auditor is aware of tbat infonnation. AtrDITOR The auditors, ShaNV Gibbs Audit Ltd, will be proposed for re-appointment al the forthcoming Annual General Meeting. Report of the trustees, incorporating a strategic repor¢ approved by order of the board of trustee5. as the cornpany directors, on .. . and siglled on the board's behalf by". Mr M Evans - Trustee Page S
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF WOKll¥G HOMES Opillion We have audited the fmancial statements of Woking Homes (the 'charitable company) for the year ended 31 March 2024 which comprise the StateEneDt of Financial Activities, the Balance Shee( the Cash Flow Statement and notes to the financial statements. including a summary of significant accounting policies. The fmancial reporting framework that has been applied ill their preparation is applicable law and United Kingdom Accounting Standards (Unitsd Kingdom Generally Accepted Accounting Practice). Ill our opinion the financial statements: give a true and fair view of the state of the charitable company's affairs as at 31 March 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended. have been properly prepared in cOrdanCe with United Kingdom Generally Accepted Accounting Practice. and have been prepared in accordance with the requirements of the Companies Act 2006. Basis for OPilllOD We conducted our audit in accordance witb tntemational Standards on Auditing (UK) (ISAS (UK)) and applicable law. Our responslbilities under those standards are fiuther described in the Auditor responsibilAti¢s for the audit of the finallcial statements section of our report. We are independent of the charitable company in accordance with the ethical requiren]ents that are relevant to ow audit of the fmancial statements ID the LfK, including the FRC'S Ethical Standard. and we have fulfilled our other ethical responsibilities in accoTdance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provlde a basis for our opinion. Conelusions relating to going coDcerD In auditing the fmaDcial statements, we bave concluded that the ttustees, use of the going concern basis of ac¢ounting in the prepaTation of the fmancial statements is appropriat¢. B¢d on the work we have perfoTmed, we have not identified any mateTial uncertainties Telating to events or conditions thaL individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve rnonths from when the fmancial stalernents are authorised for issue. Our responsibilities and the responsibilities of the tsustees with respect to gopng concern are described in the relevant sections of this report. Other information The trnstees are responsible for the other inforniation. The other inforniation comprises the infomiation included in the Annual Report, other than the f]nancial statements and our Report of the Independent Auditor theieon. Our opinion on the f]nancÉal statements does not cover the other inforniation an4 except to the extent otherwise expli¢itly stated in our repo¢ we do not express any forni of assurance conclusion thereon. In connection with our audit of the fmancial statements, our responsibility is to ad the other illfonnation and, in doing so, consider whether the other infonnation is materially inconsistent with the fjnancial statements or our knowledge obtained in the audil or otherwise appears to be materially misstated. If we Identify such material inconsistencies or apparent material misstatements, we are required to deterniine wbether this gives rise to a material misstatetnellt in the fancial statements themselves. If, based on the WO we have perfornied, we conclude that there is a material misstatement of this other inforniation, we are required to report that fact. We have nothing to report in this regard. Opinions OD Other matters prescribed by tbe Companies Act 2006 tn out opinion, based on the work undertaken in the course of the audit: the information given in the Report of the Trustees for the fLnanciaI year for wbich the financial statements are prepared is consistent with the fancIal statements. and the Report of the Trustees bas been prepared in accordance with applicable legal requirements. Page 6
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF WOKING HOMES Matters OD wbich we are required to report by exeeptio tn the ligbt of the knowledge and understanding of the chaTitable company and its environment obtained in the course of the audiL we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 r¢quires us to report to you if, in our opinion: adequate accounting records have not been kept or returns adequate for our audit have not been received fronl branches not visited by us. or the flljancial statements are not in agreement with the accounting records and rettjrns. or certaiD disclosures of tntees, reLDuneration specified by law are not mad¢. or we have not received all the inforniatlou and explallations we require for our audit. Responsibilities of trustees As explailled more ]lY in the Statement of Trnstees, Responsibilities, the trustees (who are also the directors of the cFLaritable company for the PUTposes of cotnpany law) are responsible for the preparation of the fllwicial statements and for being satisfied that they give a trne and fair view, and for such internal control as the trustees deterniine is necess&ry to enable th¢ preparation of fmancial stafrm¢llts that are free from material misstatement, whether due to fraud or eor. tn preparing the f]nancial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using tbe going concern basis of accounting unless the trnstees either intend to liquidate the cbaritable company or to cease operations, or have no r¢alistic alternative but to do so. Page 7
REPORT OF THE INDEPENDENT AUDITOR TO THE IIqEMBERS OF WOKING HOIVLES Our respollsibilities for tbe audit of the fwaocial ststewents Our objectives are to obtain reasonable assurance about whether the fjnancial statements as a whole are free from mateTial misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditor that includes OUT opinion. Reasonable assurance is a high level of assurance. but is not a guarantee that an audit conducted in accordance with ISAS (UK) will always detect a material misstatement when it exists. Misstate]nents can arise from fraud or error and are collsidered material if, individualty or in the aggregate. they could re&gonably be exp¢cted to infiu¢nce the economic decisions of users taken on the basis of these financial statem¢ots. The extent to which our procedures are capable of detecting irregularities. including fraud is detailed below: ol approach to identifying and assessing the risks of matertal misstatement in respect of ]egular1ties,InC1Udin8 fraud and non-compliance with laws and regulations, was as follows.. the engagement partner ensured that the engagement team collectively had the appropriate competence, capabilities and skills to identify or recognise non-compliance with applicable laws aad regulations; we Identified the laws and regulations applicable to the charitable company tlirougb discussions with tsvstees and other mallagement, review of the cFLaritable company's Register of Legal Requirements,, and from our knowledge and experience of the sector" we focused on specific laws and regulations whicb we considered may have a direct n]aterial effect on the fJnancAal statements or the operdtions of the company, including the Cotnpanies Act 2006, Charities legislatiou, employment, environmental and health and safety legislation and legislation specifIcally applicable to the Care sector" ' we assessed the extent of complianc¢ with tbe laws and regulations identified above oUb making enquiries of ftnanagelneni and inspecting relevant COespondence. and identifIed laws and regulations were communicated within the audit team regularly and the team remained alert to instances of non-compliallce thJoughout the audit. We assessed the susceptibility of tbe charitable coukpany's fmancial statements to material tnisstatemenl including obtaining an understanding of how fraud might occur, by: Tnaking enquixies of management as to where they considered there was susceptibility to fraud, their knowledge of tual, suspected and alleged fraud. and ' considering the internal controls in place to mitigafr risks of fraud and non-compliance with laws and regulations. To address the risk of fraud througb management bias and override of controls, we: ' performed analytical procedures to identify any unusual or unexpected relationships. ' tested jOUTnal entiies to identify unusual transactions. assessed whether judgements and assumptions made in detennining the accounting estimates were indicative of potential bias. aud ' investigated the rationale behind significant or unusual transactions. tn response to the risk of irregularities and non-complian¢e with laws and regulations. we designed procedures which included, but were not limited to: ' agreeing fmancial statement disclosures to underlying supporting documentation. ' reading the minutes of meetings of tbose charged with governance. ' obtaining an overview of the internal procedures adopted by the client to eDsure contlnued compliance with relevant laws and regulations, including a review of a sample of the reports from internal process audits. enquiring of rnanagement &8 to actual and potential litigation and claims. and ' reviewing relevant correspondence with Jelevant regulators including the Health and Safety Executive, and the Care Quality Commission. There are inherent limitations in our audit procedures described above. The more removed that laws and regulations are from fmaDcial transactions, the less likely it is that we would becorae aware of non-compliance. Auditing standards also limit the audlt procedures required to identify llon-compliance with laws and regulations to enquiry of the directors and other manageellt alld the inspection of regulatory and legal correspolldence, if any. Material misstatements that arise due to fraud can be harder to detect than those that arise frorn error as they may involve deliberate ¢onceaLmenÈ or collusion. Page 8
REPORT OF THE INDEPENDENT AUDITOR TO THE MEMBERS OF WOKtNG HOIVIES A furthei description of our responsibilities for the audit of the fmancial stateAnents is located on the Financial Reporting Council's website at www.frc.org.uklaudiÈorsresponsibilities. This description fonns part of our Report of the Jndependent Auditor. Use of our report ThAs report is made solely to the charitable company's members. as a bo(ty. in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's tnembers those tnatteTS we are required to stste to th¢m in an auditor's report and for no other PUTpose. To the fullest extent p¢rn]itt¢d by law, w¢ do not a¢c¢pt or assume responsibility to anyone otbeT thaa the charitable company and the charitable company's membeTS as a body, for our audit worL for this report, or for the opijjions we have forEne QWL Lance Redman (Senior Statytory Auditor) for and on behalf of Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY Date.. Page 9
WOl4ThG HOMES STATEMENT OF FINANCIAL ACTIVITIES NCORPORATING AN tNCOME AND ExPE1lTURE ACCOUN for the ear ended 31 March 2024 2024 Endowment 2023 Total Unrestrtcted Total Restricted funds fidS fund funds funds Notes tNCOME AND ENDOWIVIENTS FROM Donations and legacies 378,446 378,446 197,999 Charitable activities Provision of care 2,318,692 2,318.692 1,874,940 Other trading activities Investrnellt iucome Other income 20,609 441,921 20,609 441,921 26.572 436,089 803 Total 3 159668 3 159 668 2 536 403 EXPE1TURE ON Raising fid$ 63,655 63,655 84,211 Charitable activities Provision of care Catering services Howehold services Property & equipment Maintenance Vehicle rLmning costs Support costs Other expenditure 1,152,969 378,310 352,079 1.152,969 378,310 352,079 991,644 330.036 306,913 217,231 21,910 360,880 217.231 21,910 360,880 188,320 27,882 329,812 148 039 Total 2 727 998 2 727 998 2 406 857 Net gains/(losses) on invesfments 502 595 502 595 496 809) NET tNCONtE/(EXPENDITURE) 934265 934,265 (367,263) RECONCILIATION OF FUNDS Total funds brougbi forward 17,091,301 24,100 17,115,401 17,482.664 TOTAL FUNDS CARRIED FORWARD 18 025 566 18 049 666 17 115401 The notes fortn part of these fmancial stat¢tnents Page 10
WOKING HOMES BALANCE SHEET 31 March 2024 2024 2023 Notes FIXED ASSETS Tangible &ssets IDvestmellts Investments Investment propety 14 5,128,840 5,086,434 15 16 8,347,555 7,706,898 4 100 000 17,516,395 16,893,332 ciniREiYf ASSETS Debtors C&8h at bank and in hand 17 200,845 468.605 66,170 281 103 669,450 347,273 CREDITORS Arnounts falltng due witbin one year 18 (136,179) {125,204) NET CURRENT ASSETS 533 271 TOTAL ASSETS LESS CURRENT LIABILITIES 18,049,666 17,115,401 NET ASSETS 18 049 666 17 115 401 FUNDS Unrestricted funds Endowm¢nt funds 21 18,025,566 17,091,301 TOTAL FUNDS 18049 666 17 II540E ancial statements were approved by the Board of Trustees and authorised for issue on Y.glx.4........,........ and were signed on its behalf by.. Mr M Evans - TTUStee The llotes forn] part of these fmancial statements Pagell
WOKING HOs CASH FLOW STATEMENT for the ear ended 31 Marcb 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 139 578) Net cash provided by/(used in) operating activities 139.578) Cash Ilows from investing activities Purchase of tangible fLYed assets Purchase of fjxed asset investments Sale of red asset investments tnvestment cash movements terest received Dividends and rental income received (199,761) (2.098.703) 1,941,502 78,779 3,743 438 178 (110,315) (4,911,653) 5,115,578 (156,610) 969 435,120 Net ¢ash provided by investing activities 163 738 373 089 Ch8Dge in cash and e2$b equivalents in the reporting period Cash and eash equlvalents at the beginning of the reporting period 187,502 233,511 281 E03 Cash and cash equivalents at the end of the repor¢Ang period 468 605 281 103 The notes forni part of these fmancial statements Page 12
WOKING HOMES NOTES TO THE CASH FLOW STATEMENT for the ear ended 31 March 2024 RECONCILIATION OF NET INCOME/IEXPENDrrttRE) TO NET CASH FLOW FROM OPERATING AcfIviTtES 2024 2023 Net incomel(expenditure) for the reportiDg period (as per tb¢ Stalement of FillaDcial Activities) Adjustments for: Depreciation charges (Gain)Ilosses on investments Loss on disposal of red assets tnterest received Dividends and rental income received (Increase)Idecrease in debtors Increase in creditors 934,265 (367,263) 150,139 (502.595) 7.216 (3,743) (438,178) (134,315) 132,571 496,809 (969) {435,120) 10,535 Net cash provided by/(used in) operaÉions 139 578) ANALYSIS OF CIL4NGES IN NET FtrNDS At 1.4.23 Cash flow At31.3.24 Net casb Cash at bank and Tn hand 281103 187502 281 103 187 502 468 605 Total 281 103 187 502 468 605 The notes form part of these fmancial statements Page 13
wOKG HOMES NOTES TO THE FtNANCIAL STATEMENTS for the ear ended 31 Mar¢b 2024 ACCOUNTING POLICIES Basis of preparing the financial Stat¢ellts The financial statements of the charitable company, which is a public benefit elltity under FRS 102. have been prepared in accordance with tbe Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recomn]¢nded Practice applicable to cbarities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective l January 2019),, Financial Reporting StaDdard 102 The Financial Reporting Standard applicable in the UK and Republic of treland, and the Companies Act 2006. The financial statements have been prepared under the historical cosl convention, with the exception of investhients which are included at Enarket value, as modified by the revaluation of certaln &8sets. Income All incotne is recognised in the Statement of Financial Activities once tbe charity has entitlement to the fimds, it Is probable that the income will be received and the amount can be measured reliably. Eipenditure Liabilities are recOlS¢d as expenditte as soon as there is a legal or conslrn¢tive obligation committing the charity to that expenditUT¢, 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 a¢¢DJaIs basis and i been classified under headings that aggregat¢ all cosl related to the Category. Wbere costs cannot be directly athibuted to particular headings they have been alIocated to activities on a basis consistent with the use of resources. Tangible fixed assets Depreciation is provided at the following annual rates in order to ThTite off eacb asset over its estimated use1 Ilfe. Freehold property Improvernenls to property from 2010 Straight lirAe over 40 years and Straight line over 10 years 330/0 on cost 20 % on reducing balance Care home assets Motor v¢hicles Tbe freebold propety costs have been analysed into 3 broad categories, being.. (a) the costs asswiated with the construction of the 2 new wings together with otber ancillary works. (b) the freehold houses and flats which are separate from the main care home buAldings and are rented out. and (c) the main care home buildings and site together with earlier iproVeMent costs. The freehold flats and house have been reclassified as investment properties and are not subject to depreciation. The costs of the new wings 3Te being depreciated over foty years. The carrying vaEue of the main caTe home site is being depreciated over twenty-five years from 201 I with an estimate of the residual land value being £2m. Investment property tnvestment property is shown al most recent valuation, Any aggregate 5ury)lus or deficit arising from changes in market value is recognised in the statement of fancial activities. T2Xatioll The charity is exernpt frorn coryoration tax on its charitable activities. Fund accouDtiDg Unrestricted fimds call be used in accordance with the cbaritable objectives at the discretion of the tntees. The endowlnent fund Ès also classified as an unrestricted fin]d. Restricted fimds can only be used for particular restricted PUTposes within the objects of ttLe charity. Restrictions arise when specifIed by the donoT or when fimds are raised for particular restricted purposes. Page 14 ontinued...
WOKtNG HOMES NOTES TO THE FINANCIAL STATEMENTS - continued for the ear ended 31 IVIareh 2024 AcCOuNTG POLICIES - eontinued Fuud aceollnting Furth explanation of the nature and puryos¢ of each fi]nd is in¢lud¢d in the notes to the fllthn¢ial statements. AIIoc8tion and apportioum¢Dt of Costs Costs applicable to propety income generatlOD bave been allocated on the basis of peentages, after due onsideration of the various costs involved aud amounts attributable to rental properties. Pension costs and other post-retirement benefits The charitable company operates a defmed contribution pension scheme. Contributions payable to the charitsble company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. Investments Investments are included in the fmancial statements at their market value at the balance sheet date. Gains and losses arising on dlsposals and on revaluation at the balance sheet date are included in the Statement of Financial Activities. Realised gains and losses are calculated based on the difference b¢twe¢n the proceeds and the aryying value on the rSt day of the year under review. VAT The charity is nol registered for VA T and all costs are stated inclusive of VAT where applicable. Government grants Grants received from the UK government from the Coronavirus Job Retention Scheme (CJRS) are accounted for using the accruals model. The income has been recogni5ed as grant income in the perii)d to whicb the payroLI cost relates. DONATIONS AiYD LEGACIES 2024 2023 Public donations Legacies Rail staff & company donations 1,702 365,l19 2,132 183,542 378 446 197 999 At the year end the ¢haritable company has received £129,782 from a legacy and a further estimate of £85,000 was still due to be received of which £65,000 was received as at the dat¢ of the signing of the accounts. Page 15 continued...
WOKING HOMES NOTES TO THE FJNANCIAL STATEMENTS- continued for the ear ended 31 March 2024 OTHER TRADING ACTIVITIES 2024 2023 Foxes income 26.572 INVESTMENT IJ¥COME 2024 2023 tnvesiment income Income from flats & other rentals Bank interest receivable 203,346 234,832 203.089 232.031 969 441921 436 089 YCOME FROM CHAIUTABLE ACTIVITIES 2024 2023 Activity Charges to residents Provision of care Staff acconymodation cbarges Provision of care 2,277,184 1,836,942 2 318692 1874 940 OTHER INCOME 2024 2023 Government grants 803 RAISING FUI¥DS Other trading activities 2024 2023 Staff costs Property expenses 1.798 6,931 Page 16 continued...
WOKtNG HOMES NOTES TO THE FINANCIAL STATEMENTS - continued for the ear ended 31 March 2024 RAIStNG FUNDS - conliDued InVestent managemeDt eosts 2024 2023 Portfolio management 46.938 Aggregate amounts 63,655 84.211 CHARIT ABLE AcfiviTIES COSTS Direct costs (note 9) 2024 2023 Provision of care Catering services Household services Property & equipment maintenance Vehicle & driver costs Support Costs Other expeThdItte 1,152,970 378,311 352,078 217,232 21,911 360,879 991,644 330,036 306,913 188,320 27,882 329,812 148 039 Page 17 continued...
WOKING HOMES NOTES TO THE FINANCIAL STATEMENTS - continued for the ear ended 31 March 2024 DIRECT COSTS OF cllARABLE ACTIVITIES 2024 2023 Care Care staff costs Agency care staty 937.389 695,892 215 581 295 752 1 152 970 991644 Catering Contract costs Sale of food Miscellaneous 364,037 318.838 (3,878) (2.453) 378311 330036 Household services Laundry and household staff costs Laundry expenses Household and medical expenses Light and heat Insurances Rates and water 137,389 123,186 20,610 20,546 47,412 48,764 99,152 74,551 20,547 17,006 352 078 306 M2iDtenance Genetal premises maintenance Maintenance of premises - staff costs Furniture repair and replacement 150,964 121,539 53,836 48,496 E2,431 217231 Vehicle & driver costs Driver staff costs Vehicle expenses 15,977 22,984 21 Support costs Staff costs Office expenses Sunthy expendikne Advertlsing Professional and accountancy 266,910 241,838 17,281 17,039 16,079 14,039 12,271 16,830 360 879 32 Other expenditure Care Quality CoT])mission TV rental and licences Staff training Loss on disposal of fed asset DepreciatiorA 11,551 1,024 11,033 7.216 150 138 132 571 180962 148 039 7,736 1,299 6,433 Page 18 continued...
wOKG HOMES NOTES TO THE FINANCIAL STATEMENTS- continued for the ear ended 31 Marcb 2024 io. SUPPORT COSTS Included within support costs are the audit fee of £ 11,000 (2023.. £10.000). ii. NET tNCOME/{EXPENDITURE) Net inc0mel(expenditsc) is stated after charging/{credtting) 2024 2023 Auditors, remuDerdtion Auditors, remuneration - non audit Depreciation - owned assets Gain on disposal of fJtd asset i 1.000 14,000 150,625 10,000 13,750 132,571 12. TRUSTEES, REMUNEIi4TION AKD BENEFITS There were no ttustees, remuneratlOD or other benefits for the year ended 31 March 2024 nor for the year ended 31 March 2023. Tru$tee$' expenses There were no 31 March 2023. stees, expenses paid for the year ended 31 Marcb2024 nor for the year ended 13. STAFF COSTS 2024 2023 Wages and salaries Social security costs Other pension costs 1,262.576 95,092 I,019,228 73,356 1413 300 1 139 327 The total remuneratiOT) for key management personnel in the year w&s £126,479 (2023: £116,969) The average monthly number of employees during the year was as follows: 2024 37 2023 35 Care Household and laundry Maintellance Driver Support and administration Foxes 56 54 The number of employees wbose employee benefits (excluding employer pension costs) exceeded £60,000 was: 2024 2023 £60.IKIl - £70,000 Page 19 continued...
WOKING HOMES NOTES TO THE FtNANCIAL STATEMENTS- continued for the ear ended 31 March 2024 14. TANGIBLE FIXED ASSETS Improv¢Tn¢nts to property froTn 2010 Freehold property Care home assets Motor vehicles Totals COST At l April 2023 Additions Disposals 3,217,187 4.026,169 199,761 280,895 53,446 7,577,697 199,761 At 31 March 2024 3 217 187 4217912 280 895 7 769 440 DEPRECIATION At l April 2023 Charge for year Charge written back 1,110,864 4,253 1,058,190 143,059 802) 280,384 511 41,825 2,316 2,491.263 150,139 802 At 31 Marcb 2024 1 115 117 1200 447 280 895 2 640 600 NET BOOK VALUE At 31 March 2024 2 102 070 3 017465 5 128 840 At 31 March 2023 2 106323 2 967 979 511 5 086 434 With effect from l April 2011 the freehold properties were reclassified and presented in accordance with the accountFng policy outlined in note l. From this date depreciation will be applied in accordance with this accounting policy. The residual value of the freehold propety is estimated to be £2 tnillion. 15. FIXED ASSET INVESTMENTS Listed investments Investment cash Totals MARKET VALUE At l April 2023 Additions Disposals Revaluations Net cash movements 7,511,283 2,098,703 (2,057,736) 678,469 195,615 7,706,898 2,098,703 (2,057,736) 678,469 78 779) 78 779) At 3 1 March 2024 8 230 719 116836 8 347 555 NET BOOK VALUE At 31 Marcb 2024 8 230 719 l16836 8 347 555 At 31 March 2023 7511283 195 615 7 706 898 Market value Book cost Investments in the UK tnvestments outside the UK 5,205,519 3 025 2(M) 4,774,940 2 438 080 8,230,719 7 213,020 Page 20 continued...
WOKtNG HOMES NOTES TO THE FINANCIAL STATEMENTS - continued for the ear ended 31 March 2024 15. FIXED ASSET INVESTMENTS - cotttlnll¢d Cost or valuation at 31 March 2024 is represented by: Listed inveslments Investment cash Totals Valuation in 2022 Valuation in 2023 Valuation in 2024 8,432,017 (920,734) 719436 39,005 156,610 8.471,022 {764,124) 640 657 8 230719 116836 8 347 555 16. VESTMENT PROPERTY FAIR VALUE At l April 2023 Revaluation 4,100,000 At 31 March 2024 4 040 000 NET BOOK VALUE At 31 Marcb 2024 At 31 March 2023 4 100 000 The trustees arranged for the investment properties to be revalued and the fmancial statements were adjusted to include the properties at their open market value of £4,040,000 (2023.. £4,100,000). FaiT value at 31 March 2024 is represented by: Valuation in 2022 Valuation in 2023 Valuation in 2024 3,880,0(K) 220.000 4 040,000 Page21 ontinued...
WOlaNG HOMES NOTES TO THE FINANCIAL STATEMENTS - continued for the ear ended 31 Maireh 2024 17. DEBTORS: AMOUNTS FALLING DUE WITIIIN ONE YEAR 2024 2023 Trade debtors Other debtors Prepaym¢nts and accrued inc0e 77,473 7,744 115628 37,298 5,795 21M).845 18. CREDITORS: AMOUNTS FALLING DUE WITH ONE YEAR 2024 2023 Trade creditors Social security and other teS Other creditors Accrned expenses 45,418 25,182 14,422 56,154 19,459 13,808 136 179 125 204 19. LEAStNG AGREEMENTS Minijnum lease payments under non-can¢ellable operating le&s¢s fall due as follows.. 2024 2023 Within one year Between one and flve years 16,004 17,657 20. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2024 Endowment 2023 Total Unrestricted Restricted Total funds funds fund fimds fimds Fixed assets Investments Current assets Cuent liabilities 5,128,840 12,363,455 669,450 136 179) 5,128,840 12,387,555 669,450 136 179 5.086,434 11,806,898 347,273 125 204) 24,100 18 025,566 18 049666 [7,115 401 Page 22 continued...
woi£tNG HOMES NOTES TO THE FINANC STATEIVIENTS - CODtinued for the ear ended 31 March 2024 21. MOVEMENT IN FUNDS Net ovement in funds At 31.3.24 At 1.4.23 UDrestricted funds General fund Designated Fund Southern Goodwtil 17.079,162 934.265 18.013.427 17,091,301 934,265 18,025,566 Endowment funds EDdowmeut Fund 24,100 24,100 TOTAL FUNDS 17 115401 934 265 18049666 Net movem¢nt in fids, included in the above are as follows: tncoming resources R¢sources expended Gains and Movement losses in funds Unrestricted funds General fimd 3,159,668 (2,727,998) 502,595 934,265 TOTAL FUNDS 3 159 668 2 727 998) 502 595 934 265 Comparatives for movement ID funds Net movement in fimds At 31.3.23 At 1.4.22 Unrestricted funds General nd Designated Fund Southern Goodwill 17,446,425 (367,263) 17,079,162 17,458,564 (367263) 17,091,301 EndowtneDt funds Endowinent Fund 24,100 24,100 TOTAL FUI¥DS 17 482 664 367 263 17 115 401 Page 23 ontinued...
WOKING HOMES NOTES TO THE FINANCIAL STATEMENTS- continued for the ear ellded 31 March 2024 21. MOVEMENT IN FUNDS - eontlnued Comparative net movement in funds, included in the abov¢ ar¢ as follows: Incoming resources Resources expended Gains and Movement losses in funds Unrestri¢ted funds General fund 2,536,403 (2,406.857) (496.809) (367,263) TOTAL FUNDS 2 536 403 2 406 857 A cutTent year 12 months and prior year 12 months combined position is as follows: Net movement in funds At 31.3.24 At 1.4.22 UDrestrieted funds General fund Designated Fund Southern Goodwill 17,446,425 567,002 18,013,427 17,458,564 567,002 18,025,566 EndoTrvment lund$ EndowmeDt Fund 24,100 24,100 TOTAL FUKDS 17482 664 567 002 18 049666 A CUTTent yeaT 12 months and prior year 12 months Combined net movement in ftmds, included in tbe above are as follows.. Incoming resources Resources expended Gains and Movement losses in funds Unrestricted fuDds General fid 5,696,071 (5.134,855) 5,786 567,002 TOTAL FUNDS 5 696 071 5 134 855) The trustees have designated the donation from Southern Goodwill for the provision of transport 01 other special items of expenditure. The Endowment consists of funds received on the closure of a local old people's home and funds transferred from the Martha May Atmitage Cbarity. The income is available for use as detern]ined by the tStee8 and is therefore included within unrestricted funds. Page 24 continued...
WOKING HOMES NOTES TO THE FINANCIAL STATEMENTS- continued for the ear ended 31 March 2024 22. RELATED PARTY DISCLOSiTRES There were no related party transactions for the year ended 31 March 2024. Page 25
WOKING HOIVIES DETAILED STATEMENT OF FINANCIAL ACTIVITIES for the ear ellded 31 March 2024 2024 2023 INCOME AND ENDOWMENTS Donatiolls and legacies lbIl¢ donations Legacies Rail stsff & company donations I,702 365,119 11,625 2,132 183,542 378,446 197,999 Other tradillg activities Foxes income 20,609 26.572 Investment income Investrnent income Income from flats & other rentals Bank interest r¢c¢ivable 203.346 234,832 203,089 232,031 969 441,921 436,089 Cbarilable activitles Charges to residents Staff accomrnodation charges 2,277,184 1,836,942 2,318,692 1,874,940 Other ineome Government grants 803 Total Illcomlng resources 3,159,668 2,536,403 EXPENDITifRE Otb¢r trading a¢tivitie$ Wages Social security Pensions Propety expenses 1,529 146 123 6,115 461 355 16,717 36,896 luvestment management costs Portfolio management 46,938 47,315 Cbaritsble activities Wages Social security CaTried forward 1,261,047 94,946 1,355,993 1,013,113 72,895 1,086,008 This page does not forni part of the statutory financial statements Page 26
WOKJNG HOMES DETAJLED STATEMENT OF FINANCIAL ACTIVITIES for the ear ended 31 March 2024 2024 2023 Charitable activities Brought forward Pensions Rates and water Insurance Ligbt and heat Telepbone PrintiJ]g. post & stationery Advertising Sundries Agency care staff Laullthy expenses 1.355.993 55.509 26.968 20,547 99,152 8,222 9,059 12,271 16,079 215,581 20.610 1,086,008 46,388 22.860 17,006 74.551 9.107 7,932 16,830 14,039 295,753 20,545 k 11 Household & medical expenses Catering contract & other kitchen expenses Motoring expenses Property & equipment maintenance Furniture repairs & renewals Regulatory costs & licences stsff trainiJ]g Professional and accountancy Freehold propety depreciation Improvements to property Plant and machinery Motor vehicles Loss on sale of tangible fLxed assets 47,412 378,310 5,933 150,964 12,431 12,576 11,033 37,338 4,246 143,059 511 2,323 48,764 330.036 5,025 121,412 18,285 9,034 6,434 30,066 4,429 123,885 1,354 2,903 2.653,343 2,312,646 Support costs Governanee costs Auditors, remuneration Total resources expended 2 727 998 2 406 857 Net income before gain$ and losses 431,670 129,546 Realised recognised gains and lo$$es Realised gainsl(losses) on f¢d asset investments 117 370) 190 971 Net income 320 517 This page do¢s not forn] part of the statutory flnancial statements Page 27