REGISTERED COMPANY NUMBER.. 06183852 (England aud Wales) REGISTERED CHAIUTY IWMBER: 1120447 WOKING HOMES FINANCIAL STATE NTS FOR THE YEAR ENDED 31ST RCH 025 haw Gibbs Audit Ltd )64 Banburv Road iixfor(I -Ixtordshire JX2 7DY
WOKING HoNs CONfENTS OF ThE FINANCIAL STATEMENTS I'or the vear ended 31st March 2025 Page Report of the Trustees Report of the Independent Audltor ststement of Flnanelal Activities Balanee Sheet 12 Cash Flow Statement 13 Notes to the Cash Flow Statement l4 Notu to the Flnan¢lal St4temeDIs 15 to 24 tktalled StAtement of Flnanclal Aetivltles 25 to 26
WOKING HOMES REPORT OF THE TRUSTEES for the vear ended 1st March 2025 Th¢ lrnstees who are also directors of the charity for the purposes of the Companies Ad 2006, present their report with the fmancial stat¢ments of the charity for the year ended 3 1st March 2025. The trustees have adopted the provisions of Accounting and Reporting by Cbarities: Statement of Recommended Practic4 applicable to charities prepamg their accounts tn accordance with the Fiuan¢ial Reporting Standard applithle in the UK and Repubtic of Ireland (FRS 102) (effe¢tiv¢ l January 2019). OWECTIVES AND AcfiviTiES Qbjectives and aims The principal actlvlty of Woking Homes (the Hom¢) is the provision of living accommodation and general care of retired fonner railway employees and others at the discretion of the trustees. Over the vears the balance between fornieT railway staff and those without railway c4)nne¢tions shifted sucb that alTht half of residents are now DOD-railwai'. The Home is run in accordan¢¢ with the Articles of Associatioffj with the Chief Executive, Mrs S Kemp. who is appointed by the Board of Tnte¢s, responsible for the gen¢Tal nmning and maDaÉemeDt of the Home. The Board,; policy of providing a first rate Tesidential care home. which enrich¢s the lives of au those who live and work at tl Home: continues unchange The trustees are confident that they compty with the requirements of the Charities Act 2011 regarding public benefft.
WOKII¥G HOMES
REPORT OF THE TRUSTEES
for the
ear ended 31st March 2025
STRATEGIC REPORT
Achievement and performanee
Charitabte aetivities
The Home continues to pmvide expert care for its many permanent and respite residents. The charity provides
high-quality long-terni care for up to 51 pwple, some of whom could otberwise be dependent on the facilities pmvided,
at Considerable cosl by Ial authorities. A few residents are funded by local authorities but the rates paid are
significantly l¢ss than the cost of providing a place" the difference is either made up by tollp fimds from the resident's
family or, in exceptional case4 the diff¢rfflce is covered by the chaTity.DeDJand for places at the Home r¢mains stro.
A w)licy of improving and enhancing the facilities is un(kr way with internal and external decoration now well
advanced following refurbtshment of all residents, rooms completed during the year. This is in line with the stated aim
of providing high qUlty we ID the best possible surroundiDgs.
The last major redevelopment of the facilities took place in 2010, with an extension to the dining room completed ID
2018 to acconuJ]odate more residents requiring mobility aids. The Board remains acutely aware of the need to address
the evolving ne¢ds of Ix)th residents and staff, and works closely with tbe Chief Executive to identify, funl and deliver
improvements to the fa¢ilÉties. During the year, the Board contillu¢d to invest ill the Home by implementing property
improvements, carrying out essential r¢pairs and planning future improvements. Such improvements to be implemented
following the year
WOKING HOMES REPORT OF THE TRUSTEES for the ear ended 31st March 2025 STRA TEGIC REPORT Fiuancfial review Regerves polley It is the policy of the trustees to maintain sufficient reseftves held in the forni of investtnents so that th¢ thity is able to subsidise the fees it cknges residents with a railway connection without risking the ongoing viability of the Chlty. Of the totsl reserves of appmximately £17,790,000, £5,300,IXX) is represented by the canying value of lanl buildings and other fixed assets. Additionally £8,120,11)O i3 represented by investment assets and £3,950,000 is represented by investment properties, leaving free reserves of appn)ximatety £420,0(X). The liquid reserves provide against UDforeseen fluctuations in occupancy levels and unanticipated ¢xceptional costs The trustees are of the opinion this is sufficient to cover any short terni flow pressures and if exceptional fullds were required, investments could b¢ realised and cash released. Other than reserves represented by the charity's laDd and buildings and inveslments designed to generate income to keep fees as low as w)ssible, the trustees keep sufficient r¢serves in a sufficiently liquid forni so that they ¢an respond to any unexpected costs or other ci)ntingen¢y or dmp ID income. Financial summary The financial r¢sults for the year were satisfactory, given the circumstances. Incoming resources decre&se to £2,915,206 in 2025 (2024: £3.159,668) and net incoming resources for the year before investment losses were £148,132 deficit (2024: £431,670 surplus). Rl$k Management The trustees have established a risk management sikntegy wbich Comprises: an annual review of the )nCIpal risks and uncertainties that the charity fac. the establishm¢nt of policies, systems and pr(KYdures to niitigate those risks identified in the annual review. and the implementation of procedures designed to minimise or manage any potential impact on th¢ charity should tt108e risks materialise. The work bas identified that reduced ocCu¢Y levels is the major financial risk for the cbarlty. steps are taken to ensu that occupancy levels are maintained in the long tenn and additional adv¢rtisillg h&8 been undertaken to increase resident numkrs. Attentioll has also been focussed on Don-fuwi¢ial risks in the areas of tbe care, health and safety of the Trsidents and stsff. These risks are managed by having robust policies and proce(htres in place, and regular trainin8 for all staff. Future plans Woking Homes aims and objectives for tb¢ future are to sustain our highest stsndards of accommodation and care for our residents. We continue to traiJ] and motivate our staff to respect our resIdts, individuality, privacy, dignity. dependence, choice, rAgbts, fillfilment and security while providing a comfortable bome wbi¢h is safe and secure. To filltber provide a safe operatlng enviromnent for our staff and residents, we have completed work on providing dedicated rhanging rooms with showers for our staff. STRUCTURE, GOVERNANCE AND MAIYAGEMENT Governing doeument The charity is controlled by its governing documenL its Articles of Association. and is constituted as a company limited by guarantee, as defined by the Companies Act 2006. Reeruitment and appolntment of new trustees New trustees are recruited generally from the railway industy or from those known to possess appropriate SDeciali skills. tn particulaT, care, finaurial, human resourc¢s and conslTuction industy expertise is valued. It is pleasing th the B0d is still able to recruit trustees who are passionate about the work of the Home and the care of the resid¢nrs ad are also highly qualifIed individuals with valuable management and people skill-. The succe&8 of the Home has been maintsined because of the quality of the truste¢s and theit dICatIon to the of me Home. aloD£ with the competent management of the Home.
woIaNG HOMES
REPORT OF THE TRUSTEES
for the
ear eDded 31st March 2023
STRUCTURE, GOVERNANCE AND MANAGEMENT
Organisatiollal structure
Ail strategic alld gov¢rnance matters are decided upon by the board of trnstees but the day-to-day managem¢nt of the
ar¢ home is d¢legated to the Chief Executiv¢. Mrs S K¢Jnp, Support by thc Care Home Manag¢r, Ms P HOOL
The Board of Trnstees operates a Sub
WOKING HOMES REPORT OF THE TRUSTEES for the ear ended 31st March 2025 REFERENCE AND ADMINISTRATIVE DETAILS Auditor Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordsbire OX2 7DY Sollcltors Blake Morgan New King's Court, Tollgate, ChaDdlers ForiL Eastleigty S053 3LG Investment Managers Rathlxllle Investment Management 30 Gresham StreeL London EC2V 7QN COMMENCEMKNT OF A1VITIEs The charitable company was incorporated on 26 March 2007 and commenced trading on 1st October 2007. On that dats it took over all the assets and liabiliti¢s of Woking Homes, an unincoryorated charity number 200346, and has Continued the work of the original charity. STATEMENT OF TRUSTEES, RESPONSIBILlEs i e trust¢¢8 (who are also the directors of Woking Homes for the purp)s¢s of company law) are responsible for preparing the Report of the Trustees and the financial statem¢nts in accordan with applicable law and United Kingdom Accounting Standards (United Kingdom G¢neTally Accepted Accounting Practice). Company law requires the trustees to prepare fmancial statements for each fijwicial year wbicb give a true and lair view of the stats of affairs of the charitable company and of tbe incoming reSoUeS and applicaiion oi resources, including the income and expenditur4 of the charitable company for that period. tn preparing thos¢ fmanciai statements, the trustees ar¢ required io select suitable accounting policies and then apply them consistently: observe the methods and principl¢s in the Cbarity SORP. mak¢ iudgements and estimates that are reasonable and prudent; Dreoare the tmancial ststements on the going ¢onc¢rn basis unless it is inappropriate to presume that the clwitable con]pany will continue in business. The trustees are resDollsible for keeping proper accounting record8 which disclose with reasonable accuracy at any time e t-ancial position of the ¢baritable comDany and to euable them to ensur¢ that the fJnan¢ial statements comply with the ComDanies Act 2006. They are also responsible for safeguarding the assets of th¢ charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregul1ties. In so far as the trustees are aware.. there is no relevant audit inforniation of which the clwitable companv's auiiiior is unaware: ar4. the trustees have taken all steps that thev ougbt to have taken to make themselves aware of anv relevant aud.. inforn)ation and to establish that the auditor is aware of iniorniatjo! AUDITOk The auditors, Shaw Gibbg Audit Lt will be proposed for re-apwintment at the forthcoming Annual General Meetlng. Pa2e 5
WOKtNG HOMES REPORT OF THE TRUSTEES for tbe ear ellded 31st Marcb 2025 Report of the directors, on . ' g a strategic r¢port approved by ord¢r of the board of trustee4 as the company .. and signed on the board's behalf by: R Evans - Twstee Page 6
REPORT OF THE DEPENDENT AUDITOR TO THE MEMBERS OF WOKtNG HOMES Opinion We have audited the financial stat¢ments of Woking Homes (the 'clwitable ¢ompw)y? for the year ended 3 1st March 2025 which comprise the Statement of Financial Activitie the Balance sIet, the Cth Flow Statement and notes to the financial statement4 including a summary of significant ¥couoting policies. The flllancial reporting freWOrk that has been applied in their prepat7tion is applicable law alld United Kingdom Accounting Standards Iuniled Kingdom Generally Accepted Accounting Practice). In our OPiniOD the fmancial statements: give a true and fair view of the stste of the charitable c4)mpany's affairs &$ at 3 1st March 2025 of its incoming resources and application of resource4 including its income and exp¢ndihwe, for th¢ y¢ar then elld¢' have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice. and have been prepared ID accordance with the regurements of the Companies Act 2006. Basis for opinion We conducted our audit in accordance with Intsrnational Standards on Auditing (UK) OSAS (UK)) aDd applicable law. Our responsibilities under those standards are firther described ID the Auditor responsibilities for the audit of the rjnancial statements section of our report. We ar¢ independent of the Charitable COmDanv in a¢¢ordanc¢ with the ethical requirements that are r¢levaDt to our audit of the fmancial statements in the UK including the FRC'S Ethical Standar¢ and we hav¢ fifilled our other ethical resN)Dsibilitie8 in accordance with these r4uirements. We believe that the audit evid¢nc¢ we bave obtained Is sufficient and appropriate to provide a b&8is for our opinion. Con¢luglons relating to golng concern tn auditing the rcIal statements, w¢ have concluded that tbe ttust¢es' use of the going concern basis of accounting in th¢ preparation of the fllwirial ststenients is appropiiate. Based on the work we hav¢ perfornie¢ we have Dot identifi¢d any material unceitiinties relating to events or conditions that. individually or Collextively, may cast significant doubt on the rharitable cotnpany's ability to continue as a going Concern for a period of at least twelve n]onths from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the tntee8 with respect to going concern are described LD the rel¢vaTLt sectious of this report. Otber Information The trustees are responsible for the other infomiation. The other inforniation comprises the inforniation includ¢d in tbe Annual Repoit other than the financial statements and our Report of the tndependent Auditor thereon. Our opinion on the fJnan¢ial stat¢meDts does not cover the other iDfonnation except to the extent otherwise explicitly ststed in our report. we do not express any forni of assurance conclusion thereon. In connectioD with our audit of the financial statements. our responsibility is to read the other infomtiOll all4l in doing so. wnsider whether the oth¢r iufonnatioD is mat¢rially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise app&qrs to be materially misstated. If w¢ identify such material inconsistencies or apparent material rnisstatem¢nts, we are required to deterniin¢ wbether tILis gives ris¢ to a material tnisstatetuent in the flnancial statements themselves. If, based on the work we have perfornie(L we conclude that there is a material misstatement of this other information, we are required to reikn that fad. We have nothing to report in this re2aTh> Opinions on other matters preseribed bv the Companles Aet 20(k- In our opinion. based on the work undertaken in the course of tbe aucLT the infonnation given in the Report of the Trustees for the financial vear for which the financial sratemenES ar- preDared is consistent with the financial statements: ani, the Report of the TnteeS has been prepared it) accordance with applicable legal requirements. oe7
REPORT OF THE tNDEPENDENT AUDfroR TO MEMBERS OF WOIaNG llOMES Matters on whleh we are required to report by exception In the light of the knowledg¢ and understanding of the charitable company and its enviroJ]ment obtained th¢ course of the audil we have not identified material mitateMents in the Report of the Trustees. We have nothing to report in resrrtt of th¢ following lltter5 where the Companies Act 2006 requir¢s us to r¢port to you if, in our opinion: adequate accoullting records have not been kept or rekn adequate for our audit have not been received from branches not visited by us. or the financial statements are not in agreem¢nt with the accounttng records and returns" or certain disclosures of trustees, remuneration Specifi by law are not made" or we have not received all the iDformation and explanations we require for our auditi Responsiblllties of trustees As explained more fully in the Ststetnent of Trustees, Responsibilitie5, the trustees (who gre also the directors of the charitabl¢ company for the puryx)ses of company law) are responsiljle for the preparation of the fmaDcial statements and for being satisfted that they give a true and fair view, and for such internal control as the tnjstees deternline is necessary to enable the preparation of fJJ]ancial statements that are free from material misstatement, whether du¢ to fraud or error. In preparing the fmancial statement4 the trustees are responsible for &8sessiDg the ch8ritsble company's ability to Continue &8 a going concer disclosing, as applicable, matters related to going Concern and using the going concern basis of accounting wiless the tnteeS either intend to liquidate the charitsble ¢ompany or to ceas¢ opcrations, or have no realistic alternativ¢ but to do so. Page 8
REPORT OF THE INDEPE1Er AUDITOR TO TOI NIEMBERS OF WOKU¥G HOMES Our responslbllitiu for the audit of the finallcial statemeDts Our objectives are to obtain reasonable &ssurance about wbether the finaDcial statements as a whole are free from material misStatemen¢ whether due to fraud or em)r, and to issu¢ a Rewt of the Jndependent Auditor that includes our opinion. Re4sonable assurance is a high level of &ssurdnce. but is not a guardntee that an audit Conducted in accordaDce with ISAS IUK) will always detect a material mi&statement when it exists. Mi&statements can arise fro fraud or ern)r and are considered matsrial if, individually or in the aggregate, they could reasonably bo expected to influence the economic decisions of SerS taken on th¢ basis of th¢se financial statsments. The extent to which our procedures are capable of dettll irregularities, including fraud is detatled below: Our approacb to identifying and assessing the risks of nterIal missÉat¢ment in respect of I¢gularitIes.lllc1Udllllg fraud and llon<ompliance witb laws and regulations. was as follows: - the engagement partner ensured that tbe engagement team collectively had tbe apprwte competence, capabilities and skills to identify or recognise non-compliance with applicable laws and regulalions. we identified the laws and regulations applicable to the charitable company tbrough discussions with trustees and other mallagemenL review of the charitable company's 'Register of Legal Requirements,, and from our knowledge and exp¢rience of the SeCr, - we focused on specific Jaws and regulations which we considered may have a direct material effect on the financial statements or the operations of the company, including the Companies Act 2006, Charities legislation, eMplOellt, environmental and h¢alth and safety legislation and legislation $pecificaUy appllcable to the Care sector. - we assessed the extent of compliance with the laws and regulations identified above through making ¢nquiries of management and inspecting r¢l¢vant corr¢swndence' and - identified laws and regulation$ were communicated within the audit team regularly and the team remaiued alert to insTaDc¢$ of nonrfompliance throughout the audit. We assessed the susceptibility of the charitable company's financial statements to matsrial misstatement, including obtaining an understanding of bow fraud might occur, by: - making eDqUiTies of management as to where they considered there was susctibllity to fraud, their knowledg¢ of actual, suspected and alleged fraud. and - considering the internal controls ID plac¢ to mTtsgate risks of fraud and non-compliance with laws and gUlatiOn To addre&s the risk of fraud througb management bi&8 and override of control4 we." - perforn]ed analytical prOdureS to identify any unusual or unexpected relatiooships: - t¢stsd journal entries to identify unusua] transactions. - assessed whether Judgements and assumpttons made in d¢terD]ining the a¢c4)unting estimates were indicative ol potential bias" and - investigatd the rationale behind significant or unusual transactions. In response to the risk of irregularities and non-¢ompliance with laws and regulations, w¢ designed predureS which included, but were llot limited to: - aw¢ing tClaI statement diKlosures to undertying supporting documentsti014 - reading the minutes of meetings of those charged with governanc¢' - obtaining an overview of the internal procedures adopted by th¢ client to ensure continued compliance with r¢levant laws and regulations, iticluding a review of a sample of the reports from internal process audits; - enquiring of management as lo acthal and potential litL£ation and claims: an - reviewing relevant COJTespondence witb, relevant regulators including the Heam) and Safety Executive. and the Care Qualitv Commission. There are iEtherent limitations in our audit procedures described above. The more removed that laws and r¢2ulattons ar: from fmancial trdnsactions. th¢ less likely it is that we would become aware of non-compliance. Auditino standaras ais¢ limit the audit procedures required to id¢ntAfy non-cixnpliance with laws and r¢gulations to enquilv of tile directors and other management and the inspection of r¢gulatory alld l¢gal COTTespondence, if any. Material misstatements that arise due to fraud can be harder to detect thaD those that arise from em)T as thev mav Involve d¢lib¢rate coDceakn¢nt or collusion.
REPORT OF THE INDEPENDENT AUDrroR TO THE MEMBERS OF WoKG HOMES A further description of our responsil)ilities for the audit of the financial statements is located on the Financial Reporting Council's website at wwwlrc.org.uklauditorsresponsibAliti¢s. This description fonns part of our Report of tbe Independent Auditor. Use of our report This report is mad¢ solely to the charitable compaoy's members, as a Ixmly, in ac£ordance with Chapter 3 of Part 16 of the Companies Ad 2006. Our audit work h&s been undertaken so that we might slate to th¢ charitsble company's meD]bers those matters we are requiT¢d to state to them in an auditorfs report and for no oth¢r PUTpose. To the fullest extent permitted by law. we do not aept or assum¢ r¢sponsibility to anyone other than the chItable company and the charitable wmpany's m¢]nbers as a bodyi for our audit WOTL for this report, or for th¢ opinions we have forn)¢d. Lance Redman (Senior Statutory Auditor) for and on behalf of Shaw Gibbs Audit Ltd 264 Banbury Road Oxford Oxfordshire OX2 7DY Page 10
WOKtNG HOMES STATEMENT OF FINANCIAL ACTIVITIES CORPORATING AN INCOME AM) EXPENDITURE ACCO for the ear ended 31st March 2025 2025 Total funds 2024 Total funds Unrestricted Restricted Endowment funds funds fund Notes INCOltrtE AND ENDOWlktENTS FROM Donations aDd legacies 49,596 49,596 378,446 Charitable activltles Provision of care 2.426,716 2,426,716 2,318,692 Other trading activities 'veStInent income 29,317 409.577 29,317 409,577 20,609 Totsl 2915206 3 159668 EXPENDJTURE ON Raisillg futÈds 102,686 102,686 63,655 Charltable actlvltles Provision of care Catering services Household services Prop¢ty & equipment maiDnanCe Vehicle running costs Support costs Other eXpendltLe 1,236,567 392,823 458,469 1,236,567 392,823 458,469 1,152.969 378,310 352,079 243,955 28,970 393,395 243,955 28,970 393,395 206 473 217,231 21,910 360,880 Total 3 063 338 3 063 338 Net gains/(losses) on investments 115 602) 502.594 NET INCOMEI(EXPEIYDITURE) (263,734) (263,734) 934,265 RECONCtLIATION OF UNDS Total fimds brought fonvard 18,025.566 24, Ilx) 18,049,666 17,115,401 TOTAL FUNDS CARIUED FORWARD 17.761.832 24,100 17 785 932 18 049 666 The notes forni part of th¢se fU]cIal staTemeni~ Pagel,
WOKllYG HOMLS BALANCE SItEET 31st March 2025 2025 2024 Notes FIXED ASSETS Tangible ass¢ts Investments Investments tnvestment propety 13 5,307.922 5,128.840 14 15 8,121.480 3 950.0) 8,347.555 I7379,402 17,516,395 CURREwf ASSETS Debtor5 Casb at bank and in hand 16 124,048 200,845 468 60) 550,638 669,450 CREDITORS Ajnounts falling due within one y¢8r 17 (144,108) (136,179) NET CURRENT ASSETS 406 530 533 271 TOTAL ASSETS LESS CURRENT LIABILITIES 17.785,932 18,049,666 ,¥ET ASSETS 17 785 932 18049666 FUNDS Unrestricted funds Endowment funds 20 17,761,832 18,025.566 TOTAL FUNDS 17 785 932 18 049 666 The fi anc statements were approved by the Board of TSt¢eS and authorised for issue on . and were signe£l on its behalf by: R Evans - The notes forni part of these ffftancial statsmenL Page 12
WOKtNG HOMES CASH FLOW STATETrtENf for the ear ended 31st March 2025 2025 2024 Cash Iloivs from operating actlvities Cash gen¢ratsd from op¢rntions 282 545) 23.764 Net Cash (used inyprovided by operating artivities Cash Ilows from investing actlvities chase of tangible fjxed assets Purchase of fixed asset investments Sale of fixed asset investments Investment cash movements Interest received Dividends and rentaI income received (361,337) (2,424,722) 2,623,172 (6,160) 16,316 393 261 {199,761) (2,098,703) 1,941,502 78,779 3,743 438 178 Net ¢&sb pmvided by investiiig artivities 240 530 163 738 Change in cash and cash equivalents ID the reportlllg perlod Cash gDd easb equivalents at th¢ beglnnlng of the reporting perlod {42,015) 187,502 281.lOV Cash and cash equiv8kDts At the end of the reportlng period 426 590 468,60% The notes form part of these financial statements Pa£¢ 13
woiaNG HOMES NOTES TO THE CASH FLOW STATEMENT for the ear ended 31st March 2025 RECONCILIATION OF NET (EXPEf4DTTUREyINCOME TO NET CASH FLOW FROM OPERATING AcrivtTIES 2025 2024 Net (expenditureylncome for the reporting period (as per the Statement of Finanetal Activities) Adjustments for: Depreciation charges Loss¢s/(gain) on investments Loss on disposal of red assets Interest received Dividends and rentsl incorne received Bad debt Non-cash adjustments to investments Decre&sel(incre&se) in debtors tncre&se in creditors (263.734) 934,265 185.442 115,602 150,139 {502,595) 7216 (3,743) (438,178) (16,316) (393,261) 1,706 3290 76,797 (134,315) Net ¢gsh (used Inyprovfided by operntlons 282 545) AlyALYS OF CHANGES IN NET FUNDS At 1.4.24 Cash flow At31.3.25 Net Cash Cash at bank and io hand 42 015) 426 590 468 605 426 590 Totsl 426 590 The not¢s forn] part of these fmancial statements Page 14
WOKtNG HOMES NOTES TO THE FINANCJAL sTATEmEs for the ear ended 31st March 2025 ACCOUNTING POLICIES B851s of preparlng the fill8ncial statements The financial stat¢ments of the charitable company, which is a public benefit entity wuler FRS 102, have been prepared in accordance with the Chariti&8 SORP IFRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charAties preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Jreland (FRS 102) (effectiv¢ l January 2019),, FiDaucial Reporting StandaTd 102 The Financial Keporting Standard applicabl¢ in the UK and Republic of Ireland, and the Companies Act 2006. The fmancial stat¢mellts have been prepgred under the historical cost ¢onvention, with the ¢XC¢Ption of investments which are iDclud¢d at mark¢t value. as modified by the revaluation of certain &ssets. Income All iDcome is recognised in the Ststement of Financial Activities once the charity h&s entitlement to the fijnds, it is probable that the income will be receiv¢d and the amount ¢an be m¢&sured reliabty. ExpeDdlture Liabilities ar¢ recognised as expenditure as soon as there is a legal or constrnctive obligatioll conllDtttiDg the charity to that expenditure, it is probable that a transfer of economic b¢nefits will be required in settlement and the amount of the obligatioD can be &ured reliably. Expenditure is accounted for on an accruals b&sis and has been classified under headings that aggate 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 us¢ of resou¢$. Tangible fixed assets Depreciation is provided at the following aDnual rates in i)rder to write off ea¢b asset ov¢r its estimated us¢fvl life. Freebold property Improvements to propety from 2010 4Yo on cost Straight line over 40 years and Straight line over 10 C8re home assets Motor vehicles 33Yo on cost 21P/o on reducing balance The freehold propety costs have been analysed into 3 broad categories, being: (a) the costs &8sociated with the construction of the 2 new wings together with other ancillary works. Ib) the freehold houses and tlats which are separate from th¢ main care home buildings and are rented out" and (¢) the main care home buildings and site together with earlier improvement costs. Th¢ freehold fiats and house have been reclassified as investment properties and are not $ubject to depreciation. The costs of the new wings are being depreciated over forty years. The carying value of the main Ca home site Is being depreciated over twenty-five years from 2011 with an ¢stimate of the residual land value being £2million. Investment property Investment prowty is shown at most recent valuation. Ally aggregate surplus or deficit ertsing from changes in market value is recognised in the statement of financial activities. Taxatlon The charit! is exempt froLn corporation t&x on its charitable activities. Fund accountlng unrestrACted fimds can be us¢d in accordance with the charitable ob.jectives at the discretion of th¢ trustees. The endowm¢nt fund is also cla&8ified as an unrestricted fun Restricted funds can Only be used for particular restricted purFK)ses within the objects of the charirl. Restrictions aris¢ when specified by the donor or when fimds are raised for particular restrictsd pun)ose3. Further expknation of the nature and puwose of each fimd is included in the notss to the financiaA staTemen Page 15 Continuec..
WOKtNG HOMES NOTES TO THE FINANCIAL STATEMINTS- continlled for the ear ended 31st Mareh 2025 ACCOUNTIF4G POLICIES- WDtillued Alloealfion and apportionment ofcosts Costs applicable to property Ancome generation have been allocat¢d on the basis of percentag¢4 after due onsid¢ration olthe various costs involved and alllouuts attributabl¢ to Ttal properties. PensioD costs aDd other post-retirement benefits The clwitable company operdtcs a defin¢d contnl)utioD pension scheme. Conthl)utioDS payable to the Gharitsble company's pension sch¢m¢ are charged to th¢ Statem¢nt of Financial Activities in the period to which they relate. Investments Lnvestments are included in the fmancial statements at th¢ir market value at the balance sheet date. Gains and losses arising OD disposals and OD revaluation at the balance sheet date are included in the Slatement of Financial Activitles. Realised gaiDS and losses are calculated b&sed on the diff¢rence between the proceeds and the carrying value OTh the first day of the year under review. VAT The charity is not regAStered for VAT and all costs are stated inclusive of VAT where applicable. DONATIONS AND LEGACIES 2025 2024 Public donations Legacies Rail staff & company donations 1,836 37,586 1,702 365.119 At the year end the charitable company has received £102,586 from a l¢gacy and a further estimate of £20,000 was still due to be received. OTHER TRADING ACTIVITIES 2025 2024 Foxes All¢ome INVESTMENT INCOME 2025 2024 Investment income Income from flats & other rentals Bank interest receivable l65,434 227,827 203,346 234,832 441921 Page 16 continued..
WOKtNG HOMES NOTES TO THE FINANCIAL STAIIMEIYTS- eontinued for the ear ended 31st March 2025 INCOI¥IE FROM CHARITABLE ACTIVITIES 2025 2024 .4rtivity Charges to r&8idents Provision of care Staff acwmmodation charges Provision of care 2,383,132 2.277.184 ? 426.716 2 318692 RAISING FUNDS Other trading activitie8 2025 2024 Statf costs Bad debts Property ¢xpenses 1,798 1,706 InvestmeDt management eosts 2025 2024 Portfolio mauagernent Aggregate atnounts 63,655 CHARITABLE AcfiviTIES COSTS Direct Costs (note 8) 2025 2024 Provision of care Latering services Household services OD¢rty & ¢quipment maintenance '.¥ehicle & driver costs SUDPOrt costs ,Ther exDenditure 1.236.567 392,823 458.469 247,195 28.970 393,395 206.473 3 063 338 1,152,969 378,310 352.079 217,231 21.910 360,880 2 727 998 Pa2e 17 continuekn..
woIaNG HOIIIES NOTES TO THE FINANCIAL STATEMENTS- continued for th ear ended 31st Mareh 2025 DlliEcf COSTS OF CHARITABLE ACTIvrriES 2025 2024 Care Care staff costs Agency care staff 1.031,674 937,389 204 893 215 580 6 567 1152 969 Catering Contract costs Sale of food Miscellaneous 381,756 364,037 (4,153) (3,878) 392 823 378 310 Housebold servlces Laundry and tsousehold staff costs Laulldry expenses Household and medical expenses Light and beat Insurances Rats8 and water 173.836 137,390 22,293 20,610 46,372 47,412 162,082 99,152 23,405 20,547 MalDtenance General premises maiotenance Maintenance of prejnises - staff costs Furniture repair and T¢placement 181,735 150,964 53,873 53,836 Veblcle & driver Costs Driver stsff costs Vehicle expenses 23,875 15,976 28 Support eosts Staff costs Office expenses Sundry expenditure Advertising Professional and accountancy 286,313 266.910 19,514 17,281 16,787 16,079 14,020 12,272 761 39 Other eipenditure Care Quality CoDLmission TV rental and licences Staff traiDiDg Loss on disposal of red asset Depreciation 10,901 1,116 9,014 11,552 1,024 11,033 7,216 185 442 150 139 206 473 180 Page 18 continued...
WOKll¥G HOMES NOTES TO THE FINANCIAL STATEMENTS. eontinued for the vear ended 31st March 2025 SUPPORT COSTS Included within supwrt costs are the audit fee of £12.000 (2024". £11.(N)O). NET INCOME/(EXPEfsDITURE) io. Net income/(expenditure} is stated after thrn(CredItillg) 2025 Auditors, remuneration Auditors, remuneration- non audit Deprrfiation - owned assets Loss on disposal of tangible fixed asset 12,000 15.(MJ) 185,442 11,000 14,000 150,139 11. TRUSTEES, REfUNERATIoN AIYD BENEFrrs Ther¢ were no trustses, remun¢ration or otb¢r benefits for the year ended 3 1st Mar¢b 2025 nor for the year ended 3 1st March 2024. Tru$tets' expenses Ther¢ were no lrnstees, expenses paid for the year ended 31st March 2025 nor for the y¢ar ended 3 1st Marcb 2024. 12. STAFF COSTS 2025 2024 Wages and salaries S'ocial secwity costs Other pension costs 1,392,117 115,995 1.262,576 95,092 1569 571 14133(Ki The total remuneration for key maDagement personnel in the y¢ar was £132,833. (2024: £126,479) The average monthly number of employees during the year w¥s as follows.. 2025 40 2024 Household and laundry Maintenance Driver *UPPOrt and administration Foxes 61 56 The number of etnployees whose employee benefits (excluding employer pension ¢osts) exceeded £60,0(10 was.. 2025 £60.001- £70.000 2024 Pa2e 19 ¢ontinueLt..
WOIONG HOlklES NOTES TO THE VtYANCIAL STATEMENfs- eontinued for the ear ended 31st Mareh 2025 13. TANGIBLE FIXED ASSETS Improvements Freehold propcrty property from 2010 Care home assets Motor vchicl¢s Totals COST At 1st April 2024 Additions Disposals 3217,187 4217,912 364,524 280,895 53.446 7,769,440 364,524 25 838) 25 838) At 31 st March 2025 3 217 187 4 582 436 255 057 8 108 126 DEPRECIATION At 1st April 2024 Charge for year Eliminated on disposal 1,115,l17 4,083 1,200,447 I79,506 280,895 44,141 1,853 2.640,600 185,442 25 838) At 3 1st Mah 2025 I Il9200 l 379 953 255 057 2 800 204 NET BOOK VALUE At 3 Est March 2025 2 097 987 3 202 483 At 3 1st March 2024 2 102 070 3 017465 5 128 840 14. FIXED ASSET INVESTMENTS Listed investments Inveslm¢nt cash Totals tARKET VALUE At 1st April 2024 Additions Disposals Revaluations Net Cash movements 8,230,719 2,424,722 (2,676,265) 31,628 116,836 8,347,555 2,424,722 (2,676,265) 31,628 At 3 1st Mah 2025 8 010 804 110676 8 121480 NET BOOK VALUE At 3 1st March 2025 8 010 804 110676 8 121480 At 31 st March 2024 116836 8 347 555 Market valu¢ Book cost Investments in the UK Investments outside the UK 3,972,341 4 038 463 3,683,763 3 645 765 8,010,804 7 329,528 Page 20 continued...
woiaNG HOMES NOTES TO THE FINANCIAL STATEMENTS- continued for the ear ended 31st March 2025 15. INVESTMINT PROPERTY FAIR VALUE At 1st April 2024 Revaluation 4.040,00(J At 31st March 2025 39500 IYET BOOK VALUE At 3 Ist March 2025 3 950.000 At 3 1st Marcb 2024 4 040 000 The trustees arrnnged for the investhient properties to be revalued aDd the fancial statements were adjusted to include tbe properties at their open market value of £3,950,IN)0 (2024.. £4,040,000). Fair value at 3 1st March 2025 is represented bv.. Valuation in 2022 Valu8tTon in 2023 Valuation in 2024 Valuation in 2025 3,880,000 220,000 (60,000) 39500 16. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 025 2024 Trade debtors Other debtors Prepayments and acmed income 76,477 5,834 77.473 7.744 l J 5.628 200.84.% 17. CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR 1025 2024 rade creditors s'ocial securitv and oth¢T taxes l)ther creditors .4ccrued exDenses 37.242 19.677 21.056 45.418 25.182 14.422 136 179 Paoe21
WOKtNG HOMES IOTES TO THE FINANCIAL STATEMENTS- continued for the ear ended 31st March 2025 18. LEASING AGREEMENTS Minimum lease paym¢nts under non-canc¢lIable Oaling leas¢s fall due as follows.. 2025 2024 Within one year Between one and five years 16,602 16,004 50,592 J9. ANALYSIS OF NET ASSETS BETWEEN FUNDS Unrestricted RestrACted Endowment funds nds fimd 2025 Total funds 2024 Total funds Fixed assets Investments CuTrent a&8ets Curr¢nt liabilities 5,307,922 12,047,380 550,638 144 108) 5,307,922 12,071,480 550,638 5,128,840 12,387,555 669,450 136 179 24,100 17 761832 17 785 932 18 049 666 20. MOVEMENT LN FUYDS Net movement in fvnds At 31.3.25 At 1.4.24 Unrestrlcted funds General fund Designated Fund Southern Gwdwill 18,013,427 (263.734) 17.749,693 18,025,566 (263,734) 17,761,832 Endowment funds Endowment Fund 24,1(K) 24,100 17 785 932 TOTAL FufADS 263 734 Net movement in fund4 included in the above are as fouows: Incoming resources Resources expended Gains and Movement losses in funds Unrestricted funds General fund 2,915,206 (3,063,338) (115,602) (263,734) TOTAL FUNDS 2 915,206 115,602 3063338) 263734) Page 22 continued..
WOKING HOMES NOTES TO THE FINANCIAL STATEMENTS- continued for the vear ended 31st March 2025 20. MOVEMENT FUNDS . Collthiued Comwaratlves for movement In Ibnds Net movemcnt in funds Al 31.324 At 1.4.23 Jnrestricted funds General fijnd Designated Fund Southern Goodwill 17,079,162 934,265 18,013,427 Lndowment funds Endowment Fund 17,091,301 934,265 18.025,566 24,100 24,100 TOTAL FUNDS 17 115401 934265 18 049660 Comparative net movem¢nt in funds, included in the alM)ve are as follows. Incoming resouw¢s Resources expended Gains and Movement losses in funds Unrestricted funds General fund 3,159,668 (2,727,998) 502,595 934,265 TOTAL FUNDS 3 159668 2 727 998 502 595 934 265 A current year 12 months and prior year 12 months combioed position is as follows: Net movement in funds At 31.3.2.1 At 1.4.23 Uorestrleted funds General fuDd Designated Fund Southern Goodwill 17,079,162 670,531 17,749,693 17.091,301 £ndowment fullds -odowment Fund 670,531 17,761,832 24.100 24.100 'roTAL FUNDS 17115401 670,531 17 785 932 Paoe 23 continueG..
woiaNG HOMES NOTES TO TItE FINANCIAL STATEMENfs- continued for the ear ended 31st Mareb 202 20. MOVEMENT IN FUNDS . eontFDued A curnt year 12 months and prior year 12 months combined net movement ill fund4 included in tbe above ar¢ as follows: Incoming Resources resourc¢s expended Gains and Movement losses in funds Unrestricted funds General fund 6.074,874 (5,791,336) 386,993 670,53 I TOTAL FUIYDS 6 074 874 5 791336) 386 993 670531 The trustees have designated the donation from Southern G(K)dwill for the provision of transport or other special items of expenditure. The Endowment consists of fimds r¢ceived on the closure of a local old people's bom¢ and fimds transferred from the Martha May Armitsge Charity. Tbe income is available for use as det¢rniined by the tsiistees and is therefore in¢luded within Ullrestricted funds. 21. RELATED PARTY DISCLOSURES There were no related party transactions for the year ended 3 1st March 2025. Page 24
WOKtNG HO1Vs DETAILED STATEMENT OF NANCIAL AcfIvITIES for the ear ended 31st Marcb 2025 2025 2024 tNCOME AIYD ENDOWMENTS DonatlOD$ and k¥acft¢g Public donations Legacies Rail stsff & company donations 1.836 37.586 10.174 1,702 365,119 49,596 378.446 Other tradffing aetlvitles Foxes incotne 29.317 20,609 Investment Ineome Investment income Income from flats & other rentals B&Dk illterest receivable 165,434 227,827 203 J46 234,832 409,577 441,921 Chgritsble actlvltles Charges to residents Staff accommodation cbarges 2.383.132 2.277.184 41.508 2 426 716 2 318 692 Totsl illeomlng re8our¢es 2,915,206 3,159,668 EXPENDITURE Other trading aetivltles Wages Social security Pensions Bad debts Propety expenses 1,529 146 123 1,706 52,403 16.717 Investment management eosts Portfolio tnanagement 50,283 46,938 Charitable activitles WaÉes Social security - ensions ltstes and water Insuranc¢ -.ght and h¢at Larried forward 1,392,117 115,995 61.459 30.481 23,405 162.082 1,785,539 1,261,047 94.946 55.509 26.968 20,547 99.152 1,558,169 This page does not forni part of the statutoTh funClaI statemenr: Page ,
WOKtNG HOME DETAILED STATEMENT OF Fll¥ANCIAL ACTtVlTIES for the ear ellded 31st March 2025 2025 2024 Charitable activities Brougbt forward Telephone Printing, post & stationery Advertising Sundries Agency care staff Laundry expenses Household & medical expenses Catering contract & other kitchen expenses Motoring expenses Property & equiprnent maintenance Furniture repairs & renewals Regulatory costs & licences Staff training Professional and accountancy Depn of freehold propety Depn improvements to propety Depn of plant & tnachinery Depn ot"motor vehicles Loss on sale of tangible fixed a&sets 1,785.539 9.784 9.730 14.020 16.787 204.893 22,293 46,372 392,823 5,095 178,495 11,587 12,017 9,014 44,761 4,083 179,506 1,558.169 8.222 9.059 12271 16,079 215.581 20,610 47,412 378,310 5,933 150,964 12,431 12,576 11,033 37,338 4.246 143,059 511 2,323 1,853 2,948,652 2,653,343 Support costs Governxnee costs Auditors, remuneration Totsl resources expended 3 063 338 2 727 998 Net (expendilureYIDcom¢ before 82lDs ADd (148,132) 431,670 Realised recognlsed galns and losses Realised gainsl(losses) on fLxed asset investments Net (expeDditur¢yincome 201 This page does not forni part of th¢ statutory financial statements Pag¢ 26