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 HoN￿s 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 Tn￿te¢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 I￿al 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 to￿llp 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 qU￿lty 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 yearliCY and objectivcg The tn￿teeS investment policy is to invest in a spread of h)w to medium risk investments and to generate sufficient investment income to ensure fees to residents are kept lower thaD would otherwise be possible. Page 2 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 Ch￿lty. 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 resId￿ts, 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 B0￿d is still able to recruit trustees who are passionate about the work of the Home and the care of the resid¢nrs a￿d 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 d￿ICatIon 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 ¢thos and governance, iutluding a copy of the Chariry Commission publication "the essential trnstee: what you n¢ed to know, what you need to do" and offered au opportunity to discuss the implications with the Chair. ]n addition. a visit to the Home, a discussion with the Chief Executive and attendance at a ts￿Stees' meeting are provid¢d prior to accepting appointment. The nornial duties of a trustee are explained, in¢luding attendan¢¢ at truste¢s' meetings, membership of relevant sub40mmittees and regular inspection visits to the Home. Th¢ appoiniinents are tben confirmed at the next Amiual General Meeting for a term of up to 3 years, each trustee being able to serve up to three consecutive terms. Key management remunervdtion All trustees give of their ttme freely and Do trustee received remuneration in the year. Detsils of trustees, expenses and relat¢d paty transactions are disclosed in notes I l and 21 to the accounts. The pay of the sellior staff is reviewed annually and nornially increased in accordance with average earnings. In view of the nature of the charity, the trustees benclllnark against pay levels ill other similar care homes. REFIRENCE AND ADMINISTRATIVE DETAILS Reglstered Company Dumber 06183852 (England and Wales) Registered Chgrlty Dumber 1120447 Reglstered office Oriental Road WOKING Surrey GU22 7BE Trustees M Evans Chair (resigned 25.9.24) R Evans Chair (appointed 25.9.24) A L Pulfer A Haddon (resigned 25.9.24) J Martin L Francis S A Coles M Q Stubbs J Elliott (resigned 25.9.24) K Martin I Christie (appointed 25.9.24) L Sutmer (apwinted 25.9.24) Page 4 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 A￿1VITIEs 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, RESPONSIBIL￿lEs 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 reSoU￿eS 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 irregul￿1ties. 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 sI￿et, the Cth Flow Statement and notes to the financial statement4 including a summary of significant ¥couoting policies. The flllancial reporting fr￿eWOrk 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¢ fi￿filled 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 r￿cIal 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 tn￿tee8 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 infom￿tiOll 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 Tn￿teeS 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 mi￿tateMents in the Report of the Trustees. We have nothing to report in resrrtt of th¢ following ll￿tter5 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 tn￿teeS 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 INDEPE1￿E￿r 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 det￿tll￿ irregularities, including fraud is detatled below: Our approacb to identifying and assessing the risks of n￿terIal missÉat¢ment in respect of I￿¢gularitIes.lllc1Udllllg fraud and llon