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2022-03-31-accounts

Charity registration number 1152372

Company registration number 08462149 (England and Wales)

SWINNERTON TRUST LIMITED

ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

SWINNERTON TRUST LIMITED

LEGAL AND ADMINISTRATIVE INFORMATION

Trustees Dr A Kumar
Mr D R Wilkinson
Mrs C J Moir
Mr P Whiteman
Fr T Wintle
Charity number 1152372
Company number 08462149
Principal address Manor Court
Manor Court Road
Nuneaton
Warwickshire
CV11 5HU
Registered office 1 The Courtyard
Goldsmith Way
Eliot Park
Nuneaton
Warwickshire
CV10 7RJ
Independent examiner Burgis & Bullock
1 The Courtyard
Goldsmith Way
Eliot Park
Nuneaton
Warwickshire
CV10 7RJ
Solicitors Clarke Willmott LLP
138
Edmund Street
Birmingham
West Midlands
B3 2ES

SWINNERTON TRUST LIMITED

CONTENTS

Page
Trustees' report 1 - 7
Independent examiner's report 8
Statement of financial activities 9 - 11
Balance sheet 12 - 13
Statement of cash flows 14
Notes to the accounts 15 - 27

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

The Trustees present their annual report and financial statements for the year ended 31 March 2022.

The accounts have been prepared in accordance with the accounting policies set out in note 1 to the accounts and comply with the Trust's governing document, the Companies Act 2006 and the Statement of Recommended Practice, "Accounting and Reporting by Charities", applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and the Republic of Ireland (FRS 102).

Objectives and activities

The Trust's prime objective is to provide high quality care and residential accommodation for elderly persons in a comfortable and supported environment, where individuality, dignity and quality of life are paramount. In setting the objectives and planning activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Statement of Public Benefit

The trust has a massive advantage owning the freehold of Manor Court and consequently a high proportion of the income is devoted to providing care rather than paying property leases or funding debt or paying dividends to shareholders.

Residents are taken predominantly from the local community after their individual care needs have been assessed to ensure that their needs match what the Trust can provide, they may be either self-funding or alternately socially funded. On occasions a resident’s own funds can fall below a threshold at which they become assessable for social funding. However, the care provided by the trust remains identical. In setting the objectives and planning activities, the Trustees have given careful consideration to the Charity Commission's general guidance on public benefit.

Strategic report

The description under the headings "Achievements and performance" and "Financial review" meet the company law requirements for the Trustees to present a strategic report.

Achievements and performance

The Trust’s primary objective is the provision of care and residential accommodation for the elderly at Manor Court Care Home which was originally built in late Victorian times as a private residence for Reginal Stanley. He is credited with having been one of the “Four Georgians,” gold prospectors who were instrumental in founding Helena the state capital of Montana USA. Reginald Stanley returned to Britain and with his brothers invested in a small brick and tile business in Nuneaton which they developed to become Stanley Bros which at one time became largest brick manufacturer in Europe.

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2022

The building was originally purchased by The Swinnerton Trust in 1952 and tastefully converted to a residential care home. The site itself extends to approximately two acres and is designated as a scheduled ancient monument, although no ancient structures remain visible above ground level. The site is also at the centre of the Abbey Conservation Area with grounds populated by mature trees which are themselves protected with tree preservation orders. The combined effect is to constrain any potential future development of the site, it is therefore considered that any scope for enlarging the existing building or redeveloping the site is severely limited. On the plus side these restrictions provide a very pleasant environment and an attractive place to live and work, whilst residents and their families have the opportunity to enjoy peace and tranquillity in the extensive grounds.

On 26th March 2013 a new company Swinnerton Trust Limited was incorporated with all assets of The Swinnerton Trust being transferred to it. The home has operated continuously since opening and an important objective of the Trust is to maintain that continuity of care, the ability to continue to provide high quality care to the residents in what becomes their home.

Since Manor Court first opened standards of care have changed dramatically to reflect the ageing population with ever increasing care needs and expectations, what is today considered as basic care would not so many years ago be identified as nursing care. These factors make staff training and retention an important priority of the Trust which is illustrated by the home’s Care staff having an average of eleven years of service. Unlike many care homes Manor Court prides itself on not having a necessity to utilise agency care staff, periods of leave and absence are covered by the homes own experienced staff. The Home benefits substantially from a team of very loyal and dedicated staff, many are long serving employees with extensive experience, this continuity of care is greatly appreciated by the residents and families. The Trust is controlled by the board of Trustee/Directors who are all volunteers who meet quarterly and a management committee that meets monthly when there is no board meeting that includes other volunteers along with the Home Manager and Treasurer who are both employees. Quarterly Management Accounts are generated for each board meeting where planned expenditure is considered against the current cash flow position. This provides more up to date information and greater flexibility than working to an annual budget.

The home has only 23 bedrooms; this very small number makes for a very homely environment with staff knowing each resident individually, unlike larger more institutionalised homes where this is simply not possible.

During this year the home has focused on creating positive working relationships with health and social professionals and as a consequence has enjoyed high occupancy levels throughout the year producing a level of revenue which will enable the continued upgrading of the homes facilities and its grounds. To further enhance the quality of life for our residents emphasis is now being placed on encouraging them to engage in meaningful individual and group activities based on their personal preferences. More projects are being planned to add to the existing programme of events.

Coronavirus

Coronavirus continued to have a significant impact on the home , Manor Court Home enjoys several significant advantages over many other larger homes, with a maximum of 24 residents far fewer individuals are involved greatly reducing the risk of transmission. A policy of not employing agency care staff reduces the probability of infection being brought in from other care providers.

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

External Audits

Environmental Health . The kitchen at Manor Court has been awarded a five star rating for food hygiene, reflecting the homes dedication to quality and compliance.

Fire safety . The home has not been subject to a fire service inspection visit this year but benefits from significant investment in previous years in state of the art automatic water mist fire suppression systems throughout the home including all roof spaces and modern fire and smoke detection systems. The personal safety of staff, residents and visitors is of paramount importance to the board.

Care Quality Commission . The home was subjected to an unannounced CQC inspection on 20 th January 2020 and the overall outcome was that the service “Requires Improvement,” with three of the areas being rated ‘Good’.

Following inspection the Registered Manager created an action plan to address issues raised and initiated some immediate actions to make improvements .

Warwickshire County Council Quality Team . The home continues to work in partnership with the local authority and as such remains on the Council’s framework for providing socially funded places on a spot purchase basis, irrespective of source of funding be it private or socially funded all residents at Manor Court enjoy the same high standards of care. In line with the homes contractual obligations a quality assurance audit was undertaken in August 22 with feedback being of a positive nature.

Financial . The home’s accounts are independently examined each year by an external firm of Chartered Accountants.

Independent quality audit.

In addition to statutory inspections by the Care Quality Commission the Trust recognises that quality is paramount and arranges for quarterly quality audits to undertaken by an external advisor to monitor quality standards and care performance.

Resident’s Meals

Resident’s Meals are very important within a care home environment as residents simply don’t have a choice of eating elsewhere, so the Trust aims to provide high quality meals with a choice of menu options, meals are cooked fresh daily on site. Wherever possible fresh ingredients are employed, meat is purchased from a national award winning local butchers, with meals served to residents in terrines, enabling them to enjoy as large or small a portion as they like whilst ensuring that their independence is maintained at all times.

Laundry

Manor Court operates its own on site laundry service utilising the latest technology industrial washing machines with automatic ozone injection for maximum infection control.

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

Resident’s facilities

Each resident’s bedroom is uniquely different and individually decorated; all benefit from en-suite toilet facilities with safety non-slip flooring and for maximum comfort includes a fully adjustable profiling bed.

Financial review

It is the policy of the Trustees to maintain free reserves at a level sufficient to cover large, unforeseen costs, which may be incurred to maintain the properties, cover reasonable operating costs and to ensure that the charity can run efficiently meeting the needs of the beneficiaries.

Principal Funding Sources

Funding is predominantly derived from residents' fees either self-funding or alternately socially funded whilst the balance fluctuates. A new contract was agreed with Warwickshire County Council effective from August 2017 for a period four years with an option of a five year extension. The Board have welcomed recent increases in fees for socially funded residents. Additional funding is derived from Investment income, revenue from the Trust’s properties and some contribution from donations. Originally established with a legacy from R W Swinnerton and grants, subsequent legacies have enabled the Trust to establish significant financial reserves which are held in a number of cash investment accounts to give a reasonable yield, whilst at the same time minimising the level of investment risk. Without the benefit of its secure financial position and resulting investment income it is unlikely that Manor Court would have survived.

Legal Advisor

The directors wish to express their gratitude to Clark Willmott LLP Solicitors and partner Mr John Irving for the pro bono work carried out for the benefit of the Trust, it is much appreciated.

Risk Assessment

The Trustees has assessed the major risks to which the Trust is exposed, and is satisfied that systems are in place to mitigate exposure to the major risks.

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

Structure, governance and management

Swinnerton Trust Limited (the Trust) is governed by its Memorandum of Association dated 26 March 2013. The Trust is a charitable company, limited by guarantee having no share capital, as defined by the Companies Act 2006. The liability of the members is £10.

Date of incorporation: 26 March 2013 Registered company number: 08462149 Registered charity number: 1152372 Registered office: 1 The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshire CV10 7RJ

The Trustees, who are also the directors for the purpose of company law, and who served during the year and up to the date of signature of the financial statements were:

Mr J C N W Burr (Resigned 17 June 2022) Dr A Kumar Mr D R Wilkinson Mrs C J Moir Mr P Whiteman Fr T Wintle

Any applications received in respect of potential new trustees are reviewed by the existing trustees and approved by the main board.

None of the Trustees has any beneficial interest in the company. All of the Trustees are members of the company and guarantee to contribute £1 0 in the event of a winding up.

Key Management Personnel

The Key Management Personnel of the Trust are the Chairman, Mr Derek Wilkinson, and the Care Home Registered Manager Ms Kay Ward.

Policy on induction and training of Directors/Trustees

Traditionally trustees have been elected from the management committee; in the future the Trust may need to cast its net wider. A training course for Directors/Trustees has been introduced in 2018.

The Trust has undertaken indemnity insurance on behalf of the trustees in the year.

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

Payment of Trade Creditors

The Trust's current policy concerning the payment of trade creditors is to follow the CBI's Prompt Payers Code (copies are available from the CBI, Centre Point, 103 New Oxford Street, London WC1A 1DU).

The company's current policy concerning the payment of trade creditors is to:

The activities of the Trust are monitored by a Management Committee, which meets on a monthly basis and the board of Directors (who are also Trustees) that meets quarterly. Control of activities is thus monitored on a regular basis and the Chairman passes decisions agreed by the Directors to individuals who are responsible for the day-to-day management. Full information regarding the running of the home and all financial matters are provided to the Management Committee; all comments and recommendations being carefully considered by Directors.

Remuneration Policy

As the age profile of the nation changes with a growing number of elderly people with increasing care needs and expectations, care providers are facing a perfect storm of pressures to recruit and retain a workforce to meet these changes, including:-

The policy of the Trustees is to maintain a remuneration policy that enables the recruitment and retention of adequately qualified and experienced staff whilst balancing market pressures against the charities own ability to pay.

Additionally the Trust aims to be a good employer going beyond meeting minimum legal obligations to provide support or help when employees experience difficulties within the work environment or outside.

SWINNERTON TRUST LIMITED

TRUSTEES' REPORT (CONTINUED)(INCLUDING DIRECTORS' REPORT AND STRATEGIC REPORT)

FOR THE YEAR ENDED 31 MARCH 2022

Volunteers

All the Directors/Trustees are volunteers as are the management committee members except for the Registered Manager and Treasurer.

Volunteers from the local community assist in the homes two major social events the summer Garden Fête and the Christmas Carol Concert; without the help of volunteers the trust would be unable to stage these events.

The Trust has also benefitted from a significant amount of work in the grounds of Manor Court by the Princes Trust and the local Community Payback Team this is greatly appreciated. This work has improved access to the grounds facilitating residents to spend more time enjoying the garden areas.

The Trustees' r eport, including the strategic report, was approved by the Board of Trustees.

Mr P Whiteman

Trustee Dated: 21 September 2022

SWINNERTON TRUST LIMITED

INDEPENDENT EXAMINER'S REPORT

TO THE TRUSTEES OF SWINNERTON TRUST LIMITED

I report to the Trustees on my examination of the financial statements of Swinnerton Trust Limited (the Trust) for the year ended 31 March 2022.

Responsibilities and basis of report

As the Trustees of the Trust (and also its directors for the purposes of company law) you are responsible for the preparation of the financial statements in accordance with the requirements of the Companies Act 2006 (the 2006 Act).

I report in respect of my examination of the Charity’s financial statements carried out under section 145 of the 2011 Act . In carrying out my examination I have followed all the applicable Directions given by the Charity Commission under section 145(5)(b) of the 2011 Act.

Independent examiner's statement

Since the Trust’s gross income exceeded £250,000 your examiner must be a member of a body listed in section 145 of the 2011 Act. I confirm that I am qualified to undertake the examination because I am a member of the Association of Chartered Certified Accountants, which is one of the listed bodies.

I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe that in any material respect:

I have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the financial statements to be reached.

Wende Hubbard FCCA Burgis & Bullock 1 The Courtyard Goldsmith Way Nuneaton Warwickshire CV10 7RJ

Dated: 21 September 2022

SWINNERTON TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Current financial year

Unrestricted
funds
2022
Notes
£
Income from:
Donations
3
50
Charitable activities
Residential care
4
636,992
Investments
5
42,309
Total income
679,351
Expenditure on:
Raising funds
7
4,290
Charitable activities
R esidential care costs
8
694,400
COVID-19 costs
8
-
Total charitable expenditure
694,400
Total expenditure
698,690
Net gains/(losses) on
investments
12
203,020
Net incoming resources
183,681
Other recognised gains and losses
Revaluation of tangible fixed
assets
137,501
Net movement in funds
321,182
Fund balances at 1 April 2021
1,521,078
Fund balances at 31 March 2022
1,842,260		 Restricted
funds
2022
£
49,296
-
-
49,296
-
-
48,779
48,779
48,779
-
517
-
517
-
517		 Total
2022
£
49,346
636,992
42,309
728,647
4,290
694,400
48,779
743,179
747,469
203,020
184,198
137,501
321,699
1,521,078
1,842,777		 Total
2021
£
55,026
603,652
41,949
700,627
6,873
590,934
53,398
644,332
651,205
-
49,422
-
49,422
1,471,656
1,521,078

SWINNERTON TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

The statement of financial activities includes all gains and losses recognised in the year.

All income and expenditure derive from continuing activities.

The statement of financial activities also complies with the requirements for an income and expenditure account under the Companies Act 2006.

SWINNERTON TRUST LIMITED

STATEMENT OF FINANCIAL ACTIVITIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT

FOR THE YEAR ENDED 31 MARCH 2022

Prior financial year

Unrestricted
funds
2021
Notes
£
Income from:
Donations
3
3,863
Charitable activities
Residential care
4
603,652
Investments
5
41,949
Total income
649,464
Expenditure on:
Raising funds
7
6,873
Charitable activities
R esidential care costs
8
590,934
COVID-19 costs
8
-
Total charitable expenditure
590,934
Total expenditure
597,807
Net gains/(losses) on investments
12
-
Gross transfers between funds
(2,235)
Net incoming resources
49,422
Other recognised gains and losses
Net movement in funds
49,422
Fund balances at 1 April 2020
1,471,656
Fund balances at 31 March 2021
1,521,078		 Restricted
funds
2021
£
51,163
-
-
51,163
-
-
53,398
53,398
53,398
-
2,235
-
-
-
-		 Total
2021
£
55,026
603,652
41,949
700,627
6,873
590,934
53,398
644,332
651,205
-
-
49,422
49,422
1,471,656
1,521,078

SWINNERTON TRUST LIMITED

BALANCE SHEET

AS AT 31 MARCH 2022

Notes
Fixed assets
Tangible assets
13
Investment properties
14
Current assets
Debtors
15
Cash at bank and in hand
Creditors: amounts falling due within
one year
16
Net current assets
Total assets less current liabilities
Income funds
Restricted funds
18
Unrestricted funds
General unrestricted funds
Revaluation reserve		 2022
£
£
662,916
525,000
1,187,916
66,569
619,951
686,520
(31,659)
654,861
1,842,777
517
1,704,759
137,501
1,842,260
1,842,777		 2021
£
£
527,992
321,980
849,972
68,753
662,052
730,805
(59,699)
671,106
1,521,078
-
1,521,078
-
1,521,078
1,521,078		 2021
£
£
527,992
321,980
849,972
68,753
662,052
730,805
(59,699)
671,106
1,521,078
-
1,521,078
-
1,521,078
1,521,078
849,972
671,106
1,521,078
-
1,521,078
1,521,078

SWINNERTON TRUST LIMITED

BALANCE SHEET (CONTINUED)

AS AT 31 MARCH 2022

The company is entitled to the exemption from the audit requirement contained in section 477 of the Companies Act 2006, for the year ended 31 March 2022. The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

The Trustees acknowledge their responsibilities for ensuring that the charity keeps accounting records which comply with section 386 of the Act and for preparing financial statements which give a true and fair view of the state of affairs of the company as at the end of the financial year and of its incoming resources and application of resources, including its income and expenditure, for the financial year in accordance with the requirements of sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements , so far as applicable to the company.

The members have not required the company to obtain an audit of its financial statements for the year in question in accordance with section 476.

These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime.

The financial statements were approved by the Trustees on 21 September 2022

Mrs C J Moir Mr P Whiteman Trustee Trustee Company registration number 08462149

SWINNERTON TRUST LIMITED

STATEMENT OF CASH FLOWS

FOR THE YEAR ENDED 31 MARCH 2022

Notes
Cash flows from operating activities
Cash (absorbed by)/generated from
operations
21
Investing activities
Purchase of tangible fixed assets
Investment income received
Net cash generated from investing
activities
Net cash used in financing activities
Net (decrease)/increase in cash and cash
equivalents
Cash and cash equivalents at beginning of year
Cash and cash equivalents at end of year		 2022
£
(10,706)
42,309		 £
(73,704)
31,603
-
(42,101)
662,052
619,951		 2021
£
(1,699)
41,949		 £
20,790
40,250
-
61,040
601,012
662,052

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

Charity information

Swinnerton Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is 1 The Courtyard, Goldsmith Way, Eliot Park, Nuneaton, Warwickshire, CV10 7RJ.

1.1 Accounting convention

The accounts have been prepared in accordance with the Trust's Memorandum and Articles of Association, the Companies Act 2006 and “Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)” (effective 1 January 2019) . The Trust is a Public Benefit Entity as defined by FRS 102.

The financial statements are prepared in sterling , which is the functional currency of the Trust . Monetary a mounts in these financial statements are rounded to the nearest £.

The accounts have been prepared under the historical cost convention, modified to include freehold property at valuation. The principal accounting policies adopted are set out below.

1.2 Going concern

At the time of approving the financial statements, the Trustees have a reasonable expectation that the Trust has adequate resources to continue in operational existence for the foreseeable future. Thus the Trustees continue to adopt the going concern basis of accounting in preparing the financial statements.

1.3 Charitable funds

Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitable objectives.

Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the accounts.

C urrently, the charity holds only unrestricted funds.

1.4 Income

Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

Cash donations are recognised on receipt. Other donations are recognised once the Trust has been notified of the donation, unless performance conditions require deferral of the amount.

Grant i ncome is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amounts can be measured reliably, and it is probable that income will be received.

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

Residential income and rental income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided .

1.5 Expenditure

Expenditure is recognised once there is a legal or constructive obligation to transfer economic benefit to a third party, 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 classified by activity. The costs of each activity are made up of the total of direct costs and shared costs, including support costs involved in undertaking each activity. Direct costs attributable to a single activity are allocated directly to that activity. Shared costs which contribute to more than one activity and support costs which are not attributable to a single activity are apportioned between those activities on a basis consistent with the use of resources. Central staff costs are allocated on the basis of time spent, and depreciation charges are allocated on the portion of the asset’s use.

Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.

1.6 Tangible fixed assets

Tangible fixed assets except freehold property, are initially measured at cost and subsequently measured at cost, net of depreciation and any impairment losses.

Freehold property was gifted from The Swinnerton Trust and was initially measured at valuation on 22 November 2013 , the property was revalued on 18 April 2022 and has been measured at this valuation at the year-end. All property improvements have been included at cost.

Depreciation is recognised so as to write off the cost or valuation of assets less their residual values over their useful lives on the following bases:

Land and buildings 2% straight line Property improvements 4% straight line Fixtures, fittings & equipment 25% reducing balance

The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities .

1.7 Investment properties

Investment property, which is property held to earn rentals and/or for capital appreciation, is initially recognised at cost, which includes the purchase cost and any directly attributable expenditure. Subsequently it is measured at fair value at the reporting end date. The surplus or deficit on revaluation is recognised in profit or loss.

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.8 Impairment of fixed assets

At each reporting end date, the Trust reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss (if any ) .

1.9 Cash and cash equivalents

Cash and cash equivalents include cash in hand, deposits held at call with banks, other short-term liquid investments with original maturities of three months or less .

1.10 Financial instruments

The Trust has elected to apply the provisions of Section 11 ‘Basic Financial Instruments’ and Section 12 ‘Other Financial Instruments Issues’ of FRS 102 to all of its financial instruments.

Financial instruments are recognised in the Trust 's balance sheet when the Trust becomes party to the contractual provisions of the instrument.

Financial assets and liabilities are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right to set off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously.

Basic financial assets

Basic financial assets, which include debtors and cash and bank balances, are initially measured at transaction price including transaction costs and are subsequently carried at amortised cost using the effective interest method unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised.

Basic financial liabilities

Basic financial liabilities, including creditors and residents deposits are initially recognised at transaction price unless the arrangement constitutes a financing transaction, where the debt instrument is measured at the present value of the future p aymen ts discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amortised.

Debt instruments are subsequently carried at amortised cost, using the effective interest rate method.

Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities.

Derecognition of financial liabilities

Financial liabilities are derecognised when the Trust ’s contractual obligations expire or are discharged or cancelled.

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

1 Accounting policies

(Continued)

1.11 Employee benefits

The cost of any unused holiday entitlement is recognised in the period in which the employee’s services are received.

Termination benefits are recognised immediately as an expense when the Trust is demonstrably committed to terminate the employment of an employee or to provide termination benefits.

1.12 Retirement benefits

Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due.

Rentals paid under operating leases are charged to the Statement of Financial Activities on a straight line basis over the period of the lease.

1.13 Taxation

The charity is exempt from tax on its charitable activities.

2 Critical accounting estimates and judgements

In the application of the Trust’s accounting policies, the Trustees are required to make judgements, estimates and assumptions about the carrying amount of assets and liabilities that are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods.

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

3 Donations

Unrestricted
Restricted
funds
funds
2022
2022
£
£
Donations and gifts
50
-
COVID-19 support
-
49,296
50
49,296		 TotalUnrestricted
Restricted
funds
funds
2022
2021
2021
£
£
£
50
3,863
-
49,296
-
51,163
49,346
3,863
51,163		 Total
2021
£
3,863
51,163
55,026

4 Charitable activities

Residential care Residential care
2022 2021
£ £
Residential care 636,992 603,652

5 Investments

Unrestricted Unrestricted
funds funds
2022 2021
£ £
Rental income 41,697 40,640
Interest receivable 612 1,309
42,309 41,949

6 Government grants

The Trust received government grant income of £nil (2021 - £2,574) in respect of the Coronavirus Job Retention Scheme (CJRS) for the year ended 31 March 2022.

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

7 Raising funds

Investment management 2022
£
4,290
4,290		 2021
£
6,873
6,873

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

8 Charitable activities

R esidential
care costs
COVID-19
costs
2022
2022
£
£
Staff costs
467,103
45,439
Depreciation and
impairment
13,283
-
Residents facilities
11,874
3,340
Provisions and
consumable stores
28,568
-
Rates and water
1,997
-
Light and heat
28,021
-
Repairs and maintenance
45,524
-
Insurance
13,663
-
Cleaning and laundry
6,585
-
Licences and fees
5,562
-
Office sundries
9,802
-
Training and expenses
4,786
-
Utility hire
13,229
-
Garden
18,101
-
Residents entertainment
1,640
-
Staff expenses
1,579
-
Telephone
3,267
-
674,584
48,779
Share of support costs
(see note 9)
14,890
-
Share of governance costs
(see note 9)
4,926
-
694,400
48,779
Analysis by fund
Unrestricted funds
694,400
-
Restricted funds
-
48,779
694,400
48,779		 Total
2022
R esidential
care costs
COVID-19
costs
2021
2021
£
£
£
512,542
411,121
32,731
13,283
13,560
-
15,214
12,264
20,667
28,568
28,485
-
1,997
1,917
-
28,021
27,249
-
45,524
22,042
-
13,663
11,608
-
6,585
7,342
-
5,562
3,795
-
9,802
6,749
-
4,786
1,857
-
13,229
13,427
-
18,101
9,340
-
1,640
1,882
-
1,579
568
-
3,267
2,250
-
723,363
575,456
53,398
14,890
12,466
-
4,926
3,012
-
743,179
590,934
53,398
694,400
590,934
-
48,779
-
53,398
743,179
590,934
53,398		 Total
2021
£
443,852
13,560
32,931
28,485
1,917
27,249
22,042
11,608
7,342
3,795
6,749
1,857
13,427
9,340
1,882
568
2,250
628,854
12,466
3,012
644,332
590,934
53,398
644,332

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

9 Support costs

Support
costs
Governance
costs
£
£
Staff costs
9,657
-
Secretarial fees
1,489
-
Professional and HR
costs
3,744
-
Legal and professional
-
1,500
Accountancy fees
-
3,426
14,890
4,926
Analysed between
Charitable activities
14,890
4,926		 2022
Support
costs
Governance
costs
£
£
£
9,657
7,491
-
1,489
1,490
-
3,744
3,485
-
1,500
-
12
3,426
-
3,000
19,816
12,466
3,012
19,816
12,466
3,012		 2021
£
7,491
1,490
3,485
12
3,000
15,478
15,478

10 Trustees

None of the Trustees (or any persons connected with them) received any remuneration during the year .

There were no Trustees expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.

11 Employees

The average monthly number of employees during the year was:

2022 2021
30 29

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

Employees (Continued)
Employment costs 2022 2021
£ £
Wages and salaries 479,481 415,707
Social security costs 35,297 29,141
Other pension costs 7,421 6,495
522,199 451,343
There were no employees whose annual remuneration was £60,000 or more (2021: nil).

11 Employees

12 Net gains/(losses) on investments

Unrestricted Total
funds
2022 2021
£ £
Revaluation of investment properties 203,020 -

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

13 Tangible fixed assets

Cost or valuation
At 1 April 2021
Additions
Revaluation
At 31 March 2022
Depreciation and impairment
At 1 April 2021
Depreciation charged in the year
Revaluation
At 31 March 2022
Carrying amount
At 31 March 2022
At 31 March 2021		 Land and
buildings
Property
improvements
Fixtures, fittings
& equipment
£
£
£
500,000
90,259
26,794
-
9,294
1,412
75,000
-
-
575,000
99,553
28,206
55,001
14,818
19,242
7,500
3,542
2,241
(62,501)
-
-
-
18,360
21,483
575,000
81,193
6,723
444,999
75,441
7,552		 Total
£
617,053
10,706
75,000
702,759
89,061
13,283
(62,501)
39,843
662,916
527,992

The carrying value of land included in land and buildings is included at value o f £ 143,750 , which is calculated as a 25% estimate of the total value . The valuation does not provide a specific value of the land element however the directors believe that 25% is a reasonable estimate.

Land and buildings with a carrying amount of £ 575,000 were revalued at 18th April 2022 by Broomfield Surveyors Ltd, independent valuers not connected with the Trust on the basis of market value. The valuation conforms to International Valuation Standards and was based on recent market transactions on arm's length terms for similar properties. The Trustees are satisfied that the conditions pertaining to the value were in place at the year-end and, as such, the valuation reflects the fair value at 31st March 2022.

At 31 March 2022, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £437,500 (2021 - £445,000).

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

14 Investment property

Fair value
At 1 April 2021
Net gains or losses through fair value adjustments
At 31 March 2022		 2022
£
321,980
203,020
525,000

Investment property included in the financial statements is a six flat converted coach house and thirty three garages located on the grounds of the freehold property; Manor Court Care Home, Manor Court Road, Nuneaton, Warwickshire, CV11 5HU.

The fair value of the investment property has been arrived at on the basis of a valuation carried out at 18th April 2022 by Broomfield Surveyors Ltd, who are not connected with the Trust. The valuation was made on an open market value basis by reference to market evidence of transaction prices for similar properties. The Trustees are satisfied that the conditions pertaining to the value were in place at the year-end and, as such, the valuation reflects the fair value at 31st March 2022.

15 Debtors

Debtors
Amounts falling due within one year:
Trade debtors
Prepayments and accrued income		 2022
£
45,782
20,787
66,569		 2021
£
52,205
16,548
68,753

16 Creditors: amounts falling due within one year

Other taxation and social security
Trade creditors
Other creditors
Accruals and deferred income		 2022
£
-
6,669
3,533
21,457
31,659		 2021
£
7,661
18,513
12,867
20,658
59,699

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

17 Retirement benefit schemes

Defined contribution schemes

The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the Trust in an independently administered fund.

The charge to profit or loss in respect of defined contribution schemes was £7,421 (2021 - £6,495).

18 Restricted funds

The income funds of the charity include restricted funds comprising the following unexpended balances of donations and grants held on trust for specific purposes:

Movement in funds
Balance at Incoming Resources Balance at
1 April 2021 resources expended 31 March 2022
£ £ £ £
WCC COVID-19 support - 49,296 (48,779) 517
- 49,296 (48,779) 517
Analysis of net assets between funds
Unrestricted Restricted TotalUnrestricted Restricted Total
funds funds funds funds
2022 2022 2022 2021 2021 2021
£ £ £ £ £ £
Fund balances at 31
March 2022 are
represented by:
Tangible assets 662,916 - 662,916 527,992 - 527,992
Investment properties 525,000 - 525,000 321,980 - 321,980
Current assets/
(liabilities) 654,861 - 654,861 671,106 - 671,106
1,842,777 - 1,842,777 1,521,078 - 1,521,078

19 Analysis of net assets between funds

SWINNERTON TRUST LIMITED

NOTES TO THE FINANCIAL STATEMENTS (CONTINUED)

FOR THE YEAR ENDED 31 MARCH 2022

20 Related party transactions

Remuneration of key management personnel

The remuneration of key management personnel is as follows.

2022
£
Aggregate compensation
41,599
21
Cash generated from operations
2022
£
Surplus for the year
184,198
Adjustments for:
Investment income recognised in statement of financial activities
(42,309)
Fair value gains and losses on investment properties
(203,020)
Depreciation and impairment of tangible fixed assets
13,283
Movements in working capital:
Decrease/(increase) in debtors
2,184
(Decrease)/increase in creditors
(28,040)
Cash (absorbed by)/generated from operations
(73,704)		 2021
£
37,195
2021
£
49,422
(41,949)
-
13,560
(9,760)
9,517
20,790

22 Analysis of changes in net funds

The Trust had no debt during the year.