Charlty 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 2024
SWINNERTON TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mrs CJ Moir Mr P Whiteman Mr R Erskine Mrs S Davis MrPJETracy Mrs K Ward (Appointed 26 July 20231 (Appointed 29 November 20231 Charlty number 1152372 Company number 08462149 Princlpal address Manor Court Manor Court Road Nuneaton Warwickshire CVII SHU Registered office l The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshire CVIO 7RJ Independent examlner Burgis & Bullock l The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshlre CVIO 7RJ Solicitors Cocks Lloyd Solicitors Cocks Lloyd Solicitors Riversley House Coton Road Nuneaton Warks United Klngdom CVII 5TX
SWINNERTON TRUST LIMITED CONTENTS Page Trustees, report Independent examiner's report Statement of flnancial actlvltles 9-10 Balance sheet 11-12 Statement of cash flows 13 Notes to the financial statements 14-24
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 The Trustees present their annual report and flnancial statements for the year ended 31 March 2024. The accounts have been prepared in accordance with the accounting policies set out in note I 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 1021. Objertives and activities Mission Statement Our mission at Manor Court Care Home is to provide high-quality, compassionate care for our residents in a safe and comfortable environment. We strive to enhance the well-being and independence of our residents through personalised care and support, whilst promoting dignity and respect. We are committed to maintainlng the highest standards of care and service and to continuously improve our care practices. We are a charitable organisation, dedicated to serving our community and to making a positive difference to the lives of those we care for. Val Compasslon; We believe in treating residents with kindness, empathy and understanding. We strive to create a homelyi caring and supportive environment that promotes well-being and comfort. Respert: We believe in treating all resident5, Staff and visitors with dignity and respect and recognising and valuing the unique needs and preferences of each individual. Excellence: We strive to provide high-quality care and serVIS that meet the needs of our residents and to continuously improve our standards and performance Integrity: We believe in belng honest, transparent and accountable in all our actlons and in maintaining the highest ethical standards In everything we do. Independence: We believe in supporting residents to maintain their Independence and autonomy as much as possible and providing them with the tools and resources needed to make their own choices and decisions. Teamwork: We believe in working together as a team to provide the best possible care and services to our residents and fostering a culture of collaboration and mutual support among staff. Innovatlon: We believe in being open to new ideas and approaches and in embracing innovation to enhance the quality of care and service5 we provide. Inclusivlty: We believe in providing a welcoming and inclusive environment that respects and celebrates diversity and in providing care and services that are accessible to all
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 At Manor Court Care Home we provlde a wide range of care services to meet the needs of our residents. Our care services include: Resldential care: We provide residential care to residents who need assistance with daily living activities such as bathing, dressing and eating. Our staff provide a high standard of care to ensure that residents feel welcome, comfortable and secure in their new home. Meals are prepared and cooked in-house using only the best produce. Dementla care: Staff are trained in the latest dementia care practices and are able to provide tailored support to meet the unique needs of each resident. Palliative care: Staff provide compassionate and sensitive care for residents nearing the end of their live5. Our team work5 closely with residents, their families. friends and primary care professionals to ensure that the resident's end-of-life care is tailored to their individual needs and wishes. Resplte care: Manor Court offer5 short-term care for residents who need a break from their usual care arrangements. This can be particularly beneficial for carers who need a break or for residents recovering from an illness or operation. In summary, Manor Court Care Home provides a range of care services to meet the diverse needs of our residents. Staff are well-qualified, highly trained and dedicated to providing the highest standard of care to ensure the well-being and comfort of our residents. Employees We maintain appropriate staffing levels to ensure that residents receive the care and support needed. Our staff-to-resident ratio is in line with the guidelines set by the Care Quality Commission {CQC). Staff qualificatlons Our staff are sultably qualified and trained to provide the care and services required by residents. All staff participate in regular training and development to ensure they are up to date with the latest care practices and standards. We express our appreciation to all our staff members and volunteers fortheir commitment to the home. 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.
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Achlevements and performance Over the past 12 months the Board has continued with the refurbishment of Manor Court delayed by Covid restrittions External Audits Care Quality Commission The board were delighted that CQC recognised the homes commitment to contlnuous improvement and awarded the service an overall "GOOD". Warwlckshlre County Councll QualltyTeam 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. Financlal The home's accounts are independently examined each year by an external firm of Chartered Accountants. Independent Quality Audlt 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. Financial revlew 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 need5 of the beneficiaries. Total unrestricted reserves amounted to £1,743,069 at the end of the year. The total amount of reserves fund that can only be realised by disposing of tangible fixed assets amounted to £1,160,494.
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIRECTORS, REPORT AND STRATEGIC REPORT) FOR THE YEAR EhlDED 31 MARCH 2024 Principal Fundlng Sources Funding is predominantly derived from residents, fees either socially funded and to a modest extent self funding and whilst the balance fluctuates as the fees for self funders are greater, this has an impact. A new contract was agreed with Warwickshire County Council in 2021. 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. Legal Advisor The directors wish to express their gratitude to Clark Willmott LLP Solicitor5 and partner Mr John Irving for the pro bono work carried out in previou5 years for the Trust. This is now undertaken by Mr Peter Tracy member of the board. Mr Tracy is a solicitor at Cocks Lloyd solicitors. Risk Assessment and Plans for the firture The factors most likely to affect future financial performance or positlon are the increasing pressure on operational costs especially the statutory increase in minimum hourly wages rates as from April 5, 2024, against a background of the very modest increase in fees from WCC for the year 202412025 which will be insufficient to cover salaries and national insurance which We 72.8% of residents fees in 2024 This impacts the Charity's ability to generate an appropriate surplus to sustsin and improve activities. However the board is conscious of the very hard work of the manager to contain other costs as noted in the report last year of plans for the future. The extent to which this affects the charity's existing attivities will depend on local and central government policy. The Trustees have 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 2024 Strurturei governance and management Swinnerton Trust Limited (the Trust) is governed by its Memorandum of Assoclation 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 Re8lStered charity number: 1152372 Registered office: l The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshire CVIO 71U 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: DrA Kumar Mrs CJ Moir Mr P Whiteman Mr R Erskine Mrs S Davis MrPJ ETracy Mrs K Ward (Resigned 6 November 2023) (Appointed 26 July 2023) (Appointed 29 November 2023}
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORn FOR THE YEAR ENDED 31 MARCH 2024 The Board express their gratitude to Dr Arun Kumar for his contribution to the Home over many years. 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 £10 in the event of a winding up Management Commlttee This now comprises solely of Mrs S Harris treasurer and Management committee meetings are no longer held. The board wishes to express its thanks to those who previously served especially Mrjohn Frisby Recrultment and Appolntment of Trustees. Inductlon and Tralnlng In an effort to maintain a broad set of skills, the make-up of the board is reviewed at least once a year, during this time other organisations or people may be approached to see if they are willing to contribute. New board members attend an induction to familiarise themselves with the charity, the legal context within which it operates and their responsibilities. All board members are regularly updated with Information pertinent to thelr role as Directors and on matters relating to the operation of the charity. The Trust has undertaken indemnity insurance on behalf of the trustees in the year. Or8anlsation Swinnerton Trust Ltd has five volunteer non-executive Directors, who along with the Registered Manager, also a director, are responsible for the overall running of Manor Court Care Home. This group formulates policy and procedure, Rernuneration Policy A5 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'.- Higher ski115tandards and associated training costs to develop and maintain those skills. Blurring of the boundaries between care and nursing, many aspects of care today would have been considered nursing some years ago. Market forces, competition for the experienced workforce from other care providers.
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (CONTINUED)(INCLUDING DIREcfoRS' REPORT AND STRATEGIC REPORT) FOR THE YEAR ENDED 31 MARCH 2024 Our resident's best interests, keeping staff turnover to an absolute minimum to provide that all important continuity of care. Impact of the statutory living wage whilst maintalning pay differentials Workplace pensions. 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 ablllty to pay. Additionally the Trust alms to be a good employer golng beyond meeting minimum legal obligations to provide support or help when employees experience difficulties within the work environment or outside. Volunteers Volunteers from the local community assist in the homes two major social events the summer Garden Fete and 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 resident5 to spend more time enjoying the garden areas. The Trustees, report, Includlng the strategic report, was approved by the Board of Trustees. Mr P Whiteman Trustee Dated: ..1%. J.osi.102
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 2024. Responsibilities and basis of report As the Trustees of the Trust land also its directors for the purposes of company lawl 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 flnanclal 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 Commi55ion under section 145(51{bl of the 2011 Act. Independent examlnerfs staternent 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 l am qualified to undertake the examination because l 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,. accounting records were not kept in respect of the Trust as required by sertion 386 of the 2006 Act; or the financial statement5 do not accord with those records; or the financlal statements do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair vlew which is not a matter considered as part of an independent examination,- or the financial statements have not been prepared in accordance with the methods and principles of the Statement of Recommended Practlce for accounting and reporting by charitie5 applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 1021. I have no concerns and have come across no other matters in connettion 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 l The Courtyard Goldsmith Way Nuneaton Warwickshire CVIO 7FU
SWINNERTON TRUST LIMITED STATEMENT OF FINANCIAL ACTivrriES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Current financlal year Unrestrlcted funds 2024 Total 2023 Notes Income from: Donations Charitable activities Residential care Investments iii 320 793,930 50,878 684,201 45,314 Total income 844,919 729,835 Ex enditure on: Raising funds 10,208 6.547 Charitable activities Residential care costs 838,141 819,566 Total charitable expenditure 838,141 819,566 Total expenditure 848,349 826,113 Net expendlture for the year/ Net movement in funds (3,4301 {96,2781 Fund balances at l April 2023 1,746,499 1,842,777 Fund balances at 31 March 2024 1,743,069 1,746,499 The statement of financial activities includes all gains and losses recognised in the year, The statement of financial attivities includes all gains and 10s5es recognised in the year. All income and expenditure derive from continuing activities. The statement of financial activitie5 also complies with the requirements for an income and expenditure account under the Companies Act 2006.
SWINNERTON TRUST LIMITED STATEMENT OF FINANCIAL AcfiviTIES (CONTINUED) INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2024 Priorfinancial year Unrestricted Restrlcted funds funds 2023 2023 Total 2023 Notes Income from: Donations Charitable activities Residential care Investments 320 320 684,201 45,314 684,201 45,314 Total income 729,835 729,835 endlture on: Raising funds 6,547 6,547 Charitable activities Residential care costs 819,566 819,566 Total charitable expenditure 819,566 819,566 Total expenditure 826,113 826,113 Gross transfers between funds Net expenditure for the year/ Net movement in funds 517 {517) (95,761) 15171 196,2781 Fund balances at l April 2022 1,842,260 517 1,842,777 Fund balances at 31 March 2023 1,746,499 1,746,499 10-
SWINNERTON TRUST LIMITED BALANCE SHEET ASAT31 MARCH 2024 2024 2023 Notes Flxed assets Tangible assets Investment propertles li 12 635,494 525,000 649,362 525,000 1,160,494 1,174,362 Current assets Debtors Cash at bank and in hand 13 92,982 549,024 74,463 544,622 642,006 619,085 Credltors: amounts falllng due within one year 14 {59,431) 146,9481 Net current assets 582,575 572,137 Total assets less current liabllltles 1,743,069 1,746,499 Income funds General unrestricted funds Revaluation reserve 1,605,568 137,501 1,608,998 137,501 1,743,069 1,746,499 1.743,069 1,746,499 11
SWINNERTON TRUST LIMITED BALANCE SHEET (CONTINUED) ASAT31 MARCH 2024 The company is entitled to the exemptlon from the audit requirement contsined in section 477 of the Companies Act 2006, for the year ended 31 March 2024. 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 Trustee5 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 flnancial year and of its incoming resources and applicatlon of resources, includlng its Income and expenditure, for the financial year In accordance with the requirements of sections 394 and 395 and which otherwlse comply with the requirement5 of the Companies Act 2006 relating to financial statements, so far as appllcable to the companv. These financial statements have been prepared in accordance with the provlslons applicable to companles subject to the small companies regime. The accounts were approved by the Trustees on .. 18.1. 0¥1io C fklc Mrs CJ Moir Trustee Mr P Whiteman Trustee Company Registration No. 08462149 12-
SWINNERTON TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR EAIDED 31 MARCH 2024 2024 2023 Notes Cash flows from operatlng activltle5 Cash absorbed by operations 17 146,476} {120,643) Investing activitles Investment income received 50,878 45,314 Net cash generated from investlng activities 50,878 45,314 Net cash used In financing activities Net Increase/(decrease) In cash and cash equivalents 4,402 {75,329) Cash and cash equivalents at beginning of year 544,622 619,951 Cash and cash equivalents at end of year 549,024 544,622 13-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR EIVDED 31 MARCH 2024 Accountlng pollcles Charity information Swinnerton Trust Limited is a private company limited by guarantee incorporated in England and Wales. The registered office is l The Courtyard, Goldsmith Way, Eliot Park, Nuneaton, Warwickshire, CVIO 71U. 1.1 Accountlng 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 1021" (effective I 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 amounts in these financial statements are rounded to the nearest £. The accounts have been prepared under the historical cost conventlon, modified to include freehold property and Investment 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 thelr charitable obJectives. Restricted funds are subject to specific conditions by donors as to how they may be used. The purposes and uses of the restritted funds are set out in the notes to the accounts. 1.4 Income Income is recognised when the Trust is legally entitled to it after any performance conditions have been met, the amount5 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, unles5 performance conditions require deferral of the amount. Grant income 15 recognised when the Trust is legally entitled to it after any performance condltions have been met, the amounts can be measured reliably, and it is probable that income will be received. Residential income and rental income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided. 14-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 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 actlvlty. 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 Tanglble 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 Property improvements Fixtures, fittings & equipment 2% straight line 4% straight Ilne 25% reducing balance The galn 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 recognlsed in the statement of financial activities, 1.7 Investment propertv I nve5tment property, which is property held to earn rentals andlor 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. 15-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED} FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 1.8 Impairment of fjxed 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 Ioss. If any such indication exists, the recoverable amount of the asset is estimated in order to determine the extent of the impairment loss lif any). 1.9 Cash and cash equlvalents 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 les5. 1.10 Flnanclal Instruments The Trust has elected to apply the provisions of Section 11 'Basic Financial Instruments, and Sectlon 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. F5nancial assets and liabllities 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. &gasicfinancial ussets 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 15 measured at the present value of the future receipt5 discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Baslcfinanclal liabilities Basic financial liabilities, including creditor5 and residents deposits are initially recogni5ed at transaction price unle55 the arrangement constitutes a financing transartion, where the debt instrument is measured at the present value of the future payments 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 creditor5 are obligation5 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. Deremgnltlon offlnancial liobllltles Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. 16-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Accountlng pollcles (Contlnued) 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 pald under operatlng leases are charged to the Statement of Financlal Actlvities on a straight line basis over the period of the lease. 1.13 Taxatlon The charity is exempt from tax on its charitable activities. Income from donations and legacies Unrestrlcted Unrestrlcted funds funds 2024 2023 Donations and glfts iii 320 Income from charitsble artlvltles Unrestrlrted Unrestricted funds funds 2024 2023 Residential care 793,930 684,201 17
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Income from Investments Unrestricted Unrestricted funds funds 2024 2023 Rental income Interest receivable 41,245 9,633 42,175 3, 139 50,878 45,314 Expendlture on rdlslng funds Unrestricted Unrestricted funds funds 2024 2023 Investment management 10,208 6,547 18-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Expendlture on charltable actlvlt5es Residential Residential care costs care costs 2023 2024 Dlrect costs Staff costs Depreciation and impairment Residents facilities Provisions and consumable stores Rates and water Light and heat Repairs and maintenance Insurance Cleaning and laundry Licences and fees Office sundries Training and expenses Utility hire Garden and Maintenance Residents entertainment Staff expenses Telephone 551,219 13,868 10,709 36,650 2,391 52,345 72,440 16,207 6,719 3,807 10,456 1,647 15,780 15,625 1,680 717 3,542 531,411 13,554 11,605 37,386 2,188 25,684 90,469 15,933 9,931 4,361 13,613 1,772 13,941 21,338 1,205 621 3,803 815.802 798,815 Share of support and governance costs {see note 7) Support Governance 17,983 4,356 16,611 4,140 838,141 819.566 Analysis by fund Unrestricted funds 838,141 819,566 19-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Support costs allocated to actlvltles 2024 2023 Staff costs Secretarial fees Professional and HR costs Governance costs 11,953 1,790 4,240 4,356 11,272 1,561 3,778 4,140 22,339 20,751 Analysed between: Residential care costs 22,339 20,751 2024 2023 Governance Costs comprise: Legal and professional Independent examiners fee 540 3,600 4,356 4,356 4,140 Trustees There were no Trustees expenses paid for the year ended 31 March 2024 nor for the year ended 31 March 2023. Employees The average monthly number of employees durlng the year was.. 2024 Number 2023 Number 29 29 -20-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 Employees (Contlnued) Employment Costs 2024 2023 Wages and salaries Social security costs Other pension costs 530,475 39,720 8,342 515,651 39,446 7,942 578,537 563,039 There were no employees whose annual remuneration was more than £60,000. Remuneratlon of key management personnel The remuneration of key management personnel was as follows.. 2024 2023 Aggregate compensation 46,591 44,794 10 Taxatlon The charity is exempt from taxatlon on its activities because all its Income Is applied for charitable purposes. 21
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2024 11 Tanglble flxed assets Land and prOrty FExtures, fittln buifdlnas Imprn¥ements & èquipment Totsl Cost or valuation At l April 2023 575,000 99.553 28,206 702,759 At 31 March 2024 575,000 99,553 28,206 702,759 Depreciation and Impalrment At l April 2023 Depreciation charged in the year 8,625 8,625 21,608 3,982 23,164 1,261 53,397 13,868 At 31 March 2024 17,250 25,590 24,425 67,265 Carrying amount At 31 March 2024 557,750 73,963 3,781 635,494 At 31 March 2023 566,375 77,945 5,042 649,362 The carrying value of land included in land and buildings is included at value of £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 asOnable 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 transattions 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 2024. At 31 March 2024, had the revalued asset5 been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £422,500 (2023 - £430,000). 12 Investment property 2024 Fairvalue At l April 2023 and 31 March 2024 525,000 -22-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 12 Investment property (Contlnued) Investment property included in the financial statements is a six flat converted coach house and thirty three garages located on the grounds of the fehOld property; Manor Court Care Home, Manor Court Road, Nuneaton, Warwickshire, CVII SHU. 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 transattion 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 2024. 13 Debtors 2024 2023 Amounts falllng due within one year: Trade debtors Prepayments and accrued income 72,805 20,177 54,611 19,852 92,982 74,463 14 Creditors: amounts falllng due within one year 2024 2023 Trade creditors Other creditors Accruals and deferred income 15,808 22,725 20,898 15,472 12,884 18,592 59,431 46,948 Other creditors includes £2,33712023'. £1,504) of funds held on behalf of residents. 15 Retlrement benefit schemes 2024 2023 Defined contribution scheme5 Charge to profit or loss in respect of defined contribution schemes 8,342 7,942 The Trust operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately frotn those of the Trust in an independently administered fund. -23-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2024 16 Related party transactlons Transactions with related parties During the yearthe Trust entered into the following transactions with related parties: Expendlture of £3,370 (2023: nil) was pald to Bedworth heating and plumbing supplies Ltd in the period, a company with whlch Mr R Erskine is a related party. At year end, £18012023- nil) was outstanding. During the year, Mrs K Ward was appointed as a Trustee and since this time has received gross remuneration of £13,533 for her role as care home manager. 17 Cash generated from operations 2024 2023 Deficit for the year 13,4301 196,2781 Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets (50,8781 13,868 145,3141 13,554 Movements in working capital: Ilncreasel in debtors Increase in creditors 118,519) 12,483 17,894) 15,289 Cash absorbed by operations {46,476) 1120,6431 18 Analysls of changes In net funds The Trust had no material debt during the year. -24-