Charity registration number 11523721England and Wales) Company registration number 08462149 SWINNERTON TRUST LIMITED ANNUAL REPORT AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025
SWINNERTON TRUST LIMITED LEGAL AND ADMINISTRATIVE INFORMATION Trustees Mr P Whiteman Mr R Erskine Mrs S Davis MrPJETracv Mrs Kward Mr P Hextall {Appointed 26 February 20251 Charity number 1152372 Company number 08462149 Principal address Manorcourt Manor Court Road Nuneaton Warwickshire CVII SHU Registered office l The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshire CVIO 7RJ Independent examiner Burgis & Bullock l The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshire CVIO 7RJ Solicitors Cocks Lloyd Solicitors Cocks Lloyd Solicitors Riversley House Coton Road Nuneaton Warks United Kingdom CVII STA
SWINNERTON TRUST LIMITED CONTENTS Page Trustees, report Independent examiner's report Statement of financial artivities Balance sheet 9-10 Statement of cash flows li Notes to the financial statements 12-23
SWINNERTON TRUST LIMITED TRUSTEE5' REPORT (INCLUDING DIRECTORS. REPORT) FOR THE YEAR ENDED 31 MARCH 2025 The Trustees present their annual report and financial statements for the year ended 31 March 2025. 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 IFRS 102). Objectives 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 maintaining 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. Values Compassion: We believe in treating residents with kindness. empathy and understanding. We strive to create a homely, caring and supportive environment that promotes well-being and comfort. Respect: We believe in treating all residents. staff and visitors with dignity and respect and recognising and valuing the unique needs and preferences of each individual. Excellence: We strive to provide hi8h-quality care and services that meet the needs of our residents and to continuously improve our standards and performance Integrity: We believe in being honest, transparent and accountable in all our actions 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. Innovation: We believe in being open to new ideas and approaches and in embracing innovation to enhance the quality of care and services we provide. Inclusivity: 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 (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 At Manor Court Care Home we provide a wide range of care services to meet the needs of our residents. Our care services include: Residential 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. Dementia care: Staff are trained in the latest dementia care practices and are able to provide tailored support to meet the unique needs of each SIdent. Palliative care: Staff provide compassionate and sensitive care for residents nearing the end of their lives. Ou r team works 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. Respite care: Manor Court offers 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 ICQCI. Staff qualifications Our staff are suitably qualified and trained to provide the care and Services required by residents. All staff participate in regular training and development to ensu re they are up to date with the latest care practices and standards. We express our appreciation to all our staff members and volunteers for their 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 {INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 hievements and performance Over the past 12 months the Board has continued with the refurbishment of Manor Court delayed by Covid restrictions External Audits Care Quality Commission The board were delighted that CQC recognised the home5 commitment to continuous improvement and awarded the service an overall "GOOD" 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. 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 standard5 and care performance. 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 harity can run efficiently meeting the needs of the beneficiaries. Total unrestricted reserves amounted to £1.826,812 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 £1,146,942.
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Principal Funding Sources Funding is predominantly derived from residents, fees either socially funded and to a modest extent self funding and whilst the balance fluctuates 35 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 15 derived from Investment income, revenue from the Trust's properties and some contribution from donations. Legal Advisor This position 15 now undertaken by Mr Peter Tracy a member of the board. Mr Tracy is a solicitor at Cocks Lloyd solicitors. Risk Assessment and Plans for the future The factors most likely to affect future financial performance or position are the increasing pressure on operational costs especially the statutory increase in minimum hourly wages rates as f rom April 6, 2025. This impacts the Charity's ability to generate an appropriate surplus to sustain 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 activities 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. Structure, governance and management 5winnerton 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.. l The Courtyard Goldsmith Way Eliot Park Nuneaton Warwickshire CVIO 71U
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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.. Mrs CJ Moir Mr P Whiteman Mr R Erskine Mrs S Davis MrPJETracy Mrs K Ward Mr P Hextall (Resigned 3 January 2025} (Appointed 26 February 20251 The Board very much regret the loss of ourvery long serving Financial Director, Jane Moir, who has died. Any applications received in SpeCt 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 Committee This now comprises solely of Mrs S Harris treasurer and Management committee meetings are no longer held. Recruitment and Appointment of Trustees, Induction and Training 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 their 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. Organisation 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.
SWINNERTON TRUST LIMITED TRUSTEES, REPORT (INCLUDING DIRECTORS, REPORT) {CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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:_ Higher skill standards 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. Our resident's best Inte$t5, keeping staff turnover to an absolute minimum to provide that all important continuity of care. Impact of the statutory living wage whilst maintaining 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 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. 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 was approved by the Board of Trustees. Mr P Whiteman Trustee Date.. 27
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 2025. 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. 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(5llb) of the 2011 Act. Independent examiner's statement Since the Trust's gross income exceeded £250,000 your examiner must be 3 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 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 connettion with the examination giving me cause to believe that in any material respect,. accounting records were not kept in speCt of the Trust as required by section 386 of the Companies Act 2006. the financial statements do not accord with those records: or the financial statements do not comply with the accounting requirements of section 396 of the Companies Act 2006 other than any requirement that the financial statements give a true and fair view, which is not a matter considered as part of an independent examination- or the financial statement5 have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charitie5 applicable to charities preparing their financial statements in accordance with the Financial Reporting standard applicable in the UK and Republic of Ireland IFRS 1021. I have no concerns and have come acr055 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 l The Courtyard Goldsmith Way Nuneaton Warwickshire CVIO 7RJ Dated-
SWINNERTON TRUST LIMITED STATEMENT OF FINANCIAL ACTIVITIES INCLUDING INCOME AND EXPENDITURE ACCOUNT FOR THE YEAR ENDED 31 MARCH 2025 Unrestricted Unrestricted funds funds 2025 2024 Notes Income from: Donations and legacies Charitable activities Residential care 158 iii 895,917 793,930 Investments 58,274 50,878 Totsl income 954,349 844,919 Expenditure on: Raising funds Charitable activities Residential care costs 21,194 10,208 849,411 838,141 Total expenditure 870,605 848.349 Net income/(expendlture) and movement in funds 83,744 {3,430) Reconciliation of funds: Fund balances at l April 2024 1,743,069 1,746,499 Fund balances at 31 March 2025 1.826,813 1,743,069 The statement of financial activities includes all gains and losses recognised in the year. All income and expenditure derive from continuing activities.
SWINNERTON TRUST LIMITED BALANCE SHEET ASAT31 MARCH 2025 2025 2024 as restated Notes Fixed assets Tangible assets Investment properties li 621,942 525,000 635,494 525,000 12 1,146,942 1,160,494 Current assets Debtors Investments Cash at bank and in hand 14 57,418 173,584 490,816 92,982 172,096 376,928 15 721,818 642,006 Creditors." amounts falling due within one year 16 {41,947) 159,4311 Net current assets 679,871 582,575 Total assets less cUrnt liabilities 1,826,813 1,743,069 Income funds General unrestricted funds Revaluation reserve 1,689,312 137,501 1,605,568 137,501 1,826,813 1,743,069 1,826,813 1,743.069
SWINNERTON TRUST LIMITED BALANCE SHEET (CONTINUED) ASAT31 MARCH 2025 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 2025. 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 resou rces, 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. These financial statements have been prepared in accordance with the provisions applicable to companies subject to the small companies regime. The accounts were approved by the Trustees on Mr P Whiteman Trustee Company Registration No. 08462149 10-
SWINNERTON TRUST LIMITED STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 MARCH2025 2025 2024 Notes Cash flows from operating actlvities Cash generated from/{absorbed by) operations 20 57,102 146,4761 Investing activities Proceeds from disposal of investments Investment income received 11,4881 58,274 1172,096) 50,878 Net cash generated from/lused in) investing activities 56,786 1121,218} Net cash generated from financing artivities Net increase/ldecrease) In cash and cash equivalents 113,888 1167,6941 Cash and cash equivalents at beginning of year 376,928 544,622 Cash and cash equivalents at end of year 490,816 376,928 11
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2025 Accounting policies 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 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 IFRS 102)" (effective I January 20191 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 convention, 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 Trustee5 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. 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 condition5 require deferral of the amount. Grant 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. Residential income and rental income is measured at the fair value of the consideration received or receivable and represents amounts receivable for services provided. 12
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Accounting policies (Continued) 1.5 Expenditure Expenditu re 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 a 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 3 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 a55ets 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 wa5 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 a5 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 line 25% reducing balance The gain or105s 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 property Investment property, which is property held to earn rentals andlor for capital appreciation, is initially recognised at cost, which includes the purchase cost and any direttly 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. 13
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 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 lif 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 amou nts 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. Basicfinancial assets Basic financial asset5, 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 a55ets classified as receivable within one year are not amortised. Busicfinancial 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 payments discounted at a market rate of interest. Financial liabilities classified as payable within one year are not amorti5ed. Debt instruments are subsequently carried at amortised cost, using the effective interest rate method. Trade creditors are obligations to pay for goods or service5 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 offinanciol liabilities Financial liabilities are derecognised when the Trust's contractual obligations expire or are discharged or cancelled. 14-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 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. 1.13 Leases Rentals paid under operating lease5 are charged to the Statement of Financial Activities on a straight line basis over the period of the lease. 1.14 Taxation The charity is exempt from tax on its charitable activities. Income from donations and legacies Unrestricted Unrestricted funds funds 2025 2024 Donations and gifts 158 iii Income from charitable activities Unrestricted Unrestricted funds funds 2025 2024 Residential care 895,917 793,930 15
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Expenditure on charitable activities Residential Residential care costs care costs 2024 2025 Direct 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 expense5 Telephone 623,876 13,552 11,362 31,906 2,625 15,413 41,088 17.440 6,028 5,282 13,255 3,463 16,633 18,044 1,056 1,754 4.372 551,219 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 3,542 827,149 815,802 Share of support and governance costs (see note 7) Support Governance 18,007 4,255 17,983 4,356 849.411 838,141 Analysis by fund Unrestricted funds 849,411 838,141 17-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 Support costs allocated to activities 2025 2024 Staff costs Secretarial fees Professional and HR costs Governance costs 12,819 2,064 3,124 4,255 11,953 1,790 4,240 4,356 22,262 22,339 Analysed between: Residential care costs 22,262 22,339 2025 2024 Governance costs comprise: Independent examiners fee 4,255 4,356 4,255 4.356 Trustees Reimbursements of £98912024.. nil) were paid to Mr R Erskine in the period. At year end, there was no outstanding balance12024: nill. Employees The average monthly number of employees during the year was: 2025 Number 2024 Number 30 29 18-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 Employees (Continued) Employment costs 2025 2024 Wages and salaries Social security costs Other pension costs 594,373 46,467 10,999 530,475 39,720 8,342 651,839 578,537 There We no employees whose annual remuneration was more than £60,000. Remuneration of key management personnel The remuneration of key management personnel was as follows: 2025 2024 Aggregate compensation 52,052 46,591 10 Taxatlon The charity is exempt from taxation on its activities because all its income is applied for charitable purposes. 19
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 11 Tangible fixed assets Land and Property FIXtu$. flttlngs buildings improverner & equipment T¢)tsl Cost or valuation At l April 2024 575,000 99,553 28,206 702,759 At 31 March 2025 575,000 99,553 28,206 702,759 Depreciation and impairment At l April 2024 Depreciation charged in the year 17,250 8,625 25,590 3,982 24.425 945 67,265 13,552 At 31 March 2025 25,875 29,572 25,370 80,817 Carrylng amount At 31 March 2025 549,125 69,981 2,836 621,942 At 31 March 2024 557,750 73.963 3,781 635,494 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 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 propertie5. 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 2025. At 3 1 March 2025. had the revalued a55ets been carried at historic cost less accumulated depreciation and accumulated impairment losses, their carrying amount would have been approximately £415,000 {2024- £422.5001. 12 Investment property 2025 Fair value At l April 2024 and 31 March 2025 525,000 -20-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 12 Investment property (Continued) 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, 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 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 2025. 13 Financial instruments 2025 2024 Carrying amount of financial assets Instruments measured at fair value through profit or loss 173,584 172,096 14 Debtors 2025 2024 Amounts falllng due within one year: Trade debtors Prepayments and accrued income 38,117 19,301 72,805 20,177 57,418 92,982 15 Current asset investments 2025 2024 As restated Fixed term deposits 173,584 172.096 The allocation of certain bank accounts have been reclassified to current asset investments in the 2024 figures where they represent fixed term deposit5 With a term in excess of three months. 21
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH 2025 16 Creditors: amounts falling due within one year 2025 2024 Trade creditors Other creditors Accruals and deferred income 6,774 14,575 20,598 15.808 22,725 20,898 41,947 59,431 Other creditors includes £2,337 {2024: £1,504) of funds held on behalf of residents. 17 Retirement benefit schemes 2025 2024 Defjned contribution schemes Charge to profit or loss in respect of defined contribution schemes 10,999 8,342 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. 18 Unrestricted funds The unrestricted funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as to how they may be used. These include designated funds which have been set aside out of unrestricted funds by the trustees for specific purposes. At l April 2024 Incoming resources Resources At 31 March expended 2025 General funds Revaluation reserve 1.605.568 137,501 954,349 {870,6051 1,689,312 137,501 -22-
SWINNERTON TRUST LIMITED NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 MARCH2025 18 unstrICted funds (Continued) Previous year: At l April 2023 Incoming resources Resources At 31 March expended 2024 General funds Revaluation reserve 1,608,998 137.501 844,919 (848,349) 1,605,568 137,501 19 Related party transactions Transartions with related parties During the year the Trust entered into the following transactions with related parties: Expenditure of £15,97312024: £3,370) was paid to Bedworth heating and plumbing supplies Ltd in the period, a company with which Mr R Erskine is a related party. At year end, there was no outstandin8 balance12024.. £1801. Mrs K Ward is a Trustee and has received gross remuneration of £45,780 for her role as care home manager. Mr P Tracy is employed by Cocks Lloyd Solicitors. who act a5 the official solicitor for the charity. The trustees believe that any advice given by Mr P Tracy in the year is negligible. 20 Cash generated from/(absorbed by) operations 2025 2024 Surplus/ldeficitl for the year 83,744 13,4301 Adjustments for: Investment income recognised in statement of financial activities Depreciation and impairment of tangible fixed assets {58,2741 13,552 150,8781 13,868 Movements in working capital: Decrease/lincreasel in debtors IDecreasel/increase in creditors 35.564 117,4841 {18,5191 12,483 Cash generated from/(absorbed by) operations 57,102 (46,4761 21 Analysis of changes in net funds The Trust had no material debt during the year. -23-