## **REGISTERED COMPANY NUMBER: 08917492 (England and Wales) REGISTERED CHARITY NUMBER: 1156022** **Report of the Trustees and** **Audited Financial Statements** **for the Year Ended 31 December 2024** **for** **New Forest Care Homes Ltd** Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA **New Forest Care Homes Ltd** ## **Contents of the Financial Statements for the Year Ended 31 December 2024** |||**Page**|| |---|---|---|---| |**Report of the Trustees**|1|to|6| |**Report of the Independent Auditors**|7|to|9| |**Statement of Financial Activities**||10|| |**Statement of Financial Position**||11|| |**Statement of Cash Flows**||12|| |**Notes to the Statement of Cash Flows**||13|| |**Notes to the Financial Statements**|14|to|21| ## **New Forest Care Homes Ltd** ## **Report of the Trustees for the Year Ended 31 December 2024** The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of 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). ## **OBJECTIVES AND ACTIVITIES** ## **Objectives and aims** The objects of the Charity are, for the public benefit, to provide housing, accommodation and assistance, and associated facilities and amenities to help house elderly people and to relieve their suffering. The trustees continue to have regard to the guidance issued by the Charity Commission on public benefit. The Charity owns and operates a 40-bed residential care home in New Milton. The Charity meets its public benefit obligations by having a policy that we accommodate residents whose places are funded sometimes by the local authority, which pays less than the rate set by the trustees, as well as those who pay the full fee privately. Residents' independence and participation is actively promoted. We have a comprehensive and varied programme of regular activities for our residents provided by our staff and we also welcome external activity providers and entertainers to the home. We also provide external trips out and visits to local attractions including, for example, outings to the New Forest, garden centres, the nearby seaside and shopping trips. Similarly, we hold open days and other events which include invitations to the wider community. We also welcome supervised visits from our volunteers, who regularly come in to socialise with the residents and to help support activities. We continued to hold regular meetings with residents (with families and Trustees also invited) which are attended by the CEO, Registered Manager and other senior staff. These meetings give residents an opportunity to express their views on how the Home is run and to raise any issues that may be of concern. Similarly, we always encourage visits from friends and family, who can be offered with accommodation and meals if required. Again, we welcome all their views as valuable feedback in our quest to continually improve services even further. Page 1 ## **New Forest Care Homes Ltd** ## **Report of the Trustees for the Year Ended 31 December 2024** ## **ACHIEVEMENT AND PERFORMANCE** This year has again been one of steady and positive progress in which the most noticeable change was the decision to alter our name from Quaker House to New Milton House. Whilst our home was originally founded by Quakers in 1977, it has always been open to residents of all beliefs and over time has developed as a registered charity and a not-for-profit company governed by independent Trustees. For these reasons, and because many mistakenly thought we were a home for Quakers only, we changed our name to better reflect our status today. However, we still value the same founding principles of respect, kindness and friendship today as we did in the past. Last year also saw Trustees agree to make many improvements and additions to the services we offer our residents. This included a fully redecorated lounge which now looks even more bright and welcoming. Added to this, was the installation of a bar area in response to suggestions from residents. We have also endeavoured to make the best use of our gardens and grounds with the new addition of a summer house that also acts as a 'café' for both residents and guests. Our reception area was further improved and the receptionist service increased, plus we strengthened our catering service, chef teams and care staff ratios. We continue to provide a wide variety of activities and events for residents, including a new group specifically for our male residents which proved popular. The Trustees continued to support our management team after it was re-structured and strengthened during the previous year in order to further improve the quality of care for our residents. As a result, we continue to believe that such encouraging and positive developments have in turn continued to make New Milton House a happy, caring, high quality and professionally managed place to live for all our residents. The Trustees have further entrusted this management team with greater responsibility in the daily operation of our service yet balanced against greater accountability and performance reporting in achieving agreed outcomes. The Trustees were pleased that, whilst not inspected in 2024 by a visit from our Care Homes Regulator, the Care Quality Commission (CQC), they still monitor our services remotely and endorse our 'Good' rating from last year. The Trustees very much thank all our excellent staff for achieving such good standards of care. The Trustees are also enthusiastic in our regard that our staff are the key to a successful service and recognise that it is vitally important that we recruit, train and retain the best staff that we can in what is a competitive employment market. Once again, despite nationally reported staff shortages in the care sector, New Milton House has mostly avoided such problems, and we have retained a settled, caring staff group with limited reliance on outside agency staff. As with previous years, the Trustees have sought to balance our rising costs with a fair and transparent resident fee increase policy. Many of our staff enjoyed almost a 10% wage increase last year due to statutory increases in the National Living Wage and these costs (which comprise almost 75% of our total costs) have had to be met together with additional inflation of our other key costs such as gas, electricity and fresh food. Despite this, the Trustees have managed to sustain a consistent and competitive fee increase which has maintained progress with our overall occupancy. Trustees continue to ensure that as a Registered Charity, unlike most privately owned care homes, any financial surplus we generate is re-invested back into further service improvements. At the end of 2024 we began to see the benefits of our changed name and the 're-branding' and marketing efforts that supported it, resulting in an increase in enquiries for our services together with a better understanding that we offer these to all older people with care needs. These changes left us in a stable position financially as we ended 2024 and confident that our occupancy will continue to increase into 2025. Page 2 ## **New Forest Care Homes Ltd** ## **Report of the Trustees for the Year Ended 31 December 2024** ## **FINANCIAL REVIEW** The last year produced a trading profit of £23,793. Whilst this is less than achieved in 2023 (a reduction of 66% from last year's surplus of £69,167), this was not entirely unexpected given our decision to increase staffing in selected areas, plus the initial impact and cost of our name change together with higher than usual inflation in our key costs of labour, agency staff and utilities plus an occupancy level which fell, in the first part of the year, slightly below our projected budget. The Trustee's also agreed to invest more in marketing and advertising our change of name which it believes has helped deliver improved awareness of our service and, in time, improved occupancy. Looking back in more detail, the preparation of our budget for 2024 proved once again to be challenging given continued uncertainty about the cost of living and unpredictable levels of inflation resulting in increased costs for the main aspects of our business such as wages (including a 10% increase in the National Living Wage) food, heating and electricity not helped by continued conflicts with the war in Ukraine and elsewhere. Despite these concerns, the board agreed once again to restrict our level of fee increase below the inflation forecast of nearby care homes as we were confident that New Milton House was in a much stronger position, under an improved and maturing management structure, to build on our success. Despite having to balance our rising costs against a competitive fee increase, a positive performance in 2024 was achieved, primarily based on our ability to maintain New Milton House as being the ideal 'home from home' style of professional care without any need to tap into our reserves. Our total income increased by 14% compared to 2023 but we still managed to keep our resident fee increase to a consistent 8% as we did in the previous year. Our expenditure increased by 18%, which was mostly caused by inflated staffing costs, increased costs of agency staff (an additional 36%) plus adjusted energy contracts. Once again, because we are a charity and as part of our constitution, we make a charitable contribution by allowing for up to five local authority residents from Hampshire County Council at a reduced rate. Typically, an average of £200pw is set against our full fee rate depending on the category of care required. Our policy is to net such charitable contributions against the room fee income in our accounts. Average room occupancy during 2024 was 30% compared with 28% in 2023. Our short stay convalescence and respite service continues to be popular and achieves a good conversion rate into full time residencies. Whilst we are pleased to see this increase in occupancy, it still fell below our planned target. We are confident however the service improvements introduced in 2024 will boost occupancy next year. The company's cash reserves policy is designed to keep sufficient "free cash" in its bank accounts to cover approximately six months' operating cash requirement plus three years' estimated expenditure on planned maintenance and improvements. "Free cash" comprises all cash excluding amounts representing residents' deposits and amounts relating to restricted reserves that are intended to be spent more than twelve months from the balance sheet date. This requirement is equivalent to about £978,000 (2023: £775,000). However, the calculated "free cash" reserve figure is £766,584 (2023: £773,887), which gives a shortfall in cash reserves of £211,416 (2023: £1,455). Although this shortfall represents an increase in the deficit of "free cash" reserves, the Board considers that the Charity can continue to function in the next 12 months given anticipated improvements to occupancy levels and continued efforts to reduce costs where possible whilst maintaining the level of care and safety consistent with five 'Good' scores under the CQC 'Key Lines of Enquiries'. We are of course continually monitoring the situation. We have benchmarked our fees, both current and the new ones for 2025 to ensure that we are in line with the market in which we operate. The Trustees are of the opinion that the market value of the freehold property owned by the Charity is greater in value than the net book value as stated in the balance sheet and thus more in line with property price increases that have been experienced during the year locally. Page 3 ## **New Forest Care Homes Ltd** ## **Report of the Trustees for the Year Ended 31 December 2024** ## **STRUCTURE, GOVERNANCE AND MANAGEMENT** ## **Governing document** The Charity is a company limited by guarantee and does not have share capital. Its governing document is the Articles of Association. The Trustees set the strategic direction and policies of the Charity and delegate the implementation of their decisions and day-to-day management to the CEO and the Registered Manager, the Deputy Manager and other senior members of staff. The voluntary Board of Trustees now meets bi-monthly plus other occasional times to help, for example, prepare the budget. During 2024 we strengthened our Board with a new appointment to five Trustees with a wide range of professional backgrounds and appointed a permanent Chair following the planned retirement of the previous, long-standing Chair towards the end of the previous year. The Trustees agreed to each take a specialist 'portfolio' of service to focus on including main areas such as Finance, Care Quality and Building and Estate. There is a formal process for recruiting new Trustees. This includes an informal meeting with the candidate attended by the Chair and another trustee and inviting the candidate to attend a Board meeting as an observer. New trustees are issued with a welcome pack of documentation and meet with the Management team to further help progress their induction. Trustees are also checked, registered and certified under the Disclosure and Barring Service and normally retire by rotation at every third annual review meeting but may stand to be re-elected. However, they may serve for no more than three contiguous 3-year terms of office, other than in exceptional circumstances. The risks the Charity faces are reviewed by the Board annually, and systems and procedures have been established to mitigate them. The Home is registered with, and regulated by, the CQC under the Health and Social Care Act 2008. ## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number** 08917492 (England and Wales) **Registered Charity number** 1156022 ## **Registered office** New Milton House 40-44 Barton Court Road New Milton Hampshire BH25 6NR ## **Trustees** M Richens (resigned 1.3.24) N Holmes E Kemp (resigned 1.3.24) J Masters D Barker A Bokota (appointed 13.8.24) B Henry (appointed 10.1.24 and resigned 2.9.24) C M Scurr (appointed 11.2.25) ## **Senior Statutory Auditor** Zara Dunster FCA Page 4 ## **New Forest Care Homes Ltd** ## **Report of the Trustees for the Year Ended 31 December 2024** ## **REFERENCE AND ADMINISTRATIVE DETAILS Auditors** Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA ## **Solicitors** Bates Wells Braithwaite 10 Queen Street Place London EC4R 1BE ## **CHANGE OF NAME** The charitable company passed a special resolution on 13 August 2024 changing its name from New Forest Quaker Care Home to New Forest Care Homes Ltd. This was officially changed at Companies House and the Charities Commission on the 2 September 2024. ## **STATEMENT OF TRUSTEES' RESPONSIBILITIES** The trustees (who are also the directors of New Forest Care Homes Ltd for the purposes of company law) are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). Company law requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charitable company and of the incoming resources and application of resources, including the income and expenditure, of the charitable company for that period. In preparing those financial statements, the trustees are required to - select suitable accounting policies and then apply them consistently; - observe the methods and principles in the Charity SORP; - make judgements and estimates that are reasonable and prudent; - prepare the financial statements on the going concern basis unless it is inappropriate to presume that the charitable company will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any time the financial position of the charitable company and to enable them to ensure that the financial statements comply with the Companies Act 2006. They are also responsible for safeguarding the assets of the charitable company and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. In so far as the trustees are aware: - there is no relevant audit information of which the charitable company's auditors are unaware; and - the trustees have taken all steps that they ought to have taken to make themselves aware of any relevant audit information and to establish that the auditors are aware of that information. Page 5 New Care Homes Lld rt tsf ibe Trwtees fo itse Yexr Ended 31 DttÈJllbEr 21124 STATEMENT OF TRUSTEES. RE8PONSIBILITIES- totttlnutd IniLm*l Lvnlrols over all lonns of Lommilmeni and tXPLTrTK]IluTe ronlipues to k refin￿ lo improve t￿￿lenCY. Procews are in plac¢ lo cnsure ihai pLifoTmance is monilorcd wvj Hppropriaie matha8em¢nl infornution js PTcpaTcd aJ)d regularly revicwcd by Ix>th ih¢ txccutive mawerr*nl Ihc TnJsieeL The sy51cms of illtcrnal cothtrols are de51gned ￿ provide r¢Èsottable bul not atkqolute assura￿¢¢ agaitL41 mai¢rial m]S-s￿*menl OT loss. Th¢y itt¢ludc'. - Str41¢gic pla￿8 and annual budg¢15 approved by the Trustcts: - Rcgular considcraiiort by the T￿￿teeS of financial result& varianctt fmm Iwdg¢ts. rton-flnancial perfoMwr￿c indica14)TS and bcnchMa￿inS r¢vi¢ws: - Jkl¢gation of day-IO¥day management a￿￿lty ond scgrwlion of duti¢s; Ind Identification and manJg¢ffjcnl of risks. AUDITORS Thc auditors. Towu & Fortst. will be for re-appointsn¢ni 1¢ thc forthcomi￿ Annusl G¢nml Meetin¥. This report h&s b¢¢t) preparcd in accord8n¢¢ with the S￿¢1￿1 wovision$ of Part 15 of the Comp8t)ies Act 2006 relaiin8 to small compani¢$. Approved by order of ihe bollrd of trustees on......................... . and Signed on its b¢h8lf by: D Barkcr- TnL&I¢¢ Pa8e 6 ## **Report of the Independent Auditors to the Members of New Forest Care Homes Ltd** ## **Opinion** We have audited the financial statements of New Forest Care Homes Ltd (the 'charitable company') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Statement of Financial Position, the Statement of Cash Flows and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). - In our opinion the financial statements: - give a true and fair view of the state of the charitable company's affairs as at 31 December 2024 and of its incoming resources and application of resources, including its income and expenditure, for the year then ended; - have been properly prepared in accordance with United Kingdom Generally Accepted Accounting Practice; and - have been prepared in accordance with the requirements of the Companies Act 2006. ## **Basis for opinion** We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charitable company in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. ## **Conclusions relating to going concern** In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charitable company's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue. Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report. ## **Other information** The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon. Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard. ## **Opinions on other matters prescribed by the Companies Act 2006** In our opinion, based on the work undertaken in the course of the audit: - the information given in the Report of the Trustees for the financial year for which the financial statements are prepared is consistent with the financial statements; and - the Report of the Trustees has been prepared in accordance with applicable legal requirements. Page 7 ## **Report of the Independent Auditors to the Members of New Forest Care Homes Ltd** ## **Matters on which we are required to report by exception** In the light of the knowledge and understanding of the charitable company and its environment obtained in the course of the audit, we have not identified material misstatements in the Report of the Trustees. We have nothing to report in respect of the following matters where the Companies Act 2006 requires us to report to you if, in our opinion: - adequate accounting records have not been kept or returns adequate for our audit have not been received from branches not visited by us; or - the financial statements are not in agreement with the accounting records and returns; or - certain disclosures of trustees' remuneration specified by law are not made; or - we have not received all the information and explanations we require for our audit; or - the trustees were not entitled to take advantage of the small companies exemption from the requirement to prepare a Strategic Report or in preparing the Report of the Trustees. ## **Responsibilities of trustees** As explained more fully in the Statement of Trustees' Responsibilities, the trustees (who are also the directors of the charitable company for the purposes of company law) are responsible for the preparation of the financial statements and for being satisfied that they give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, the trustees are responsible for assessing the charitable company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. ## **Our responsibilities for the audit of the financial statements** Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above, to detect material misstatements in respect of irregularities, including fraud. The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below: We obtained an understanding of the legal and regulatory frameworks that are applicable to the entity and determined that the most significant are those that relate to the Companies Act 2006, FRS 102 and Charities Act 2011. We assessed the risks of material misstatement in respect of fraud as follows: we made full enquiries with management and those charged with governance. As part of our fraud discussions we discussed particular areas we believed to be susceptible to misstatement. Also during our audit we paid particular attention to looking for any related party transactions, however there were no related party transactions in this entity. A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors. Page 8 ## **Report of the Independent Auditors to the Members of** ## **New Forest Care Homes Ltd** ## **Use of our report** This report is made solely to the charitable company's members, as a body, in accordance with Chapter 3 of Part 16 of the Companies Act 2006. Our audit work has been undertaken so that we might state to the charitable company's members those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charitable company and the charitable company's members as a body, for our audit work, for this report, or for the opinions we have formed. Zara Dunster FCA (Senior Statutory Auditor) for and on behalf of Town & Forest Chartered Accountants & Statutory Auditors First Floor, New Barnes Mill Cottonmill Lane St Albans AL1 2HA Date: ............................................. 23 July 2025 Page 9 ## **New Forest Care Homes Ltd** ## **Statement of Financial Activities (Incorporating an Income and Expenditure Account) for the Year Ended 31 December 2024** |Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
Other trading activities
3
Investment income
4
**Total**
**EXPENDITURE ON**
**Charitable activities**
5
Charitiable Costs
Governance
Support Costs
Other
**Total**
**NET INCOME**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|31.12.24
Unrestricted
funds
£
100
1,766,585
26,998
1,793,683
1,656,374
7,620
72,155
33,741
1,769,890
23,793
2,548,534
2,572,327|31.12.23
Total
funds
£
-
1,550,664
22,408| |---|---|---| |||1,573,072| |||1,400,157
5,040
82,583
16,125| |||1,503,905| |||69,167
2,479,367| |||2,548,534| The notes form part of these financial statements Page 10 New Fore51 Care Homes Ltd Stalemenl of Financial Posiilott -31 December 2024 31.12.24 31.12.23 Total fvnd5 Unr¢.gtrict¢d Noies FIXF.D ASSETS TdnbTibl¢ as%els 10 1.911.382 1,918.583 CURRETr4T ASSETS Siocks Dcbiors Cash al bank and in haud 3.689 60.918 ¥37.782 12 161,023 824.5()5 985.588 902.389 CREDITORS Atiiouiiis falliii¥ due within one year 13 1323,3601 1271.65?) Tr4ET CURRENT ASSETS 662,228 630.737 T()TAI. ASSLTS LLSS CURRENT I,IABII.ITIL% 2,573,610 2,549,320 CRF.DITORS Aniounis fallin&T due after rnOTe than on¢ y¢or 14 11.2831 17861 I%ET ASSETS 2,572 327 2.548 534 FUN'DS UnTestrici¢(J funds 2 572 327 2 548,534 TOTAL FUNDS 2.572 327 2.548.534 Th¢s¢ finaniial slaiemenis have F*en prepgred irt accordanc¢ with the provisions applicable to ¢haritsbl¢ rompanics subjccl to the small companic5 rcgime. Th¢ financial statements were approved by the BoArd of Trnmtts and auth(ffis¢d for issue on .. And were signed on ils behaifby.. D Barker- TTUS*e The notes forrn part of these financial stti¢ment5 Pagell |**New Forest Care Homes Ltd**
**Statement of Cash Flows**
**for the Year Ended 31 December 2024**
31.12.24
Notes
£
**Cash flows from operating activities**
Cash generated from operations
1
56,509
Net cash provided by operating activities
56,509
**Cash flows from investing activities**
Purchase of tangible fixed assets
(83,530)
Interest received
13,804
Net cash used in investing activities
(69,726)
**Change in cash and cash equivalents in the**
**reporting period**
(13,217)
**Cash and cash equivalents at the beginning**
**of the reporting period**
837,782
**Cash and cash equivalents at the end of the**
**reporting period**
824,565|31.12.23
£
144,709
144,709
(47,052)
9,883
(37,169)
107,540
730,242
837,782| |---|---| The notes form part of these financial statements Page 12 ## **New Forest Care Homes Ltd** ## **Notes to the Statement of Cash Flows for the Year Ended 31 December 2024** ## **1. RECONCILIATION OF NET INCOME TO NET CASH FLOW FROM OPERATING ACTIVITIES** |**Net income for the reporting period (as per the Statement of Financial**
**Activities)**
**Adjustments for:**
Depreciation charges
Loss on disposal of fixed assets
Interest received
Decrease in stocks
Increase in debtors
Increase in creditors
**Net cash provided by operations**
**2.**
**ANALYSIS OF CHANGES IN NET FUNDS**|31.12.24
£
23,793
85,115
5,616
(13,804)
3,689
(100,105)
52,205
56,509|31.12.23
£
69,167
80,916
-
(9,883)
-
(36,467)
40,976
144,709| |---|---|---| ||At 1.1.24|Cash flow|At 31.12.24|At 31.12.24| |---|---|---|---|---| ||£|£||£| |**Net cash**||||| |Cash at bank and in hand|837,782|(13,217)||824,565| ||837,782|(13,217)||824,565| |**Total**|837,782|(13,217)||824,565| The notes form part of these financial statements Page 13 **New Forest Care Homes Ltd** ## **Notes to the Financial Statements for the Year Ended 31 December 2024** ## **1. ACCOUNTING POLICIES** ## **Basis of preparing the financial statements** The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) '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 2015)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Companies Act 2006. The financial statements have been prepared under the historical cost convention and in accordance with the accounting policies set out below. The financial statements have been prepared in sterling which is the functional currency of the charity. ## **Income** All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably. Donations are accounted for as they are received. Pecuniary legacies are accounted for as they are received. Residuary legacies are accounted for at the date of entitlement. Local Authority Fees are accounted for at the date the invoice is issued in accordance with the terms and conditions prevailing with the local authority. Investment income is accounted for once the income has been credited to the bank account. Grant income is accounted for in an appropriate manner that matches with the expenditure towards which it is intended to contribute. Grants for immediate financial support or to cover costs already incurred are recognised immediately in the statement of financial activities. All grant income is recognised when all conditions for receipt have been complied with. ## **Expenditure** Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, 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 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. ## **Redundancy and termination payments** Termination payments are payable when employment is terminated before the normal retirement date, or whenever an employee accepts voluntary redundancy in exchange for these payments. The charity recognises termination payments when it is demonstrably committed to either (i) terminating the employment of current employees according to a detailed formal plan without possibility of withdrawal or (ii) providing termination benefits as a result of an offer made to encourage voluntary redundancy. ## **Tangible fixed assets** Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life. |Freehold Property|-|2% on cost| |---|---|---| |Fixtures and Fittings|-|10% straight line| |Long Life Assets|-|5% on cost| |Fire Prevention Equipment|-|10% on cost| |Computer Equipment|-|20% on cost| continued... Page 14 **New Forest Care Homes Ltd** **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **1. ACCOUNTING POLICIES - continued** ## **Stocks** Stocks are valued at the lower of cost and net realisable value, after making due allowance for obsolete and slow moving items. ## **Taxation** The charity is exempt from corporation tax on its charitable activities. ## **Fund accounting** Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes. Further explanation of the nature and purpose of each fund is included in the notes to the financial statements. ## **Provisions and accruals** Provisions are recognised when there is a present legal or constructive obligation as a result of past events and the amount can be reliably estimated. Provisions are not recognised for future operating losses. ## **Trade debtors** Trade debtors are carried at original net invoice amount less an estimate for doubtful debtors. Bad debts are written off when identified. Specific provisions are made against debts whose recovery is considered doubtful. ## **Pension costs and other post-retirement benefits** The charitable company operates a defined contribution pension scheme. Contributions payable to the charitable company's pension scheme are charged to the Statement of Financial Activities in the period to which they relate. ## **Fixtures and fittings** Items (or projects) costing less than £3,000 are written off against income during the year of expenditure, items with a life of less than three years are also written off against income. ## **2. DONATIONS AND LEGACIES** |**DONATIONS AND LEGACIES**||| |---|---|---| ||31.12.24|31.12.23| ||£|£| |Donations|100|-| continued... Page 15 ## **New Forest Care Homes Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** |**3.**
**OTHER TRADING ACTIVITIES**
Room fees
Sundry income
**4.**
**INVESTMENT INCOME**
Rent - 38B Barton Court Road
Deposit account interest
**5.**
**CHARITABLE ACTIVITIES COSTS**
Charitiable Costs
Governance
Support Costs
**6.**
**SUPPORT COSTS**
Governance
Support Costs|Direct
Costs
£
1,656,374
-
-
1,656,374
Other
£
-
72,155
72,155|31.12.24
£
1,763,128
3,457
1,766,585
31.12.24
£
13,194
13,804
26,998
Support
costs (see
note 6)
£
-
7,620
72,155
79,775
Governance
costs
£
7,620
-
7,620|31.12.23
£
1,550,727
(63)
1,550,664
31.12.23
£
12,525
9,883
22,408
Totals
£
1,656,374
7,620
72,155
1,736,149
Totals
£
7,620
72,155
79,775| |---|---|---|---| ||||| continued... Page 16 ## **New Forest Care Homes Ltd** ## **Notes to the Financial Statements - continued** ## **for the Year Ended 31 December 2024** ## **7. NET INCOME/(EXPENDITURE)** Net income/(expenditure) is stated after charging/(crediting): ||31.12.24|31.12.23| |---|---|---| ||£|£| |Auditors' remuneration|6,720|5,040| |Depreciation - owned assets|85,115|80,916| |Hire of plant and machinery|33,741|16,125| |Deficit on disposal of fixed assets|5,616|-| ## **8. TRUSTEES' REMUNERATION AND BENEFITS** There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023. ## **Trustees' expenses** One trustee was paid £186 for trustees' expenses during 2024. There were no trustees' expenses paid for the year ended 31 December 2023. ## **9. STAFF COSTS** |Wages and salaries
Social security costs
Other pension costs|31.12.24
£
989,451
65,987
46,895
1,102,333|31.12.23
£
825,400
65,148
38,413| |---|---|---| |||928,961| The average monthly number of employees during the year was as follows: ||31.12.24|31.12.23| |---|---|---| |Full and Part Time|55|45| One employee received emoluments within the band of £60,000 - £70,000. In 2023, no employees received emoluments in excess of £60,000. continued... Page 17 ## **New Forest Care Homes Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **10. TANGIBLE FIXED ASSETS** |**COST**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**DEPRECIATION**
At 1 January 2024
Charge for year
Eliminated on disposal
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023
**COST**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**DEPRECIATION**
At 1 January 2024
Charge for year
Eliminated on disposal
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|Freehold
Property
£
2,352,958
-
-
2,352,958
643,409
45,620
-
689,029
1,663,929
1,709,549
Fire
Prevention
Equipment
£
101,417
-
(9,526)
91,891
99,477
277
(9,526)
90,228
1,663
1,940|Fixtures
and
Fittings
£
308,990
81,130
-
390,120
160,533
30,038
-
190,571
199,549
148,457
Computer
Equipment
£
25,769
2,400
(16,848)
11,321
17,269
1,996
(11,232)
8,033
3,288
8,500|Long Life
Assets
£
159,879
-
-
159,879
109,742
7,184
-
116,926
42,953
50,137
Totals
£
2,949,013
83,530
(26,374)
3,006,169
1,030,430
85,115
(20,758)
1,094,787
1,911,382
1,918,583| |---|---|---|---| Included in cost or valuation of land and buildings is freehold land of £193,875 (2023 - £193,875) which is not depreciated. Freehold Property cost consists of Quaker House £2,024,558 and 38b Barton Road £328,400. continued... Page 18 ## **New Forest Care Homes Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** |**11.**
**STOCKS**
Stocks
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Accrued income
Prepayments
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Pension fund deficit
Deferred income
Accrued expenses
**14.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Pension fund deficit
**15.**
**MOVEMENT IN FUNDS**
At 1.1.24
£
**Unrestricted funds**
General fund
2,548,534
**TOTAL FUNDS**
2,548,534|**11.**
**STOCKS**
Stocks
**12.**
**DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade debtors
Other debtors
Accrued income
Prepayments
**13.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Trade creditors
Social security and other taxes
Other creditors
Pension fund deficit
Deferred income
Accrued expenses
**14.**
**CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR**
Pension fund deficit
**15.**
**MOVEMENT IN FUNDS**
At 1.1.24
£
**Unrestricted funds**
General fund
2,548,534
**TOTAL FUNDS**
2,548,534|31.12.24
£
-
31.12.24
£
119,158
26,192
2,829
12,844
161,023
31.12.24
£
47,722
35,919
72,276
5,011
54,509
107,923
323,360

31.12.24
£
1,283
Net
movement
in funds
£
23,793
23,793|31.12.23
£
3,689
31.12.23
£
32,863
8,533
3,122
16,400
60,918
31.12.23
£
45,792
29,738
75,747
4,875
38,306
77,194
271,652
31.12.23
£
786
At
31.12.24
£
2,572,327|31.12.23
£
3,689
31.12.23
£
32,863
8,533
3,122
16,400| |---|---|---|---|---| |||||60,918| |||||31.12.23
£
45,792
29,738
75,747
4,875
38,306
77,194| |||||271,652| ||||2,572,327|| continued... Page 19 ## **New Forest Care Homes Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **15. MOVEMENT IN FUNDS - continued** Net movement in funds, included in the above are as follows: |Incoming
resources
£
**Unrestricted funds**
General fund
1,793,683
**TOTAL FUNDS**
1,793,683
**Comparatives for movement in funds**
At 1.1.23
£
**Unrestricted funds**
General fund
2,479,367
**TOTAL FUNDS**
2,479,367
Comparative net movement in funds, included in the above are as follows:
Incoming
resources
£
**Unrestricted funds**
General fund
1,573,072
**TOTAL FUNDS**
1,573,072|Resources
expended
£
(1,769,890)
(1,769,890)
Net
movement
in funds
£
69,167
69,167
Resources
expended
£
(1,503,905)
(1,503,905)|Movement
in funds
£
23,793
23,793
At
31.12.23
£
2,548,534
2,548,534
Movement
in funds
£
69,167
69,167| |---|---|---| continued... Page 20 ## **New Forest Care Homes Ltd** ## **Notes to the Financial Statements - continued for the Year Ended 31 December 2024** ## **16. RELATED PARTY DISCLOSURES** There are no related party transactions, other than those disclosed in note 8. ## **17. PENSION FUND DEFICIT** The Charity and its employees used to contribute to The Pensions Trust Growth Plan Series 3, a defined benefit scheme which is in deficit. To eliminate the deficit The Pensions Trust has implemented a recovery plan which requires the Charity to make deficit contributions. In April 2025, the contributions were revised to a fixed payment of £1,696.80 pa plus an expense amount of £3,433.92 pa, under the new recovery plan deficit contributions are due to end on 31 March 2028. The amount of the deficit fluctuates according to the life expectancy of members and investment returns. It could increase or decrease. Our contributions might therefore change again. Since September 2009 all contributing employees changed to The Pensions Trust Growth Plan Series 4, a defined contribution scheme, which has no future contingent liabilities on the Home. If the Charity were to withdraw from the Plan, it would be immediately liable for its share of the deficit (calculated on a buy-out valuation basis) at the date of withdrawal. The Growth Plan is one scheme (albeit made up of four series) so, as long as the Charity has active members in either Series 3 or 4, the liability will not be triggered. Full provision has not been made for this amount as the Charity has not withdrawn from the Plan Page 21