Charity registration number 1157793 {England and Walesl ST BARNABAS SOUTHWOLD ANNUAL REPORT AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024
ST BARNABAS SOUTHWOLD LEGALAND ADMINISTRATIVE INFORMATION Trustees Nigel Johnson Mark Clark Lucy Turvill Diane Brown Trevor Clifford Brian Duncan David Gaffney Kenneth Holloway Elizabeth Tarris Sarah Wallinglon Smith Brenden S3rsfield (Appointed 12 May 2025} Honorary President Julian Hirst Home Manager Clare Hart Charity registration England and Wales 1157793 Principal address Sl Barnabas Godyll Road Southwold IP18 6AJ Auditor Ensors Connexions 159 Princes Street Ipswich IP1 1QJ Bankers Barclays Bank PIC 67 High Street Southwold IP18 6DT Investment advisors Brewin Dolphin Limiled Lawrence House 5 St Andrews Hill Norwich NR2 1AD
ST BARNABAS SOUTHWOLD CONTENTS Page Chaifman's statement Trustees. report 3-10 Independenl audilorfs report Stalemenl of financial activities 14 Balance sheet 15 Slalemenl of cash flows 16 Noles lo the financial slalements 17-31
ST BARNABAS SOUTHWOLD CHAIRMAN'S STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024 l am delighted lo again make this report concerning the continued success of Sl Barnabas Care Home and the important part played in this success by all ils employees. Indeed, the year 2023 to 2024 was a year of consolidation as the new manager, Mrs Clare Hart {appoir)ted in June 20231 and her deputy Mrs Gemma Baggott, gave stability and a sense of purpose lo the Home. I take this opportunity lo recognise the enormous impact that Mrs Hart has brought to St Barnabas in her leadership of the whole team. There can be little doubt that the evidence of the waiting list for places in the Home and the ease with which Mrs Hart is able to appoint full time and bank staff is testimony to the happy atmosphere and positive approach which she has engendered since taking up her post. Trustees weie delighted when Mrs Hart was accepted by CQC as the Registered Manager. On behalf of the Trustees, l offer my formal thanks to every employee of St Barnabas for their hard work and commitment lo the Home and ils residents. Much work has been completed by the management team, much of il unseen, in the development of policies and processes that continue lo support the care of the residents and their comfort. These include such matters as a review of Health & Safely policies, a continuous programme of training and self-developmenl for our carers, a formal review of the Risks associaled with the organisation conducted with the support of Trustees and the further development of the PASS Care system which is a digital platform that helps providers plan care, manage staff, track medication, report oulcomes, and meet CQC standards. GDPR standards have also been implemented and updated. Work has continued to lake place within the Home to benefit the daily lives of the residents. Trustee Brian Duncan has overseen much of this physical work, overseeing the objective of providing every room (where practical) with personal bathing and toilet facilities. This has entailed the clever reworking of rooms lo provide en-suite facilities and the removal of one wel room lo allow for an extended bedroom and en-suite for one resident and useful storage space for staff. Brian Duncan also organised the installation of an additional boiler which would safeguard the Home in the event of boiler breakdown, as experienced in the past when both hol water and heating failed. The new boiler will prevent such a catastrophic event occurring again and will provide both security and safeguarding for the staff and residents alike. A major project has been identified which will require very careful planning and considerable capital expenditure in the replacement of the lift. This is a vital piece of equipment that when il fails, as it has done several limes in recent years, has a huge impact on the Home. its staff and residents. Trustees will have to review the means of replacing the lift in the next 12 months. l am very grateful lo Brian Duncan for the many hours of commitment Ihal he offers in support of the Manager and her team. The general ambience of the home continues lo be irllpioved with a regular programme of redecoration and the purchase of new furniture. Resident surveys are undertaken to provide feedback on such matters as activities, the weekly menu and any other malters concerning residents, personal comforts. The appointment of an Activities Co-ordinator as well as the development of a formal Housekeeper role has supported any inilialives identified. Activities such as Ihe Christmas Lunch, a Coffee Morning and celebration of Sl Barnabas Day have all supported the residents in their daily lives. As indicated above both Management and Trustees continue lo seek means of bringin9 si Barnabas lo the attention of the wider community and in particular encourage residents of Southwold and Reydon to become 'Friends of Saint Barnabas,. We are very grateful lo Ihose who do become 'Friends' and continue to support our activities. The success of Sl Barnabas can also be evidenced from the loyalty of ils staff. There are several staff who have now completed over 15 years continuous seNice and some. like Mrs Teresa Dunn, whose service is over 20 years. Trustees are extremely grateful lo every member of staff, whatever their role within the Home. Without such loyally and commitment St. Barnabas would not be recognised as one of the outstanding Care Homes within the area. I offer my forrnal thanks lo every member of staff on behalf of the Tiuslees.
ST BARNABAS SOUTHWOLD CHAIRMAN'S STATEMENT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 I have mentioned several Trustees in this report. I thank all my fellow Trustees for their commilmenl to supporting the Home and giving LAP their lime voluntarily. I would like to mention one other Trustee by name, Mark Clark, who as Treasurer, has completed such sterling work irs completing our accounts and keeping us updated on the financial outcomes facing St Barnabas. His attention to detail. regular reporting and close support of our administrator. Sharon Calver, has been of enormous benefit to the successful running of the Home. The Home was very fortunate lo receive a bequest from the estate of the late Margaret Haggerty. {Margarel had been associated with the adminislralion of the Home in the past as was reported in last year's financial review.) During 2024, a further bequest was received from the eslate of Ihe late Janet Foster. Janet had been a long-time resident in the Home and she had told staff members she would be leaving something for the Home in her will. She ended up leaving a sum in excess of £324,000, as reported in the Treasurer's statement, of which £250,000 was received during the course of 2024 and the balance accrued. The decision to place the flats on the open market as rental properties has proved financially beneficial as reported by the Treasurer in his statement. Trustees decided that greater benefit would be received by the Charity by placing the lower floor annexe, named The Retreat, as a full time let rather than a Holiday Lel. l arn grateful to Trustee Diane Brown for her management of the flats and her work with our agent Durrants. Finally, in this statement, l offer my thanks lo Sir Richard Dales who, as our President for over 20 years, offered his constant support and wise counsel lo my predecessors and myself acting as Chair of Trustees. Not only did Sir Richard offer his advice, bul also, for many years, his home as the centre for our meetings as Trustees. Together with his wife Elizabeth Sir Richard offered comfort and refreshmentsl Sl Barnabas is very grateful to him for the service he gave lo the Home, the Trustees, staff and residents alike. We welcome back another very long serving 'Friend' as our new President in Julian Hirst. I have no doubts his knowledge and experience of St Barnabas garnered over many years will be immeasurably useful. l end this report by again thanking Clare Hart and all her staff for the wonderful job Ihal they do in looking after and supporting ou¥ residents. Wilhoul their loyally and commitment Sl Barnabas could not hope to maintain the oulslanding reputation that it does. 'on (May 5. 2026 16.41 02 GMT+11 Nigel Johnson Chaimlan Date.. 0510512026
ST BARNABAS SOUTHWOLD TRUSTEES, REPORT FOR THE YEAR ENDED 31 DECEMBER 2024 The trustees present their annual report and financial statements for the year ended 31 December 2024. The financial statements have been prepared in accordance with the accounting policies set oul in note 1 to the financial slalemenls and comply with the Clo's governing document, the Charities Act 2011, FRS 102 "The Financial Reporting Standard applicable in the UK and Republic of Ireland" and the Charities SORP '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" In accordance with Ihe above rules the financial slalements have been audited. In the past the financial statements were prepared and examined las opposed lo audited) by an independent examiner. However, the CIO'S tumover and asset values exceed the point where the Charity Commission requires the CIO'S financial statements to be subject to an audit. To this end after receiving competitive tenders Ensors, were selected as auditors, which appointment will be confirmed al the AGM. Objectives and activities The objects of the CIO are lo provide residential care, sheltered accommodation andlor other care and assistance for persons who are elderly andlor disabled andlor of limited means and in need of such care and assistance as the management committee consider appropriate having regard lo the resources of Sl Barnabas. The CIO'S aims are set out in the 'statemenl of purpose,, a copy of which is available al the Home for inspection. The CIO aims lo provide a high standard of care. taking account of individuals, particular requirements, in a homely, safe and secure premises, supported by suitably qualified staff. Sl Barnabas's Home can accommodate fifteen residents in single room5 on a full time basis. Of these rooms thirteen include en-suite facilities. The CIO has externally let the five self contained flats next lo the Home as well as the annex ffat on the ground floor, managed externally by Durranls Estate Agents. The proceeds from these rentals are used to assist in the financing of the Home. Strategies for achieving aims and objectives The staff are key lo the success of the Home and Management and the Trustees priorilize the ongoing training of the staff lo ensure they are trained to continue to provide the highest level of care and SLtpport to the residents of St Barnabas. There are currently thirty-seven staff at the Home.. len are full lime., Iwenly-three are part time., four are relief workers., and there are five staff who have on call responsibilities. Of the slaff, eleven are trained lo administer medication and all are trained in basic First Aid. Eight members of staff have been trained in advanced First Aid. The Manager has a Level S Diploma in Care Home management and leadership. the Deputy Manager is currently studying for a Level 4 Diploma and one other member of staff has a Level 3 Diploma. The Home also provides a wide range of face-lo-face training courses available to all staff throughout the year, plus a small number of courses which are provided online. Public benefit The Trustees paid due regard to guidance issued by the Charity Commission in deciding what activities the CIO should undertake.
ST BARNABAS SOUTHWOLD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grant making policy The CIO utili5es a significant proportion of the kind and generous gifls its receives lo enable Sl Barnabas to provide care for residents who are unable to meet the full costs of the care themselves. During the year the CIO awarded care to two residents of a value of £8,370 (2023 £12,100>, though the funds for the 2024 care were evenlua51y recovered from Suffolk County Council. It should be noted that grant commitments may be in place for many years as it is the CIO'S objective to try and mainlain a person's residency for life, should they wish to remain in the Home, subject to the means available lo the CIO. {N.8 If the commitment lo provide £8,370 per year in grants was lo continue for five years the charitable grant concerned would exceed £40,000. For this reason, the CIO has lo exercise restraint with regard lo the number and amount of grants it can make available. In general. the CIO prefers to make such grants to existing residents of limited means whose residency is being supported, or is about to be supported, by Suffolk County Council or similar Local Aulhority-l Each application for such support is reviewed by Management and Ihe Trustees to consider eligibility and level of support the CIO is able lo provide. Achievements and performance Significant activitie5 and achievements against objectives The main measurement of achievement and performance of the CIO is the feedback from the residents and their representatives Beyond this the CIO pays significant attention lo reports from the Care Quality Commission {CQC) and Ihe Suffolk County Council placement team. In accordance with regulations, Trustees regularly discuss the level of care with residents and their representatives. This feedback over the past year has found the Home lo be considered well managed, with approachable and caring staff. The Trustees were very pleased with this feedback. The CQC last inspected in January 2020 and the Home received a 'Good' in every category. The CIO has a formal complaints procedure to ensure any resident or representative ha5 the opportunity to discuss any difficulties and have these dealt with in a prompt and professional manner. The Trustees are very pleased with the level of activities the Home is able lo offer internally. During the year these have included.. quizzes., word games,. card games., scrabble., reminiscing., craft projects., and bingo. Also, a number of animal visits have been introduced and they have proved to be very popular. (Lamas, Donkeys, miniature Ponies etc.) The Home has played host to.. some musicians,. a magician., and other enlertainers. The staff continue lo support residents to go out for walks, have a coffee or lunch out including visiting the Old Hall nearby for a cream tea. Vvhilsl the demand for care facililies is often difficult lo predict the levels were reasonably stable wilh the Home often being full. However, during the year some rooms were left vacant longer than usual to allow lime for en-suite cor)versions and other refurbishmenls to take place and this had an impact on income, despite this there has been an overall increase in the income. The self_conlained flats were externally let throughout the year. However, late in year (20241 it was decided that the Separate flat annex on the ground floor would be let for long term use rather than holiday let as in order lo provide a more prediclable and probably overall higher level of income.
ST BARNABAS SOUTHWOLD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Fundraising practices The CIO is committed to hi9h standards in its fundraising activities. The Home is registered with the Fundraising Regulator and adheres lo the Code of Fundiaising Practice. During the year, the CIO did nol use professional fundraisers or commercial participators. All fundraising activities were carried out by staff and volunteers. No complaints were received about fundraising practices. Fundraising activities are monitored to ensure Ihey are respectful, open, honest, and legal, and all reasonable steps are taken to protect vulnerable people and others from unreasonable intrusion, persistenl approaches, or undue pressure to donate. A key element of the CIO'S fundraising activities is the Friends of St Barnabas. During the year The Friends of St Barnabas contribuled £2,022 to help support the Home and residents with limited means. The Trustees remain very grateful for the ongoing support of the Friends.
ST BARNABAS SOUTHWOLD TRUSTEES. REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Financial review Filing and Acceptance of the Financial Statements The si Barnabas financial slalemenls for 2024 presented in this document will be presented for acceptance al the AGM. The 2023 financial statements approved al the 2024 AGM were successfully filed with the Charity Commissioners. Auditing The amount of work required to be done with regard lo providing an audit is in excess of thal required for an independent examination and the cost of preparing and approving the financial slalements has risen considerably, from just over £4,000 lo more than £14,000. Major Asset Valuations In accordance with Ihe CIO'S accounting policies, the CIO'S main assets -freehold land and buildings had to be re-valued for balance sheet purposes among other things_ This cost £3,600, an amount that was accrued in these accounts. Up and until 2023 the balance sheet showed the CIO'S land and buildings to be valued al £1.65 million, based on a 2006 valuation. However. the latest valuation from Seplembei 2025 included in the financial statements indicates a worth of £2.36 million in lotal, which was agreed as the appropriate valtjalion at 31 December 2022, 31 December 2023 as well as 31 December 2024 so has been adjusted as part of the opening balances as a prior year adjuslmenl. Financial Objectives The CIO'5 financial objective is to break-even year on yeaf. This objective tends to be realized during years with good residential income and low capilal expenditure. 11 also occurs when bequests are received, which sometimes enables a surplus lo be recorded, as in 2023 when there was a surplus £86,491, thanks lo the bequest from Ihe estate of late Margaret Haggerty. The current year has seen a surplus of £300,324, again mostly due to the large legacy income received in the year. Principal income sources The CIO generated a majority of its income from the provision of residential care seNices from its Home in Soulhwold. Beguesls During 2024, a bequest was received from the eslale of the late Janel Foster. Janel had been a long-time resident in the home and left a sum in excess of £324,000, of which £250,000 was received during the course of 2024 and the balance was accrued in these accoLJnts but was received in 2025. Use of Bequests Bequests are used lo support residents with limited financial means, as mentioned above and to fund specific projects to enhance the Home as well as to generally support the Home. In the case of the Janet Foster bequest the Trustees used some of the funds lo embark on a program of some much-needed renovations lo the Home. A program of room refurbishment was commenced, including adding en-suite facilities to rooms. Adding en-suites makes a room more comfortable for the residents and also makes the room concerned more marketable. A new dual healing system was also installed. Ilt was also decided to install a new lift, the existing has been problematic with regard to spares availability, bul the work and cost associated with this look place in 2025. 11 should be noted that the program of adding en-suiles to rooms also continued into 2025.) Going concern The Trustees have reviewed the going concern status of Ihe CIO and consider this to be appropriate, based on the CIO having adequate resources lo continue its operations for the foreseeable future.
ST BARNABAS SOUTHWOLD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Reserves policy The CIO aims to have general unrestricted funds of six months operating costs. Based on the 2024 figures this would be approximately £535.000, with the CIO holding free reserves of £990,889. inclusive of the building reserve of£550,000. Investment policy The CIO holds funds in a professionally managed investment portfolio. The Trustees review and oversee the investment holding and the return generated, quarterly reports are made and meetings are held regularly with the investment managers, enabling the Trustees lo have oversight on both the risk and ethical basis of the investments. The Treasurer's Finance Report also notes monthly changes in the portfolio. During the course of 2024 the Trustees approved an increase in the 'risk factor, in the portfolio from risk level 4 to level 5. (Risk level 5 allows 50¢/0 of the fund lo be invested in equities, it was 40 /0 al risk level 4.) Investment Performance - general unrestricted funds The value of the unrestricted investment funds al December 2023 was £562.537. At DecembeT 2024 these funds were valued al £607,580. Major risks The Trustees regularly review and proactively manage the risks of the CIO. The Trustees Consider the key risk faced by the CIO lo be the provision of appropriate care lo the residents. This is constantly monitored lo ensure the highest care standards are adhered lo and the Trustees consider that this risk is appropriately managed. The other key risks identified by Ihe Trustees are.. The shortfall of funding of residents funded by Suffolk County Council, Debt risks where either residents or their family are unable lo continue to fund the cafe., The Home havir)g inadequate liquid funds., Non-compliance with relevant laws and regulations faced by the Home especially relating to the provision of care, the CQC, healthy and safety and fire safely, High staff turnover therefore removing the consistent care provided., Inadequate staff training., Staff dispensing incorrect medication to residents,. Failure lo comply with food hygiene standards,. and Inadequate maintenance of the lift and other equipment within the Home. Plans for future period$ The Trustees continuously monitor the condition of the Home and the level of repair. The key projects currently being considered are the continuing refurbishment of rooms and the additions of en-suite facilities and the installation of a new lift and a new residential call system. 11 is expected that the capital expenditure program will have an impact on the accounts for 2025. The expenditure concerned is expected lo be in the region of £70,000 £80,000.
ST BARNABAS SOUTHWOLD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Structure, governance and management The CIO was founded in 1897 by Miss M Shipley and Revd C H Sutton. The original charily {charity number 206792> was Converted lo a CIO al the Extraordinary General Meeling on 25 November 2014. With the CIO gaining approval from the Care Quality Commission ICQC) to commence operations fiom 1 October 2015. The CIO is administered by its Trustees. The CIO'S constitution requires not less than seven and not more than twelve Trustees, lo be elected at an Annual General Meeting IAGMI. Trustees were originally elected for three years with an option lo serve for a further three years, however Ihi5 has proved to be impractical and the Constitution is in the process of being amended during 202510 enable Truslees lo serve for longer periods. This change will be pul lo a vote at the AGM, where il is expected to pass. Trustees usually meet every I0 months. Frorr 2025 Trustees complete a declaration of interest form annually and al each Trustees, meeting verbally, with any declaration of inleresl being recorded in the notes of the meeting. None of the Trustees received any benefits from the Chariiy in 2024. The below Trustees served throughout 2024 and up lo the dale of the financial statements herein. Brenden Sarsfield joined in 2025 and following Lucy Turville's resignation took over as Secretary. Lucy Turvill continues as a Trustee. Trevor Clifford was a Trustee al the lime of the financial slatements herein but ir)tends to resign al the CIO'SAGM. Nigel Johnson Mark Clark Lucy Turvill Diane Brown Trevor Clifford Brian Duncan David Gaffney Kenneth Holloway Elizabeth Tarris Sarah Wallingion Smith Brenden Sarsfseld (Appoinled 12 May 2025} Recruitment and appointment of trustees The CIO'S constilulion requires not less than seven and nor more than twelve Trustees, who are elected at the AGM for a period of three years. There is provision for re-election for a further three years. New Trustees are recruited from the local community as required. None of the Trustees received any benefits or reimbursed expenses from the Charity in 2024. DBS Checking for Trustees All Tmstees are DBS checked. (A DBS is a Disclosure and Barring Servicg check, including a criminal COrd check conducted in the UK to help employers make safer recruitment decisions by revealing an individuals criminal history.) Oryanisational structure The CIO governance is overseen by the Trustees, who pass day lo day management responsibility lo the Home Manager and their team.
ST BARNABAS SOUTHWOLD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Induction and training of trustees On appoinlmenl as a Trustee an in-depth induction is provided by the Chair and other Trustees, as well as the Manager. This includes a review of the constitution, the CQC reports and requirements, and the lalesl financial statements. All Trustees are encourage to allend in house training sessions with the staff. or lo seek external training to support them with their role. Remuneralion policy The Trustees oversee the annual remuneration rates. In setting these they pay particular attention lo the living wage rates and the rates paid in similar Homes. ststement of trustees. responsibilities The Trustees are responsible for preparing the Trustees. Report and the financial slalements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales requires the Trustees to prepare financial slalements for each financial year which give a true and fair view of the stale of affairs of the CIO and of the incoming resources and application of resources of the CIO for that year. In preparing these financial slalements, Ihe Trustees are required to.. select suitable accounting policies and then apply them consistent5y', observe the methods and principles in the Charities SORP", make judgements and eslimales that are reasonable and prudent., state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial slalemenls., and prepare the financial statements on the going concern basis unless il 15 inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping sufficient accounting records that disclose with reasonable accuracy al any lime the financial position of the CIO and enable them lo ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the governing document. They are also responsible for safeguarding the assets of the CIO and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities. Care Quality Commission ICQCI The CIO is registered with the Care Quality Commission registration number CRTI-224755225. The Home has to comply with the Essential Standards of Quality and Safety as in the Health and Social Care Act 2008 {Regulated Aclivilies) Registered Manager and Responsible Person Clare Hart Is the "Registered Manager and Responsible Person and she has an NVQ Level 5 Diploma in management and care management. She has a background in Nursing and was a qualified RGN. In addition, two Trustees who have senior nursing qualifications meet regularly with Clare and inspect the Home and they report on their findings al Trustee meetings. Management Accounts Management accounts are prepared monthly and reviewed and reported on by the Treasurer. The reports concerned and copies of the management accounts are circulated to all Trustees.
ST BARNABAS SOUTHWOLD TRUSTEES, REPORT (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 The TfUStees' report was approved by Ihe Board of Trustees. NigÈl Johnson 'lthay 5, 2026 16 41 02 GMT*11 Nigel Johnson Trustee Dale.. 0510512026 10-
ST BARNABAS SOUTHWOLD INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF ST BARNABAS SOUTHWOLD Opinion We have audited the financial statements of Sl Barnabas Southwold (the 'CIO'I for the year ended 31 December 2024 which comprise the slalement of financial aclivilies, the balance sheet, the statement of cash flows and notes to the financial statements. including significant accounting policies. The financial reporting framework thal has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporting Standard 102 The Financial Reporting Standard applicable in Ihe UK and Republic of Ireland (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial slalements.. give a true and fair view of the slate of the charity's affair5 as at 31 December 2024 and of its incoming resources and application of resources, 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 Charities Acl 2011. Basis for opinion We conducted our audit in accordance with International Standards on Auditing IUKI {ISAs (UK)) and applicable law. Our responsibilities under those slandards are further described in the Auditorfs responsibilities for the audit ol the financial statements section of our report. We are independent of the CIO in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including Ihe FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audil evidence we have obtained is sufficient and appropriate lo provide a basis for OUT opinion. In accordance with Ihe Ethical Slandard, we have applied an exemption available for small entities which permits the provision of certain non-audit services to the audited enlily. Conclusions relaling to going concern In auditing the financial slatemenls, we have concluded that the trustees, use of the going concern basis of accounting in the preparation of the financial slalemenls Is appropriate. Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions Ihal, individually or collectively, may cast significant doubt on the CIO'S ability lo continue as a going concern for a period of al least Iwelve months from when the financial slalemenls are aulhorised 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 other information comprises the information included in the annual report Dlher than the financial statements and our auditor's report thereon. The trustees are responsible for the other information contained within the annual report. Our opinion on the financial stalemenls does not cover the other information and we do not express any form of assurance conclusion Ihereon. Our responsibility is lo read the other information and, in doing so, consider whether Ihe other information is materially inconsistent with the financial statements or our knowledge obtained in the course of the audit, or otherwise appears lo be materially misstated. If we identify such material inconsistencies or apparent material misslalements. we are required to determine whether this gives rise to a material misstatement in the financial slalements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other informalion, we are required to report that fact. We have nothing lo report in this regard. 11
ST BARNABAS SOUTHWOLD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST BARNABAS SOUTHWOLD Matters on which we are required to report by exception We have nothing to report in respect of the following matters in relation to which the Charities (Accounts and Reports) Regulations 2008 requires us lo report to you if, in our opinion.. the information given in the financial slalemenls is inconsislenl in any material respect with Ihe Irustees, report", or sufficient accounting records have nol been kept., or the financial slalemenls are not in agreement with the accounting recofds", or we have not received all the information and explanations we require for our audit. Responsibilities of trustees As explained more fully in the slalemenl of trustees, responsibilities, the trustees 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 lo enable the preparation of financial statements that are free from material misslalemenl, whether due to fraud or error. In preparing the financial slalements, the trustees are responsible for assessing the CIO'S ability lo 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 lo cease operations, or have no realistic alternative bul to do so. Auditor's responsibilities for the audit of the financial statements We have been appoir71ed as auditor under section 144 of the Charities Act 2011 and report in accordance with the Act and relevant regulations made or having effect thereunder. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are flee from material misslatemenl, whether due to fraud or error, and to issue an aLJdilor's report that includes our opinion. Reasonable assurance is a high level of assurance bul is not a guarantee that an audit conducted in accordance with ISAS IUKI will always delecl a material misslalemenl when it exists. Misslalements 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. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklaudilorsresponsibililies. This description forms part of our auditor's report. Extent to which the audit was considered capable of detecting irregularities. including fraud Irregularities, including fraud, are instances of non-compliance with laws and regulations. We design procedures in line with our responsibilities, outlined above and on the Financial Reporting Council's website, to detect material misslalements in respect of irregularities, including fraud. 12
ST BARNABAS SOUTHWOLD INDEPENDENT AUDITOR'S REPORT (CONTINUED) TO THE TRUSTEES OF ST BARNABAS SOUTHWOLD We considered the nature of the CIO, ils operating environment, and the sector in which il operates. This included understanding the legal and regulatory framework applicable lo charities in England and Wales. particularly those operaling care homes, such as the Charities Act 2011, the Care Standards Acl 2000, and regulations enforced by the Care Quality Commission ICQCI. We considered the charrty's policies and procedures relating lo.. Compliance with laws and regulations.. Detection and prevention of fraud., Ethical conduct and safeguarding of vulnerable beneficiaries. We also considered the risk of management override of controls and the potential for fraudulent revenue recognition, particularly in relation lo care fees and grant income. Our audit procedures included.. Discussions with management and trustees regarding their understanding of fraud risks and compliance. Review of minutes of trustee meetings and correspondence with regulators. Evaluation of inlemal controls relevant to the preparation of the financial slatements; Analytical procedures and subslanlive testing of income and expenditure; Journal eniry lesling and review of accounting estimates for potential bias. We did not identify any material misstatements or instances of non-compliance as a result of these procedures. Other matters The financial statements for the year ended 31 December 2023 were not audited. Accordingly, we do not express an opinion on Ihe comparative figures induded in these financial slalements. Use of our report This report is made solely lo the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our aijdit work has been undertaken so Ihal we might slate lo the charity's Iruslees those matters we are required to slate lo them in an audilof's report and for no other purpose. To the fullest exlenl permitted by law, we do not accepl or assume responsibility to anyone other than the charity and the charity's trustees as a body. for our audit work, for this report, of for the opinions we have formed. Ensors Slalutory Auditor Connexions 159 Princes Street Ipswich IP1 1QJ Dale. 0810512026 Ensors is eligible for appointment as auditor of the CIO by virtue of ils eligibility for appointmenl as auditor of a company under section 1212 of the Companies Act 2006. 13
ST BARNABAS SOUTHWOLD STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024 Unrestricted Endowment funds funds 2024 2024 Total Unrestricted Endowment Total funds funds las restated) 2023 2023 2023 2024 Notes Income and endowments from: Donations and legacies Charitable activities Investments Olher income 359,354 905,670 68,055 1,160 359,354 905,670 68,055 1,160 103,583 887,741 54,576 175 103,583 887.741 54,625 175 49 Total income and endowments 1,334,239 1,334,239 1.046,075 49 1,046,124 Expenditure on: Raising funds Charitable activities 12,789 1,057,865 12,789 1,057,865 5,161 976,847 5,161 976,847 Total expenditure 1,070,654 1,070,654 982,008 982,008 Net gainsl{losses) on investments 14 36,739 36,739 22,375 22,375 Net income 300,324 300,324 86,442 49 86,491 Transfers between funds 49 {49) Net movement in funds 11 300,324 300,324 86,491 86,491 Reconciliation of funds: Fund balances at 1 January 2024 3,141.269 5,070 3,146,339 3,054,778 5,070 3,059,848 Fund balances at 31 December 2024 3,441,593 5,070 3,446,663 3,141,269 5,070 3,146,339 The statement of financial activilies includes all gains and losses recognised in the year. All income and expenditure derive from conlinving activities. The notes on pages 17 10 31 form part of these financial slatemenls. 14-
ST BARNABAS SOUTHWOLD BALANCE SHEET AS AT 31 DECEMBER 2024 2024 2023 as restated Notes Fixed assets Tangible assets Investment property Investments 16 17 18 1,365,704 1,085,000 607.580 1,361,810 1,085,000 562,537 3,058,284 3,009,347 Current assets Debtors Cash al bank and in hand 19 105,632 393.324 6,429 202,190 498,956 208,619 Creditors- amounts falling due within one year 21 {110,577) 171 ,6271 Net Current assets 388.379 136,992 Total assets less Current liabilities 3.446,663 3,146,339 The funds of the CIO Endowment funds Unrestricted funds 23 24 5,070 3,441,593 5,070 3,141,269 3,446,663 3,146,339 The notes on pages 17 10 31 form part of these financial slalemenls. The financial Statements were approved by the trustees on 0510512026 Mark Clark Trustee 15
ST BARNABAS SOUTHWOLD STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 31 DECEMBER 2024 2024 2023 Notes Cash flows from operating activities Cash generated from operations 28 181.245 79,094 Investing activities Purchase of tangible fixed assets Investment property management costs Purchase of other investments Proceeds from disposal of other investments Inveslmenl incorne received {37,0731 (7,3601 115,736) {7,801) 24,238 54,625 54,322 Net cash generated from investing activities 9,889 55,326 Net cash generated from financing activities Net increase in cash and cash equivalents 191,134 134,420 Cash and cash equivalents at beginning of year 202,190 67,770 Cash and cash equivalents at end of year 393,324 202,190 The notes on pages 17 10 31 form part of Ihese financial slalements. 16-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Charity information St Barnabas Soulhwold is a charitable incorporated organisalion {CIO) fegistered with the Charity Commission England and Wales. It was established under the As50cialion Model on 9 July 2014, which sets out the CIO'S objects and the powers of the Trustees. The CIO is governed by ils constitution and is registered under charity number 1157793. 1.1 Basis of preparation The financial statements have been prepared in accordance with the CIO'S governing document. the Charities Act 2011, FRS 102 The Financial Reporting Slandard applicable in the UK and Republic of Ireland" and the Charities SORP "Accounting and Reporting by Charities.. Slalemenl 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)" The CIO is a Public Benefit Entity as defined by FRS 102. The financial statements have departed from the Charities (Accounts and Reports) Regulations 2008 only lo the extent required lo provide a true and fair view. This departure has involved following the Statement of Recommended Practice for charilies applying FRS 102 rather than the version of the Slalement of Recommended Practice which is referred lo in the Regulations but which has since been withdrawn. The financial statements are prepared in sterling, which is the functional currency of the Clo. Monetary amounts in these financial slatemenls are rounded to the nearest £. The financial slalements have been prepared under the historical cost convention, modified to include the revaluation of freehold land and buildings, investment properties and investments. The principal accounting policies adopled are sel out below. 1.2 Going concern Al the lime of approving the financial slalemenls. the trustees have a reasonable expectation that the CIO has adequate resources to conlinue In operational existence for Ihe foreseeable future. Thus the Iruslee5 continue to adopt the going concern basis of accounting in prepafing the financial statements. 1.3 Charitable funds Unreslricled funds are available for use al the discretion of the trustees in furtherance of their charitable objeclives. Within the unreslrided fund is the Revaluation Reserve fund, which relates lo the uplift in the land and buildings property valuation and the investment propertie5. Wilhin the unreslricled funds IS the Building ReseNe, held lo support future building repairs and maintenance. Endowment funds are subject lo specific conditions by donors that the capital rnusl be maintained by the CIO. 1.4 Income Income is recognised when the CIO is legally enlilled lo il after any performance conditions have been met, the amounts can be measured reliably, and il is probable that income will be received. Donations are recognised once the CIO has been notified of the donation, unless performance conditions require deferral of the amount. Income lax recoverable in relation lo donations received undef Gift Aid is recognised at the lime of the donation. 17-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) Legacies are recognised on receipt or otherwise if the CIO has been notified of an impending dislribulion, the amount is known, and receipl is expected. If the amount is not known, the legacy is treated as a contingent asset. Inveslmenl income is recognised on receipt. Income from the provision of care services is recognised as earned on a monthly basis. 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. Costs which cannot specifically be atlribuled lo the provision of services lo residents or activities in the furtherance of the charity's objects or activities for generating funds are allocated lo management and adminislralion. An analysis of Ihe main items of expendilure is given in the notes to the financial statements. 1.6 Tangiblè fixed assets Tangible fixed assets are initially measured at cost arid subsequently measured at cost or valuation, nel of depreciation and any impairment losses. Depreciation is recognised so as to write off the cost or valuation of assets les5 their residual values over their useful lives on the following bases.. Freehold land and buildings Property improvements Fixtures, fittings and equipment 10 years slraighl line 5 years straight line Freehold land and buildings are held al fair value based on Ihe open market valuation at each reporting dale. Given the policy of holding freehold buildings at market value and due to the high slate of repair Ihe buildings are rnaintained lo, il is the policy of the Trustees not to provide depreciation on these assets. The gain or loss arising on the disposal of an asset is determined as the difference between the sale proceeds and the carrying value of the asset, and is recognised in the statement of financial activities. 1.7 Investment property Investment property, which is property held lo 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 al the reporting end date. The Surplus or deficit on revaluation is recognised in profit or loss. 1.8 Fixed asset investments Fixed asset investments are initially measured al transaction price excluding iransaction costs, and are subsequently measured al fair value al each reporting dale. Changes in fair value are recognised in nel incomel(expendilurel for the year. Transaction costs are expensed as incurred. 1.9 Impairment of fixed assets Al each reporting end dale, the CIO reviews the cafrying amoun15 of its tangible asse15 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 lo determine the extent of the impairment loss {if any). 18
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies Icontinuedl 1.10 Cash and Cash equivalents Cash and cash equvalentS include cash in hand, deposits held at call wilh banks, other short-term liquid investments with original maturities of three months or less. 1.11 Financial instruments The CIO has elected lo apply the provisions of Section 11 'Basic Financial Instruments. and Section 12 '01her Financial Instruments Issues, of FRS 102 to all of its financial instruments. Financial instfumenls are recognised in the CIO'S balance sheet when the CIO becomes party lo the conlraclual provisions of the instrument. Financial assets and Iiabililies are offset, with the net amounts presented in the financial statements, when there is a legally enforceable right lo sel off the recognised amounts and there is an intention to settle on a net basis or to realise the asset and settle the liability simultaneously. Basic financial assets Basic financial assets, which include debtors and cash and bank balances, are initially measured al transaction price including transaction costs and are subsequently carried al amortised cost using the effective interest method unless the arrangement conslilules a financing Iransaclion, where the transaction is measured al the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Impairment of financial assets Financial assets, other than those held al fair value through income and expenditure. are assessed for indicators of impairment al each reporting date. Financial assets are impaired where there is objective evidence that, as a result of one or more events that occurred after the initial recognition of the financial asset, the estimated future cash flows have been affected. Basi¢ financial liabilities Basic financial liabilities, including creditors and bank loans are initially recognised al transaction price unless the arrangement constitutes a financing transaction. where the debt instrument is measured at the present value of the future payments discounted al a market rale 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 rale method. Trade creditors are obligations to pay for goods or services that have been acquired in the ordinary course of operations from suppliers. Amounts payable are classified as current liabilities if payment is due within one year or less. If not, they are presented as non-current liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amortised cost using the effective interest method. Derecognition of financial liabilities Financial liabilities are derecognised when the CIO'S contfaclual obligations expire or are discharged or cancelled. 1.12 Taxation The CIO is not registered for VAT and therefore all expenditure is shown inclusive of VAT. The CIO 15 not liable for taxation on its income due lo its charitable slalus and as such does not make any provision. 19
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Accounting policies (Continued) 1.13 Employee benefits The cost of any unused holiday enlitlemenl is recognised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the CIO is demonstrably committed lo terminate the employment of an employee or lo provide termination benefits. 1.14 Retirement benefits Payments lo defined contribution retiremenl benefit schemes are charged as an expense as they fall due. Critical accounting estimates and judgements In the application of the CIO'S accounting policies, the Iruslees are required to make judgements, estimates and assumptions about the carry1ng amount of assets and liabilities that are not readily apparent from other source5. The eslimales and associated assumptions are based on historical experience and other factors that are considered to be Televant. Actual results may differ from these estimates. The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions lo accounting eslimales are recognised in the period in which the estimate is revised where the revision affects only that period, or in the period of the revision and future periods where the revision affects both current and future periods. Key sources of estimation uncertainty Land and buildings valuation The CIO holds freehold property used for charilable purposes and investment properties. These properties are carried at fair value, based on annual reviews of the valuation, which include periodic valuations performed by independent, professionally qualified valuers. The valuation process involves the use of significant estimates and judgements. including.. Market conditions at the point of the valuation.. Comparable evidence for similar Care Homes or investment properties in the local area., and Adjustments for condition and location. Given the nature of property markets, actual values realised on sale may differ from those estimated. The Trustees consider the valuation methodology and assumptions to be reasonable and appropriate. Income from donations and legacies Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifls Legacies 11,341 348,013 3.583 100,000 359,354 103,583 20-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Income from donations and legacies (Continued) Unrestricted funds 2024 Unrestricted funds 2023 Donations and gifts Donations from the Friends General donations 2,022 9,319 1,498 2,085 11,341 3,583 Income from charitsble activities Unrestricted funds 2024 Unrestricted funds 2023 Provision of care services Resident fees 905,670 887,741 Income from investments Unrestricted Endowment funds funds 2024 2024 Total Unrestrlcted Endowment funds funds 2023 2023 Total 2024 2023 Rental income Income from listed investments Interest receivable 50,662 50,662 40,988 40,988 13,733 3,660 13,733 3,660 12,962 626 12,962 675 49 68,055 68,055 54.576 49 54,625 Other income Unrestricted Unrestricted funds funds 2024 2023 Other income 1.160 175 21
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS {CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Expenditure on raising funds Unrestricted Unrestricted funds funds 2024 2023 Investment management 12,789 5,161 Expenditure on charitsble activities Provision of Provision of care care services services 2024 2023 Direct costs Staff costs Depreciation and impairment Food and provisions Rates including water Insurances Light and heat Property repairs and maintenance Lift repairs and servicing Fire safety General household expenses Cleaning, laundry and special clothing Activities, entertainment and therapy Digilalisation of medical records Subcontractor wages Recruitment expenses Property valuation costs 754,960 33,179 47,490 17,279 12,485 38,194 47,510 375 482 16,731 4,494 2,045 10,054 20,007 675 3,600 723,861 43,997 45,596 12,323 19,009 20,938 36,041 350 428 14,436 3,005 1,083 5,904 1,009,560 926,951 Grant funding of activities (see note 9) 12,100 Share of support and governance costs (see note 10) Support Governance 29,774 18,531 32,583 5,213 1,057,865 976,847 Analysis by fund Unrestricted funds 1,057,865 976,847 -22-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 Grants payable Provision of care services 2023 Grants to individuals 12,100 Provision of care services The grants are made lo residents with limited means in order to support them wilh the Home's residential fees. During the year the CIO awarded care to two residents of a value of £8,370 {2023'. £12,100), though the funds for the 2024 care were eventually recovered from Suffolk County Council. 10 Support costs allocated to activities 2024 2023 TV rent and licence Registration fees and subscriptions Telephone and internet Printing, postage and stationery Advertising Trainin9 Other expenses Governance costs 177 7,319 4,556 3,045 249 8,594 5,834 18,531 166 6,583 5,525 2,506 1,315 11,002 5,486 5,213 48,305 37,796 Analysed between.. Provision of care services 48,305 37,796 2024 2023 Governance costs comprise: Accountancy Legal and professional Secretarial fees Bank charges 14.000 1,413 2.580 538 1,400 1,927 1,200 686 18,531 5,213 23-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 11 Net movement in funds 2024 2023 The net movemenl in funds is stated after chargingllcrediling): Fees payable for the audit of the charity's financial statements Fees payable for the independent examination Depreciation of owned tangible fixed assets 14.000 1,400 43,997 33,179 12 Trustees None of the trustees lor any persons connected with them) received any remuneration or benefits from the CIO during either year, as they provide the services voluntarily free of charge. No trustees claimed expenses in the year nor in the prior year. 13 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Provision of seNices lo residents 37 37 Employment costs 2024 2023 Wages 2nd salaries Social security costs Other pension cos15 691,764 48,755 14,441 669,734 43,233 10,894 754,960 723,861 The charity had no employees whose total remuneration exceeded £60,000 in the year. Total employee benefits paid to key management personnel for the year, including employers national insurance and pension contributions, amounted lo £107,452 (2023.. £101,318). Key management personnel comprise the care home manager and her deputies. 14 Gains and losses on investments Unrestricted Unrestricted funds funds 2024 2023 Gainsl(lossesl arising on.. Revaluation of investments 36,739 22,375 24-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 15 Taxation The charity is exempt from laxalion on ils activities because all its income is applied for chafilable purposes. 16 Tangible fixed assets Frèahold land Property and buildlngs Improvements Fixtures. littings and equipment Total Cost or valuation At 1 January 2024 as restated Additions 1,275,000 102,305 6,577 257,564 1,634,869 30,496 37,073 At 31 December 2024 1,275,000 108,882 288,060 1,671,942 Depreciation and impairment At 1 January 2024 as reslaled Depreciation charged in the year 70,290 10,888 202,769 22,291 273,059 33,179 At 31 December 2024 81,178 225,060 306,238 Carrying amount At 31 December 2024 1,275,000 27,704 63,000 1,365,704 At 31 December 2023 as restated 1,275,000 32,015 54,795 1,361,810 Freehold land and buildings are Included at their fail value on a market value basis. The last valuation wa5 completed on 13 August 2025 by Christie & Co Chartered Surveyors, covering both 31 December 2024 and 2023 valuations, which the Tru51ees' consider to be a fair basis. The CIO maintains the buildings to a good stale of repair and given the valuation basis these are not subject lo annual depreciation. however, in reviewing the annual valuation the Trustees consider any indicators of impairment. At 31 December 2024, had the revalued assets been carried at historic cost less accumulated depreciation and accumulated impairment losses. their carrying amount would have been approximately £481,901 12023". £481,901) which includes the investment properties. 17 Investment property Fair value At 1 January 2024 as restated and 31 December 2024 1,085,000 Investment property comprises the residential fla15 and The Relreal holiday let. The fair value of the investment property has been arrived at on the basis of a valuation carried out on 13 August 2025 by Christies Chartered Surveyor5. who are not connected with the CIO. The valuation was made on an open market valLJe basis by reference to market evidence of Iransaclion prices for similar properties which the Trustees. have considered lo be a fair valuation basis. 25-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 18 Fixed asset investments Share portfolio Cash Total accounts investments Valuation Al 1 January 2024 Additions Disposals Valuation changes Income Fees 538.358 145,186 1127,921) 36,739 24,408 (145,186) 127,921 562,766 36,739 13,733 {5,429} 13,733 {5,4291 Al 31 December 2024 592.362 15,447 607,809 Carrying amount At 31 December 2024 592,362 15,447 607,809 At 31 December 2023 538,358 24,408 562.766 Historical cost of these investments is £548,168 {2023. £548,945}. Individual investments representing more than 5 % of the total carrying value of the investment portfolio are disclosed separately below. Investment Name Description Carrying•/o of Total Investments Value {£) ISHARES PHYSICAL METALS PLC Precious Metal ISHARES PHYSICAL GOLD ETC USD Commodities (GBP) ACC 40,460 6.66'/ FIRST TRUST GLOBAL FUNDS PLC Open End and US LARGE CAP CORE ALPHADEX Miscellaneous UCITS B USD Investment Vehicles 39,959 6.58°h JANUS HENDERSON FIXED INTEREST MONTHLY INCOME FUND FQ INC Corporate Bond Funds 36,842 6.06. Funds are invested in quoted investments after receiving professional advice. Whilst these investments can be redeemed at short notice, neverttteless they are viewed as medium term investments with a view to the funding any future work to convert the investments flats into part of the Home. There are no other known restrictions which mighl apply on realisation of these assets. 26-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 19 Debtors 2024 2023 Amounts falling due within one year: Trade debtors other debtors Prepayments and accrued income 21,842 78,895 4,895 6,429 105,632 6,429 20 Prior year adjustment Revaluation of Property and Reclassification to Investment Property During the year ended 31 December 2024, the Trustees identified that the residential home and flats held by the Charity should have been revalued in accordance with the enlily's revaluation policy and the requirements of FRS 102 Section 16 - Investment Propety, as part of the property has been leased to third parties. Under the accounting standards, the leased portion meets the definition of an inveslmenl property and is required lo be measured al fair value at each reporting date. A full valuation was obtained from Neil Oxford (MRCIS) of Christie & Co during the current year and, in line with the policy, the valuation has been backdated to 1 January 2023. The valuation resulted in an increase of £710,000 which should have been recognised in the prior period. This brought the total value of the St Barnabas care home property and flats to £2,360,000. Of this lolal, £1,085,000 relates to the flats that qualify as investment pioperty and should have been separately recognised as such. The Trustees have reviewed these valuations and considered these lo be a fair reflection of the values at 31 December 2022, 2023 and 2024. As this error relates lo a prior period, the comparative figures for the year ended 31 December 2023 have been restated. The impact of the adjustment is to restate the freehold property and investment properties lo their fair valLJes. The adjustment has been applied retrospectively. and the opening balances as al 1 January 2023 and the comparative figures for 2023 have been reslaled accordingly. 21 Creditors: amounts falling due within one year 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals 11,388 3,761 54,039 41,389 12,403 1,201 49,052 8,971 110,577 71,627 22 Retirement benefit schemes 2024 2023 Defined contribution schemes Char9e lo profit or loss in respect of defined contribution schemes 14,441 10,894 27-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 22 Retirement benefit schemes {Continued) The CIO operates a defined contribution pension scheme for all qualifying employees. The assets of the scheme are held separately from those of the CIO in an independenlly administered fund. 23 Endowment funds Endowment funds represent assets which musl be held permanently by the CIO. At 1 January 2024 Incoming resources Transfers At31 December 2024 Permanent endowments Robert Kersey Beneficent Trust 5,070 5,070 Previous year.. At 1 January 2023 Incoming resources Transfers At31 December 2023 Pernianent endowments Robert Kersey Beneficent Trust 5,070 49 (49) 5,070 The Robert Kersey Beneficent Trust was a small charity adminislraled by the Trustees of Morden College since 1907. 11 provided pensions for women of limited means. of not less than 60 years of age. In January 1995 the capital figure. which represented a permanent endowment, were transferred to the CIO to adminisler. 24 Unrestricted funds The unreslricled funds of the charity comprise the unexpended balances of donations and grants which are not subject to specific conditions by donors and grantors as lo how they may be used. These include designated funds which have been sel aside out of unrestricted funds by the trustees for specific purposes. At 1 January 2024 as restated Incoming resources Resources expended Transfers Gains and losses At31 December 2024 Revaluation reserve 1.878,099 550,000 713,170 1,878,099 550,000 1,013,494 Building reserve General funds 1,334,239 1.070,654 36.739 3,141,269 1,334,239 (1,070,654) 36,739 3,441,593 28-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 24 Unrestricted funds (Continued} Previous year: At 1 January 2023 as restated Incoming resources Resources expended Transfers Gains and losses At31 December 2023 as restated Revaluation reserve Building reserve General funds 1,878,099 550,000 626,679 1,878,099 550,000 713,170 1,046,075 (982,008) 49 22,375 3,054,778 1,046,075 {982,0081 49 22,375 3,141.269 The fevaluation re5erve5 IS the uplift in the freehold property and investment properties value, against the initial cost of these. The Building Reserve is designated for use against the costs of conversion of property. The General Funds will include monies, donated by members, which are designated lo assist residents of limited means and which may not have been fully applied in the year. There were no reslricled funds either during the year or in the previous year. 25 Analysis of net assets between funds Unrestricted Endowment funds ftjnds 2024 2024 Total 2024 At 31 December 2024,. Tangible assets Investment properties Investments Current asselsllliabilities} 1.365,704 1.085,000 607,580 383,309 1,365,704 1,085,000 607,580 388,379 5,070 3,441,593 5,070 3,446,663 29-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 25 Analysis of net assets beeen funds (Continued} Unrestricted Endowment funds a$ funds restated 2023 Total as restated 2023 2023 At 31 December 2023. Tangible assets Investment properties Investments Current asselsllliabilities} 1,361,810 1,085,000 562,537 131,922 1,361,810 1,085,000 562,537 136,992 5,070 3,141,269 5,070 3,146,339 26 Operating lease commitments Lessee At the reporting end date the CIO had outstanding commitments for future minimum lease payments under non-cancellable operating leases, which fall due as follows.. 2024 2023 Within one year Between Iwo and five years 1,619 2,159 1,619 1,619 3,778 27 Related party transactions There were no disclosable related party transactions during the year12023'. none). There were no transactions during the year between the Charity and any Trustee or close relative of a Trustee. -30-
ST BARNABAS SOUTHWOLD NOTES TO THE FINANCIAL STATEMENTS (CONTINUED) FOR THE YEAR ENDED 31 DECEMBER 2024 28 Cash generated from operations 2024 2023 Surplus for the year 300,324 86,491 Adjustments for: Investment income recognised in statement of financial activities Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets Investment management non-cash expenditure 168,0551 136,7391 33,179 12,789 154,625> 122,3751 43,997 Movements in working capital: (Increaselldecrease in debtors Increase in creditors 199,2031 38,950 25,465 141 Cash generated from operations 181,245 79,094 29 Analysis of changes in net funds The CIO had no rnalerial debt during the current or proceeding year. 30 Non-audit services provided by auditor The non-audit services comprised assistance with the preparalion of the slalutory financial slalements and associated accounling schedules. 31