Charlty Reglstratlon No. 1162066 Cornpany Re81Str*ion No. 08867218 IEn8land and Wales) BOURNEMOUTH WAR MEMORIAL HOMES ANNUAL REPORT ANO FINANCIAL STATEMENTS FOR THE YEAR ENOED 30 SEPTEMBER 2024 BUSINESS ADVISORS S ACCOUMTAHT5 10 Bridge Street Christchurch Dorset BH23 IEF
BOURNEMOUTH WAR MEMORIAL HOMES CONTENTS Page Company information Trustees, report Statement of Trustees, responsibilities Independent auditor's report 7-10 Statement of finoncial activitres li Balance sheet 12 Statement of cash flows 13 Notes to the Ilnancial statement5 14-26
BOURNEMOUTH WAR MEMORIAL HOMES COMPANY INFORMATION Trustees Air Commodore R Cobelli OBE RAF (Ret'dl Mr. G Long Mrs. S Round Mr. M Powell Mr. P Marthews M5. N l Burman (Appointed 20 lune 20241 Charity nurnber 1162066 Company number 08867218 Reg15tered office 12a Woodsford Green Castle Lane West Bournemouth Dorset BH89TP Audltor TC Group 10 Bridge Street Christchurch Dorset BH23 IEF
BOURNEMOUTH WAR MEMORIAL HOMES TRUSTEES, REPORT IINCLUOING DIRECTORS, REPORn FOR THE YEAR ENDED 305EPTEMBER2024 The Trustees present their report and accounts for the year ended 30 September 2024. The financial statements have been prepared in accordance with the accounting policies set out in notes to the accounts and comply with the charily's governing document, the Charities Act 2011 and Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with FRS102 the Financial Reporting Standard applicable in the UK and Republic of Ireland. Oblectlvès and actlvides The 8ournemouth War Memorial Homes charity was founded soon after the 1939 - 1945 war, through the creation of a Trust Deed, which 8overned the running of the homes. On 29 january 2014 a new limited company Icompany No 088672181 was incorwrated to take over the old unincorporated charitable trust. The new company was formally registered with the Charity Commission on 9th June 2015 (Registered No 11620661 and all of the assets were transferred across on 1st October 2015. The Homes comprise fifty-three individual properbes in Castle Lane West and Jewell Road, one horre in Ibbertson Road and five purpose-built properbes in Poppy lane - a total of 59 propertie5. all in Bournemouth. These are provided at a 5ub5idised differential rent, dependenl on ihe property type, to former service personnel of the Armed Forces of the Crown and former members of the Merchant Navy and their depende)ts who are in need or vulnerable by reason of their physical or mental health, social or economic circumstance5 with preference 8iven to those who reside or have resided in the Borough of Bournemouth. The Trustees, objective is to run the Homes in an efficient way and to maintain the hi8h standards of accommodation lor the benelit of its residents. At the sarne time, the Trustees are very conscio of the estate's rnana8ement and maintenance expenditure and seek to keep these costs well under control. The estate manager ITra¢y Poole) is responsible to the Trustees for the management tsf the Homes. Tracy and her team oversee the estate on a day-to-day b3S15 and have re8ular meeting5 Wlth the Trustees and residents to deal with any matter5 arisin8. Service5 provided to the residents include the: provision of a call alarm system inspection and maintenance of central heatin8 cleaning of communal area5 maintenance of communal grounds maintenance of all properties In sethng our objectives aftd planning our artivities. the Trustees have given careful consideration to the Charity Cornmi55ion's general guidance on public benefit and conh.rm they have complied with the duty in seCn 4 of the Charity Act 2006. The Trustees have paid due regard to 8uidance issued by the Charity Commission in decidin8 what athvities the charity should undertake. Achlevements and perfornian Rents are reviewed ènnually & are linked to the estimated commercial ntS for similar properties in the vicinity before applying a discount. All rents are discounted by at least 30% with a higher level of discount for elderly residents. In additr"on, the Trustees make grants in cases of hardship.
BOURNEMOUTH WAR MEMORIAL HOMES TRUSTEES, REPORT ICONTrNUEDIIINCLUDING DIREcfoRS' REPORTI FOR THE YEAR ENDED 305EPTEMBER2024 In this financial year. a significant number of our older properties have been refurbished. as they became vacant. These required a complete updating of the electiical and heatinglhot water systems. along with replacement kitchens & bathrooms. redecoration. and replacement of carpets. General improvements to the Homes have continued with kitchens, bathrooms and old and inefficient boilers being replaced, as necessary. When a property becomes vacant, it is refurbished and redecorated prior to the arrival of the new tenant. The Trustees are looking for other opportunities to expand the number of properties available to help alleviate our waiting list. Plans for the future As mentioned last year. planning permission has been granted for the redevelopment of redundant garages into purpose-built accommodation. Our architects and project managers have prepared detailed costs'ngs and specilications, and the Trustees expect to appoint builders shortly. The buildin8 work will Commen later this vear. This is a substantial project, and we are delighted to say that our application to The Armed Forces Covenant Fund Trust, to assist with the funding, was approved and they have agreed to contribute £SOO,000 to this project. We are extremely grateful for their help with this projert. MO on this can be found on https'.l/ bwmh.org.uklnews/. We have also made applications to other organisations to assist with the fundin8 of this project and are currently waitin8 to hear if our requests have been successful. If the opportunity to acquire or construct new properbes becomes available, then such projects wll be robustly a5se5sed and undertaken if they fi't with the overall objectives of the charity. Flnanclal revlew The trustees endeavour to retain sufficient resetves to meet future repair and other expenditure as required. Funds are also retained for the acquisition or construction of additronal properties. Surplus funds are invested or held on deposit. Brooks Macdonald manage our investments alongside CCLA Investment Management Limited. At the year end. the investments were valued at £794,300 (Note 151. Following the appointment of 8rooks Macdonald, the Trustees have a8reed an Investment Policy. Our investment objectives are to produce the best linancial returns within an acceptable level of risk. Income from our investments is not crucial to our activities and on this basis we are looking to maximise capit growth. Investments that conflict with our objectives will be excluded. The Trustees have assessed the major risks to which the charity is exposed and are satisfied that systems are in place to mitigate exposure to the major risks. At the end of the year unrestricted reserves amounted to £5,257.869 12023 - £4,993,626) and restricted reserves amounted to £5.91912023 - £3.1791. Included in the unrestricted reserves at the year end 15 a fair value reserve of £129,52112023- £51,0781. This fair value reserve represents the unreali5ed profits held in the investment portfolio. The board is committed to maintaining a reserve holdrng of £31]I.ITrXI at all times with any surplus being available for project and enhancement works. The current reserves are considered to be sUfflent. The Trustees have assessed the major risks to which the charity is exposed. and are satisfied that systems are in place to mitigate exposure to the major risks.
BOURNEMOUTH WAR MEMORIAL HOMES TRUSTEES, REPORT ICONTrNUEDIIINCLUDING DIREcfoRS' REPORTI FOR THE YEAR ENDED 305EPTEMBER2024 Strurture. governance and management The charity is a company limited by guarantee and registered with the Charity Commission in lune 2015 and is therefore subject to the provisions of the Charities Acts. The Trustee5, who are also the directors for the purpose of company law, and who served during the year were.. Air Commodore R Cobelli OBE RAFIRet'dl Mr. G Long Mrs. S Round Mr. M Powell Mr. P Matthews Ms. N J Burman (Appointed 20 June 20241 None of the Trustees has any benefici31 interest in the tompany. All of the Trustees arè members of thè company and guarantee to contribute £1 in the event of a winding up. The charity's governing document is its Articles ol Association, which was approved by Special Resolution dated 30 April 2015. There must be at least three trustees. Trustees, who are also the directors for the purpose of cornpany law, are appointed by ordinary resolution of the trustees and one-third of the trustees must retire at each annual general meeting. In selectin8 individuals for appointment as trustees, the trustees are mindful of the skills, knowledge and experience needed for the effective administrats'on of the charity. When the Trustees consider there is a Shortfall in the skills, knowled8e and experience of existin8 trustees, they endeavour to recruit new trustees who can fill those gaps. Details of vacancies will be circulated to Broups with connections to the Homes. Potential new trustees will be interviewed by the existing Trustees and Estate Manager. On acceptance of their appointment, new trustees will be required to undertake a period of induction with the exIn8 trustees and estate manager, to fully understand the objectives and workin8s of the Charity. Decisions are made by the trustees, and the day-to-day administration is dele8ated to the estate mana8er. We are members of the Confederatr'on of Service Charities Icobseol. Cobseo represents the whole Swving and Veteran5 Community and adherence to thebr re8ulatr.ons is a condition of membership.
BOURNEMOUTH WAR MEPK)RIAL HOMES TRUSTÈES. REPORT ICONTINUEDMINCWDJNG DIREcfoRS' REPORn FOR THE YEAR EPIDED 30 SEPTEM8ER2024 Audltor In accordance with the company's athtles. a re501ution proposing that TCGroup be reappoSnted a5 auditor of the company will be put at a General Meetr"ng. Dlsclosure of Information to avdltor Each of the Trustees has confirmed that there is no Inforniation of whith tY are aware wl¥ch is relevant to the audit, but ol which the audiEOi is unaware. They have further confirmed thèt they have t3ken apFTopriate stops to identr.ly such relevant information and to establish that the audit are aware ol such information. The Trustees. report was approved by the Board ofTrustee& Alr Commodore R Cobelli OBE IiAFIRet'dl Tfustee Dated..
BOURNEMOUTH WAR MEMORIAL HOMES STATEMENT OF TRUSTEES, RESPONSIBILITIES FOR THE YEAR ENDED 305EPTEMBER2024 The Trustees, who are also the directors of 8ournemouth War Memorial Homes for the purpose of company law, are responsible for preparing the Trustees. Report and ihe financial statemenis in accordance with applicable law and United Kingdom Accounting Standards Iunited Kingdom Generally Accepted Accounting Practice). Company Law requires the Trustees to prepare financial statements for each hnancial year which gwe a true and fair view of the state of affairs of the charity and of the incoming resources and application of rsources, includin8 the income and expenditure, of the charitable company for that year. In preparing these financial statements, the Trustees are required to- select suitable accounting policies and then apply them consistentlv,. observe the methods and principles in the Charities SORP; make jud8ements and estimates that are reasonable and prudent,. state whether applicable UK Accountin8 Stsndards have been followed, subject to any material departures disclosed and explained in the financial statements,. and prepare the financial statements on the 8oinB concern basis unless it is inappropriate to presume that the charity will continue in operation. The Trustees are responsible for keeping adequate accountin8 records that disclose with reasonable accuracy at any time the financial position of the charity and enable them to ensure that the financial statements comply with the Companies Act 2QJ6. They are also responsible for safe8uardin8 the assets of the charity and hence for takin8 reasonable Steps for the prevention and detection of fraud and other irregularities.
BOURNEMOUTH WAR MEMORIAL HOMES INDEPENDENT AUDITOR'S REPORT TO THE TRUSTEES OF BOURNEMOUTH WAR MEMORIAL HOMES Oplnlon We have audited the thn2ncial statements of Bournemouth War Memorial Homes (the 'charity'l for the year ended 30 September 2024 which comprise the statement of financial activities, the balance sheet, the statement of cash flows and notes to the financial statements, including significant accounting policies. The fi'nancial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards, including Financial Reporknng Standard 102 The Fint7ncit71 Reporting Stondord upplicuble in the UK ond Republic of Irelond (United Kingdom Generally Accepted Accounting Practice). In our opinion, the financial statements.. Ive a true and fair view of the state of the charitable company's affairs as at 30 September 2024 and of its incoming resources and application of sOurces. for the year then ended.. have been properly prepared in accordance with United Kingdom Generally Accepted Accountin8 practi.. and have been prepared in accordance with the requirements of the Companies Act 2006. Basls for oplnlon We conducted our audit in accordance with International Standards on Auditin8 IUKI IISAS IUKII and applicable law. Our re5pon5ibilities under those standards are further described in the Auditor's respon5ibilitie5 for the oudit of the fint7nciol stotements section ol our report. We are independent ol the charity in accordar(e with the ethical requirements that are relevant to our audit of the linancial statement5 in the UK. includin8 the FRC'5 Ethical Standard, and we have fyllilled our other ethical responsibilitr'e5 in accordance with these requirements. We believe that the audit evidence we have obtained 15 sufficient and appropriate to provide a basis for Our opinion. Concluslons relattng to golng concérn In auditing the linancial statements, we have concluded that the trustees, use of the going concem 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 urt¢ertainties relating t¢ events or condition5 that. individually or collectively. may cast significant doubt on the company'5 3bility tts ontinue as a going ¢on¢ern for a period of at least twelve months from when the finan¢ial statements are authori5ed for i5SUe. Our responsibilities and the responsibilities of the trustees with respect to 80in8 concern are described in the relevant sections of this report. Other Informatlon The other information comprises the inforrnation included in the annual report other than the financial statement5 and our auditor'5 report thereon. The Trustees are responsible for the other information contained within the annual report. Our opinion on the thrbancial statements doe5 not cover the other inforrnatK)n and we do not expres5 any form of 355urance conclusion thereon. Our responsibility is to read the other infr)rrnation and. in doing 50, consider whether the other information 15 materially inctsn515tent with the financial ststement5 or tsur knowledge obtained in the course of the audit. or otherwise appear5 to be materially misstated. If we identify such material inconsistencies or apparent materi31 misstatements. we are required to determine whether this gives rise to è material mi55tatement in the financi31 statement5 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 regèid.
BOURNEMOUTH WAR MEMORIAL HOMES INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF BOURNEMOUTH WAR MEMORIAL HOMES Matters on whleh we are requlred to report by exteptlon We have nothing to report in respect of the lollowing matters in relation to which the Charities IAccounts and Report51 Regulations 2008 require u5 to report to you if. in our opinion.. the information given in the financial ststements is inconsistent in any material respect with the Trustees. report,. or sufficient accounting records have not been kept- or the financial ststements are not in agreement with the accounting record5,' or we have not received all the information and Èxplanation5 we require for our audit. ResponslbllStSÈs of Trusteès As explained rnore fully in the statement of Trustees. responsibilities, the Trustees, who are also the directors of the charity for the purpose 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 preparatr'on of financial statements that are free from material misstatement, whether due to fraud or error. In preparin8 the thnancial statements, the Trustees are responsible for assessin8 the charity's ability to continue as a 8oin8 concern, di5closin8. as applicable, matters related to 80in8 concern and using the 80in8 concern basis ol accounting unless the Trustee5 either intend to liquidate the charitable company or to cease operations, or have no realistic alternative but to do so. Audltor'5 responslbllltles for the audlt of the financlal statements We have been appointed as auditor under section 144 of the Charltles Act 2011 and report in accordanee wlth the Act and relevant regularions made or having effect thefeunder. 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 an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance but is not a guarantee that an audit conbjcted in accordance with ISAS IUKI will always delect 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 re&onably be expected to influence the economic decisions ol users taken on ihe basis of these fi.nancial statements. A further description of our responsibilities is available on the Financial Reporting Council's website at.. https'.11 www.frc.org.uklauditorsresponsibiliries. This description forms part of our auditor's report.
BOURNEMOUTH WAR MEMORIAL HOMES INDEPENDENT AUDITOR'S REPORT ICONTINUEDI TO THE TRUSTEES OF BOURNEMOUTH WAR MEMORIAL HOMES Extent to whleh the audlt was consldered capable of deiertlng Irregulafrttes, Intludlng fraud The objectives of our audit, in respect to fraud, are.. to identify and assess the risks of materia misstatement of the financial statements due to fraud,. to obtain sufficient appropriate audit evidence re8ardin8 the assessed risks of material misstatement due to fraud, through designing and implementing appropri3te responses,. and to respond appropriately to frattd or susperted fraud identified during the audit. However. the primary responsibilitv for the prevention and detection of Iraud rests with knth those charged with governance of the entity and its management. Our approach was as follows: We identified area5 of laws and regulations that could reasonably be experted to have a material effect on the financial 5tatement5 from our general commercial and sertor experience, and through discussion with the trustees and other management la5 required by auditing slandardsl. and discussed with the trustees and other management the policies and procedures regarding compliance with law5 and regulations; We considered the legal and regulatory frameworks directly applicable to the financial statements rep¢rtin8 framework IFRS 102 and the Companies Act 2C(161 and the relevant tax compliJnce regulati$ in the UK.. We considered thè legal and règulatory principles in the Charity SORP We considered the nature of ihe industry. the control environment and business performance, Inckjdlng the kev drivers for mana8ement's remuneration.. We communicated identilied laws and regulations throughout our team and remained alert to any inditatityns Of non-compliance throughout the audit. These include Health and Safety. employment law. building in5ufdnce. public liability insurance and licen¢ing. The Trustees use an external firm for Health and Safety and employment law, as they believe this will ensure up to date knowledge and 5VStems are used. We considered and reviewed the procedures and controls that the company has established to addrss risks idendfled. or that otherwise prevent. deter and detect fraud.. and how senior management monitors those programmes and tontrols. These include the review of authorisatson limits lor bank transactions, authorisatitsn for BACS payment and the revièw of the tompuierised booking system. Based on this understanding we designèd our audit procèdures to ideftfy non.tompliance with such laws and regulations. These irncludè Health and Safety. EmploymÈnt Law and Licencing. Where the risk was conSered to be higher, we performed audit procedures to address eath identih.ed fraud risk. These procedures induded.. testtng manual journals.. reviewing the th"nancial statement disclosures and tesnng to suppomng doojmentafjon,. performing analyhcal procedures.. and enquiring of management. and were designed to provide reasonable assurance that the financial statements were free from fraud or error. Owing to the inherent limitations of an audit. there is an unavoidable risk ihat we may not have detected some material misstatements in the fi"n3ncial statements. even though we have properly planned and performed our audit in accordance with auditing Standards. For example. the further removed norFcompliance with law5 and regulation5 lirregularitie51 is from the event5 and tr3n53ction5 reflected in the fi"naneial 5t3tements, the less likely the inherently limited procedures required by auditing standards would identify it. The risk is also greater regarding irregularities occurring due to fraud rather than error. as fraud involves intentional torKealment, forgery. collusion. omission or misrepresentation. We are not responsible for pventing non<ompliance and cannot be expected to detect non-compliance with all laws and regulations.
BOURNEMOUTH WAR MEMORIAL HOMES INDEPENDENT AUDITOR'S REPORT ICONTINUEOI TOTHETRusfEES OF BOURNEMOUTH WAR MEMORIAL HOMES Use of our report This roporl is made 501ely to the charitable company's members. a5 a bcmty, in accordance with Chapter 3 01 Part 16 of the Companies Acl 20(. Our iiudit work has been undertaken so Ihèl we mighi stJie to the charitable coTnphny'5 members tlioso mattors wo are required to state to them in an auditor5. report and for no ahor purpose. To the fullesi oxiont permirted by law. we do not accept or assume respon5ibilily to anyone othor than the charitable company's members as a body. lor otsr audit work, lor th15 report. or for the opiTrions we hove fofmod. Dean Pullen FCCA Isenlor Statutory Auditor) for and on behall ol TC Group Statutory Audltor Ofhce.. Chr15tchurch Date.. TC Group 15 eligible lor appointment as auditor of the chaflty by virtue ol Its eligibiltty for appointment as auditor ol è company undor ol soction 1212 01 the Companies Act 21X)6 10-
BOURNEMOUTH WAR MEMORIAL HOMES STATEMENT OF FINANCIAL A1VITIEs INCLUDING INCOME AND EXPENDITURE ACCOUP FOR THE YEAR ENDED 305EPTEMBER2024 Unrestrlrted Restrlcted fund5 funds 2024 2024 Total Unrestrlrted Restrlcted fund5 fvnds 2023 2023 Total 2024 2023 Notes Income and endowments from.. Donations and legacies Charitable activitles Investments Other income 2,419 462.753 24,177 1.436 35.1X(I 37,419 462.753 24,177 1.436 2,035 424.005 18,767 81 21,000 23,035 424,005 18,767 81 Total Income 490.785 35.Crf)O 525.785 444.888 21.000 465,888 ExpendSture on: Charitable activitie5 337,245 337,245 331,046 17,821 348,867 Total expendlture 337,245 337,245 331,046 17,821 348,867 Net galns/llossesl on Investments 12 78.443 78,443 32.089 32,089 Net Incorne 231,983 35,CKXI 266,983 145,931 3,179 149,110 Transfers between fund5 32,260 132,2601 Net movernent in funds io 264,243 2,740 266,983 145,931 3,179 149,110 Reconciliation of fvnds: Fund balances at l October 2023 4.993.626 3.179 4.996.805 4.847.695 4.847,695 Fund balances at ao September 2024 5.257.869 5.919 5.263.788 4,993,626 3,179 4,996,805 The Statement of financial activities includes all gains and losses recognised in the year. All Irome and expenditure derive from continuing activitie5.
BOURNEMOUTH WAR MEMORIAL HOMES BALANCE SHEET AsAf30 SEPTEMBER 2024 2024 2023 Notes Flxed assets Tangible assets Investments 16 4,229,263 794,3LKI 4.197,920 708.285 15 5.023,563 4,906,205 Current assets Debtors Cash at bank and In hand iy 32,298 221.165 22.355 91.728 253.463 114.083 Credllois.. amounts falllngdut wlthln one year 18 113.2381 123.4831 Nèi current assets 240,225 90,600 Total assets less current Ilabllltl 5,263,788 4,996,805 The funds ol the ¢harlty Resirltted funds Unre5¢ricted lund5 Unrestricted- falr value re5ervÈ 19 5,919 5,128.348 129.521 3,179 4.942,548 51.078 5,263,788 4.996.805 The company Is entled to the exemptlon from the audlt requirtment comalned In sectlon 477 of thp Companies Act 2006, lor the year ended 30 September 2024, although an audit has been carfied out under sectlon 144 of the Charlttes Act 2011. The directors acknowledge thelr responsibllitles for complying with the fequlrements of the Compardes Act 20( wlth respeit to accountlnR record5 and the preparatoon ol ftnanclal statements. These flnanclal statements have been prepared in accordarte with the prowslffls apphcable to cornpanies subject to the small cornpanie5 regime. The fit)anclal statements were approved by ihe Trustee5 on ....... Alr Commodore R Cobelli OBE RAFIRet'dl Trustee Company registration number 08867218 (England and Wale51 12-
BOURNEMOUTH WAR MEMORIAL HOMES STATEMENT OF CASH FLOWS FOR THE YEAR ENDED 305EPTEMBER2024 2024 2023 Notes Cash flows from operating athvitie5 Cash 8enerated from operations 22 145,091 111,235 Investing artivities Purchase of tangible fixed assets Purchase of investments Investment income rèceivèd 132.2601 17,5711 24.177 120.5501 181,2981 18.767 Net cash used In Smiestln8 actlvltbes 115.6541 183,0811 Net cash used In financlng actS¥ltles Net Increase In cash and cash equlvalents 129.437 28,154 Cash and cash equivalents at beginning of year 91,728 63,574 Cash and cash equlvalènts at ènd of year 221.165 91,728 13-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 305EPTEMBER2024 Accoundng polkles Charlty Informatlon Bournemouth War Memorial Homes is a private company limited by guarantee incorporated in England Wales. The registered office is 12a Woodsford Green, Castle Lane West, Bournemouth, Dorset. BH8 9TP. 1.1 Accounting convention The charity Constitutes a public benelit entity as defined by FRS 102. The financial statements hale been prepared in accordance with Accounting and Reporhng 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 issued in October 2019, the Financial Reporting StandaKI applicable in the United Kingdom and Republic of Ireland IFRS 1021, the Charities Act 2011, the Companies Act 26 and UK Generally Accepted Accounting Practice. The ac¢ount5 are prepared in sterling. which is the functional currency ol the charity. Monetary amounts in these fi'nancial statements are rounded to the nearest Pgund. The atcounts have bèen preparèd under thè historical cost conVenOn modified to Includè the revaluaOrn of certain financial instruments. 1.2 Golng Concern At the time of approving the ftnancial statements. the Trustees have a reasonable expectation that the charity has adequate resourtes to tonn.nue in opèratlonal existencè for thè forèseeable future. Thus the Trusteès eontinue io adopt the going con¢em basis of accoundng in preparing the financlal statements. 1.3 Charltable funds Unrestricted funds are available for use at the discretion of the Trustees in furtherance of their charitsble objectives. Restricted funds are 5vbject to specific conditions by donors or 8rantors as to how they may be used. The purposes and uses of the restricted funds are set out in the notes to the financial 5tstements. Where the charity purchases an asset utilisin8 restricted fund5 but the asset 15 held for a general purpose, a transfer will be used to release the cost from restricted funds to unrestricted funds upon purchase as the restriction is deemed to be fulfilled. Endowment funds are 5vbject to specific condition5 by donors that the capital must be maintained by the charity. The fair value reserve represents the total unrealised gains at the balance sheet date from the cP8ritie5 investment portfolio. 1.4 Income Income is recognised when the charity is legally entitled to it after any performance conditions hwe been met, the amounts can be measured reliably. and it is probable that income will be received. 14-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Accountlng polkles Icontlnuedl Cash donations are recognised on receipt. Other donations are recognised once the charity has been notihed of the donation. unless performance conditions require deferral of the amount. Income tax recoverable in relation to donations received under Gift Aid or deed5 of covenant is recognised at the time of the donation. Legacies are recognised on receipt or otherwise if the charity has been notified of an irnpending distribution, the amount is known, and receipt 15 expected. If the amount 15 not known, the legacy is treated as a contingent asset. Voluntary income 15 received by way of grant5. donations and gifts and 15 included in full in the statement of linancial activitie5 when receivable. Grants where entitlement 15 not conditional on the delivery of a Specifi'c performan¢e by the ¢harity. are re¢o8nised when the charity becomes un¢onditionally entitled tts the grant. Donated services and fatililfès are included at the value to the chaiity where this Can be Quanfied. The valuè of servlcès provided by volunteers has not been included. Gifts donated for resale are included as in¢omin8 resour¢es within a¢tbvities for generating funds when they are sold. Income from investments is Included in thè ar in which it is recèivable. 1.5 Expendlture Expenditure is reco8nised on an a¢¢rual b•sis as a liability is incurred. Expenditure in¢ludes any VAT whi¢h cannot be fully recovèred and is reported as part of the expenditurè to whith it relates. Support Costs are those cos15 incurred direct in 5UPPOrt of expenditure on the objects of the charity and included project mana8ement. 1.6 Tanglble fiM¢d •ss¢ts Tangible fixed assets are initially measured at cost and subsequently measured at cost or valuation, net of depreciation and any impairment losses. Tangible lixed assets are initially measured at cost. or valuatiorb Ideemed costl in the case of tangible fixed a55et5 gifted to the charity. and are subsequently stated net of depreciation and any impairment loses. Depreciation is reco8ni5ed so as to write off the cost of assets less their residual value5 over th8r useful econornic lives. In respect ol the freehold property. it 15 the charity'5 practice to maintain the Froperty in a continual State of Sound repair and to make improvement5 from time to time. Accordingly. the tru5tee5 consider that the useful economic life of the freehold property is 50 lon& and the residual value so high. that depreciation is in5ignih.cant to the financial statements. Land and buildings Fixtures, frthngs & equipment Computers Not depcIated 20% Straight Line 20% Straight Line 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 activthes. 15-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Accountlng polkles Icontlnuedl 1.7 Fixed asset irhvestments Investments held within liyed assets represent the charity's portfolio of mana8ed investment funds. They are stated at fair value within the financial statements, calculated with reference to the mid-market value of the investment at the balance sheet date. All Bains and losses are taken to the Statement of Financial Activities. 1.8 Impairment of fixed assets At each reporting end date. the charity reviews the carrying amounts of its tangible assets to determine whether there is any indication that those assets have suffered an impairment loss. If any such IndatrOn exists, the recoverable amount of the asset is estimated in order to determine the extent of the imtoirment loss lif anvl. 1.9 Cash and cash equivalents Cash and cash equivalents include cash in hand. deposits held at call with banks, other short-term liquid investments with original maturities of three months or less. and bank overdrafts. Bank overdrafts are shown within borrowings in current liabilities. 1.10 Flnanclal Instruments The charity has elected to apply the provisions of Sethon 11 'Basic Financlal Instruments, and Seeon 12 'Other Flnancial Instrumenis Issues, of FRS 102 to all of its financial instruments. Flnancial Instruments are recognised the charity's balance sheet when the charlty becomes party to the contractual provisions of the Instrument. Flnancial assets and liabilities are offset. with the net amounts presented in the financial statements, when there is a legally enforcèable right to set off the recognised amounts and there is an intentlon tosettle on a net basis or to realise the assei and settle the liability simultaneously. Baslcfinanclul ossets Basic financial assets. which include debtors and cash and bank balances, are initially measured transaction price including transaction costs and are subsequently carried at amorrised cost Using the effective interest melhod unless the arrangement constitutes a financing transaction, where the transaction is measured at the present value of the future receipts discounted at a market rate of interest. Financial assets classified as receivable within one year are not amortised. Boslcfinanclol liabllities Basic financial liabilities, including creditors are initially recognised at transaction price unless the arrangement constitutes a financin8 transaction, where the debt instrument is measured at the present value of the future payments discovnted at a market rate of interest. Financial liabilities cla5sihed as payable within one year are not amortised. Debt instrument5 are sub5eqtJently carried at arnorbsed cost, using the effertive interest rate method. Trade creditors are obligations to pay for goods or services that have been acquired in the Ordin course of operations from suppliers. Amounts payable are classilied as current liabilities if payment is due within one year or less. If not, they are presented as norrfurrent liabilities. Trade creditors are recognised initially at transaction price and subsequently measured at amothsed cost using the effective interest method. 16-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Accountlng polkles Icontlnuedl 1.11 Employee benefits The cost of any unused holiday entitlement Is reco8nised in the period in which the employee's services are received. Termination benefits are recognised immediately as an expense when the charity is demonstrably committed to terminate the employment of an employee or to provide termination benefits. 1.12 Retlrement beneffts Payments to defined contribution retirement benefit schemes are charged as an expense as they fall due. 1.13 Llmlted by Buarantee The charity in limited by guarantee and therefore has no share eapltal. cr1Cal accoundng esdmates and ludgements In the application of the charity's accounting policies, the Trustees are requiTed to make judgements, estimates and assumptions about the carrying amount of asset5 and liabilities that are not readily apparent from other sources. The estimates and associated assumpts'ons are based on historical experience and other factors that are considered to be relevant. Actual lesults may differ from these estimates. The estimates and underlyin8 assumptions are reviewed on an on80ing basis. Revisions to accountin8 estimates are recognised in the period in which the estimate is revised where the revision affects cnly that period, or in the period of the revision and future periods where the revision affects both current and future periods. The key assumptions and other sources of estimation uncertainty that have signihcant risk of Cau8 a material adjustment to the carryin8 amount of assets and liabilities within the next financial year are as follows.. The annual depreciation charge is considered with reference to the estimated useful economic lives and residual value of the a55ets. The useful economic lives and residual values are re-a$5essed annually. Welfare grants are assessed on a case by case basis and authorised by Trustees, see note 4. There were no other key sources of estimation uncertaintv. 17-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Donatlons and legatles Unrestrlrted Restrlded funds fvnds Total Total 2024 2024 2024 2023 Donations and gifts 2,419 35,0 37,419 23,035 Charltable acttvltles. unrestrlcted 2024 2023 Rents due from tenants and garages Grants awarded to tenants 505.187 142,4341 459,129 135,1241 462,753 424,005 Income of rents from tenant5 and 8ara8es a5 Shown above 15 wholly attributable to unrestricted fund5. Rents are reviewed annually and are linked to the estimated commercial rents for similar propertis in the vicinity before applyin8 a discount. All rents are discounted by at least 30% with a higher level of discount lor elderly residents. These discounts are included in the £505,187 income shown above. Total rental income excluding discounts 15 £738,680. Grants awarded to tenants. are further discounts of rent and are provided to certain tenants who ze in need of additional financial 5UPPOrt. typically on a 5hort-term basis. The grants awarded to tenants are approved by the trustees and the conditions of each award are regularly reviewed. The discount 15 recognised in the linancial statements as a deduction from the related rentsl income, in the period the trustees approve the grant. 18-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Investments UnrestrScted fvnds Total 2024 2023 Investment interest and dividends 24,177 18,767 Investment income as shown above is wholly attributable to unrestricted funds. Costs of charltable arti¥lties- by activlty Attl¥ltlÈs undertaken dlrectly Support costs Totsl 2024 Total 2023 Letting of homes to service veterans in need 241,468 95,777 337,245 348,867 Included in ath¥ieS undertaken diieuly are £nil12023- £17.8211 of tosts attributable to restricted funds. 19-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Actlvltes undertaken dlrertlv 2024 2023 Council tax and water rates Light and heat Repairs and maintenance Maintenance of ground5 Insurance Cleaner's salary Cleaning materials Legal and professional Telephone Warden call system Resident support costs Bad debts Special projects- windows Special projeds- pavemenis. roads and grounds Special projects- new communal area and office Special proleds- 15 Memorial Homes flat conversion 828 11581 198,380 18.730 6,623 5,521 737 5.741 295 4,814 96 19401 2,208 9,395 204,661 11,270 5,691 5,033 2,070 2,262 201 5,606 1,044 4,797 3,466 801 241,468 257,704 Included in activities Undertaken directly are £nil12023- £17,821> of costs attributable to restricted funds. Other Income Unre5tr5rted funds Total 2024 2023 Sundry ineome 1.436 81
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 Support eosis 2024 2023 Estate manager'5 salary Wages and salaries Employer's Nl contributr'ons Staff pension cost5 Printing, postage and stationery Telephone and internet for office 51,612 15,425 1,561 2,210 1,376 I,ooi 48,300 14,436 1,038 2,004 1,408 587 E 11 General expenses Trustee indemnity insuran¢e Accountancy Depreciation Audit Investment management char8es 2,062 1.880 5,380 916 4,927 1,711 4,691 896 3,6 8,754 3,6C4) 7,565 95,777 91,163 All support costs as shown above are wholly attributable to unrestricted funds. 10 Net movemÈnt In funds 2024 2023 The net movement In funds Is staled after charging11clnaj'. Depr*c5aon of owned tangible fixed assets 916 896 11 Trustee5 None of the Trustees lor any persons connected with them) received any remuneration during the year. No expenses have been 1MbUrSed to the directors during the year. 12 Gains and lo$ on invéstmtnts Unrestrittèd Unrestrirted funds lunds 2024 2023 Gains/l1055e51 arising on.. RevalLJation of investments 78.443 32,089 21
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 13 Employees The average monthly number of employees during the year was.. 2024 Number 2023 Number Estste manager Resident manager Cleaner Employment costs 2024 2023 Wages and salaries Social security costs Staff pension costs 72,558 1,561 2,210 67,769 1,038 2,004 76,329 70,811 No employee received remuneration of greater than £60.CQO in the current or previous year. Total remuneration of key management personnel during the year was £58.35312023.. £54,4901 and employers pensions É2.21012023= £2.(1 l. Pension contributions were paid to 112023.. 11 staff under a defined contribution scheme. 14 TaxaOn The charity is exempt from taxation on its artivities because all its income is applied for charitable purposes.
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 15 Flxed asset In¥estments Unllsted Investments Cost or valuadon At l October 2023 708,285 7,572 78,443 Additions Valuatr'on changes At 30 Septernber 2024 794,300 Carrying amount At 30 September 2024 794,3CLI At 30 September 2023 708,285 At the 30 September 2024 the charity held an investment portFolio comprisin8 01 £516,483 12023 £456.2741 in equity Securities, £60.80512023 - £36.2731 in 5trurtured return investments, £124,90312023 £118.1601 in lixed interest investments, £55.331 12023 - £51.7701 in hed8e funds, £16,497 in property investment512023- £12,401) and £20,28212023- E33.4071 in cash deposits. All lixed asset investments are held within the united Kingdom.
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 16 Tanglble fixed assets Fixture5. land and fitbngs & buildings equipment Computers Totsl C05t At l October 2023 Additions 4,194.732 32,260 2,181 2,398 4.199,311 32,260 At 30 Septernber 2024 4,226,992 2,181 2,398 4,231,571 Depreclatlon and Impalrmènt At l Octtsber 2023 Depreciation char8ed in the year 872 436 520 480 1,392 916 At 30 Septernber 2024 1,308 I,oco 2,308 Carrylng amount At 30 September 2024 4.226.992 873 1,398 4.229,263 At 30 September 2023 4.194.732 1.309 1,879 4,197,920 17 Debtors 2024 2023 Amounts falllng due wlthln one year: Amounts due from residents 32,298 22,355 18 Creditors: amounts falling due within one yèar 2024 2023 Other taxation and social security Trade creditors Other creditors Accruals and deferred income 1,014 5,032 467 3,188 13,215 355 6,725 6,725 13,238 23,483 -24-
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 19 Restrlcted funds The restricted funds of the charity comprise the unexpended balances of donations and grants held on trust subject to specific conditions by donors as to how they may be used. At i Ortober 2023 Incoming resources Resources empended Transfer5 At30 September 2024 Queen Mary's Roehampton Trust fund - boilers Queen Mary's Rtrehampton Trust fund - Poppy Lane 2 3,179 3,179 35.(110 132.2601 2,740 3.179 35.CKJO 132.2601 5,919 Prevlous year: At l Ortober 2022 In¢omlng resour5 Resources empended Transfers At30 September 2023 Queen Mary's Roehampton Trust fund 21.LNJO 117.8211 3,179 Queen Mary's Roehampton Trust lund- bollers Durin8 the year ending 30 September 2023, grant income of £21.000 was recognised from the QMRT (Queen Mary's Roehampton Trust). The 8rant documentstion state5 that these funds must be Spent exclusively on the purpose of grant, which is to replace boilers in 8 of the properties, that are in excess of 25 years old. Queen Mary's Roehzmpton Trust Fund- Poppy Lane 2 delOpMent During the year ending 30 September 2024. grant income of £35.000 wa5 recognised from the QMRT (Queen Mary's Roehampton Trust). The grant documentation states that these funds must be spent exclusively on the purpose of grant, which is to contribute toward ihe building of four new bungalows on the Estste. The Armed Forces Covenant Fund Trust- Poppy Lane 2 developrnent During the year ending 30 September 2024. grant income of £500.0 h35 been awarded from The Armed Forces Covenant Fund Trust. The grant documentation states that these funds must be spent exclusive on the purpose of grant. which 15 to contribute toward the building of four new bungalow5 on the Estate. No granl money ha5 been recognised during the year ending 30 September 2024 which falls in line with the term5 and conditions of the grant.
BOURNEMOUTH WAR MEMORIAL HOMES NOTES TO THE FINANCIAL STATEMENTS (coPINUED} FOR THE YEAR ENDED 305EPTEMBER2024 20 Analysls of net assets between funds Unrestricted Restricted 2024 2024 Total 2024 Total 2023 Fund balances at 30 September 2024 are represented by.. Tangible assets Investments Current assetsllliabilitiesl 4.229.263 794,31K) 234.306 4.229.263 794,300 240.225 4.197,920 708,285 90,600 5.919 5.257.869 5.919 5.263.788 4.996,805 21 Related party transactlons During the year legal services were provided by Genesis Solicitors, of which Natalie Burnman is a director. Since being appointed as Trustee. the cost of these services totaled £672. These costs are deemed to be at normal market rate. 22 Cash Benerated from operatlons 2024 2023 Surplus for the year 266.983 149,110 Adjustments for.. Investment incorne recognised in statement of financial activities Fair value gains and losses on investments Depreciation and impairment of tangible fixed assets 124,1771 178.4431 916 118,7671 132,0891 896 Movements in workin8 Capltal.. Ilncreasel/decrease in debtors IDecreasellincrease in creditors 19.9431 110,2451 2,704 9,381 Cash 8enerated from operations 145,091 111,235