REGISTERED CHARITY NUMBER.. 1163224 REPORT OF THE TRUSTEES AND FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 FOR HOME OF COMFORT
HOME OF COMFORT CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 Page Raport of th8 Trustws Report of the Independent Auditors statement of Financial Activities 10 Balance Sheot Cash Flow Statement 12 Notes to the Cash Flow Statement 13 Notes to th8 Flnanclal Statsm•nts 14 to 21
HOME OF COMFORT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 The trustees present their report %Mth the financial statements of the charity for the year ended 31 December 2023. The trustee5 have adopleil the prowsions of Accounting and Reporting by Charities." Statement of Recommended Practice applicable to ¢hants'es preparing their a¢¢ounts in a¢¢ordan¢e Mlh the Financial Reporting Standard applicable in the UK and Republic of Ireland IFRS 1021 leffective 1 January 20191. OBJECTIVES AND ACTIVITIES Objectives and aims The objecbves of the Charity maIn those for Yh)ich rt was originally establishet1 in 1896." to manage a Nursing Home for the sick, providing charitable disbursement ere necessary and thus providing care and Comfort, alleviating need and distress. About Th• Homo ol Comfort Nurslng Hom• The Home of Comfort was founded in 1896 by Mother Emma. Head Deaconess of the Winchester diocese lof which the present Portsmouth diocese was a part until 19271. She had become concerned about the many elderly people who, when ill and lonely. had no one lo care for them, so she raised enough money lo buy the original house (called "Dwan") and opened rt as the Home of Comfort for the Dying on Sl Andre¥V$ Day. th just twelve residents. The Home was originally registered as a Trust in 1909, and in 2019 rt was incorporated as a Charrtable Incorporated Organisalion. These changes have been made so that, as far as possible, the Home can continue lo cary out Mother Emma's wshes. Today, as a Nursing Home, we provide 24-hour nursing care. wilh at least one registered nurse on duly day and night. and we are lully equipped lo meet the neeils of our residents. The Home is registered wth the Care Quality Commission and is a member of the Registered Nursing Home Association and of the Hampshire Care Association. Elch of our residents has their ob*n room, ffijlly furnished.. they may. if they wish, bring small items of their own furniture and have their own telephone and lelewsion. We have a Iighl. sunny day-room and a larger dining room Véhere activities such as parb'es, singing and bingo take Flace. Meals, all of vthich are prepared in house, may be served whereever a resident prefers lo have them. Friends and relatives are welcomed, and we encourage their invdvement in the lives of our residents. Our policy is lo provide care and comfort for elderly people. supporting them lo relum lo the communty if possible, and nursing them lo the ends of their lives rf not. We hope we shall be able lo conts'nue doing this for many years to come. Admission to the Homo of Comfort The Home of Comfort Is open lo potential residents of all backgrounds and lo those vtho need respite care as well as lo pemianenl resi¢Jenls. Our historic association the Anglican Church MaInS part of our herrtage and is in the minds of many vtho ¢hose to come and live at the Home. Although there are no longer moming prayers or compulsory weekly services, we hold a monthly Communion Service at vthich all are welcome. Through the support of the Charrtable Trust, the Home supports those vkno do not have funds to pay for their ovm care lo receive the same stsndard of support a5 those vtho are self-funding. OBJECTIVES AND ACTIVITIES Activities of the Charity The activities of the Home are regulated by the Care Qualty Commission, and the Trustees and Management are responsible for ensuring that the Home meets the wu1Ments of the CQC. The management of the Home invofves the emFAoyment of a large number of stsff including nursing staff. carers, domestic staff and man3gemenL 11 also requires the appropriate maintenance of the fabric and Str[th of the building owneil by the Home, from which it operates. Page 1
HOME OF COMFORT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 OBJECTIVES AND ACTIVITIES Public benefit The trustees confimi that they have erred lo the guidance ntsIned in the Charrty Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The Iruslees refer lo public benefit throughout this reporL The Home of Comfort is a registered Charity whose Charrtable Purpose5 are". "The relief of those in need by reason of a9e, ill health or terminal illness by such means as providing a nursing home and such other services and facilth.es as the charty trustees may from lime lo lime determine. The charity IrLJslees shall give preference to beneficiaries who are or vA)o were formedy ordained or lay ministers of the Church of England oi other workers connected the Chuich of England." Thus, public benefit is provided through the operation of the Home. at a time then good qualty nursing home provision in the local area is in Short supply, and in the provision of bursaries. The Home prowdes bursaries to those residents Ose cafe is funded by local authorities at a rate I0r than the Home'5 usual rates. In such a way, the Home ensures that those who do not have funds of their own, or relatives able to pay for their care. have the opportunty lo receive high qualrty nursing care wlhout having lo leave the area in which they vAsh to live and vthere they have family. The charty was founded wlh the same objects as ivs peCesS0r. Home of Comfort for Invalids (Registered no 2021911, and the wording of those objects was amended in 2020 the consent of the charity Commission lo simplify il a little and lo indude 'olher workers connected wth the Church of England, as well as those vtho have been ministers. ACHIEVEMENT AND PERFORMANCE Porfomiance durlng tho year The Home made use of staff agencies to manage this period of sickness. but considerable uncertainty and rapidly changing advice, the wnler time were pa'CUlarlY challenging. With the increase of the cost of living, we have seen a major increase in electricity, gas and the food bills. This is inevitable and many homes in the area have dose<l due the in¢aSe of the cost of liwng. During this period of transition, the Trustees expect the Home to be loss making due lo reduced fees. They are also mindful that there are a number of aa$ where investment needs lo be made in the fabric of the building to ensure it remains attractive to those looking for care. They feel confident that as a non-profft making home wlh an excellent PUtation locally people wll still want lo come here, and that the Home's reserves are sufficient to allow them to manage this period. Activities During 2023 Running activities for residents during the last three years has been very challenging, and a number of pemianent and temporary staff has worked hard to make sure that we have some provision of One-t(one activities. These have included invrting outside entertainment in on a regular basis. Since coming out of Covid and the restrictions we had n the home we had evenlualty opened to all visrtors no restrictions in place. Pr•mIS Improvèménts Durlng 2023 In 2022 we had Fire Doors installed., in 2023 we focused more on the Iloors and had many rooms have the flooring replaced. Page 2
HOME OF COMFORT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 FINANCIAL REVIEW A review has been taken of the financial posrtion of the Charity and has proved to be satisfactory in all respects. Expenditure has exceeded income by £259.810 Ihis year thi¢h in¢ludes unrealised gains on investments of £59,073. Although nursing and caring income has increased due to the increased room rates, expenditure has also increased due to increasing staff costs and the costs of maintenance and improvements to the buildings. The principal funding sources of the Home are residents. fees. donatsons and legacies sufficient lo cover all expenditure incurred. Fees received for social services patients are less than private patients, with the shortlall being subsidised by the Home. The cost to the Home for these subsidies in 2023 was £179,338 12022. £132,400). The Home has an investment portfolio which 15 managed by Octopus Investments Ithe partner of CAF bank). The funds are invested in a low risk category providing a balance been income and groth. The balance of the Home's portfolio as at 31 December 2023 had decreased to £805,13012022'. £1,018,295). The Home also has approximalely £16.00012022'. £16,000) placed on Short terni nolice depo$f( a¢unIs. Rg88rvos The Charity has athys had a policy of retaining sufficient reserves lo cover any major slruclural works lo the property, bearing in mind the building is over 120 years old. Although they should run for many years, system$ such as the healing and hol water, and also the lifts. are extremely expensive lo replace when this becomes necessary. The Trustees feel il is essential lo maintain ServeS that would cover any conlin9ency that should arise with the building or facilities at the Home. Reserves are also necessary for the daY-l13Y running of the Home's operations, in case ol late payment by major customer IPort$mouth Cty Council) or other contingency or emergency. The Trustees feel the levels of reserves are sUfficnt for the Home to fulfil ils objective$. Investment Powors The Charity has the power lo make any investment vknich the Trustees see fft. Rl$k Managgment The Trustees have identrfied the principal risks to the Charity and documented these in the Reserves and Investment policy, which aims lo ensure Ihal sufficienl reserves are held to mrtigale those risks. The risks identified may be summarised as.. Increasing care needs (leading to a requirement to have more slaff andlor equipmenll, Insufficient public funding for Ca increasing the bursary necessary lo support Local Authority funded residents, Reduced occupancy, Some calaslrophic event causing damage to the Home's pMiSes. . A safeguarding or other resident welfare emergency, . A major HR issue, More existential risks due to a major event outside of Ihe Home's ¢onlrol, such as a 'n<Fdeal Brexit, disruption supplies and causing increased costs. The Home has a Business Continuty Plan in place and regularly reviews measures that can reduce both the likelihood of any of the above, and their potential impact. FUTURE PLANS The Trustees have a Development Plan for the Charrty and the Home these should be discussed in the future, we would need new roofing, a new nurse call system. We also need to be replacing beds. Page 3
HOME OF COMFORT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 STRUCTURE, GOVERNANCE AND MANAGEMENT Goveming document The governing document is a ConstitLrtion based on the Charity Commission model for a CIO. Recruitment and appointment of new trustees The appointment and recrurtment of new Trustees is by personal recommendation by existing Trustee3. The Home has a written policy seth'ng out the pro¢ess of re¢nAitrnent and induction of new Trustees. Organisational structure The organisational structure of the charrty is made up of a Board of Trustees and tsvo managers (the Matron and Adminislralion Manager). Major decisions are taken by Twstees le.g. major capital expenditure, changes to key poliwl, and day lo day operatsonal ¢Je¢isions by the Matron and Administration Manager, wth support as appropriate. The Board of Trustees meets approximately six bme$ a year to receive finanaal. maintenance, residents and other reports from the Matron and the Administrth"on Manager, and to rewew the implementslion of budgets and strategy. Induction and trainSng of nèw trusts88 Induction ol a Trustee takes place at an interview before their appointment, and at the initial Trustees meeting attended by the new Trustee., copies of Charity Commission lrterature and informalH)n about the Home are provided according lo the Home's policy on the recrurtmenl of new Trustees. The Home has arranged training for Trustees in Charitable Governance and in relevant clinical matters. Koy managoment romuneratlon In settin9 appropriate levels of remuneration for the key management personnel al the Home, the Twslees consider rates of pay for equivalent position$ both vthin the Nursing Home sector and in other related position5. This iy done by observing job adverb"semenls in Nursing publication5 and online. chècking published NHS rates of pay. and speaking infomalty lo representslives from other Homes and to other linical personnel. REFERENCE AND ADMINISTRATIVE OETAILS Reglstgr&d Charfty numb•r 1183224 Pr5nclpal addro88 17 Victoria Grove Soulhsea Hampshire P05 1NF Trustees M S Smy (Chairl D Day (Hon Treasurer) S King Rev. G Evans-Harri$ D Bridger R Lawson Appointed September 2023 Resigned January 2024 Admlnlstratlon Managèr C Silva Matron & CQC Registered Manager D Anil Page 4
HOME OF COMFORT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 REFERENCE AND ADMINISTRATIVE DETAILS Auditors Morris Crocker Limited Chartered A¢¢ountsnls Statutory Auditors Station House North Street Havant Hampshire P09 1QU Bankers CAF Bank 25 Kings Hill Avenue West Malling Kent MR19 4JQ Solicitors Lester Aldridge Russell House Oxford Road Bournemouth BH8 8EX Invo$tmont Portfollo Managers Aberdeen Standard 280 Bishopsgale London EC2M 4AG STATEMENT OF TRUSTEES. RESPONSIBILITIES The Iruslees are responsible for prepanng the Report of the Trustees and the financial statements in accordan¢e with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice). The law applicable to charities in England and Wales. the Charities Act 2011, Charity (Accounts and Reports1 Regulations 2008 and the provi5ion5 of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the stsle of affairs of the charty and of the incoming resources and application of resources, including the income and expenditure. of the charty for that period. In preparing those financial slalemenls, the Iruslees are required lo select suitable accounting policies and then apply them consistendy., observe the methods and principles in the Charty SORP". make judgements and estimates that are reasonable and prudent.. state whether applicable accounting standards have been followed, subj'ect lo any material departures disclosed and extAained in the financial stslements" prepare the financial statements on the going concem basis unless it is inappropriate to presume that the charity will continue in business. The trustees are responsible for keeping proper accounting records which disclose with reasonable accuracy at any lime the financial position of the chanty and lo enable them to ensure that the financial statements comply wlh the Charities A¢1 2011. the Chanty IA¢¢ounts and Reportsl Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the chanty and hence for taking reasonable Steps for the prevention and detection of fraud and other irregularrtie5. Page 5
HOME OF COMFORT REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2023 I S M44-S...ZUZ..... •*J on ils bthaN ty.
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOME OF COMFORT Opinion We have audited the financial statements of Home of Comfort (the 'charrtll for the year ended 31 December 2023 which comprise the Stslement of Finan¢ial A¢b.v"e$. the Balance Sheet. the Cash Flow Statement and notes to the financial statements, induding a summary of significant accounting policies. The financial reporting framework that has been applied in their preparabon is applicable law and Unrted Kingdom Accounting Standards IUnf(ed Kingdom Generalty Accepte(l A¢counb"ng Practice). In our opinion the financial stslements". give a true and fair view of the state of the charitys affairs as at 31 December 2023 and of f(s incoming resources and application of resources, for the year then ended., have been properly prepaied in accordance United bth"ngdom Generally Accepted Accounting Practice", and have been prepared In accordance wth the requirements of the Charrties Act 2011. Basls for opinlon We ¢ondu¢led our audit in accordance wth Inlemational Standards on Auditt'ng IUKI IISAS IUKII and applicable law. Our responsibilities under those standards are further described in the Auditors. responsibilibes for the audit of the financial slalements sedion of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audrt of the financial statements in the UK, including the FRC'S Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance wlh these requirements. We believe that the audrt evidence we have tsbtsined Is sufficient and appropriate to provide a basis for our opinion. Conclusions r8lating to going concom In auditing the financial slatemenls, we have ¢onduded 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. have not identified any material uncertsinlies relating to events or conditions that. individually or colle¢t'vely. may ¢a$t significant doubt on the Charity's ability to ¢onlinue as a going concern for 4 period of at least tsve months from %then the financi41 statements are authorised for issue. Our responsibilities and the re$ponsibilrtie$ of the trustees Nbith respect lo going concem are describèd in the rolevanl sections of this report. Other Infomiatlon The trustees are responsible for the other information. The other information comprises the infomiation induded in the Annual Report, other than the financial statements and our Report of the Independent Auditors Ihereon. Our opinion on the financial Slalements does not cover the other infomiab.on and, except lo the extent otherwse expliciuy $tsted in our report, we do nol express any forni of assurance conclusion Ihereon. In connection Imlh our audit of the financial stslements. our responsibilrty is to read the other inftsmalion an(J, in doing so, consider whether the other inforniation is materialty inconsistent wth the financial statements or our knoledge obtained in the audrt or otherwise appear5 to be materialty misstated. If we identify such material inconsistencies or apparent material misslatemenls. we are requireil lo detemine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material mi55talemenl of this other information, we are required lo report that fact. We have nothing lo report in this regard. Matters on which we arg r8quirod to report by exception We have nothing to report in respeci ol the following matters Nthere the Charibes {Accounts and Reports} Regulations 2008 requires us lo report lo you rf, in our opinion". the informats'on given in the Report of the Trustees is inconsistent in any material respect with the financial statements.. or suffi¢ienl a¢¢ounling recor(ls have not been kept-. or the financial statements are not in agreement the accounts'ng records and returns., or we have not received all the informats.on and explanab.ons we require for our audit. Page 7
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOME OF COMFORT Responsibilities of trustses As explained more fully in the Slalement of Trustees. Responsibilrties. the trustees are responsible for the preparation of the financial statements which give a Irue and fair view, and for such internal control as the trustee5 determine 15 necessary lo enable the preparab.on of financial stslemen15 that a free frorn material mi$stslement. whether due to Iraud or error. In preparing the financial slatemenls. the trustees a responsible for assessing the ¢harrty's abilty lo continue as a going concern, disclosing, as applicable, matters related to going concem and using the going concern basis of accounting unless the trustee5 either intend to liquidate the charity or to cease operations, or have no realists"c altemative but to do so. Our r8sponsibilitias for thè audit of thè financial stat•m8nts We have been appointed as auditors under Section 144 of the Charilies Act 2011 and report in accordance th the Act and relevant regulab'ons made or having effect Ihereunder. Our objectives are to obtain reasonable assurance aboLrt vthether the financial ststements as a whole are free from material misslalemenl, whether due lo fraud or error. and lo issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance 1$ a high level of assurance, but is not a guarantee that an audit conducted in accordance wlh ISAS IUKI wll afvmys detect a material misstatement vthen it exists. Misslalemenls can arise from Iraud or eryor and are considered material if. individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. The extent to which our procedures are capatle of detecting irregularities, induding fraud 1$ detailed below.. From discussion wrth management and those charged govemance infomation about the entity is documented lo assess the activity wthin the organisabon. We discuss management's assessment of risk in respect of irregularities. fraud and going concern. Based on these discussions and our ovm assessments we determined that the key risk areas were income rec¢gnrtion In respect of cut off issues and management override conceming the soe of the organisation. We sel financial statement materiality level based on the level of income. As a not for profil organisalion raising income is ils primary focus which is vthy income was used to determine the level of materiality. Our overall assessment of risk was used to deterniine perfomiance materialty at an appropriate level. Substsnlive audit lesls were designed after assessing and perf¢)miing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear lo be operating as documented. Substantive testsng tested a sample of the population. representstive of the populats'on, to identfy errors. The testing did not identify any material misslalemenls in areas lèsled. Audit substantive tests concluded no material errors over the key risk areas of income recognrtion and management override. The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulats'ons that are appropnate lo the organisalion. Management assessed there is no going concem risk. A further description of our responsibilth'es for the audit of the financial statements is located on the Financial Reporting Council's websrte al bvww.frc.org.uklaudilorsresponsibilrties. Thi5 description fom5 part of our Report of the Independent Auditors. Page 8
REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOME OF COMFORT Use of our rnport This report is made solely to the charty's trustees. as a body. in a¢¢ordan¢e with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audtt rk has been undertaken so that we might state to the ¢harty's Iruslees those matters we are required 10 5ts1e lo them in an auditors, report and for no other purpose. To the fullest extent permitted by law. V do not accept or assume responsibilty to anyone other than the charity and the charity's trustees as a body, for OUT audTt rk, for this report, or for the opinions we have formed. for and on behalf of Morris Cro¢ker Mited Chartered Ac¢ountsnls Statutory Auditors Slalion House North Street Havant Hampshire P09 1QU Dale. .24..M.gy.7.9.2.4................. Page 9
HOME OF COMFORT STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2023 2023 Total funds 2022 Total funds Unrestricted fund5 Restricted funds Notes INCOME AND ENDOWMENTS FROM Donations and lega¢ies 559 559 3,826 Charitabla activities Nursing and caring 1,645.018 1,645,018 1,472,622 Investment income 188 188 86 Total 1,645.765 1,645,765 1,476,534 EXPENDITURE ON Raising funds 2.238 2.238 1,430 Charitabl8 actlvitigs Nursing and caring 1,962.410 1,962,410 1.776,771 Total 1,964.648 1,964,648 1,778,201 Nel gainslllossesl on investments 59,073 59,073 179,9201 NET INCOMEIIEXPENDITUREI 1259,810) 1259,8101 1381,5871 RECONCILIATION OF FUNDS Total funds brought forward 1,162.002 1,162,002 1,543,589 TOTAL FUNDS CARRIED FORWARD 902.192 902.192 1,162,002 The notes form part of these financial statements Page 10
HOME OF COMFORT BALANCE SHEEr 31 DECEMBER 2023 FIXED AS8Ers TangIÉ awts Invoslments 12 13 103,9 805,130 120,402 1.018.295 )9.120 1.138.697 CURREKf ASSErs Debtors Cash at bank and in hand 14 29.170 45.0X) 25,032 74.882 74.220 99,914 CREDITORS Amounts Talllng Ikn wrthm 15 (81.148) (76.609) NET CURRENT ASSErs (6.928) TOTAL ASSETS LESS CURRENT LIABIUTIES 2.192 1,162.)2 NET A3SErs 902.192 1.162.(2 FUNDS Vnrestrict8d fvTr1s 17 r2,IY2 1.162.(#Y2 TOTAL FUNDS 9)2,192 1.182.(K)2 i J Z42.Q........ Ind %wr8 8ign•d on Ib bthgll by.
HOME OF COMFORT CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 2023 2022 Notes Cash flows from operating activities Cash generated from operations (299,3931 1299,6231 Net cash used in operabng activities (299,3931 1299,6231 Cash flows from Inv•stlng a¢tlvltl•s Purchase of tangible fixed assets Purchase of fixed a55el inve51menls Sale of fixed asset investments Interest received 12,8651 1876,4001 1.148.638 188 17921 209.430 86 Nel Cash provided by investing aclivitses 269,561 208,724 Change In cash and cash wulvalents In tho reporting period Cash and cash equivalgnts at the glnnlng ol the reportlng p•rlod 129,8321 190,8991 74.882 165.781 Cash and Cash equlvalonts at th• •nd of tho roportlng perlod 45,050 74,882 The notes fomi part of these financial statements Page 12
HOME OF COMFORT NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2023 RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES 2023 2022 Net expenditure for the reporting period {as per the Statement of Finan¢lal A¢tlvlU•$l Adjustments for: Depreciation charges IGainlllosses on invesbnents Intere51 received Increase in debtors Increaselldecrease} in credrtors 1259.8101 1381.5871 19,277 {59,0731 11881 14,1381 4,539 22,169 79,920 1861 111.9141 18,1251 Net cash used in operations {299,3931 1299,6231 ANALYSIS OF CHANGES IN NET FUNDS At 1.1.23 Cash flow Al 31.12.23 Net Cash Cash al bank and in hand 74,882 {29,8321 45,050 74.882 129,8321 45.050 Totsl 74,882 129,8321 45,050 The notes fomi part of these financial statements Page 13
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES Basis of preparing the financial statements The financial slalemen15 of the charity. which 15 a public benefft entity under FRS 102, have been prepared in a¢¢ordan¢e wth the Charities SORP IFRS 1021 A¢¢ounting and Reporting by Charities.. Statement of Recommended Practice applicable to charities preparing their accounts in accordance wrth the Finan¢ial Reporting Standard applicable in the UK and Republi¢ of Ireland IFRS 1021 leffective 1 January 20191,, Financial Reporting Standard 102 The Financial Reporting Standard applicable in the UK and Republic of Ireland. and the Charities Act 2011. The financial statement5 have been prepared under the hisloncal cost convenbon. the exception of investments which are included at market value, as modrfied by the revaluation of certain assets. The Charity constitutes a public benefft enlrty as defined by FRS 102. The Iruslees consider that there are no material uncertainties gard1fty the charity's ability lo continue as a going concern. At the year end the Charity has net liabilitses. In January 2024 a Small part of the investment portfolio was disposed of to fund cash flow in 2024. Income All income is recognised in the Stslement of Financial Activ"e5 once the charity has entrtlement to the lund$, il is probable thal the irbcome wll be received and Ihe amount can be measured reliably. Expgnditure Liabilities are recognised as expenditure as soon as there is a legal or conslrucb've obligation committing the charity lo that expenditure. rt is probae that a transfer of economic benefits will be required in Settlement and the amount of the obligation can be measured reliably. Expenditure 1$ accounted for on an accruals basis and has been classrfied under heading5 that aggregate all cost related to the category. Where costs cannot be dire¢Uy attribuied lo particular headings they have been allocated to activities on a basis consistent wth the use of resources. Tanglble Ilxed a8SOts Depreciation is provided al the followng annual rates in order to write off each asset ovèr ils e$limaled useful lrfe. Freehold property Improvements to propety Fixtures and fittings 2% on cost 10% On$1 20% on cost Individual fixed a$$et$ $tIng £500 or more are capitalised at ¢o$l. Taxatlon The ¢harty is exempl from tsx on rts chartsble adivrties. Fund a¢¢ounting Unreslricled funds can be used in accordance V1h the tharilable objectives at the discretion of the trustees. Restricted funds can only be used for particular restricted purposes vAthin the objects of the charity. Reslriclions arise %vhen specified by the donor or when funds are raised for particular restricted purposes. Further explanabon of the nature and purpose of each fund is induded in the note5 to the financial slatemenls. nsion costs and othgr post-rgtiremgnt beneffts The charty operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged lo the Ststement of Financial Activrties in the period lo which they relate. Page 14 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 ACCOUNTING POLICIES - continuad Financial instNments The charity only enters into basK financial instrumen15 transaction5 that result In the recognition of financial assets and liabilities like trade and other a¢¢ounts rl¥able and payable investments in stocks and shares. The measurement basis used for these instruments is detailed below. Fixed asset investments Investments are 5ts1ed al market value as at the balance sheet date. The Stslement of Financial Activities include the net gains and losses arising on revaluation and disposal throughout the year. 08btors and cash at bank Trade and other debtors are recognised at the setllement amount due after any trade discount offered. Prepayments are valued al the amount pPaid nel of any trade discounts due. Cash at bank and in hand includes cash held on deposit or in a current account. Creditors and provisions Creditors and provisions are recognised vthere the charity has a present obligation resulting from a past event that wll probably resuh in the transfer of funds to a tt)ird party and the amount due to settle the obligation can be measured or estimated rellay. Creditors and provisions are nomially recognised al their settlement amount after allowing for any trade discounts due. Reallsed galns and106s08 All gains and losses are taken to the slalemenl of financial adivilies as they arise. Realised gains and losses on investments are calculated as the derence beh¥een sales proceeds and opening market value (purchase dale if lalerl. Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value lor purchase date if later). 8ur8arfe In order that persons on a IoN%Er income can benefft. Bursaries are awarded to those residen15 who are unable to meet the full cost of lees. The drfference between the fees payable and the amount received from local authorities is shown as Bursaries in the financial statements. DONATIONS AND LEGACIES 2023 2022 Oonats'ons 559 3,826 The charity benefits greatly from the involvement and enthusiastjc support of its many volunteers. In accorllance wlh FRS 102 and the Charrties SORP IFRS 1021, the economic contribution of general volunteers is not recognised in the acwunl$. INVESTMENT INCOME 2023 2022 Oeposit account interest 188 All investment income is derived from assels held in the United Kingdom. Page 15 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 INCOME FROM CHARITABLE ACTMTIES 2023 2022 Activity Fees Nursing and caring Other incoming resources Nursing and caring Grants Nursing and Caring 1.636,128 8,690 1,429,356 2,829 40,437 1,645,018 1,472,622 Grants received, induded in the above. are as follovts.. 2023 2022 COVICk19 support 40.437 RAISING FUNDS Investment managoment Costs 2023 2022 Portlolio management 2,238 1,430 CHARITABLE ACTIVITIES COSTS Direcl Costs (see nole 7} Support cos15 (see note 81 Totals Nursin9 and caring 1.639,787 322,623 1,962,410 OIRECT COSTS OF CHARITABLE ACTIVITIES 2023 2022 Staff costs Agency costs Sundnes Provisions Medical and comfort supplies Staff adverts'sements and training Staff uniforms Registration fee 8ursaries 1.297,929 47,757 18,686 66,721 13,829 7,472 2,784 5,271 179,338 1,271,492 17,915 6,217 50,255 11,084 7,712 1,532 5.289 132.400 1,639,787 1,503,896 Page 16 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 SUPPORT COSTS Governance costs Management Totsls Nursing and caring 299,900 22,723 322,623 Support costs, included in the above, are as follo." Manag•mont 2023 Nursing and caring 2022 Total activities Wages Rates and water Insurance Light and heal Telephone Postage and stslionery Repairs and renewals Cleaning Legal and professional Bank charges Depreciation of tsngible assets 102,288 7,981 12,585 58,330 5,459 3,519 74,486 15,527 349 99 19,277 42,659 5,302 10.167 30,407 4,229 1,952 127,962 13,511 284 135 22.169 299,900 258,777 Govèmanco coyts 2023 Nursing and caring 2022 Total activities Wages Audit fees Auditors, remuneration lor non audrt work 14,436 6,264 5,9B9 6,064 2,023 2,045 22,723 14,098 TRUSTEES. REMUNERATION AND BENEFITS There re no trustees. remuneration or other benefits for the year ended 31 December 2023 nor for the year ended 31 December 2022. Page 17 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 TRUSTEES. REMUNERATION AND BENEFITS- continued Trustees. expens8S During the year no12022.' one) trustee was reimbursed out of pocket expenses. 10. STAFF COSTS 2023 2022 Wages and salaries Social security costs Other pension costs 1,294,174 95,668 24,811 1,209,298 91,359 19.483 1,414,653 1,320,140 The average monthly number of employees during the year was as follows". 2023 59 2022 60 Direct Management 61 61 No employees received emoluments in excess of £60,000. The average number of fulklime equivalent employees linduding casual and part-time staffj during the year wa$ 4012022.. 401. The Charity considers rts key management personnel compnse the Iruslees. the Administration Manager and the Matron & CQC Registered Manager. The total employment benefits including employer pension contributions of the key management personnel were £116,72412022.. £48,648). The Administration Managerfs salary has been dassified as parfly charitable activities expenditure and partly govemance costs. 11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTMTIES Unrestricted funds Restricted funds Totsl funds INCOME AND ENDOWMENTS FROM Donats'ons and legacie5 3,826 3,826 Charitable activities Nursing and caring 1,472.622 1,472,622 Investment income 86 Totsl 1.476.534 1,476.534 EXPENDITURE ON Raising funds 1,430 1,430 Charitable activities Nursing and caring 1.776.771 1,776.771 Total 1,778.201 1,778,201 Page 18 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 11. COMPARATV4ES FOR THE STATEMENT OF FINANCIAL ACTMTIES- continuèd Unrestricted Restricted funds funds Total funds Net gainslllossesl on investments 179.920 179,9201 NET INCOMEIIEXPENDITURE) {381,5871 1381,5871 RECONCILIATION OF FUNDS Total funds brought forward 1,543.589 1,543,589 TOTAL FUNDS CARRIED FORWARD 1.162.002 1,162,002 11 TANGIBLE FIXED ASSETS Improvements Fixtures lo and propety fitb'ngs FTeehc4d property Totsls COST Al 1 January 2023 Additions 151.514 128,381 113,536 2,B65 393,431 2,865 Al 31 December 2023 151.514 128,381 116,401 396,296 OEPRECIATION Al 1 January 2023 Charge for year 74.225 3,030 93.064 9,799 105,740 6,448 273,029 19,277 Al 31 December 2023 77.255 102,863 112,188 292,306 NET BOOK VALUE At 31 December 2023 74,259 25,518 4,213 103,990 Al 31 December 2022 77.289 35.317 7,796 120,402 All the above assets are used for the direct fvrtheran¢e of Ihe tharity's obltiveS. 13. FIXED ASSET INVESTMENTS Listed investments MARKET VALUE At 1 January 2023 Additions Oisposals Revaluation5 1,018,295 876.400 11,149.267) 59,702 At 31 December 2023 805,130 NET BOOK VALUE At 31 December 2023 805,130 At 31 December 2022 1,018,295 Page 19 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 13. FIXED ASSET INVESTMENTS- continued There were no investment assets outside the UK. 14. DEBTORS.. AMOUNTS FALUNG DUE THIN ONE YEAR 2023 2022 Other debtors Prepayments and accrued income 19,119 10,051 12,379 12.653 29,170 25,032 15. CREDITORS.. AMOUNTS FALLING DUE WITHIN ONE YEAR 2023 2022 So¢ial security and other tsxes other creditors Accrued expenses 29,110 17,372 1,149 58.088 52,038 81,148 76,609 16. ANALYSIS OF NET ASSETS BETWEEN FUNDS 2023 Totsl funds 2022 Totsl funds unrestn.cted Re¥tn"cted fvnds fvnds Fixed assets Investments Current assets Current liabilities 103.990 805.130 74,220 181.1481 103,990 805,130 74,220 181,14BI 120.402 1,018.295 99,914 176,6091 902,192 902,192 1,162,002 17. MOVEMENT IN FUNDS Net movement in fund$ Al 31.12.23 At 1.1.23 Unrostrlctod fund$ General fund 1,162,002 {259,8101 902,192 TOTAL FUNDS 1.162.002 {259,B101 902,192 Nel movement in funds. induded in the above a as follows". Incoming resources Resources expended Gains and losses Movement in fvnds Unrgstricted funds General fund 1,645.765 {1,964,6481 59,073 {259,8101 TOTAL FUNDS 1,645.765 {1,964,6481 59,073 1259,8101 Page 20 continued...
HOME OF COMFORT NOTES TO THE FINANCIAL STATEMENTS- ¢oDtinued FOR THE YEAR ENDED 31 DECEMBER 2023 17. MOVEMENT IN FUNDS- continugd Comparativas for movemènt In fvnds Net movement in fvnds At 31.12.22 At 1.1.22 Unrestricted funds General fund 1,543,589 {381,5871 1,162,002 TOTAL FUNDS 1.543.589 1381,5871 1.162.002 Comparative net movement in funds. indude(J in the above a as follows". Incoming resources Resources expended Gains and Movement losses in ftjnds Unrestriclgd funds General fund 1,476.534 {1,778,2011 179,9201 {381,5871 TOTAL FUNDS 1.476.534 {1,778.2011 179.9201 1381,5871 18. RELATED PARTY DISCLOSURES There were no rdaled paty transactions for the year eTrJed 31 December 2023. ULTIMATE CONTROLLING PARTY The Charity is under the contrd of ts Trustees. No one Trustee has sufficient control over the Charty. Page 21