**REGISTERED CHARITY NUMBER: 1163224**
## **REPORT OF THE TRUSTEES AND**
**FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FOR**
**HOME OF COMFORT**
**HOME OF COMFORT**
## **CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
|||**Page**||
|---|---|---|---|
|**Report of the Trustees**|1|to|6|
|**Report of the Independent Auditors**|7|to|9|
|**Statement of Financial Activities**||10||
|**Balance Sheet**||11||
|**Cash Flow Statement**||12||
|**Notes to the Cash Flow Statement**||13||
|**Notes to the Financial Statements**|14|to|21|
## **HOME OF COMFORT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
The trustees present their report with the financial statements of the charity for the year ended 31 December 2024. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
## **OBJECTIVES AND ACTIVITIES**
## **Objectives and aims**
The objectives of the Charity remain those for which it was originally established in 1896: to manage a Nursing Home for the sick, providing charitable disbursement where necessary and thus providing care and comfort, alleviating need and distress.
## **About The Home of Comfort Nursing Home**
The Home of Comfort was founded in 1896 by Mother Emma, Head Deaconess of the Winchester diocese (of which the present Portsmouth diocese was a part until 1927). She had become concerned about the many elderly people who, when ill and lonely, had no one to care for them, so she raised enough money to buy the original house (called "Dowran") and opened it as the Home of Comfort for the Dying on St Andrew's Day, with just twelve residents.
The Home was originally registered as a Trust in 1909, and in 2019 it was incorporated as a Charitable Incorporated Organisation. These changes have been made so that, as far as possible, the Home can continue to carry out Mother Emma's wishes.
Today, as a Nursing Home, we provide 24-hour nursing care, with at least one registered nurse on duty day and night, and we are fully equipped to meet the needs of our residents. The Home is registered with the Care Quality Commission and is a member of the Registered Nursing Home Association and of the Hampshire Care Association.
Each of our residents has their own room, fully furnished; they may, if they wish, bring small items of their own furniture and have their own telephone and television. We have a light, sunny day-room and a larger dining room where activities such as parties, singing and bingo take place. Meals, all of which are prepared in house, may be served where-ever a resident prefers to have them.
Friends and relatives are welcomed, and we encourage their involvement in the lives of our residents. Our policy is to provide care and comfort for elderly people, supporting them to return to the community if possible, and nursing them to the ends of their lives if not. We hope we shall be able to continue doing this for many years to come.
## **Admission to the Home of Comfort**
The Home of Comfort is open to potential residents of all backgrounds and to those who need respite care as well as to permanent residents.
Our historic association with the Anglican Church remains part of our heritage and is in the minds of many who chose to come and live at the Home. Although there are no longer morning prayers or compulsory weekly services, we hold a monthly Communion Service at which all are welcome.
Through the support of the Charitable Trust, the Home supports those who do not have funds to pay for their own care to receive the same standard of support as those who are self-funding.
## **OBJECTIVES AND ACTIVITIES**
## **Activities of the Charity**
The activities of the Home are regulated by the Care Quality Commission, and the Trustees and Management are responsible for ensuring that the Home meets the requirements of the CQC.
The management of the Home involves the employment of a large number of staff including nursing staff, carers, domestic staff and management.
It also requires the appropriate maintenance of the fabric and structure of the building owned by the Home, from which it operates.
Page 1
**HOME OF COMFORT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **OBJECTIVES AND ACTIVITIES Public benefit**
The trustees confirm that they have referred to the guidance contained in the Charity Commission's general guidance on public benefit when reviewing the charity's aims and objectives and in planning future activities. The trustees refer to public benefit throughout this report.
The Home of Comfort is a registered Charity whose Charitable Purposes are:
"The relief of those in need by reason of age, ill health or terminal illness by such means as providing a nursing home and such other services and facilities as the charity trustees may from time to time determine. The charity trustees shall give preference to beneficiaries who are or who were formerly ordained or lay ministers of the Church of England or other workers connected with the Church of England."
Thus, public benefit is provided through the operation of the Home, at a time when good quality nursing home provision in the local area is in short supply, and in the provision of bursaries.
The Home provides bursaries to those residents whose care is funded by local authorities at a rate lower than the Home's 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 opportunity to receive high quality nursing care without having to leave the area in which they wish to live and where they have family.
The charity was founded with the same objects as it's predecessor, Home of Comfort for Invalids (Registered no 202191), and the wording of those objects was amended in 2020 with the consent of the charity commission to simplify it a little and to include 'other workers connected with the Church of England' as well as those who have been ministers.
## **ACHIEVEMENT AND PERFORMANCE Performance during the year**
The Home made use of staff agencies to manage this period of sickness, but with considerable uncertainty and rapidly changing advice, the winter time were particularly 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 closed due the increase of the cost of living.
During this period of transition, the Trustees expect the Home to be loss making due to reduced fees. They are also mindful that there are a number of areas where investment needs to be made in the fabric of the building to ensure it remains attractive to those looking for care.
Funded Nursing care (FNC) has made changes to the way they are accepting referrals, they now have two forms to complete, one is the referral and the other in a consent form in which say for instance we have a resident who lacks capacity this form needs to be signed by the power of attorney, the problem lies that not all power of attorneys are local and getting a physical signature can take time, we recently were told that we could have this discussion over the phone and note that the family is aware that we will apply for FNC funds on the behalf of the resident. Going forward this will work but we experienced some cash flow problems due to this.
## **Activities During 2024**
Running activities for residents during the last three years has been very challenging, and a number of permanent and temporary staff has worked hard to make sure that we have some provision of one-to-one activities. These have included inviting outside entertainment in on a regular basis. We have no visiting restrictions. We have some volunteers to help out with activities as a top up to helping with activities.
## **Premises Improvements During 2024**
We had to replace our flat roof in 2024, we had some fire door work as well as some flooring placed in rooms that need new flooring.
Page 2
## **HOME OF COMFORT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **FINANCIAL REVIEW**
A review has been taken of the financial position of the Charity and has proved to be satisfactory in all respects. Expenditure has exceeded income by £236,811 this year which includes unrealised gains on investments of £56,481. 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, donations and legacies sufficient to cover all expenditure incurred. Fees received for social services patients are less than private patients, with the shortfall being subsidised by the Home. The cost to the Home for these subsidies in 2024 was £202,370 (2023: £179,338).
The Home has an investment portfolio which is managed by Aberdeen Standard (the partner of CAF bank). The funds are invested in a low risk category providing a balance between income and growth. The balance of the Home's portfolio as at 31 December 2024 had decreased to £618,794 (2023: £805,130).
The Home also has approximately £17,000 (2023: £16,000) placed on short term notice deposit accounts.
## **Reserves**
The Charity has always had a policy of retaining sufficient reserves to cover any major structural works to the property, bearing in mind the building is over 120 years old. Although they should run for many years, systems such as the heating and hot water, and also the two lifts, are extremely expensive to replace when this becomes necessary. The Trustees feel it is essential to maintain reserves that would cover any contingency that should arise with the building or facilities at the Home.
Reserves are also necessary for the day-to-day running of the Home's operations, in case of late payment by a major customer (Portsmouth City Council) or other contingency or emergency.
The Trustees feel the levels of reserves are sufficient for the Home to fulfil its objectives.
## **Investment Powers**
The Charity has the power to make any investment which the Trustees see fit.
## **Risk Management**
The Trustees have identified the principal risks to the Charity and documented these in the Reserves and Investment policy, which aims to ensure that sufficient reserves are held to mitigate those risks.
The risks identified may be summarised as:
- Increasing care needs (leading to a requirement to have more staff and/or equipment),
- Insufficient public funding for care increasing the bursary necessary to support Local Authority funded
- residents,
- Reduced occupancy,
- Some catastrophic event causing damage to the Home's premises,
- A safeguarding or other resident welfare emergency,
- A major HR issue,
- More existential risks due to a major event outside of the Home's control, such as a 'no-deal Brexit'
- disruption supplies and causing increased costs.
The Home has a Business Continuity 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 Charity 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 2024**
## **STRUCTURE, GOVERNANCE AND MANAGEMENT Governing document**
The governing document is a Constitution based on the Charity Commission model for a CIO.
## **Recruitment and appointment of new trustees**
The appointment and recruitment of new Trustees is by personal recommendation by existing Trustees. The Home has a written policy setting out the process of recruitment and induction of new Trustees.
## **Organisational structure**
The organisational structure of the charity is made up of a Board of Trustees and two managers (the Matron and Administration Manager). Major decisions are taken by Trustees (e.g. major capital expenditure, changes to key policy), and day to day operational decisions by the Matron and Administration Manager, with support as appropriate.
The Board of Trustees meets approximately six times a year to receive financial, maintenance, residents and other reports from the Matron and the Administration Manager, and to review the implementation of budgets and strategy.
## **Induction and training of new trustees**
Induction of 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 literature and information about the Home are provided according to the Home's policy on the recruitment of new Trustees. The Home has arranged training for Trustees in Charitable Governance and in relevant clinical matters.
## **Key management remuneration**
In setting appropriate levels of remuneration for the key management personnel at the Home, the Trustees consider rates of pay for equivalent positions both within the Nursing Home sector and in other related positions. This is done by observing job advertisements in Nursing publications and online, checking published NHS rates of pay, and speaking informally to representatives from other Homes and to other clinical personnel.
## **REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number**
1163224
## **Principal address**
17 Victoria Grove Southsea Hampshire PO5 1NF
## **Trustees**
M S Smy (Chair) D Day (Hon Treasurer) Resigned October 2024 S King Rev. G Evans-Harris D Bridger Resigned January 2024 R Lawson
## **Administration Manager**
C Silva
## **Matron & CQC Registered Manager**
D Anil
Page 4
**HOME OF COMFORT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
## **REFERENCE AND ADMINISTRATIVE DETAILS**
## **Auditors**
MC Audit Limited Statutory Auditors Station House North Street Havant Hampshire PO9 1QU
## **Bankers**
CAF Bank 25 Kings Hill Avenue West Malling Kent MR19 4JQ
## **Solicitors**
Lester Aldridge Russell House Oxford Road Bournemouth BH8 8EX
## **Investment Portfolio Managers**
Aberdeen Standard 280 Bishopsgate London EC2M 4AG
## **STATEMENT OF TRUSTEES' RESPONSIBILITIES**
The trustees are responsible for preparing the Report of the Trustees and the financial statements in accordance with applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
The law applicable to charities in England and Wales, the Charities Act 2011, Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed requires the trustees to prepare financial statements for each financial year which give a true and fair view of the state of affairs of the charity and of the incoming resources and application of resources, including the income and expenditure, of the charity for that period. In preparing those financial statements, the trustees are required to
- select suitable accounting policies and then apply them consistently;
- observe the methods and principles in the Charity SORP;
- make judgements and estimates that are reasonable and prudent;
- state whether applicable accounting standards have been followed, subject to any material departures disclosed and explained in the financial statements;
- prepare the financial statements on the going concern 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 time the financial position of the charity and to enable them to ensure that the financial statements comply with the Charities Act 2011, the Charity (Accounts and Reports) Regulations 2008 and the provisions of the trust deed. They are also responsible for safeguarding the assets of the charity and hence for taking reasonable steps for the prevention and detection of fraud and other irregularities.
Page 5
**HOME OF COMFORT**
## **REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 DECEMBER 2024**
Approved by order of the board of trustees on ............................................. and signed on its behalf by: 16 July 2025
................................................................. R T Lawson - Trustee
Page 6
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOME OF COMFORT**
## **Opinion**
We have audited the financial statements of Home of Comfort (the 'charity') for the year ended 31 December 2024 which comprise the Statement of Financial Activities, the Balance Sheet, the Cash Flow Statement and notes to the financial statements, including a summary of significant accounting policies. The financial reporting framework that has been applied in their preparation is applicable law and United Kingdom Accounting Standards (United Kingdom Generally Accepted Accounting Practice).
In our opinion the financial statements:
- give a true and fair view of the state of the charity's affairs 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 requirements of the Charities Act 2011.
## **Basis for opinion**
We conducted our audit in accordance with International Standards on Auditing (UK) (ISAs (UK)) and applicable law. Our responsibilities under those standards are further described in the Auditors' responsibilities for the audit of the financial statements section of our report. We are independent of the charity in accordance with the ethical requirements that are relevant to our audit of the financial statements in the UK, including the FRC's Ethical Standard, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
## **Conclusions relating to going concern**
In auditing the financial statements, we have concluded that the trustees' use of the going concern basis of accounting in the preparation of the financial statements is appropriate.
Based on the work we have performed, we have not identified any material uncertainties relating to events or conditions that, individually or collectively, may cast significant doubt on the charity's ability to continue as a going concern for a period of at least twelve months from when the financial statements are authorised for issue.
Our responsibilities and the responsibilities of the trustees with respect to going concern are described in the relevant sections of this report.
## **Other information**
The trustees are responsible for the other information. The other information comprises the information included in the Annual Report, other than the financial statements and our Report of the Independent Auditors thereon.
Our opinion on the financial statements does not cover the other information and, except to the extent otherwise explicitly stated in our report, we do not express any form of assurance conclusion thereon.
In connection with our audit of the financial statements, our responsibility is to read the other information and, in doing so, consider whether the other information is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. If we identify such material inconsistencies or apparent material misstatements, we are required to determine whether this gives rise to a material misstatement in the financial statements themselves. If, based on the work we have performed, we conclude that there is a material misstatement of this other information, we are required to report that fact. We have nothing to report in this regard.
## **Matters on which we are required to report by exception**
We have nothing to report in respect of the following matters where the Charities (Accounts and Reports) Regulations 2008 requires us to report to you if, in our opinion:
- the information given in the Report of the Trustees is inconsistent in any material respect with the financial statements; or
- sufficient accounting records have not been kept; or
- the financial statements are not in agreement with the accounting records and returns; or
- we have not received all the information and explanations we require for our audit.
Page 7
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOME OF COMFORT**
## **Responsibilities of trustees**
As explained more fully in the Statement of Trustees' Responsibilities, the trustees are responsible for the preparation of the financial statements which give a true and fair view, and for such internal control as the trustees determine is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.
In preparing the financial statements, the trustees are responsible for assessing the charity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless the trustees either intend to liquidate the charity or to cease operations, or have no realistic alternative but to do so.
## **Our responsibilities for the audit of the financial statements**
We have been appointed as auditors 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 free from material misstatement, whether due to fraud or error, and to issue a Report of the Independent Auditors that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs (UK) will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.
The extent to which our procedures are capable of detecting irregularities, including fraud is detailed below:
From discussion with management and those charged with governance information about the entity is documented to assess the activity within the organisation. We discuss management's assessment of risk in respect of irregularities, fraud and going concern.
Based on these discussions and our own assessments we determined that the key risk areas were income recognition in respect of cut off issues and management override concerning the size of the organisation.
We set financial statement materiality level based on the level of income. As a not for profit organisation raising income is its primary focus which is why income was used to determine the level of materiality. Our overall assessment of risk was used to determine performance materiality at an appropriate level.
Substantive audit tests were designed after assessing and performing walkthrough tests. The walkthrough testing confirmed documented systems which have been designed to act as a preventative measure against fraud and error which appear to be operating as documented. Substantive testing tested a sample of the population, representative of the population, to identify errors. The testing did not identify any material misstatements in areas tested.
Audit substantive tests concluded no material errors over the key risk areas of income recognition and management override.
The audit considers the organisation is not exposed to material risk of error as a result of assessing laws and regulations that are appropriate to the organisation.
Management assessed there is no going concern risk.
A further description of our responsibilities for the audit of the financial statements is located on the Financial Reporting Council's website at www.frc.org.uk/auditorsresponsibilities. This description forms part of our Report of the Independent Auditors.
Page 8
## **REPORT OF THE INDEPENDENT AUDITORS TO THE TRUSTEES OF HOME OF COMFORT**
## **Use of our report**
This report is made solely to the charity's trustees, as a body, in accordance with Part 4 of the Charities (Accounts and Reports) Regulations 2008. Our audit work has been undertaken so that we might state to the charity's trustees those matters we are required to state to them in an auditors' report and for no other purpose. To the fullest extent permitted by law, we do not accept or assume responsibility to anyone other than the charity and the charity's trustees as a body, for our audit work, for this report, or for the opinions we have formed.
for and on behalf of MC Audit Limited Statutory Auditors Station House North Street Havant Hampshire PO9 1QU
Date: ............................................. 1 August 2025
Page 9
## **HOME OF COMFORT**
## **STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 DECEMBER 2024**
|Notes
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
2
**Charitable activities**
4
Nursing and caring
Investment income
3
**Total**
**EXPENDITURE ON**
Raising funds
5
**Charitable activities**
6
Nursing and caring
**Total**
Net gains on investments
**NET INCOME/(EXPENDITURE)**
**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**|Unrestricted
funds
£
777
1,867,680
88
1,868,545
2,818
2,159,019
2,161,837
56,481
(236,811)
902,192
665,381|Restricted
funds
£
-
-
-
-
-
-
-
-
-
-
-|2024
Total
funds
£
777
1,867,680
88
1,868,545
2,818
2,159,019
2,161,837
56,481
(236,811)
902,192
665,381|2023
Total
funds
£
559
1,645,018
188
1,645,765
2,238
1,962,410
1,964,648
59,073
(259,810)
1,162,002
902,192|
|---|---|---|---|---|
The notes form part of these financial statements
Page 10
## **HOME OF COMFORT**
## **BALANCE SHEET 31 DECEMBER 2024**
|Notes
**FIXED ASSETS**
Tangible assets
12
Investments
13
**CURRENT ASSETS**
Debtors
14
Cash at bank and in hand
**CREDITORS**
Amounts falling due within one year
15
**NET CURRENT ASSETS**
**TOTAL ASSETS LESS CURRENT**
**LIABILITIES**
**NET ASSETS**
**FUNDS**
17
Unrestricted funds
**TOTAL FUNDS**|2024
£
98,186
618,794
716,980
36,920
40,014
76,934
(128,533)
(51,599)
665,381
665,381
665,381
665,381|2023
£
103,990
805,130
909,120
29,170
45,050
74,220
(81,148)
(6,928)
902,192
902,192
902,192
902,192|
|---|---|---|
The financial statements were approved by the Board of Trustees and authorised for issue on ............................................. and were signed on its behalf by: 16 July 2025
............................................. R T Lawson - Trustee
The notes form part of these financial statements
Page 11
## **HOME OF COMFORT**
## **CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**
|Notes
**Cash flows from operating activities**
Cash generated from operations
1
Net cash used in operating activities
**Cash flows from investing activities**
Purchase of tangible fixed assets
Purchase of fixed asset investments
Sale of fixed asset investments
Interest received
Net cash provided by investing activities
**Change in cash and cash equivalents**
**in the reporting period**
**Cash and cash equivalents at the**
**beginning of the reporting period**
**Cash and cash equivalents at the end**
**of the reporting period**|2024
£
(239,138)
(239,138)
(8,803)
-
242,817
88
234,102
(5,036)
45,050
40,014|2023
£
(299,393)
(299,393)
(2,865)
(876,400)
1,148,638
188
269,561
(29,832)
74,882
45,050|
|---|---|---|
The notes form part of these financial statements
Page 12
**HOME OF COMFORT**
## **NOTES TO THE CASH FLOW STATEMENT FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. RECONCILIATION OF NET EXPENDITURE TO NET CASH FLOW FROM OPERATING ACTIVITIES**
|**Net expenditure for the reporting period (as per the Statement**
**of Financial Activities)**
**Adjustments for:**
Depreciation charges
Gain on investments
Interest received
Increase in debtors
Increase in creditors
**Net cash used in operations**|2024
£
(236,811)
14,607
(56,481)
(88)
(7,750)
47,385
(239,138)|2023
£
(259,810)
19,277
(59,073)
(188)
(4,138)
4,539
(299,393)|
|---|---|---|
## **2.**
## **ANALYSIS OF CHANGES IN NET FUNDS**
|At 1.1.24
Cash flow
At
£
£
**Net cash**
Cash at bank and in hand
45,050
(5,036)
45,050
(5,036)
**Total**
45,050
(5,036)|31.12.24
£
40,014
40,014
40,014|
|---|---|
The notes form part of these financial statements
Page 13
**HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES**
## **Basis of preparing the financial statements**
The financial statements of the charity, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) 'Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019)', Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland' and the Charities Act 2011. The financial statements have been prepared under the historical cost convention, with the exception of investments which are included at market value, as modified by the revaluation of certain assets.
The Charity constitutes a public benefit entity as defined by FRS 102.
The trustees consider that there are no material uncertainties regarding the charity's ability to continue as a going concern. At the year end the charity has net liabilities. 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 Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
## **Expenditure**
Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably. Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
## **Tangible fixed assets**
Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Freehold property - 2% on cost Improvements to property - 10% on cost Fixtures and fittings - 20% on cost
Individual fixed assets costing £500 or more are capitalised at cost.
## **Taxation**
The charity is exempt from tax on its charitable activities.
## **Fund accounting**
Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
## **Pension costs and other post-retirement benefits**
The charity operates a defined contribution pension scheme. Contributions payable to the charity's pension scheme are charged to the Statement of Financial Activities in the period to which they relate.
Page 14
continued...
**HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **1. ACCOUNTING POLICIES - continued**
## **Financial instruments**
The charity only enters into basic financial instruments transactions that result in the recognition of financial assets and liabilities like trade and other accounts receivable and payable investments in stocks and shares. The measurement basis used for these instruments is detailed below.
## **Fixed asset investments**
Investments are stated at market value as at the balance sheet date. The Statement of Financial Activities include the net gains and losses arising on revaluation and disposal throughout the year.
## **Debtors and cash at bank**
Trade and other debtors are recognised at the settlement amount due after any trade discount offered. Prepayments are valued at the amount prepaid net 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 where the charity has a present obligation resulting from a past event that will probably result in the transfer of funds to a third party and the amount due to settle the obligation can be measured or estimated reliably. Creditors and provisions are normally recognised at their settlement amount after allowing for any trade discounts due.
## **Realised gains and losses**
All gains and losses are taken to the statement of financial activities as they arise. Realised gains and losses on investments are calculated as the difference between sales proceeds and opening market value (purchase date if later). Unrealised gains and losses are calculated as the difference between the market value at the year end and opening market value (or purchase date if later).
## **Bursaries**
In order that persons on a lower income can benefit, Bursaries are awarded to those residents who are unable to meet the full cost of fees. The difference between the fees payable and the amount received from local authorities is shown as Bursaries in the financial statements.
## **2. DONATIONS AND LEGACIES**
||2024|2023|
|---|---|---|
||£|£|
|Donations|777|559|
The charity benefits greatly from the involvement and enthusiastic support of its many volunteers. In accordance with FRS 102 and the Charities SORP (FRS 102), the economic contribution of general volunteers is not recognised in the accounts.
## **3. INVESTMENT INCOME**
|**INVESTMENT INCOME**|||
|---|---|---|
||2024|2023|
||£|£|
|Deposit account interest|88|188|
All investment income is derived from assets held in the United Kingdom.
Page 15
continued...
## **HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **4. INCOME FROM CHARITABLE ACTIVITIES**
|Activity
Fees
Nursing and caring
Other incoming resources
Nursing and caring
**5.**
**RAISING FUNDS**
**Investment management costs**
Portfolio management
**6.**
**CHARITABLE ACTIVITIES COSTS**
Nursing and caring
**7.**
**DIRECT COSTS OF CHARITABLE ACTIVITIES**
Staff costs
Agency costs
Sundries
Provisions
Medical and comfort supplies
Staff advertisements and training
Staff uniforms
Registration fee
Bursaries
**8.**
**SUPPORT COSTS**
Nursing and caring|Direct
Costs (see
note 7)
£
1,814,226
Management
£
321,637|2024
£
1,866,454
1,226
1,867,680
2024
£
2,818
Support
costs (see
note 8)
£
344,793
2024
£
1,444,343
47,633
27,345
67,006
13,215
2,710
1,683
7,921
202,370
1,814,226
Governance
costs
£
23,156|2023
£
1,636,128
8,890|2023
£
1,636,128
8,890|
|---|---|---|---|---|
||||1,645,018||
||||2023
£
2,238
Totals
£
2,159,019|2023
£
2,238|
||||2023
£
1,297,929
47,757
18,686
66,721
13,829
7,472
2,784
5,271
179,338||
||||1,639,787||
||||Totals
£
344,793||
Page 16
continued...
## **HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **8. SUPPORT COSTS - continued**
Support costs, included in the above, are as follows:
## **Management**
|Wages
Rates and water
Insurance
Light and heat
Telephone
Postage and stationery
Repairs and renewals
Cleaning
Legal and professional
Bank charges
Depreciation of tangible assets
**Governance costs**
Wages
Audit fees
Auditors' remuneration for non audit
work|2024
Nursing
and
caring
£
107,199
6,993
13,124
86,278
8,468
2,519
64,910
11,692
5,675
173
14,606
321,637
2024
Nursing
and
caring
£
14,850
6,439
1,867
23,156|2023
Total
activities
£
102,288
7,981
12,585
58,330
5,459
3,519
74,486
15,527
349
99
19,277
299,900
2023
Total
activities
£
14,436
6,264
2,023
22,723|
|---|---|---|
||||
## **9. TRUSTEES' REMUNERATION AND BENEFITS**
There were no trustees' remuneration or other benefits for the year ended 31 December 2024 nor for the year ended 31 December 2023.
## **Trustees' expenses**
During the year no (2023: one) trustee was reimbursed out of pocket expenses.
Page 17
continued...
**HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **10. STAFF COSTS**
|Wages and salaries
Social security costs
Other pension costs|2024
£
1,431,642
107,268
27,482
1,566,392|2023
£
1,294,174
95,668
24,811|
|---|---|---|
|||1,414,653|
The average monthly number of employees during the year was as follows:
|Direct
Management|2024
59
2
61|2023
59
2|
|---|---|---|
|||61|
No employees received emoluments in excess of £60,000.
The average number of full-time equivalent employees (including casual and part-time staff) during the year was 40 (2023: 40).
The Charity considers its key management personnel comprise the trustees, the Administration Manager and the Matron & CQC Registered Manager. The total employment benefits including employer pension contributions of the key management personnel were £122,049 (2023: £116,724).
The Administration Manager's salary has been classified as partly charitable activities expenditure and partly governance costs.
## **11.**
|**COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES**
Unrestricted
funds
£
**INCOME AND ENDOWMENTS FROM**
Donations and legacies
559
**Charitable activities**
Nursing and caring
1,645,018
Investment income
188
**Total**
1,645,765
**EXPENDITURE ON**
Raising funds
2,238
**Charitable activities**
Nursing and caring
1,962,410
**Total**
1,964,648
Net gains on investments
59,073
**NET INCOME/(EXPENDITURE)**
(259,810)|Restricted
funds
£
-
-
-
-
-
-
-
-
-|Total
funds
£
559
1,645,018
188
1,645,765
2,238
1,962,410
1,964,648
59,073
(259,810)|
|---|---|---|
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continued...
## **HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES - continued**
|**RECONCILIATION OF FUNDS**
Total funds brought forward
**TOTAL FUNDS CARRIED FORWARD**
**12.**
**TANGIBLE FIXED ASSETS**
**COST**
At 1 January 2024
Additions
Disposals
At 31 December 2024
**DEPRECIATION**
At 1 January 2024
Charge for year
Eliminated on disposal
At 31 December 2024
**NET BOOK VALUE**
At 31 December 2024
At 31 December 2023|Unrestricted
funds
£
1,162,002
902,192
Improvements
Freehold
to
property
property
£
£
151,514
128,381
-
8,262
-
(1,842)
151,514
134,801
77,255
102,863
3,031
8,503
-
(1,842)
80,286
109,524
71,228
25,277
74,259
25,518||Restricted
funds
£
-
-
Fixtures
and
fittings
£
116,401
541
(13,129)
103,813
112,188
3,073
(13,129)
102,132
1,681
4,213||Total
funds
£
1,162,002|
|---|---|---|---|---|---|
||||||902,192|
||||||Totals
£
396,296
8,803
(14,971)
390,128
292,306
14,607
(14,971)
291,942
98,186
103,990|
All the above assets are used for the direct furtherance of the charity's objectives.
## **13. FIXED ASSET INVESTMENTS**
|**FIXED ASSET INVESTMENTS**||
|---|---|
||Listed|
||investments|
||£|
|**MARKET VALUE**||
|At 1 January 2024|805,130|
|Disposals|(242,817)|
|Revaluations|56,481|
|At 31 December 2024|618,794|
|**NET BOOK VALUE**||
|At 31 December 2024|618,794|
|At 31 December 2023|805,130|
There were no investment assets outside the UK.
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continued...
**HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **14. DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
|Other debtors
Prepayments and accrued income
**15.**
**CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR**
Social security and other taxes
Other creditors
Accrued expenses
**16.**
**ANALYSIS OF NET ASSETS BETWEEN FUNDS**
Unrestricted
Restricted
funds
funds
£
£
Fixed assets
98,186
-
Investments
618,794
-
Current assets
76,934
-
Current liabilities
(128,533)
-
665,381
-
**17.**
**MOVEMENT IN FUNDS**
At 1.1.24
£
**Unrestricted funds**
General fund
902,192
**TOTAL FUNDS**
902,192
Net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
**Unrestricted funds**
General fund
1,868,545
(2,161,837)
**TOTAL FUNDS**
1,868,545
(2,161,837)|||
|---|---|---|
||||
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continued...
**HOME OF COMFORT**
## **NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 DECEMBER 2024**
## **17. MOVEMENT IN FUNDS - continued**
## **Comparatives for movement in funds**
|**Unrestricted funds**
General fund
**TOTAL FUNDS**
Comparative net movement in funds, included in the above
Incoming
resources
£
**Unrestricted funds**
General fund
1,645,765
**TOTAL FUNDS**
1,645,765|At 1.1.23
£
1,162,002
1,162,002
are as follows:
Resources
expended
£
(1,964,648)
(1,964,648)|Net
movement
in funds
£
(259,810)
(259,810)
Gains and
losses
£
59,073
59,073|At
31.12.23
£
902,192
902,192
Movement
in funds
£
(259,810)
(259,810)|
|---|---|---|---|
## **18. RELATED PARTY DISCLOSURES**
There were no related party transactions for the year ended 31 December 2024.
## **19. ULTIMATE CONTROLLING PARTY**
The Charity is under the control of its Trustees. No one Trustee has sufficient control over the Charity.
Page 21