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2023-03-31-accounts

REGISTERED CHARITY NUMBER: 1167428

THE FIRCROFT TRUST

Consolidated Financial Statements for the Year Ended 31 March 2023

Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD

THE FIRCROFT TRUST

Contents of the Financial Statements for the year ended 31 March 2023

Page
Report of the Trustees 1 to 13
Report of the Independent Auditors 14 to 16
Consolidated Statement of Financial Activities 17
Company Balance Sheet 18
Consolidated Balance sheet 19
Cash Flow Statement 20
Notes to the Cash Flow Statement 21
Notes to the Financial Statements 22 to 34

THE FIRCROFT TRUST

Report of the Trustees

for the year ended 31 March 2023

The trustees present their report with the financial statements of the charity for the year ended 31 March 2023. 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

Our Services

The Fircroft Trust is a local charity working in Kingston upon Thames with adults living in the community with mental health and wellbeing challenges and/or learning disabilities.

Since registration in 1970, our charity has developed and now is able to provide:

The Fircroft Trust provides Residential Services in the form of

Our Aims:

OUR VALUES: Respect, Transparency, Support, Trust and Empathy OUR VISION: Improving the quality of life for people we support. OUR MISSION: We want to support people with mental health or learning disabilities to live full and inclusive lives, not just by living within their communities, but taking an active and inclusive part in shaping what is meaningful to them. OUR CULTURE: Every person should be seen as a person first as we work to improve the quality of life for everyone we support. INVESTING IN STAFF: We see staff as our main asset, and we are committed to enabling staff to thrive, providing bespoke training and a supportive place to work.

Page 1

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

The last three years have been a challenge for the people we support and staff. Following on from the Covid restrictions we were then closed for essential repairs and refurbishment.

So, much to everyone’s excitement, we were able, finally, to open the doors of our Ditton Road premises again. We celebrated the occasion with a garden party where over 200 people joined our Barbeque – some of whom have used our services in the past.

People were unanimous in their delight of the newly refurbished premises with people saying they felt like “we’re back home”.

One person said: “Fircroft was so important to me for many years. It was my calm place when my mind was so chaotic. It was a life saver for me. Now that I’m better, I am busy rebuilding my life and am back working.”

And another:

“…you and all the staff helped me so much on my journey to recovery which has helped me become the woman I am today. I never thought I would be in the place I am now - studying to become an ordained community minister at Kingston United Reformed Church.”

The Housewarming also saw the launch our new logo and new website.

People have asked how we managed to cope financially. We were very fortunate, and we are so grateful for the people who left us legacies which sustained us and prevented us from permanently closing our doors.

Fircroft Wellbeing Hub

The disruption of the last three years has placed the people we support in a form of limbo which has increased their anxiety. We did what we could to support everyone, but it wasn’t ideal, and many have lost confidence to come back or found other support in their communities. We know that there are many people still in the community needing a service like the Wellbeing Hub and we continue to put the word ‘out there’ to show people the great service we can provide.

We have changed the layout of the Wellbeing Hub, offering more cosy corners and activity areas. Our lovely garden will come into its own this spring as we plan to build a sensory area (thanks to the Trustees of the Worshipful Company of Gardeners) and to improve the accessibility of the garden to people with limited mobility.

Page 2

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

The activities we provide at the Wellbeing Hub are varied, but always chosen by the people we support. These have included cooking, going for walks together, line dancing and visits to places in our minibus. Some people prefer a quiet time in the art room or in the computer room.

“I love going on outings with my friends at the Hub – I didn’t like going out on my own, but now I’ve become so much more independent”

“When I’m unwell, I tend to stay at home and sit in front of the tv all day. It is very lonely. Now I come to the Hub once a week – it gets me out and it is so welcoming, and I get to meet my friends. It’s the best day of my week”

Page 4

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

Our Man Shed continues to thrive and we are looking forward to being able to provide more sessions to meet the needs of the people we support.

We were able to keep the Man Shed going during the refurbishment, as we cornered a corner of the garden and used a portacabin. Although it wasn’t ideal, it continued to be an enormous support to everyone.

We are now looking into building a purpose-built shed that will be more suitable for this kind of work. To do this, we need to raise around £5,000.

“I’m so pleased that he is enjoying his time at Man Shed. I can see the difference it’s made to him. And it gives me an opportunity to get on with other things.”

Page 4

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

Residential and Supported Living Services

Firs Court provides

Our new Manager, David Brum, has been in post for over a year now and staff and the people we support have adopted technology which has improved how everyone works and ensure there is consistency and transparency. People we support have also produced a video that tells their story, which they can share with anyone they wish.

One of the benefits of having our Residential services clustered together is that when someone needs more (or less) support they can move between homes, as vacancies arise. This lessens the anxiety of any potential move that might come at a difficult time, since all staff and flat mates are well known.

Everyone at Firs Court is supported to make their own choices and have a say in the running of their own homes. We continue to help people develop and maintain independent living skills.

Page 5

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

Other News

----- Start of picture text -----
What People Say
“Staff helped me to
speak to my friend
when we were in
lockdown. I really
“My brother’s life has
been transformed since missed not seeing
her” – person we
moving to Firs – I’ve
never seen him this support
happy and busy” – sister
----- End of picture text -----

Page 6

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

The Fircroft Trust Shop

Fircroft Trust (Trading) Ltd runs a shop at Tolworth which sells a wide range of donated items, including furniture and electrical goods. The profits are covenanted to the charity and provide much needed funds. They also provide support in advertising our activities to the local community.

One of the objectives of the shop has always been to provide opportunities for people we support to volunteer in a safe and encouraging environment. A place to learn new skills and move on to follow further volunteering opportunities and paid employment. We have been delighted to be part of people’s personal growth as they gain confidence and experience in retail.

Story: One person started volunteering at the shop for several years, before leaving the shop and is now in paid employment. She looks back and says that the shop gave her the skills and courage to do well.

What People Say

Page 7

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

OTHER NEWS

Page 8

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

ACHIEVEMENTS AND PERFORMANCE

Summary

This is a particularly exciting time for the charity. With the post-pandemic new normal, comes new possibilities for developing how we work. The team and people we support have been busy contributing their ideas and thoughts. The outcome was a Business Plan which is exciting and challenging. This can be found on our website.

In residential accommodation we’re seeing a shift in the kind of support people are seeking – from providing mainly group homes to living in individual housing. There seems also to be a shortage of supported housing for people with more complex needs . We feel we have the skills to provide that support, and indeed are already providing it. Another area we are exploring is transition into independent living accommodation. This we feel we could provide in our smaller houses, as they become available.

We are delighted and grateful to The Rt Revd Dr Martin Gainsborough, Bishop of Kingston, who has agreed to become our new Patron . We look forward to working together in the coming years.

Following on from the refurbishment and essential repairs of the Ditton Road site, we were able to have a wonderful housewarming event with over 200 people helping us celebrate the re-opening of the Wellbeing Hub. We are so grateful to everyone’s hard work in making it such a success.

A special ‘thank you’ to all our staff, volunteers, and people we support, who have made it possible for us for us to adapt and thrive throughout all the changes. I am always amazed at the creativity and hard work the teams have done.

On behalf of the Board of Trustees – thank you!

Olga Bowey Cockburn, Chairman, January 2024

Page 9

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

PUBLIC BENEFIT

The board of trustees have had regard to the charity commission guidance on public benefit and maintain oversight to ensure that the activities of the Charity are in accordance with this guidance.

FINANCIAL REVIEW

Of the total income generated by the parent Charity (excluding legacies) 84.4% is in respect of the provision of residential care services for Firs Court, 15.3% is income for the Well Being Hub, with the hub being dependent on a large amount of additional support generated from approaches to Trusts, Companies, and Individuals and a small amount of income from attendance fees. The final 0.3% relates to investment income – primarily bank interest. During the year the Charity was grateful to be the recipient of a legacy of £600,000 which helped support the activities during the year.

Our greatest need, core funding, remains challenging and the Communications team work hard to find new and innovative ways of securing this income together whilst balancing the needs of Funders.

Total reserves of the parent Charity have increased to £4,428,789 of which £19,169 is restricted, £200,000 is designated for future development of the Charity including a respite bed at Firscourt along with another en-suite place and plans to redevelop the communications and technology within the Charity and £750,000 towards the costs of a project to provide a residential offering to younger adults. Total expenditure of the parent Charity in the 12 months was £1,306,690. Governance costs in 2023 were £5,500.

Our free reserves at 31st March 2023 were £396,154 (2022: £261,324). This decrease is a result of the vacancies at Firscourt and reduced income for the Wellbeing Hub both from external funding and internally generated fees along with an increase in costs primarily relating to staffing costs with a move towards paying staff the living wage.

The trading subsidiary generated a profit in the year of £14,856 (2022: £7,924). The trustees are pleased with the continued profitability in light of the closures required as a result of the Covid-19 pandemic 2021. The closure of the Surbiton store in the prior year has further improve the profitability of the subsidiary. The shop also provides valuable volunteering and work experience for people that may need a gateway back into the working environment.

RESERVES POLICY

The trustees have established a policy whereby the unrestricted funds not committed or invested in tangible fixed assets ('the free reserves') held by the charity should provide at least six months contingency, which at current activity levels equates to £653,345. Free reserves are currently less than this and trustees are working on ways to increase these to bring them in line with the reserves policy.

The Trustees are in the process of putting together a strategic plan regarding the investment of the cash reserves. This includes developing Firs Court and investing in technological improvements across the organisation.

ENVIRONMENTAL REPORT

The Fircroft Trust recognises the importance of monitoring our environmental impact and introducing simple to changes to lower lessen our footprint. This year we have expanded our environmental activity throughout the organisation by:

Page 10

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

FUTURE PLANS

STRUCTURE, GOVERNANCE AND MANAGEMENT

Governing document

The charity is controlled by its governing document, a deed of trust and constitutes an unincorporated charity.

Risk review

A full risk review has been undertaken in line with the Business Plan. Trustees will implement a full risk policy to insure the charity from the unforeseen.

The Fircroft Trust Trustees

Trustees are appointed by a resolution at a meeting of the trustees as and when appropriate.

Trustees form the Management Committee who administer the charity. All new trustees and staff are inducted as and when appropriate.

New trustees are invited and encouraged to meet with their senior management and staff to gather insight into the work of the charity. The board meets monthly and there is one sub-committee covering strategy and planning that meets quarterly. A Chief Executive is appointed by the trustees to manage the day-to-day operation of the charity. Trustees who served during the year and up to the date of this report are set out on the frontispiece.

Principal sources of funding are local authorities and major trusts as per the accounts. Investments are managed by our bankers on advice as and when they arise although trustees will be looking to implement an Investment policy in the coming year.

REFERENCE AND ADMINISTRATIVE DETAILS Registered Charity number

1167428

Principal address

"Fircroft" 96 Ditton Road Surbiton Surrey KT6 6RH

Trustees

Mrs O Bowey Cockburn C A Huntingford Mrs M Huntingford Ms M Babey Mrs M Belton Dr A Crockford

Page 11

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

REFERENCE AND ADMINISTRATIVE DETAILS Auditors

Xeinadin Auditing Chartered Accountants and Statutory Auditors Becket House 36 Old Jewry London EC2R 8DD

Chief Executive

K Harris

Patron

Rt Revd Dr Martin Gainsborough Bishop of Kingston

Bankers

HSBC 418 Ewell Road Tolworth Surrey KT6 7HJ

Solicitors

Russell-Cooke LLP 2 Putney Hill London SW15 6AB

Page 12

THE FIRCROFT TRUST

Report of the Trustees for the year ended 31 March 2023

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

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.

Approved by order of the board of trustees on .........25 January 2024.................................... and signed on its behalf by:

·· ·· ····uL__

m -Trustee

Page 13

Report of the Independent Auditors to the Trustees of The Fircroft Trust

Opinion

We have audited the financial statements of The Fircroft Trust (the 'charity') for the year ended 31 March 2023 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).

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:

Page 14

Report of the Independent Auditors to the Trustees of The Fircroft Trust

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:

-Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

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 15

R¢port of the Indtpendent Auditors to the Trnstees of The Fircroft TntSt Use of our report This report 15 made 501ely to the tharity's Irusiecs. as a Erf)dY, in accorddnce with Part 4 of the Charities {Accounts and Reports) Regulations 2008. Our audil work ha5 bcen widerfaken so we might stste to ihe charity's tn￿1¢¢$ those mutters w¢ •r¢ wuired to stalc 10 them in an auditors. report and for no other pwyose. To ihe filllesl exient pernitted by law. Ive do noi a¢cepi or assume respjnsibility to anyone other than the charity and ihc charily's iruslees as a bodys for our audit ivork. for ihis r¢port, or for the opinion5 we have fonncd. Xeintsdin Auditing Chilrtcrcd A¢counianis and Sta￿lory Audi￿rS Lleckct House 3601d Jewry LoThdon EC2R 8DD P4e 16

THE FIRCROFT TRUST

Consolidated Statement of Financial Activities for the year ended 31 March 2023

Notes
INCOME AND ENDOWMENTS FROM
Donations and legacies
2
Charitable activities
5
Residential and group homes
The Wellbeing Hub
Other trading activities
3
Investment income
4
Other income
Total
EXPENDITURE ON
Raising funds
6
Charitable activities
7
Residential and group homes
The Wellbeing Hub
Total
Net gains on investments
NET INCOME/(EXPENDITURE)
RECONCILIATION OF FUNDS
Total funds brought forward
TOTAL FUNDS CARRIED FORWARD		 Unrestricted
funds
£
612,311
743,858
117,474
162,617
2,687
-
1,638,947
141,805
1,072,995
224,140
1,438,940
1,460
201,467
4,192,517
4,212,984		 Restricted
funds
£
7,001
9,302
-
-
-
-
16,303
-
7,055
2,500
9,555
-
6,748
12,421
19,169		 2023
Total
funds
£
619,312
753,160
117,474
162,617
2,687
-
1,655,250
141,805
1,080,050
226,640
1,448,495
1,460
208,215
4,204,938
4,413,153		 2022
Total
funds
£
31,667
852,747
132,186
154,802
1,592
4,580
1,177,574
145,779
980,918
224,031
1,350,728
3,655
(169,499)
4,374,437
4,204,938

The notes form part of these financial statements

Page 17

THE FffiCROFT TRUST

Company Balance Sheet 31 March 2023

Notes
FIXED ASSETS
Tangible assets
12
Investments
13
CURRNT ASSETS
Debtors
14
Investments
15
Cash at bank and in hand
CREDITORS
Amounts flling due within one year
16
NET CURENT ASSETS
TOT AL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts flling due afer more than one year
17
NET ASSETS
FUNDS
20
Unresticted fnds
Restricted fnds
TOTAL FUNDS		 Unrestricted
fnds
£
3,361,631
6
3,361,637
162,793
15,883
1,258,959
1,437,635
(152,610)
1,285,025
4,646,662
(237,042)
4,409,620		 Restricted
fnds
£
19,169
19,169
19,169
19,169
19,169		 2023
Total
fnds
£
3,361,631
6
3,361,637
162,793
15,883
1,278,128
1,456,804
(152,610)
1,304,194
4,665,831
(237,042)
4,428,789
4,409,620
19,169
4,428,789		 2022
Total
fnds
£
3,366,245
6
3,366,251
174,239
14,423
1,124,363
1,313,025
(148,512)
1,164,513
4,530,764
(295,333)
4,235,431
4,223,010
12,421
4,235,431

The financial statements were approved by the Board of Trustees and authorised for issue on 25 January 2024 and were signed on its behalf by: .........................................

The notes form part of these financial statements

Page 18

THE FffiCROFT TRUST

Consolidated Balance Sheet 31 March 2023

Notes
FIXED ASSETS
Tangible assets
12
CURRENT ASSETS
Debtors
14
Investments
15
Cash at bank and in hand
CREDITORS
Amounts falling due within one year
16
NET CURRENT ASSETS
TOTAL ASSETS LESS CURRENT
LIABILITIES
CREDITORS
Amounts flling due afer more than one year
17
NET ASSETS
FUNDS
20
Unrestricted fnds
Resticted funds
TOTAL FUNDS		 Unrestricted
fnds
£
3,373!403
3,373,403
96,889
15,883
1,320,955
1,433,727
(176,104)
1,257,623
4,631,026
(237,042)
4,393,984		 Restricted
fnds
£
19,169
19,169
19,169
19,169
19,169		 2023
Total
fnds
£
3!3731403
3,373,403
96,889
15,883
1!340,124
1,452,896
(176,104)
1,276,792
4,650,195
(237,042)
4,413,153
4,393,984
19,169
4,413,153		 2022
Total
funds
£
3!380,880
3,380,880
113,315
14,423
1,155!588
1,283,326
(163,935)
1,119,391
4,500,271
(295,333)
4,204,938
4,192,517
12,421
4,204,938

The financial statements were approved by the Board of Trustees and authorised for issue on .25 January 2024....................... and were signed on its behalf by:

The notes form part of these financial statements

Page 19

THE FIRCROFT TRUST

Cash Flow Statement
for the year ended 31 March 2023
2023
Notes
£
Cash flows from operating activities
Cash generated from operations
1
235,148
Interest paid
(15,765)
Net cash provided by/(used in) operating activities
219,383
Cash flows from investing activities
Purchase of tangible fixed assets
(39,134)
Sale of tangible fixed assets
1,600
Interest received
1,878
Dividends received
809
Net cash (used in)/provided by investing activities
(34,847)
Change in cash and cash equivalents in the
reporting period
184,536
Cash and cash equivalents at the beginning
of the reporting period
1,155,588
Cash and cash equivalents at the end of the
reporting period
1,340,124		 2022
£
(191,249)
(9,579)
(200,828)
(2,102)
2,500
178
1,414
1,990
(257,237)
1,412,825
1,155,588

The notes form part of these financial statements

Page 20

THE FIRCROFT TRUST

Notes to the Cash Flow Statement for the year ended 31 March 2023

1. RECONCILIATION OF NET INCOME/(EXPENDITURE) TO NET CASH FLOW FROM OPERATING ACTIVITIES

2.

Net income/(expenditure) for the reporting period (as per the Statement
of Financial Activities)
Adjustments for:
Depreciation charges
Gain on investments
(Profit)/loss on disposal of fixed assets
Interest received
Interest paid
Dividends received
Decrease/(increase) in debtors
Decrease in creditors
Net cash provided by/(used in) operations
ANALYSIS OF CHANGES IN NET FUNDS
At 1.4.22
£
Net cash
Cash at bank and in hand
1,155,588
1,155,588
Liquid resources
Deposits included in cash
-
Current asset investments
14,423
14,423
Debt
Debts falling due within 1 year
(59,232)
Debts falling due after 1 year
(295,333)
(354,565)
Total
815,446		 2023
£
208,215
45,329
(1,460)
(319)
(1,878)
15,765
(809)
11,706
(41,401)
235,148
Cash flow
£
184,536
184,536
-
1,460
1,460
(1,896)
58,291
56,395
242,391		 2022
£
(169,499)
46,389
(3,655)
448
(178)
9,579
(1,414)
(75,847)
2,928
(191,249)
At 31.3.23
£
1,340,124
1,340,124
-
15,883
15,883
(61,128)
(237,042)
(298,170)
1,057,837

The notes form part of these financial statements

Page 21

THE FIRCROFT TRUST

Notes to the Financial Statements for the year ended 31 March 2023

1. ACCOUNTING POLICIES

STATEMENT OF COMPLIANCE

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.

These financial statements have been prepared in compliance with SORP (FRS 102) and the financial standards applicable in the UK and republic of Ireland.

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.

In particular -

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.

ALLOCATION AND APPORTIONMENT OF COSTS

Support costs comprise costs of running the organisation, where these costs cannot be directly attributable to the charitable activities they are apportioned to the charitable activities based on a best estimate of how the costs arise.

INVESTMENTS

Investments are held in the balance sheet at market value. 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). Realised and unrealised gains are not separated in the Statement of Financial Activities.

Investments in subsidiaries are measured at cost less impairment.

continued...

Page 22

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

1. ACCOUNTING POLICIES - continued

TANGIBLE FIXED ASSETS

Tangible fixed assets are stated at cost less accumulated depreciation. Cost includes costs directly attributable to making the asset capable of operating as intended.

Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.

Freehold property - 1% on cost Fixtures and fittings - 15% on reducing balance Motor vehicles - 20% on reducing balance

No depreciation is provided on freehold land, freehold buildings are depreciated over 100 years.

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.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

In the application of the Charity's accounting policies which are described above, trustees are required to make judgements, estimates and assumptions about the carrying values of assets and liabilities that are not readily apparent from other sources. The estimates and underlying assumptions are based on historical experience and other factors that are considered to be relevant. Actual results may differ from these estimates.

The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimate is revised if the revision affects only that period, or in the period of revision and future periods if the revision affects both current and future periods.

The key sources of estimation uncertainty that have a significant effect on the amounts recognised in the financial statements are described below:

DEPRECIATION

Assets are written down over their estimated useful lives. The actual lives of the assets may differ from those estimates. The lives of the assets are kept under review and adjusted as appropriate.

ALLOCATION OF SUPPORT COSTS

As explained in the 'Allocation and Apportionment of costs' policy above there are a number of costs that cannot be allocated directly to a specific activity of the charity and these are allocated using a best estimate. The allocation of these costs, were they able to be specifically allocated, may differ from the basis used. Due to the size of the charity the specific allocation is not possible and the basis of allocation is reviewed annually.

LOANS AND BORROWINGS

Loans and borrowings are initially recognised at the transaction price including transaction costs. Subsequently, they are measured at amortised cost using the effective interest rate method, less impairment. If an arrangement constitutes a finance transaction it is measured at present value.

continued...

Page 23

THE FIRCROFT TRUST

Notes to the Financial Statements - continued

for the year ended 31 March 2023

1. ACCOUNTING POLICIES - continued

GOING CONCERN

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern.

CRITICAL ACCOUNTING JUDGEMENTS AND KEY SOURCES OF ESTIMATION UNCERTAINTY

The financial statements have been prepared on a going concern basis as the trustees believe that no material uncertainties exist. The trustees have considered the level of funds held and the expected level of income and expenditure for 12 months from authorising these financial statements. The budgeted income and expenditure is sufficient with the level of reserves for the charity to be able to continue as a going concern

IRRECOVERABLE VAT

Irrecoverable VAT is charged against the category of resources expended for which it was incurred.

2. DONATIONS AND LEGACIES

Group
Donations and legacies
3.
OTHER TRADING ACTIVITIES
Group
The Fircroft Centre - Sundry revenue
Gardening project
Shop income
4.
INVESTMENT INCOME
Group
Other fixed asset invest - FII
Deposit account interest		 2023
£
619,312
2023
£
5,955
-
156,662
152,617
2023
£
809
1,878
2,687		 2022
£
31,667
2022
£
8,760
1,324
144,718
154,802
2022
£
1,414
178
1,592

continued...

Page 24

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

5. INCOME FROM CHARITABLE ACTIVITIES Group

Group
Activity
Grants
Residential and group homes
Support and residents charges Residential and group homes
Grants
The Wellbeing Hub
Fircroft fees
The Wellbeing Hub
Support and residents charges The Wellbeing Hub
Grants received, included in the above, are as follows:
Royal Borough Kingston
6.
RAISING FUNDS
Group
RAISING DONATIONS AND LEGACIES
Sundries
Staff costs (trading subsidiary)
Shop running costs (trading subsidiary)
7.
CHARITABLE ACTIVITIES COSTS
Group
Residential and group homes
The Wellbeing Hub		 Direct
Costs
£
950,758
200,480
1,151,238		 2023
£
9,724
743,436
101,478
15,535
461
870,634
2023
£
110,724
2023
£
-
75,373
66,432
141,805
Support
costs (see
note 8)
£
129,292
26,160
155,452		 2022
£
28,555
824,192
105,650
26,536
-
984,933
2022
£
134,205
2022
£
8,985
73,829
62,965
145,779
Totals
£
1,080,050
226,640
1,306,690

continued...

Page 25

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

8. SUPPORT COSTS

Group
Governance
Management
costs
£
£
Residential and group homes
126,317
2,975
The Wellbeing Hub
25,535
625
151,852
3,600		 Totals
£
129,292
26,160
155,452

9. TRUSTEES' REMUNERATION AND BENEFITS

There were no trustees' remuneration or other benefits for the year ended 31 March 2023 nor for the year ended 30 March 2022.

TRUSTEES' EXPENSES

There were no trustees' expenses paid for the year ended 31 March 2023 nor for the year ended 31 March 2022.

10. STAFF COSTS

Group

The total remuneration paid was as follows:

Salaries and Wages
Social security costs
Pension costs		 2023
£
766,678
36,652
15,494
818,824		 2022
£
730,549
44,109
15,863
790,521

The average number of staff employed during the year was 42 (2022: 42). 1 employee received emoluments between £60,000 and £70,000.

11. COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES

Company
INCOME AND ENDOWMENTS FROM
Donations and legacies
Charitable activities
Residential and group homes
The Wellbeing Hub
Other trading activities
Investment income
Other income
Total		 Unrestricted
funds
£
25,969
852,747
125,441
10,084
1,592
4,580
1,020,413		 Restricted
funds
£
5,698
-
6,745
-
-
-
12,443		 Total
funds
£
31,667
852,747
132,186
10,084
1,592
4,580
1,032,856

continued...

Page 26

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

11.
COMPARATIVES FOR THE STATEMENT OF FINANCIAL ACTIVITIES -
Company
Unrestricted
funds
£
EXPENDITURE ON
Raising funds
8,985
Charitable activities
Residential and group homes
980,281
The Wellbeing Hub
217,286
Total
1,206,552
Net gains on investments
3,655
NET INCOME/(EXPENDITURE)
(182,484)
RECONCILIATION OF FUNDS
Total funds brought forward
4,405,494
TOTAL FUNDS CARRIED FORWARD
4,223,010
12.
TANGIBLE FIXED ASSETS
Company
Fixtures
Freehold
Plant and
and
property
machinery
fittings
£
£
£
COST
At 1 April 2022
3,566,036
-
286,710
Additions
-
2,668
8,451
Disposals
-
-
-
At 31 March 2023
3,566,036
2,668
295,161
DEPRECIATION
At 1 April 2022
266,600
-
223,897
Charge for year
26,660
400
10,608
Eliminated on disposal
-
-
-
At 31 March 2023
293,260
400
234,505
NET BOOK VALUE
At 31 March 2023
3,272,776
2,268
60,656
At 31 March 2022
3,299,436
-
62,813		 continued

Restricted
funds
£
-
637
6,745
7,382
-
5,061
7,360
12,421
Motor
vehicles
£
29,773
28,015
(10,043)
47,745
25,777
4,799
(8,762)
21,814
25,931
3,996		 Total
funds
£
8,985
980,918
224,031
1,213,934
3,655
(177,423)
4,412,854
4,235,431
Totals
£
3,882,519
39,134
(10,043)
3,911,610
516,274
42,467
(8,762)
549,979
3,361,631
3,366,245

continued...

Page 27

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

12. TANGIBLE FIXED ASSETS Group

COST
At 1 April 2022
Additions
Disposals
At 31 March 2023
DEPRECIATION
At 1 April 2022
Charge for year
Eliminated on disposal
At 31 March 2023
NET BOOK VALUE
At 31 March 2023
At 31 March 2022		 Freehold
property
£
3,566,036
-
-
3,566,036
266,600
26,660
-
293,260
3,272,776
3,299,436		 Short
Leasehold
£
23,174
-
-
23,174
12,391
1,900
14,291
8,883
10,783		 Plant and
machinery
£
-
2,668
-
2,668
-
400
-
400
2,268
-		 Fixtures
and
fittings
£
309,509
8,451
-
317,960
245,298
10,958
-
256,256
61,704
64,211		 Motor
vehicles
£
54,273
28,015
(10,043)
72,245
47,823
5,412
(8,762)
44,473
27,772
6,450		 Totals
£
3,952,992
39,134
(10,043)
3,982,083
572,112
45,330
(8,762)
608,680
3,373,403
3,380,880
13. FIXED ASSET INVESTMENTS
Company Unlisted
investments
£
MARKET VALUE
At 1 April 2022 and 31 March 2023 6
NET BOOK VALUE
At 31 March 2023 6
At 31 March 2022 6

There were no investment assets outside the UK.

Included within fixed asset investments is a 100% holding in the ordinary share capital of The Fircroft Trust (Trading) Limited. Its registered office address is Fircroft, 96 Ditton Road, Surbiton, Surrey, KT6 6RH. The Trading subsidiary generated turnover for the year of £146,662 (2022 £132,329), other operating income of £10,000 (2022 £12,389) which consists of nil (2022 £2,389) government grants and £10,000 (2022 £10,000) estimated value of donated premises. Expenditure incurred for the year was £131,805 (2022 £136,794) resulting in a profit of £14,857 (2022 £7,924). At the year end, the aggregate capital and reserves of the company amounted to £(15,629).

continued...

Page 28

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

14.
DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Company
Trade debtors
Other debtors
Amounts owed from group undertaking
Prepayments
Group
Trade debtors
Other debtors
Prepayments
Amounts falling due after more than one year:
Other debtors
Aggregate amounts
15.
CURRENT ASSET INVESTMENTS
Group
Listed investments		 2023
£
43,788
19,240
85,595
14,170
162,793
2023
£
43,788
21,620
24,731
90,139
6,750
96,889
2023
£
15,883		 2022
£
45,587
40,761
80,939
6,952
174,239
2022
£
45,587
43,243
17,735
106,565
6,750
113,315
2022
£
14,423

continued...

Page 29

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

16.
CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR
Company
Bank loans and overdrafts (see note 18)
Trade creditors
Taxation and social security
Other creditors
Group
Bank loans and overdrafts (see note 18)
Trade creditors
Taxation and social security
Other creditors
17.
CREDITORS: AMOUNTS FALLING DUE AFTER MORE THAN ONE YEAR
Group
Bank loans (see note 18)
18.
LOANS
Group
An analysis of the maturity of loans is given below:
Amounts falling due within one year on demand:
Bank loans
Amounts falling between one and two years:
Bank loans - 1-2 years
19.
SECURED DEBTS
Group
The following secured debts are included within creditors:
Bank loans		 2023
£
61,128
51,190
13,099
27,193
152,610
2023
£
61,128
64,817
13,796
36,363
176,104

2023
£
237,042
2023
£
61,128
237,042
2023
£
298,170		 2022
£
59,232
31,971
4,927
52,382
148,512
2022
£
59,232
35,820
5,685
63,198
163,935
2022
£
295,333
2022
£
59,232
295,333
2022
£
354,565

First legal charge over the freehold property known as 378 Hook Road, Chessington, Surrey, KT9 1NA

continued...

Page 30

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

20.
MOVEMENT IN FUNDS
Company
Unrestricted funds
General fund
Firscourt Development
Younger Adults
Restricted funds
Maple Lodge - Amenities Fund
Oliver Ford Trust - Lifting Cushion
Greater London Authority - Decking and
awning for man shed
Interactive game
IT Grant
Recruitment
TOTAL FUNDS		 At 1.4.22
£
3,273,010
200,000
750,000
4,223,010
10,261
160
2,000
-
-
-
12,421
4,235,431		 Net
movement
in funds
£
186,610
-
-
186,611
846
-
-
662
4,865
375
6,748
193,359		 At
31.3.23
£
3,459,620
200,000
750,000
4,409,620
11,107
160
2,000
662
4,865
375
19,169
4,428,789

Net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Maple Lodge - Amenities Fund
Garden Plants
Interactive Game
IT Grant
Recruitment
TOTAL FUNDS		 Incoming
resources
£
1,482,284
2,001
2,500
2,500
8,402
900
16,303
1,498,588		 Resources
expended
£
(1,297,134)
(1,155)
(2,500)
(1,838)
(3,537)
(525)
(9,555)
(1,306,689)		 Gains and
losses
£
1,460
-
-
-
-
-
-
1,460		 Movement
in funds
£
186,610
5,910
-
662
4,865
375
6,748
193,359

continued...

Page 31

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

20. MOVEMENT IN FUNDS - continued Company

Comparatives for movement in funds

At 1.4.21
£
Unrestricted funds
General fund
3,455,494
Firscourt Development
200,000
Younger Adults
750,000
4,405,494
Restricted funds
Maple Lodge - Amenities Fund
5,200
Oliver Ford Trust - Lifting Cushion
160
Greater London Authority - Decking and
awning for man shed
2,000
7,360
TOTAL FUNDS
4,412,854
Comparative net movement in funds, included in the above are as follows:
Incoming
Resources
resources
expended
£
£
Unrestricted funds
General fund
1,020,413
(1,206,552)
Restricted funds
Maple Lodge - Amenities Fund
5,698
(637)
Extra Staff Support - COVID19
6,745
(6,745)
12,443
(7,382)
TOTAL FUNDS
1,032,856
(1,213,934)		 Net
movement
in funds
£
(182,484)
-
-
(182,484)
5,061
-
-
5,061
(177,423)
Gains and
losses
£
3,655
-
-
-
3,655		 At
31.3.22
£
3,273,010
200,000
750,000
4,223,010
10,261
160
2,000
12,421
4,235,431
Movement
in funds
£
(182,484)
5,061
-
5,061
(177,423)

continued...

Page 32

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

20. MOVEMENT IN FUNDS - continued Group

Unrestricted funds
General fund
Firscourt Development
Younger Adults
Restricted funds
Maple Lodge - Amenities Fund
Oliver Ford Trust - Lifting Cushion
Greater London Authority - Decking and
awning for man shed
Interactive game
IT Grant
Recruitment
TOTAL FUNDS
Net movement in funds, included in the above are
Unrestricted funds
General fund
Restricted funds
Maple Lodge - Amenities Fund
Garden Plants
Interactive game
IT Grant
Recruitment
TOTAL FUNDS		 as follows:
Incoming
resources
£
1,638,947
2,001
2,500
2,500
8,402
900
16,303
1,655,250		 At 1.4.22
£
3,242,517
200,000
750,000
4,192,517
10,261
160
2,000
-
-
-
12,421
4,204,938
Resources
expended
£
(1,438,940)
(1,155)
(2,500)
(1,838)
(3,537)
(525)
(9,555)
(1,448,495)		 Net
movement
in funds
£
201,467
-
-
201,467
846
-
-
662
4,865
375
6,748
208,215
Gains and
losses
£
1,460
-
-
-
-
-
-
1,460		 At
31.3.23
£
3,443,984
200,000
750,000
4,393,984
11,107
160
2,000
662
4,865
375
19,169
4,413,153
Movement
in funds
£
201,467
846
-
662
4,865
375
6,748
208,215

continued...

Page 33

THE FIRCROFT TRUST

Notes to the Financial Statements - continued for the year ended 31 March 2023

20. MOVEMENT IN FUNDS - continued Group

Comparatives for movement in funds

Unrestricted funds
General fund
Firscourt Development
Younger Adults
Restricted funds
Maple Lodge - Amenities Fund
Oliver Ford Trust - Lifting Cushion
Greater London Authority - Decking and
awning for man shed
TOTAL FUNDS		 At 1.4.21
£
3,417,077
200,000
750,000
4,367,077
5,200
160
2,000
7,360
4,374,437		 Net
movement
in funds
£
(174,560)
-
-
(174,560)
5,061
-
-
5,061
(169,499)		 At
31.3.22
£
3,242,517
200,000
750,000
4,192,517
10,261
160
2,000
12,421
4,204,938

Comparative net movement in funds, included in the above are as follows:

Unrestricted funds
General fund
Restricted funds
Maple Lodge - Amenities Fund
Extra Staff Support - COVID19
TOTAL FUNDS		 Incoming
resources
£
1,165,131
5,698
6,745
12,443
1,177,574		 Resources
expended
£
(1,343,346)
(637)
(6,745)
(7,382)
(1,350,728)		 Gains and
losses
£
3,655
-
-
-
3,655		 Movement
in funds
£
(174,560)
5,061
-
5,061
(169,499)

21. RELATED PARTY DISCLOSURES

The Charity receives covenanted donations and management charges from it's trading subsidiary, The Fircroft Trust (Trading) Limited. At 31st March 2023 the trading company owed £85,595 (2022: £80,939) to the Charity.

22. FRC ETHICAL STANDARD - PROVISIONS AVAILABLE FOR SMALL ENTITIES

In common with many other charities of our size and nature we use our auditors to assist with the preparation of the financial statements.

Page 34